NTST

Interested in NETSTREIT Corp.? Here are five stocks we like better. NETSTREIT boosted its full-year 2026 outlook, raising net investment activity guidance to $700 million–$800 million and lifting the low end of AFFO per share guidance to $1.37–$1.39. The company also maintained a quarterly dividend of $0.225 per share. Portfolio occupancy hit 100% after backfilling its lone vacancy with an A-rated TJ Maxx at a rent increase of more than 20%. NETSTREIT also completed $298.9 million of gross investments in the quarter at a blended cash yield of 7.4%. Balance sheet liquidity remains strong, with $1.1 billion in total liquidity and no material debt maturities until February 2028. Management said the company continues to see a healthy acquisition market, with opportunities in sale-leasebacks, portfolios and other transactions. 4 High-Yield Real Estate Stocks to Buy as Investors Get Defensive NETSTREIT (NYSE:NTST) reported second-quarter 2026 results highlighted by accelerated acquisition activity, full occupancy and increased full-year investment guidance, as management described a favorable transaction market for necessity and service-based retail real estate. President and CEO Mark Manheimer said the company has grown its portfolio to more than $3 billion in assets and continues to see “an elevated number of high-quality opportunities at accretive pricing.” During the quarter, NETSTREIT closed $298.9 million of gross investments at a blended cash yield of 7.4% and a weighted average lease term of 9.8 years. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? The investments were concentrated in the company’s core sectors, including quick-service restaurants, grocery, convenience stores, auto service and other essential retail categories. Manheimer said the company also completed targeted dispositions at a 6.8% blended cash yield, using proceeds to recycle into “higher quality, longer duration opportunities” while reducing select tenant and industry concentrations. NETSTREIT ended the quarter with 859 investments leased to 156 tenants across 28 industries in 46 states. The portfolio’s weighted average lease term was 10 years, and investment-grade and investment-grade profile tenants represented 56.5% of annualized base rent. Unit-level rent coverage remained 3.8 times. → 3 Photonics Companies Making Quantum Tech Possible Manheimer said occupancy increased to 100% after the company backfilled its lone vacancy, a former Big Lots location, with an A-rated TJ Maxx at a rent increase of more than 20%. While he said vacancies have been “extraordinarily rare” in the portfolio, the leasing result demonstrated the strength of the company’s asset management and underwriting process. The company also completed an UPREIT acquisition of 20 Speedway properties that it had previously financed through a first mortgage investment in early 2023. Manheimer said the transaction gave NETSTREIT direct fee ownership at cap rates “significantly above market,” with the Speedway assets acquired at a 6.75% initial cash yield. He cited long-term leases, investment-grade credit support, high unit-level rent coverage and a low asset basis as factors supporting the deal. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off CFO and Treasurer Dan Donlan said NETSTREIT reported net income of $6.3 million, or $0.06 per diluted share, for the second quarter. Core funds from operations were $34.2 million, or $0.33 per diluted share. Adjusted funds from operations were $35.5 million, or $0.35 per diluted share, up 6.1% from the prior-year period. Total recurring general and administrative expense increased 6.7% year over year to $5.8 million, which Donlan said was primarily due to staffing increases during 2025. Recurring G&A represented 9.5% of total revenues in the quarter, down from 11.3% in the prior-year quarter. On the capital markets side, Donlan said the company raised $183 million of net proceeds through its at-the-market equity program by selling 9 million shares. At quarter end, adjusted net debt, including the impact of forward equity, was $672.2 million. The company’s weighted average debt maturity was 3.6 years, and its weighted average interest rate was 4.3%. Donlan said NETSTREIT had no material debt maturities until February 2028, including extension options exercisable at the company’s discretion. Total liquidity at quarter end was $1.1 billion, including approximately $20 million of cash, $301 million available on the revolving credit facility, $714 million of unsettled forward equity and $50 million of undrawn term loan capacity. Adjusted net debt to annualized adjusted EBITDAre was 3.2 times, below the company’s target leverage range of 4.5 times to 5.5 times. NETSTREIT increased its full-year 2026 net investment activity guidance to a range of $700 million to $800 million. The company also raised the low end of its AFFO per share outlook, setting a new range of $1.37 to $1.39. Donlan said the guidance includes estimated dilution of $0.05 to $0.08 per share, or 3.6 million to 5.9 million shares for the year, related to the impact of outstanding forward equity calculated under the treasury stock method. He said cash G&A is expected to range from $16.5 million to $17 million, excluding transaction costs and severance payments. The company’s board declared a quarterly cash dividend of $0.225 per share, payable Sept. 15 to shareholders of record as of Sept. 1. During the question-and-answer portion of the call, Manheimer said the company is seeing what he described as one of the healthiest acquisition markets he can recall, with opportunities across sale-leasebacks, portfolio deals, one-off transactions and blend-and-extend transactions. Manheimer said macroeconomic and geopolitical volatility has affected interest rates, but the company has not yet seen much impact on cap rates. He added that sustained upward pressure on the five-year and 10-year rates could potentially move cap rates higher. Management discussed an increase in portfolio transactions, noting that some deals have enabled NETSTREIT to gain exposure to tenants such as Chick-fil-A, Sprouts and Kwik Trip without giving up investment spreads. Manheimer said some portfolios that are broadly marketed still trade at premiums, but smaller portfolio transactions