Financial Data and Key Metrics Changes - FFO for Q4 2025 was approximately $129 million or $0.48 per share, with a legal claims settlement income of $16.1 million impacting results [20][21] - Go-forward portfolio centers NOI increased by 1.7% in Q4 2025 compared to Q4 2024, and for the full year, it increased by 1.8% compared to 2024 [20][21] - Net debt to EBITDA at the end of Q4 was 7.78x, a full turn lower than at the outset of the Path Forward plan [24] Business Line Data and Key Metrics Changes - The company signed 7.1 million sq ft of new and renewal leases in 2025, an 85% increase over 2024, setting a new company record [7][16] - Trailing twelve-month leasing spreads as of December 31, 2025, were 6.7%, up 80 basis points from the last quarter, marking 17 consecutive quarters of positive leasing spreads [15] - Occupancy at the end of Q4 was 94%, up 60 basis points from the last quarter, with the go-forward portfolio occupancy at 94.9% [14] Market Data and Key Metrics Changes - Traffic for 2025 was flat compared to 2024, but inline sales were up 1.5%, with luxury sales increasing by nearly 5.5% [37][19] - The company is experiencing a K-shaped consumer trend, with strong demand for luxury items while other segments remain cautious [35][38] Company Strategy and Development Direction - The Path Forward Plan focuses on simplifying the business, driving operational performance improvement, and reducing leverage, with significant progress reported in 2025 [5][12] - The company plans to provide an updated Path Forward Plan 3.0 at REITWeek in June and intends to return to providing earnings guidance beginning in 2027 [12][13] - Key focus areas for 2026 include completing the leasing pipeline, solidifying lease expirations, and evaluating new acquisition opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the company, noting that the heavy lifting of de-risking the Path Forward Plan is substantially complete [12] - The outlook for consumer spending is cautiously optimistic, with expectations of increased traffic due to upcoming events like the World Cup and Summer Olympics [35][36] - Management highlighted the importance of physical stores as the most profitable channel for retailers, indicating a positive environment for leasing [39] Other Important Information - The company has completed $1.3 billion in dispositions towards its $2 billion goal, with additional unencumbered assets identified for sale [10][25] - The company is focused on value-add acquisition opportunities rather than stabilized higher-quality centers due to current cost of capital considerations [29][30] Q&A Session Summary Question: What types of properties are most likely acquisition candidates? - Management indicated a focus on value-add opportunities that are accretive to their 2028 FFO plans, with Crabtree as a prime example [29][30] Question: How would funding be structured for a sizable deal? - Management stated that issuing equity would be the first choice, followed by finding a capital partner, with property sales as a distant third option [31] Question: How should investors think about growth inflection timing? - Management noted that the SNO pipeline indicates a back-end weighted contribution in 2026, with significant growth expected in 2027 and 2028 [33] Question: What is the overall health of the consumer? - Management described a K-shaped consumer trend, with strong demand for luxury items and cautious spending in other segments [35][38] Question: What is the impact of closures and proactive space take-backs on NOI growth? - Management indicated that frictional downtime from tenant strategy initiatives impacted growth, but significant future growth is expected [74] Question: What is the timeline for remaining asset sales? - Management explained that the timeline for asset sales is influenced by debt maturities and the need to maximize value through zoning and entitlements [58]

