On this page of StockholderLetter.com we present the latest annual shareholder letter from NETSTREIT Corp. — ticker symbol NTST. Reading current and past NTST letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
DEAR FELLOW STOCKHOLDER, 2025 was a transformative year for NETSTREIT. By adhering to a disciplined capital allocation strategy and well-capitalized balance sheet, I m proud to share that NETSTREIT s 31.1% total return for 2025 signi cantly outpaced the 4.0% average total return for our net lease peer group and the 2.9% total return for the MSCI U.S. REIT Index (RMS). Furthermore, this strong outperformance has resulted in a much improved cost of capital for NETSTREIT while positioning the Company to accelerate our growth pro le in 2026 and beyond. Looking back at 2025, our team closed a record $657.1 million of investments at an attractive 7.5% blended cash yield. This momentum accelerated in the second half of the year, with the third and fourth quarters representing back-to-back records for quarterly investment volume. Additionally, we maintained an active disposition program, divesting $178.6 million of properties at a 6.9% blended cash yield. This accretive capital recycling not only highlights our proactive asset management approach but also demonstrates our ability to buy at wholesale prices while simultaneously selling at retail prices. Our portfolio health remains industry-leading, as we sustained a 99.9% occupancy rate throughout the year. A key priority for 2025 was to evolve our portfolio diversity. We set ambitious goals to reduce select tenant and industry concentrations by year-end, and we were pleased to exceed these targets. More speci cally, our tenant base increased by 32% to 129 distinct entities, which allowed us to ful ll our commitment of reducing Portfolio Highlights Portfolio Metrics Annualized Base Rent (in thousands)1 Number of investments Number of states Square feet Tenants Industries Occupancy WALT2 1 2 2025 Business Highlights December 31, 2025 Net Income of $6.9 million or $0.08 per diluted share, Core Funds from Operations of $103.2 million or $1.23 per diluted share, and Adjusted Funds from Operations of $109.9 million or $1.31 per diluted share for the full year 2025 Completed $657.1 million of gross investment activity at a blended cash yield of 7.5% in 2025 Issued over 22.2 million shares of common stock from July 2025 follow-on o ering and ATM o erings in 2025 Achieved inaugural Investment Grade Rating of BBB from Fitch Ratings in December 2025 $198,252 758 45 13,721,337 129 28 99.9% 10.1 ABR is Annual Base Rent as of December 31, 2025, for all leases that commenced and annualized cash interest on mortgage loans receivable in place as of that date. Weighted by annual base rent; excludes lease extension options and investments that secure mortgage loans receivable.
all individual tenant concentrations to less than 5% of Annualized Base Rent (ABR). Furthermore, on a yearover-year basis, our Pharmacy and Dollar Store exposure decreased by 323 basis points and 564 basis points, respectively. As such, we now operate across 28 diverse industries and have greatly reduced our reliance on any single tenant, which helps to insulate our cash ows from tenant-speci c volatility. On the capital markets front, we raised $173 million via our ATM program and executed a well-timed follow-on o ering in July 2025. To supplement our equity issuances, we completed a $175.0 million 5-year term loan in January and another $450.0 million term loan in September, which consisted of $200.0 million with a 5.5-year term and $250.0 million with a 7-year term, further extending our debt maturity pro le. From a leverage perspective, we reduced our adjusted net debt to annualized adjusted EBITDAre ratio to 4.0x from 4.5x yearover-year while ending 2025 with over $1.0 billion of liquidity. Notably, in December, Fitch Ratings assigned NETSTREIT an inaugural Investment Grade credit rating of BBB-, a milestone that meaningfully lowered our cost of capital. By switching to a ratings-based grid from a leveragebased grid, we secured approximately $2.0 million in annual interest expense savings. From a human capital perspective, our outstanding performance in 2025 re ected the collaboration and dedication of our employees. We strengthened our team with nine key hires across Accounting, Property Management, Underwriting, Closing, and Acquisitions. However, despite this investment in talent, our recurring G&A to total revenues remained at year-over-year at 11.1%, which indicates the inherent scalability of our platform. NETSTREIT enters 2026 as a stronger, more diversi ed, and more e cient organization. With an investmentgrade balance sheet, low-leverage, and a proven acquisition engine, we are well positioned to capitalize on future investment opportunities that can meaningfully move the earnings needle. We thank you, our shareholders, for your continued partnership and investment in NETSTREIT. Mark Manheimer President and Chief Executive O cer
 • shareholder letter icon 3/31/2026 Letter Continued (Full PDF)
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 • Benford's Law Stocks icon NTST Benford's Law Stock Score = 88