have been available at pricing closer to par. Asked about what is driving portfolio sales, Manheimer said some owners that bought high-quality properties in 2021 and early 2022 with cheap five-year debt are now facing refinancing at less favorable economics. In some cases, those owners are choosing to sell portfolios to larger institutions rather than refinance. Manheimer also said competition remains limited from larger private institutions. He identified 1031 buyers, individuals and small family offices as the company’s primary competitors, with higher borrowing costs making it harder for those buyers to compete. Analysts asked about the company’s investment-grade exposure, which management said may settle around 30% to 35% for new acquisitions if current market dynamics continue. Manheimer said NETSTREIT focuses on risk-adjusted returns, including tenant credit, rent coverage, tenant commitment to a location and real estate fungibility. On grocery exposure, Manheimer said the company is monitoring consumer trends and grocery margins, but remains comfortable with its grocery assets because they generate strong sales and high rent coverage. He said the company is careful about selecting operators and assets in that sector. Manheimer also acknowledged pressure on lower-income consumers, describing the “K-shaped economy” as real. He said NETSTREIT does not have significant exposure to the lower-end consumer and looks for necessity-based products, value propositions, strong rent coverage and corporate credit where that exposure exists. Addressing category concentration, Manheimer said the company has historically had a soft ceiling around the mid-teens as a percentage of industry exposure, though it may be more flexible for industries it favors. He said exposure near 20% could lead the company to consider dispositions to reduce concentration. NetSTREIT Corp. is a real estate investment trust that specializes in the acquisition and management of single‐tenant, net lease retail properties across the United States. The company targets assets leased to investment‐grade or creditworthy tenants under long‐term, triple‐net leases, which generally shift property‐level expenses—such as taxes, insurance and maintenance—to the tenant. This business model is designed to generate predictable, stable income streams and to limit landlord responsibilities. NetSTREIT’s portfolio encompasses a diversified mix of essential retail and service properties, including quick‐service restaurants, convenience stores, banks, automotive service centers and medical clinics. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "NETSTREIT Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed strong Q2 performance to an acceleration in investment activity, closing $299 million in gross investments at a 7.4% blended cash yield. Strategic success was driven by the team's ability to capture portfolio deals that historically priced at premiums but are currently available due to refinancing pressures on private owners. The company utilized creative structuring, specifically an UPREIT acquisition of 20 Speedway properties, to convert a debt investment into fee ownership at a 6.75% yield, which is significantly above market for such assets. Portfolio quality was enhanced through targeted dispositions at a 6.8% yield, recycling capital into higher-quality, longer-duration opportunities while reducing industry concentrations. Operational efficiency improved as recurring G&A fell to 9.5% of total revenues, down from 11.3% in the prior year, reflecting the successful rationalization of the revenue base. Management emphasized that their underwriting focus remains on 'mission-critical' locations with high rent coverage (3.8x portfolio average) rather than relying solely on investment-grade credit ratings. Full-year 2026 net investment activity guidance was increased to a range of $700 million to $800 million, reflecting strong momentum in the acquisition pipeline. The bottom end of AFFO per share guidance was raised to a range of $1.37 to $1.39, supported by a conservative balance sheet and prefunded equity needs. Management expects the current 'efficient frontier' for risk-adjusted returns to remain in the 30-35% investment-grade profile range, as non-IG cap rates have expanded more significantly than IG rates. Strategic goals for 2027 include obtaining additional credit ratings to open access to public bond markets, potentially diversifying the capital structure beyond bank debt and equity. Guidance assumes $0.05 to $0.08 per share of dilution from outstanding forward equity, with dilution expected to peak in the third quarter before normalizing. A $4.2 million impairment charge was recognized in the quarter, which management explained as a byproduct of high disposition volume and was largely offset by gains on sales. The company successfully backfilled its only vacancy, a former Big Lots, with a TJ Maxx at a rent increase of more than 20%, demonstrating asset management strength. Management noted that while the lower-income consumer is under pressure, the portfolio has minimal exposure to this demographic, focusing instead on necessity-based retail with high corporate credit support. Leverage remains at an industry-leading 3.2x, providing substantial liquidity of $1.1 billion to fund growth without compromising the company's 4.5x to 5.5x target range. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the guidance includes a degree of conservatism and a policy of not targeting capital that has not yet been raised. They noted the current acquisitions market is the healthiest they have seen, with potential upside to guidance if additional capital is raised. The surge is driven by owners who acquired assets in 2021-2022 with cheap 5-year bank debt that is now maturing. Faced with unattractive refinancing rates, these owners are choosing to sell portfolios to larger institutions, creating a unique window for NETSTREIT to acquire high-quality assets without typical premiums. Competition from larger private institutions has virtually disappeared, leaving the primary competition as 1031 exchange buyers and small family offices. These smaller buyers are struggling to compete as their typical 50-60% LTV bank financing has become significantly more expensive.