Financial Data and Key Metrics Changes - For Q4 2025, FFO excluding certain expenses was approximately $129 million or $0.48 per share, with a legal claims settlement income of $16.1 million impacting results [20][21] - Go-forward portfolio centers NOI increased by 1.7% in Q4 2025 compared to Q4 2024, and for the full year, it increased by 1.8% compared to 2024 [20][21] - Net debt to EBITDA at the end of Q4 was 7.78x, a full turn lower than at the outset of the Path Forward plan, with a strategy to reduce leverage to the low to mid-6x range over the next couple of years [24][25] Business Line Data and Key Metrics Changes - The company signed 7.1 million sq ft of new and renewal leases in 2025, an 85% increase over 2024, setting a new company record [7][16] - Trailing twelve-month leasing spreads as of December 31, 2025, were 6.7%, up 80 basis points from the last quarter, marking 17 consecutive quarters of positive leasing spreads [15][21] - The occupancy rate at the end of Q4 was 94%, up 60 basis points from the last quarter, with the go-forward portfolio occupancy at 94.9% [14] Market Data and Key Metrics Changes - Traffic for 2025 was flat compared to 2024, but inline sales were up 1.5%, with luxury sales increasing by nearly 5.5% [14][37] - The company is experiencing a K-shaped consumer trend, with strong demand from higher-income segments while lower-income segments remain cautious [35][38] Company Strategy and Development Direction - The Path Forward Plan focuses on simplifying the business, improving operational performance, and reducing leverage, with significant progress reported in 2025 [5][12] - The company plans to provide an updated Path Forward Plan 3.0 at REITWeek in June and intends to return to providing earnings guidance beginning in 2027 [12][13] - The focus for 2026 includes completing the leasing pipeline, solidifying lease expirations, and evaluating new acquisition opportunities [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the company, noting that the heavy lifting of de-risking the Path Forward Plan is substantially complete [12] - The leasing environment remains strong, with a significant number of deals being reviewed and approved, indicating robust demand for retail space [18][19] - Management highlighted the importance of physical stores as the most profitable channel for retailers, which bodes well for the company's portfolio [39] Other Important Information - The company has completed $1.3 billion in dispositions towards its $2 billion goal, with ongoing efforts to sell additional assets [10][25] - The company is actively working on renovation plans for newly acquired properties, such as Crabtree, which is expected to enhance value [10][11] Q&A Session Summary Question: What types of properties are acquisition candidates? - Management indicated a focus on value-add opportunities that are accretive to their 2028 FFO plans, rather than stabilized higher-quality centers [29][30] Question: How would funding be structured for a sizable acquisition? - The preference would be to issue equity if it makes sense, with potential for capital partnerships, and a distant third option would be recycling properties [31] Question: How does the leasing pipeline look for growth inflection? - Management noted that the snow pipeline indicates significant contributions in 2026, with a more pronounced impact expected in 2027 and 2028 [33] Question: What is the overall health of the consumer? - Management acknowledged a K-shaped consumer trend, with strong performance in luxury segments and cautious spending in lower-income tiers [35][38] Question: What is the impact of closures and proactive space take-backs on NOI growth? - Excluding certain closures, NOI growth could have been around 2.5% for the year, indicating potential for significant future growth [74]

Financial Data and Key Metrics Changes - For Q4 2025, FFO excluding certain expenses was approximately $129 million or $0.48 per share, with a legal claims settlement income of $16.1 million impacting results [19][20] - The go-forward portfolio centers NOI increased by 1.7% in Q4 2025 compared to Q4 2024, and for the full year, it increased by 1.8% compared to 2024 [19][20] - Net debt to EBITDA at the end of Q4 was 7.78x, a full turn lower than at the outset of the Path Forward plan [22] Business Line Data and Key Metrics Changes - The company signed 7.1 million sq ft of new and renewal leases in 2025, an 85% increase over 2024, setting a new company record [5][14] - Trailing twelve-month leasing spreads as of December 31, 2025, were 6.7%, up 80 basis points from the last quarter, marking 17 consecutive quarters of positive leasing spreads [12][13] - The occupancy rate at the end of Q4 was 94%, up 60 basis points from the last quarter, with the go-forward portfolio occupancy at 94.9% [12][13] Market Data and Key Metrics Changes - Traffic for 2025 was flat compared to 2024, but inline sales were up 1.5%, with luxury sales increasing by nearly 5.5% [35][36] - The company is experiencing a K-shaped consumer trend, with strong demand from higher-income tiers while lower-income segments remain cautious [35][36] Company Strategy and Development Direction - The Path Forward Plan focuses on simplifying the business, improving operational performance, and reducing leverage, with significant progress reported in 2025 [4][11] - The company aims to complete the leasing pipeline of 350 additional new leases and solidify remaining lease expirations for 2026 and 2027 [11][12] - An updated Path Forward Plan 3.0 is expected to be provided at REITWeek in June, with earnings guidance anticipated to return in 2027 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the company, highlighting strong leasing momentum and a robust pipeline for future growth [11][12] - The company is optimistic about the impact of upcoming events like the World Cup and Summer Olympics on consumer traffic and spending [35][36] - Management noted that physical stores remain the most profitable channel for retailers, which bodes well for the company's leasing strategy [37] Other Important Information - The company has completed $1.3 billion in dispositions towards its $2 billion goal, with ongoing efforts to address remaining debt maturities [9][22] - The company is focused on value-add acquisition opportunities, particularly those that can be immediately earnings accretive [28][29] Q&A Session Summary Question: What types of properties are acquisition candidates for Macerich? - Management indicated a focus on value-add opportunities that align with their portfolio metrics, rather than stabilized lower cap rate assets [28][29] Question: How should we think about the growth inflection in the second half of 2026? - Management noted that the growth contribution from the SNOW pipeline is back-end weighted, with significant contributions expected in 2027 and 2028 [32] Question: Can you discuss the overall health of the consumer? - Management described a K-shaped consumer trend, with strong performance in luxury segments and cautious spending in lower-income tiers [35][36] Question: Are there plans to evaluate other revenue streams outside of acquisitions? - Management stated that while there are opportunities for mezzanine financing and structured finance, the focus remains on executing the current Path Forward Plan [42][44] Question: What is the status of the remaining dispositions? - Management explained that the timeline for remaining asset sales is influenced by debt maturities and the need to maximize value through zoning and entitlements [56][58]