NTST Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT


DEAR FELLOW STOCKHOLDER,
2025 was a transformative year for NETSTREIT. By adhering to a disciplined capital allocation strategy and
well-capitalized balance sheet, I   m proud to share that NETSTREIT   s 31.1% total return for 2025 signi   cantly
outpaced the 4.0% average total return for our net lease peer group and the 2.9% total return for the MSCI
U.S. REIT Index (RMS). Furthermore, this strong outperformance has resulted in a much improved cost of
capital for NETSTREIT while positioning the Company to accelerate our growth pro   le in 2026 and beyond.
Looking back at 2025, our team closed a record $657.1 million of investments at an attractive 7.5% blended
cash yield. This momentum accelerated in the second half of the year, with the third and fourth quarters
representing back-to-back records for quarterly investment volume. Additionally, we maintained an active
disposition program, divesting $178.6 million of properties at a 6.9% blended cash yield. This accretive
capital recycling not only highlights our proactive asset management approach but also demonstrates our
ability to buy at wholesale prices while simultaneously selling at retail prices.
Our portfolio health remains industry-leading, as we sustained a 99.9% occupancy rate throughout the year.
A key priority for 2025 was to evolve our portfolio diversity. We set ambitious goals to reduce select tenant
and industry concentrations by year-end, and we were pleased to exceed these targets. More speci   cally, our
tenant base increased by 32% to 129 distinct entities, which allowed us to ful   ll our commitment of reducing
Portfolio Highlights
Portfolio Metrics
Annualized Base Rent (in thousands)1
Number of investments
Number of states
Square feet
Tenants
Industries
Occupancy
WALT2
1
2
2025 Business Highlights
December 31, 2025

Net Income of $6.9 million or $0.08 per diluted
share, Core Funds from Operations of $103.2
million or $1.23 per diluted share, and
Adjusted Funds from Operations of $109.9
million or $1.31 per diluted share for the full
year 2025

Completed $657.1 million of gross investment
activity at a blended cash yield of 7.5% in 2025

Issued over 22.2 million shares of common
stock from July 2025 follow-on o   ering and
ATM o   erings in 2025

Achieved inaugural Investment Grade Rating
of BBB    from Fitch Ratings in December 2025
$198,252
758
45
13,721,337
129
28
99.9%
10.1
ABR is Annual Base Rent as of December 31, 2025, for all leases that commenced and annualized cash interest on mortgage loans receivable
in place as of that date.
Weighted by annual base rent; excludes lease extension options and investments that secure mortgage loans receivable.

all individual tenant concentrations to less than 5% of Annualized Base Rent (ABR). Furthermore, on a yearover-year basis, our Pharmacy and Dollar Store exposure decreased by 323 basis points and 564 basis points,
respectively. As such, we now operate across 28 diverse industries and have greatly reduced our reliance on any
single tenant, which helps to insulate our cash    ows from tenant-speci   c volatility.
On the capital markets front, we raised $173 million via our ATM program and executed a well-timed follow-on
o   ering in July 2025. To supplement our equity issuances, we completed a $175.0 million 5-year term loan in
January and another $450.0 million term loan in September, which consisted of $200.0 million with a 5.5-year
term and $250.0 million with a 7-year term, further extending our debt maturity pro   le. From a leverage
perspective, we reduced our adjusted net debt to annualized adjusted EBITDAre ratio to 4.0x from 4.5x yearover-year while ending 2025 with over $1.0 billion of liquidity.
Notably, in December, Fitch Ratings assigned NETSTREIT an inaugural Investment Grade credit rating of BBB-,
a milestone that meaningfully lowered our cost of capital. By switching to a ratings-based grid from a leveragebased grid, we secured approximately $2.0 million in annual interest expense savings.
From a human capital perspective, our outstanding performance in 2025 re   ected the collaboration and
dedication of our employees. We strengthened our team with nine key hires across Accounting, Property
Management, Underwriting, Closing, and Acquisitions. However, despite this investment in talent, our
recurring G&A to total revenues remained    at year-over-year at 11.1%, which indicates the inherent scalability
of our platform.
NETSTREIT enters 2026 as a stronger, more diversi   ed, and more e   cient organization. With an investmentgrade balance sheet, low-leverage, and a proven acquisition engine, we are well positioned to capitalize on
future investment opportunities that can meaningfully move the earnings needle. We thank you, our
shareholders, for your continued partnership and investment in NETSTREIT.
Mark Manheimer
President and Chief Executive O   cer


shareholder letter icon 3/31/2026 Letter Continued (Full PDF)
 

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