This article first appeared on GuruFocus. Net Income: $6.3 million or $0.06 per diluted share. Core FFO: $34.2 million or $0.33 per diluted share. AFFO: $35.5 million or $0.35 per diluted share, a 6.1% increase over last year. Gross Investments: $298.9 million with a blended cash yield of 7.4%. Weighted Average Lease Term: 9.8 years. Occupancy Rate: Increased to 100%. Leverage: 3.2 times adjusted net debt to annualized adjusted EBITDA. Total Liquidity: $1.1 billion at quarter end. Recurring G&A Expenses: $5.8 million, representing 9.5% of total revenues. Dividend: Quarterly cash dividend of $0.225 per share. 2026 AFFO Guidance: Increased to a range of $1.37 to $1.39 per share. 2026 Net Investment Activity Guidance: Increased to $700 million to $800 million. Warning! GuruFocus has detected 9 Warning Signs with NTST. Is NTST fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Netstreit Corp (NYSE:NTST) has grown its portfolio to over $3 billion in assets, indicating strong expansion and asset accumulation. The company closed $298.9 million of gross investments in high-quality sectors such as quick service restaurants, grocery, and auto service, with a blended cash yield of 7.4%. Occupancy increased to 100% with the backfill of a vacancy by A-rated T.J. Maxx, showcasing effective asset management. Netstreit Corp (NYSE:NTST) maintains a conservative leverage ratio of 3.2 times, providing financial flexibility and stability. The company increased its full-year 2026 net investment activity guidance to $700 million to $800 million, reflecting confidence in continued growth opportunities. Recurring G&A expenses increased by 6.7% year over year, primarily due to staffing increases, which could impact profitability. The AFFO per share guidance includes estimated dilution due to outstanding forward equity, potentially affecting shareholder returns. There is a noted conservatism in acquisition guidance for the back half of the year, possibly due to macroeconomic volatility. The company faces potential challenges from macroeconomic factors such as interest rate fluctuations, which could impact cap rates. Netstreit Corp (NYSE:NTST) recognized a $4.2 million impairment charge in the quarter, indicating potential asset valuation issues. Q: The implied volume for acquisitions into the back half of the year suggests a deceleration. Is this due to conservatism or macro volatility? A: Mark Manheimer, CEO: There is some conservatism, but we also don't want to target capital we haven't raised yet. The acquisitions market is healthy, with attractive pricing across various sectors. Macro volatility hasn't impacted cap rates yet, but sustained interest rate pressure could potentially affect them. Q: With improved cost of capital, will your strategy for investment-grade capital deployment evolve? A: Mark Manheimer, CEO: We've seen more portfolio deals, allowing us to acquire assets we couldn't previously. The high investment-grade profile this quarter was partly due to the Speedway transaction. We aim for the best risk-adjusted returns, maintaining around 30-35% investment-grade profile. Q: Can you discuss the composition of acquisitions outside the Speedway deal and the sectors with opportunities? A: Mark Manheimer, CEO: We've added tenants like QuickTrip and Sprouts, and sectors like Tire Discounters and Darden brands. The portfolio deals are driven by refinancing challenges due to rising interest rates. We've been creative in selling less desirable assets from portfolios to enhance returns. Q: Regarding forward equity, when might dilution peak, and what's your appetite for tapping incremental forward equity? A: Daniel Donlan, CFO: The dilution from forward equity should peak in the third quarter and normalize by 2027. We don't need to raise more equity immediately, but if the investment market remains robust, we might utilize it in the third or fourth quarter to stay ahead of capital needs. Q: Are there any corporate goals for index inclusion, credit ratings, or bond issuance? A: Daniel Donlan, CFO: We aim to maintain our S&P 600 inclusion. We're considering additional credit ratings next year, which could open us to public bond markets, potentially tapping them in 2027. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

– Net Income of $0.06 and Adjusted Funds from Operations ("AFFO") of $0.35 Per Diluted Share – – Completed Strong Gross Investment Activity of $298.9 Million at 7.4% Blended Cash Yield – – Increases 2026 AFFO Per Share Guidance to a New Range of $1.37 to $1.39 – – Increases 2026 Net Investment Guidance Range to $700 Million to $800 Million – – Increases Quarterly Dividend by 2.3% to $0.225 Per Share – – $184.4 Million of Forward Equity Sales During the Quarter – DALLAS, July 22, 2026--(BUSINESS WIRE)--NETSTREIT Corp. (NYSE: NTST) (the "Company") today announced financial and operating results for the second quarter ended June 30, 2026. "I am pleased to report another solid quarter of gross investment activity at attractive yields as the net lease marketplace remains highly favorable for our opportunity set. Our 100% occupied portfolio remains healthy and continues to produce stable and growing cash flows. Given the excellent condition of our balance sheet, which was bolstered by additional forward equity sales in the quarter, we are increasing both our 2026 net investment guidance and the midpoint of our 2026 AFFO per share guidance," said Mark Manheimer, Chief Executive Officer of NETSTREIT. SECOND QUARTER 2026 HIGHLIGHTS The following tables summarizes the Company's select financial results1 for the three and six months ended June 30, 2026. INVESTMENT ACTIVITY The following tables summarize the Company's investment, disposition, and loan repayment activities (dollars in thousands) for the three and six months ended June 30, 2026. 