Core Insights - The shift in investor sentiment towards warehousing and logistics indicates a structural transformation in India's real estate landscape, moving from traditional office and retail investments to logistics platforms as the dominant strategy [1][21] - Institutional interest in warehousing has transitioned from exploratory to conviction-led, highlighting its importance as strategic economic infrastructure [5][21] - The pandemic has reshaped supply-chain thinking, leading to increased demand for resilient, India-focused supply chains and higher inventory buffers [16][22] Warehousing and Logistics Growth - Industrial and warehousing leasing reached a record high in 2025, with absorption hitting 36.9 million sq ft, reflecting a 16% year-on-year growth [8][21] - Delhi NCR and Chennai emerged as the most active industrial hubs, accounting for 24% and 22% of annual absorption respectively [8][10] - Q4 2025 saw a significant uptick in leasing activity, with 10.4 million sq ft absorbed, driven by large transactions and expansion-led demand [9][21] Demand Drivers - The demand for logistics assets is primarily driven by third-party logistics (3PL) companies, engineering firms, and e-commerce players, with 3PL accounting for about 32% of total leasing [11][21] - Large-format transactions, such as those by ScootsyLogistics and Amazon, underscore occupier confidence and the growing scale of operations [11][21] - The shift towards modern logistics facilities is influenced by the need for higher ceilings, better flooring standards, and integrated technology systems [15][22] Structural Changes - India's rapid digital transformation has altered consumption and distribution models, expanding e-commerce penetration into Tier-II and Tier-III cities [14][22] - Government policy initiatives, including infrastructure upgrades and logistics corridor development, have improved connectivity and reduced transportation bottlenecks [16][22] - The formalisation of the economy has favored organized logistics players, leading to a preference for large, compliant facilities over fragmented storage units [17][22] Investment Landscape - Institutional investors are increasingly comfortable with the risk-return profile of logistics assets, which offer stable cash flows and long-term leases [18][22] - Warehousing has evolved from a tactical allocation to a strategic investment, driven by structural transformation in the economy [18][22] - The growth of e-commerce and the need for modern logistics infrastructure align with India's manufacturing ambitions and global supply chain integration [19][22] Challenges Ahead - Despite the positive outlook, challenges such as land acquisition complexities, regulatory approvals, and infrastructure gaps may hinder project execution [20][22] - Potential rental growth moderation could occur if supply outpaces demand in specific micro-markets, and increased competition may compress yields over time [20][22]

Southlake Town Square – Dallas / Fort Worth, TX MSA INVESTOR UPDATE Q4 2025 © 2026 Kite Realty Group | kiterealty.com Prestonwood Place – Dallas / Fort Worth, TX MSA Kings Lake Square – Naples, FL MSA KRG Overview 169 Operating Properties 27M Total Owned GLA (SF) 95.1% Retail Portfolio Percent Leased $22.63 Retail Annualized Base Rent (ABR) per SF 4.9x Net Debt to Adjusted EBITDA 79% Retail Wtd. ABR from Assets with a Grocery Component2 67% Wtd. ABR in Sun Belt Markets3 2,187 Multifamily Units4 ~4,000 Opera ...

C O N V E N I E N C E A U T O M O T I V E R E T A I L CORPORATE PROFILE and SUPPLEMENTAL INFORMATION FEBRUARY 2026 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not histori ...