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 June 30, 2026. PORTFOLIO UPDATE The following table summarizes the Company's real estate portfolio (weighted by ABR, dollars in thousands) as of June 30, 2026. CAPITAL MARKETS AND BALANCE SHEET The following tables summarize the Company's leverage, liquidity, at-the-market equity program ("ATM") sales, and forward equity activity (dollars in thousands, except per share data) as of and for the three months ended June 30, 2026. SUBSEQUENT TO QUARTER END In July 2026, the Company sold 210,670 shares at a weighted average gross price of $21.49 per share under the ATM Program on a forward basis. DIVIDEND On July 16, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.225 per share for the third quarter of 2026. On an annualized basis, the dividend of $0.90 per share of common stock represents an increase of $0.02 per share over the prior annualized dividend. The dividend will be paid on September 15, 2026 to shareholders of record on September 1, 2026. 2026 GUIDANCE The Company is increasing its full year 2026 AFFO per share guidance range to $1.37 to $1.39 from $1.36 to $1.39 and increasing net investment activity guidance to $700.0 million to $800.0 million from $550.0 million to $650.0 million. The Company now expects cash G&A to range between $16.5 million to $17.0 million (exclusive of transaction costs and severance payments). In addition, the Company's AFFO per share guidance now includes $0.05 to $0.08 per share of estimated dilution (or 3.6 million to 5.9 million shares) vs. the prior range of $0.03 to $0.06 per share due to the impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method. The Company's 2026 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 Thursday, July 23, 2026 at 11:00 AM ET. During the conference call the Company’s officers will review second quarter 2026 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 www.NETSTREIT.com. 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 August 6, 2026, 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 13761592. 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 www.investors.netstreit.com. 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. NON-GAAP FINANCIAL MEASURES This press release contains non-GAAP financial measures, including 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 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 2026 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, 2025 filed with the Securities and Exchange Commission (the "SEC") on February 10, 2026 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. 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 exclude infrequent and unusual items not expected to impact our operating performance on an ongoing basis. These include executive transition costs, severance, and related charges, debt-related transaction costs, and other non-core losses (gains) as they occur. 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 debt service obligations, 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 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, executive transition costs, severance, and related charges, debt related transaction costs, transaction costs, other non-recurring losses (gains), 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. 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 period end. 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. 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. Investment Grade 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 of Insurance Commissioners) or higher. Investment Grade Profile 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. Occupancy is expressed as a percentage, and is the number of leased investments divided by the total number of investments owned, excluding properties under development. Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722841427/en/ Contacts Investor Relations [email protected] 972-694-3066

Annaly Capital Management Inc. NLY is scheduled to report second-quarter 2026 results on July 21, after market close. The company’s net interest income (NII) and earnings are expected to reflect year-over-year increases in the quarter to be reported. In the last reported quarter, the mortgage real estate investment trust's earnings available for distribution per share surpassed the Zacks Consensus Estimate. The company's net interest income and net interest margin improved year over year. The year-over-year increase in book value per share was also encouraging. Annaly has an impressive earnings surprise history. The company surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 2.07%. Annaly Capital Management Inc price-eps-surprise | Annaly Capital Management Inc Quote Let us see how things have shaped up before the second-quarter earnings announcement. The consensus estimate for second-quarter NII is pegged at $509 million, suggesting an 86.3% increase from the year-ago quarter's reported NII. The Zacks Consensus Estimate for earnings has been revised upward to 75 cents over the past seven days. The estimate indicates a 2.7% increase from the year-ago quarter's actual. The Federal Reserve kept interest rates unchanged in the second quarter of 2026, while noting that economic activity continued to expand at a solid pace despite elevated uncertainty and inflation remaining above its 2% target. Throughout the quarter, mortgage rates remained elevated, averaging in the mid-6% range. While refinance activity witnessed a modest pickup as rates briefly declined during parts of the quarter, purchase volume remained under pressure due to constrained housing inventory