Financial Data and Key Metrics Changes - The company reported same-property NOI growth of 6.3% for Q4 and 5.7% for the year, exceeding guidance [30] - Earnings per share for Q4 was $0.34, which included $0.03 from the sale of Albertsons shares, resulting in a clean run rate of $0.30 [30][31] - Economic occupancy increased by 30 basis points to 93.9%, with street and urban occupancy rising by 80 basis points in Q4 and 370 basis points over 2025 [31] Business Line Data and Key Metrics Changes - The company achieved over 90% economic shop occupancy, up from approximately 81% at the end of 2021 [8] - The street retail segment outperformed other segments, with significant rental growth captured through pre-lease strategies and fair market value resets [7][9] - The company signed $3.5 million of ABR in Q4, with nearly 75% from high-growth markets [16] Market Data and Key Metrics Changes - The company noted strong tenant performance and sales growth across various markets, with year-over-year sales ranging from 10% to as high as 30% to 40% in some areas [15] - In San Francisco, the company signed 90,000 sq ft of leases, benefiting from the elimination of formula retail restrictions [21] - The company is actively negotiating several high-impact deals in San Francisco, indicating a positive outlook for the market [21] Company Strategy and Development Direction - The company aims for multi-year NOI growth of 5%, having delivered four consecutive years of same-property NOI growth exceeding this target [8] - The focus is on street retail investments to build operating scale in key corridors, with significant investments made in Georgetown, Williamsburg, and Henderson Avenue [10][11] - The dual-platform approach combines high-growth street retail with opportunistic investments in the investment management platform [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the retail real estate market, driven by a rebound in consumer demand and a shift towards physical stores [4][6] - The company anticipates continued growth in tenant demand and has a pipeline of leases exceeding $9 million, indicating strong future performance [20] - Management highlighted the importance of tenant performance as a key indicator of future rent growth, with expectations for continued sales growth translating into higher rents [16] Other Important Information - The company has closed nearly $1 billion in acquisitions in 2025, with a focus on street retail and value-add deals [28] - The balance sheet remains strong, with pro-rata debt to EBITDA at about 5x and significant liquidity available for future investments [38] - The company plans to maintain a disciplined approach to acquisitions while targeting a penny of FFO accretion for every $200 million of incremental gross asset value acquired [37] Q&A Session Summary Question: Can you expand on the acquisition environment and pricing perspective? - Management noted that active markets include New York, SoHo, and Williamsburg, with pricing becoming complex due to rising rents [44][45] - The focus remains on acquiring assets that can achieve a 5% CAGR over the next five years [46] Question: What are the main factors affecting same-property NOI growth guidance? - The primary factors include rent commencement dates, credit loss assumptions, and the impact of the pri-loose strategy [48][49] Question: How does the company view the competitive landscape in New York? - Management acknowledged increased competition but emphasized their strong reputation and ability to find off-market deals [70][71] Question: What is the outlook for street occupancy and blended rent per square foot? - The goal is to reach 95% street occupancy within 18 months, with a focus on the economic impact of high-value leases [63][75]