and elevated home prices. Given this backdrop, NLY's mortgage-backed securities (MBS) portfolio is likely to have faced continued interest-rate volatility and fluctuating agency MBS spreads during the quarter. Sharp movements in U.S. Treasury yields amid changing expectations around inflation and Federal Reserve policy likely contributed to volatility in MBS valuations. This might have pressured the company's book value performance in the second quarter of 2026. Although mortgage rates temporarily eased during parts of the quarter, they generally remained well above the levels of most outstanding mortgages, keeping refinancing incentives relatively subdued. As a result, NLY's constant prepayment rates are expected to have remained relatively contained, helping moderate premium amortization expenses and support NII. Stable prepayments, along with attractive reinvestment opportunities at higher yields, are also likely to have supported average asset yields during the second quarter. Given manageable prepayment speeds during the second quarter, the company's mortgage servicing rights portfolio is likely to have benefited to some extent. This is anticipated to have increased NLY's servicing fees in the quarter to be reported. The Zacks Consensus Estimate for net servicing income of $167.7 million indicates a year-over-year rise of 31.9%. Our proven model predicts an earnings beat for NLY this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is exactly the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. Earnings ESP: Annaly has an Earnings ESP of +0.33%. Zacks Rank: NLY currently carries a Zacks Rank of 2. Here are a couple of REIT stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this time: NETSTREIT Corp. NTST is expected to release second-quarter 2026 earnings on July 22. The company has an Earnings ESP of +1.94 and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Quarterly earnings estimates for NETSTREIT have been unchanged at 34 cents per share over the past week. Agree Realty Corporation ADC is expected to release second-quarter 2026 earnings on July 30. The company has an Earnings ESP of +0.27% and a Zacks Rank #3 at present. Quarterly earnings estimates for Agree Realty have been unchanged at $1.13 per share over the past week. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report Agree Realty Corporation (ADC) : Free Stock Analysis Report NETSTREIT Corp. (NTST) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

AGNC Investment Corp. AGNC is slated to report second-quarter 2026 earnings on July 20, after market close. The company’s first-quarter 2026 results benefited from rallies in average asset yield and net interest income. Also, a rise in tangible net book value per share on the portfolio was positive. However, a reduced net interest spread and a higher weighted average cost of funds were concerning. AGNC Investment’s earnings outpaced the Zacks Consensus Estimate in one of the trailing four quarters and missed thrice, with an average negative surprise of 1.54%. AGNC Investment Corp. price-eps-surprise | AGNC Investment Corp. Quote The Zacks Consensus Estimate for second-quarter 2026 earnings of 38 cents per share has been unchanged over the past week. This indicates no change from the year-ago reported level. The Zacks Consensus Estimate for net interest income for the second quarter of 2026 is pegged at $361.5 million, indicating a rise of 123.2% from the year-ago quarter’s actual. The second quarter of 2026 remained challenging for the mortgage banking industry, as mortgage rates stayed elevated, averaging in the mid-6% range, while housing affordability continued to weigh on borrower demand. Purchase originations remained under pressure amid constrained housing inventory and elevated home prices, although refinance activity witnessed a modest pickup as rates briefly declined during parts of the quarter. Against this backdrop, AGNC Investment's agency mortgage-backed securities (MBS) portfolio likely experienced continued pressure from interest-rate volatility and fluctuating agency MBS spreads. U.S. Treasury yields moved sharply throughout the quarter amid changing expectations around inflation and Federal Reserve policy, contributing to meaningful swings in MBS valuations. While agency spreads stabilized toward the end of the quarter after widening earlier, the volatile mortgage rate environment is expected to have limited book value appreciation for AGNC Investment, resulting in only modest book value growth during the second quarter of 2026. On the positive side, mortgage prepayment activity likely remained well contained. Although mortgage rates temporarily eased during the quarter, they generally stayed well above the levels of most outstanding mortgages, keeping refinancing incentives relatively subdued. Consequently, AGNC's constant prepayment rate is expected to have been at manageable levels, helping moderate premium amortization expenses and providing support to net interest income. Stable prepayments, combined with attractive reinvestment opportunities at higher yields, are also likely to have supported average asset yields during the quarter. The Zacks Consensus Estimate for interest income is pegged at $1.05 billion, suggesting a 26.8% increase from the year-ago quarter’s actual. Our proven model does not conclusively predict an earnings beat for AGNC this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. Earnings ESP: AGNC Investment has an Earnings ESP of 0.00%. Zacks Rank: AGNC Investment currently carries a Zacks Rank #3. Here are a couple of REIT stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this time: Annaly Capital Management NLY is expected to release its second-quarter 2026 earnings on July 21. The company has an Earnings ESP of +1.01% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Quarterly earnings estimates for Annaly Capital Management have been unchanged at 74 cents per share over the past week. NETSTREIT Corp. NTST is also expected to release its second-quarter 2026 earnings on July 22. The company has an Earnings ESP of +1.94% and a Zacks Rank #3 at present. Quarterly earnings estimates for NETSTREIT have been unchanged at 34 cents per share over the past week. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AGNC Investment Corp. (AGNC) : Free Stock Analysis Report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report NETSTREIT Corp. (NTST) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Gross Investment Activities: $239 million with a blended cash yield of 7.5% and a weighted average lease term of 14.1 years. Properties and Tenants: 804 properties leased to 138 tenants across 28 industries in 46 states. Weighted Average Lease Term: Increased to 10.2 years. Occupancy Rate: 99.9%, with subsequent increase to 100% after backfilling a vacancy. Leverage: 3.2 times, with substantial liquidity under the revolving credit facility. Income: $5.7 million or $0.06 per diluted share. Core FFO: $32 million or $0.32 per diluted share. AFFO: $33.2 million or $0.34 per diluted share, a 6.3% increase year-over-year. Recurring G&A Expenses: Increased 9.7% year-over-year to $5.8 million. Share Forward Equity Offering: $12.6 million shares, raising $230.3 million of net proceeds. Total Liquidity: $1.1 billion at quarter end. 2026 Guidance: AFFO per share guidance increased to $1.36 to $1.39; net investment activity guidance increased to $550 million to $650 million. Quarterly Cash Dividend: $0.23 per share, payable on June 15. Warning! GuruFocus has detected 9 Warning Signs with NTST. Is NTST fairly valued? Test your thesis with our free DCF calculator. Release Date: April 21, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Netstreit Corp (NYSE:NTST) closed on $239 million of gross investment activities in Q1 2026, with a blended cash yield of 7.5% and a weighted average lease term of 14.1 years. The company achieved 100% occupancy in early April by backfilling a vacancy with A-rated TJ Maxx, resulting in a more than 20% increase in rent. Netstreit Corp (NYSE:NTST) maintained a conservative capital structure with an industry-leading leverage of 3.2 times and substantial liquidity of $1.1 billion. The company increased its full-year 2026 net investment activity guidance to $550 million to $650 million and raised the bottom end of its AFFO per share guidance range. Netstreit Corp (NYSE:NTST) reported a 6.3% increase in AFFO to $33.2 million or $0.34 per diluted share, reflecting strong financial performance. Total recurring G&A expenses increased by 9.7% year-over-year to $5.8 million, primarily due to increased staffing and investment in the team. The company faces potential dilution from outstanding forward equity, with an estimated impact of $0.03 to $0.06 on AFFO per share. Netstreit Corp (NYSE:NTST) has a weighted average debt maturity of 3.8 years, with no material debt maturing until February 2028, which may limit flexibility. The company is cautious about geopolitical and macroeconomic volatility, which could impact acquisition opportunities and pricing. Netstreit Corp (NYSE:NTST) has a few assets with unit level rent coverage below 1 times, which require close monitoring to mitigate potential risks. Q: What drove the robust investment activity in the first quarter, and what are the expectations for the near term? A: Mark Manheimer, CEO, explained that the strong quarter was due to attractively priced opportunities fitting their investment criteria. The environment remains similar, with pricing expected to stay relatively stable. They aim to sustain this level of acquisitions while being conservative about future capital needs. Q: How is the competitive landscape affecting your ability to win deals, and what are your expectations for the future? A: Manheimer noted that while there are more participants in the net lease space, they are not frequently encountering them on a one-off basis. The competition has been consistent over time, and they do not expect significant changes in pricing or opportunities. Q: Can you provide details on the treasury stock method dilution and its impact on guidance? A: Daniel Donlan, CFO, stated they expect $0.03 to $0.06 dilution at the midpoint, with a conservative approach on the high end. They model a gradual increase in stock price throughout the year, which affects dilution estimates. Q: What is the strategy for managing forward equity, and how does it impact growth heading into 2027? A: Donlan explained that they prioritize selling the lowest price forwards first. They aim to complete outstanding forwards from 2024 and 2025 this year, which will help manage dilution and support growth in 2027. Q: Are there plans to increase the acquisitions team given the current success and potential for more growth? A: Manheimer mentioned that the current acquisitions team is performing well and bringing in sufficient opportunities. They are always ensuring a deep enough bench but do not see an immediate need to expand the team. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Active quarter and high-quality portfolio: NETSTREIT closed $239 million of investments in Q1 at a 7.5% blended cash yield with a 14.1‑year weighted average lease term, and ended the quarter with 804 properties, 99.9% occupancy (returned to 100%), and a 10.2‑year weighted average remaining lease term. Strong liquidity and conservative leverage: The company raised $304.1 million via forward and ATM equity, reported total liquidity of about $1.1 billion, adjusted net debt of $629 million, and an adjusted net debt/EBITDAre of 3.2x, well below its 4.5–5.5x target with no material maturities until February 2028. Raised 2026 outlook and shareholder payout: NETSTREIT increased 2026 net investment guidance to $550–$650 million and raised AFFO per share guidance to $1.36–$1.39 (including estimated forward-equity dilution), and its board declared a quarterly cash dividend of $0.22 per share payable June 15. Interested in NETSTREIT Corp.? Here are five stocks we like better. 4 High-Yield Real Estate Stocks to Buy as Investors Get Defensive NETSTREIT (NYSE:NTST) reported first-quarter 2026 results highlighted by an active investment quarter, high portfolio occupancy, and updated full-year guidance reflecting what management described as a strong acquisition environment and ample funding capacity. President and CEO Mark Manheimer said the company carried “strong momentum” from 2025 into the first quarter, closing $239 million of gross investment activity focused on “core necessity and service-based sectors” including grocery, convenience stores, quick service restaurants, and auto service. The investments were completed at a blended cash yield of 7.5% and a weighted average lease term of 14.1 years. → Credo Stock Flashes Strong Bullish Signal—Upswing Just Starting Manheimer said the company also completed “targeted dispositions” intended to enhance portfolio quality, reduce tenant concentrations, and recycle capital into “higher quality, longer duration opportunities.” NETSTREIT ended the quarter with 804 properties leased to 138 tenants across 28 industries and 46 states. The company reported a weighted average remaining lease term of 10.2 years and said investment grade and investment grade profile tenants were 58.3% of annual base rent (ABR). Unit-level rent coverage “ticked up slightly” to 3.9x, Manheimer said. Occupancy was 99.9% at quarter-end and returned to 100% after quarter end. → Allbirds Exits Shoes, Pivots to AI With NewBird Rebrand Manheimer highlighted the leasing of the company’s only vacant space, a former Big Lots location, which was backfilled in early April with an A-rated TJ Maxx tenant at “a more than 20% increase in rent.” He added that TJ Maxx has not commenced rent yet and has work to complete, with “about a year before they actually start paying rent.” Senior Associate of FP&A, Capital Markets and IR Matt Miller reported net income of $5.7 million, or $0.06 per diluted share, in the first quarter. Core FFO was $32.0 million, or $0.32 per diluted share, and AFFO was $33.2 million, or $0.34 per diluted share, representing a 6.3% increase over the prior year period. → Amazon Stock Up 30%: Is AMZN Still a Buy Before Earnings? Total recurring G&A increased 9.7% year-over-year to $5.8 million, which Miller attributed “mostly” to increased staffing and investment in the team. He added that recurring G&A represented 10% of total revenues versus 11% in the prior-year quarter. During the quarter, NETSTREIT raised equity through a forward offering and ATM issuance. Miller said the company completed a 12.6 million share forward equity offering in early February for $230.3 million of net proceeds, supplemented by 4.0 million shares via the ATM for $73.8 million of net proceeds. In total, the company sold 16.6 million forward shares for $304.1 million of net proceeds. Management said leverage remains conservative. Adjusted net debt, including the impact of forward equity, was $629 million. The company reported a weighted average debt maturity of 3.8 years and a weighted average interest rate of 4.27%. Including extension options, NETSTREIT said it has no material debt maturities until February 2028. Total liquidity was $1.1 billion at quarter-end, consisting of approximately: $11 million of cash $412 million available on the revolving credit facility $606 million of unsettled forward equity $100 million of undrawn term loan capacity Adjusted net debt to annualized adjusted EBITDAre was 3.2x, well below the company’s stated target leverage range of 4.5x to 5.5x. Manheimer said the capital raised during the quarter “largely takes care of our 2026 equity needs,” and the company intends to remain opportunistic with its ATM issuance to avoid being forced to raise equity. With acquisition activity and pipeline momentum, NETSTREIT raised its 2026 outlook. Management increased net investment activity guidance to $550 million to $650 million and raised the low end of its AFFO per share guidance to $1.36 to $1.39. The company maintained expected cash G&A of $16 million to $17 million. Management noted that the AFFO per share guidance includes $0.03 to $0.06 of estimated dilution related to outstanding forward equity under the treasury stock method. In response to an analyst question, management said it expects approximately $0.045 of dilution at the midpoint and characterized the assumptions as conservative, referencing an expectation that the stock price “will kind of drift somewhere into the low 20s.” Manheimer said the company has “visibility going out 60, 90 days,” but remains cautious in projecting conditions further out given geopolitical risks. Still, he said the second quarter “looks strong” and suggested investment volume could be “pretty similar” to the first quarter depending on closing timing. Manheimer said pricing has been consistent and the company expects cap rates to remain “relatively the same, give or take 10 basis points.” When asked about category-level cap rate movement amid rate volatility, he said the company has seen “pretty consistent” cap rates and has “really haven’t seen much of a change.” On convenience stores, Manheimer said the first quarter included more