Financial Data and Key Metrics Changes - The company reported same-property NOI growth of 6.3% for Q4 and 5.7% for the year, exceeding guidance [30] - Earnings per share for Q4 was $0.34, which included $0.03 from the sale of Albertsons shares, resulting in a clean run rate of $0.30 [30][31] - Economic occupancy increased by 30 basis points to 93.9%, with street and urban occupancy rising by 80 basis points in Q4 and 370 basis points over 2025 [31] Business Line Data and Key Metrics Changes - The street retail segment outperformed other segments, with significant tenant demand and performance, particularly in high-growth markets [7][15] - The company achieved over 90% economic shop occupancy, up from approximately 81% at the end of 2021 [8] - The company signed $3.5 million of ABR in Q4, with nearly 75% from high-growth markets [16] Market Data and Key Metrics Changes - The company noted strong performance in key markets such as San Francisco, New York, and Washington D.C., with significant leasing activity [21][24] - Year-over-year sales growth for tenants ranged from 10% to as high as 30% to 40% in some markets [15] - The company signed 90,000 sq ft of leases in San Francisco, indicating a positive trend in that market [21] Company Strategy and Development Direction - The company aims for multi-year NOI growth of 5%, supported by leasing up vacancies, capturing rental growth, and redevelopment initiatives [8][13] - The focus on street retail investments is intended to build operating scale in key corridors, with significant investments made in areas like Georgetown and Williamsburg [10][11] - The company is pursuing a dual-platform approach, balancing high-growth street retail with opportunistic investments through its investment management platform [12][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the retail real estate sector, citing a fundamental shift benefiting open-air and street retail [4][6] - The company anticipates continued tenant demand and a robust pipeline of leases, projecting $9 million in advanced negotiations [20] - Management highlighted the importance of tenant performance as a key indicator for future rent growth, with expectations for sustained sales growth translating into higher rents [16][65] Other Important Information - The company has closed nearly $1 billion in acquisitions over the past year, with a focus on street retail and value-add deals [28] - The balance sheet remains strong, with pro-rata debt to EBITDA at about 5x and significant liquidity available for future investments [38][39] - The company plans to maintain a disciplined approach to acquisitions while actively seeking opportunities in both established and emerging markets [70] Q&A Session Summary Question: Can you expand on the acquisition environment and pricing perspective? - Management noted that active markets include New York, SoHo, and Williamsburg, with a focus on acquiring assets that can achieve a 5% CAGR over five years [45][46] Question: What are the main factors influencing same-property NOI growth guidance? - The primary factors include rent commencement dates, credit loss assumptions, and the potential impact of the pri-loose strategy on short-term results [48][49] Question: What is the outlook for street occupancy and blended rent per square foot? - Management aims for 95% street occupancy within 18 months, emphasizing the importance of high-impact leases over overall occupancy percentages [63][75]

Financial Data and Key Metrics Changes - The company reported same-property NOI growth of 6.3% for Q4 and 5.7% for the year, exceeding guidance [30] - Earnings per share for Q4 was $0.34, which included $0.03 from the sale of Albertsons shares, resulting in a clean run rate of $0.30 [30] - Economic occupancy increased by 30 basis points to 93.9%, with street and urban occupancy rising by 80 basis points in Q4 and 370 basis points over 2025 [31] Business Line Data and Key Metrics Changes - The company achieved over 90% economic shop occupancy, up from approximately 81% at the end of 2021 [8] - The street retail segment outperformed other segments, with significant rental growth captured through leasing strategies [7][8] - The company signed $3.5 million of ABR in Q4, with nearly 75% from high-growth markets [17] Market Data and Key Metrics Changes - Year-over-year sales growth for tenants ranged from 10% to as high as 30% to 40% in some markets [16] - The company signed 90,000 sq ft of leases in San Francisco, indicating a recovery in that market [21] - The company is seeing strong demand in key markets like SoHo, Gold Coast Chicago, and Melrose Place [19] Company Strategy and Development Direction - The company aims for multi-year NOI growth of 5%, with a focus on leasing up vacancies and capturing rental growth [8][9] - Investments of approximately $700 million over the past 24 months are aimed at enhancing scale in key corridors [11] - The company is transitioning its investment management model to focus on multiple JV channels, executing over $800 million in JV acquisitions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the retail real estate sector, citing a fundamental shift benefiting open-air and street retail [5][6] - The company anticipates continued tenant demand and a robust pipeline of leases exceeding $9 million [20] - Management noted that while credit loss assumptions are conservative, the overall outlook remains positive for 2026 and beyond [35] Other Important Information - The company has a pro-rata debt to EBITDA ratio of about 5x and significant liquidity on credit facilities [38] - There are no material debt maturities in 2026, and the company is well-hedged against interest rate volatility [38] - The company is targeting a penny of FFO accretion for every $200 million of incremental gross asset value acquired [37] Q&A Session Summary Question: Can you expand on the acquisition environment and pricing perspective? - Management highlighted active markets including New York and D.C., noting that pricing is tricky due to rising rents and the potential for significant mark-to-market increases [44][46] Question: What are the main factors influencing same-property NOI growth guidance? - Management indicated that rent commencement dates, credit loss assumptions, and the pri-loose strategy are key factors affecting guidance [48] Question: How do you determine what to include in guidance versus lower probability outcomes? - Management stated that they set realistic goals and do not include assumptions that are outside their control, focusing on external growth for potential upside [52][56] Question: What is the target for street occupancy by year-end? - Management aims for 95% leased occupancy within 18 months, emphasizing the economic impact of high-value leases [64] Question: How have tariffs affected retailer results in 2025? - Management noted that retailers have navigated tariff challenges effectively, maintaining traditional rent-to-sales ratios and profitability [66]

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 ...