activity in the category than he expects in the second quarter, and he discussed underwriting metrics such as fuel gallonage and inside sales. He also addressed recent news about 7-Eleven closures, saying NETSTREIT does not own the older, smaller stores referenced and that the company has reduced its 7-Eleven count over time, from 21 properties to 13, by actively managing exposure. He said the weighted average lease term on NETSTREIT’s 7-Eleven properties is 9.5 years, with none below 8.5 years. In grocery, Manheimer said the company has seen “a lot of great opportunities,” but indicated a desire not to let the category rise materially above current levels, noting, “I don’t think we’d let anything get to 20%,” while suggesting the 15% to 16% range is likely to remain “pretty consistent.” On development, Manheimer said NETSTREIT currently views the risk premium as insufficient, stating the company is “picking up 25 basis points” and would find the strategy more attractive if spreads were “50, 75, 100 basis points.” He said development is about “10% of what we’re doing” at present. On portfolio credit, Manheimer said the company has not seen meaningful changes to the watch list and pointed to “some improvement” in unit-level and corporate performance metrics shown in the company’s supplemental materials. He said there are “three assets” under 1x coverage and “three or four” tenants at a CCC+ implied rating that are being monitored, but he does not expect meaningful impact to AFFO “for the next several years.” He also said the midpoint guidance assumes roughly 50 basis points of bad debt. Finally, NETSTREIT’s board declared a quarterly cash dividend of $0.22 per share, payable June 15 to shareholders of record as of June 1. NetSTREIT Corp. is a real estate investment trust that specializes in the acquisition and management of single‐tenant, net lease retail properties across the United States. The company targets assets leased to investment‐grade or creditworthy tenants under long‐term, triple‐net leases, which generally shift property‐level expenses—such as taxes, insurance and maintenance—to the tenant. This business model is designed to generate predictable, stable income streams and to limit landlord responsibilities. NetSTREIT’s portfolio encompasses a diversified mix of essential retail and service properties, including quick‐service restaurants, convenience stores, banks, automotive service centers and medical clinics. The article "NETSTREIT Q1 Earnings Call Highlights" was originally published by MarketBeat.

Image source: The Motley Fool. Tuesday, April 21, 2026 at 11 a.m. ET Chief Executive Officer — Mark Manheimer Chief Financial Officer — Daniel Donlan Chief Operating Officer — Matt Miller Need a quote from a Motley Fool analyst? Email [email protected] Mark Manheimer: Thank you, Matt, and good morning, everyone. Thank you for joining us today to discuss NETSTREIT Corp.’s first quarter 2026 results. I want to begin by thanking our entire team for their outstanding execution, and we carried strong momentum from our record 2025 into the new year, and the organization has hit the ground running. In the first quarter, we saw continued acceleration on the investment front. We closed on $239 million of gross investment activity, driven by well-priced opportunities in our core necessity and service-based sectors including grocery, convenience store, quick service restaurants, auto service, and other essential retail. These investments were completed at an attractive blended cash yield of 7.5% and a weighted average lease term of 14.1 years. Complementing this, we executed targeted dispositions that further enhanced portfolio quality, reduced tenant concentrations, and recycled capital into higher quality, longer duration opportunities. This robust start to the year reflects the depth of our sourcing platform and our team's ability to move quickly across a number of smaller transactions while still adhering to our stringent underwriting criteria. While there have been a few new participants enter the net lease business in recent years—something that has happened in each and every cycle—the market remains extremely fragmented and rife with attractive opportunities. Turning to the portfolio, we ended the quarter with 804 properties, leased to 138 tenants across 28 industries and 46 states. Our weighted average remaining lease term increased to 10.2 years while the percentage of investment grade and investment grade profile tenants remained flat at 58.3% of ABR. Unit-level rent coverage across the portfolio remains healthy, and ticked up slightly to 3.9x. Occupancy remained at 99.9%, but subsequent to quarter end, our occupancy has returned to 100%. In early April, we backfilled our lone vacancy, a former Big Lots location, with a rated TJ Maxx at a more than 20% increase in rent. While vacancies have been extraordinarily rare in our portfolio, this execution highlights the expertise of our real estate underwriting and asset management teams. On the balance sheet, we continue to maintain a conservative and flexible capital structure. Following the capital raising completed in the quarter, our leverage was an industry-leading 3.2x. With substantial liquidity under our revolving credit facility, and the benefit of previously raised forward equity, we are well positioned to fund accelerated growth without compromising our leverage targets. Given the capital raise during the quarter as well as the strong momentum in our investment pipeline and attractive opportunities we are seeing, we are increasing our full-year 2026 net investment activity to a range of $550 million to $650 million. We are increasing the bottom end of our AFFO per share guidance range to $1.36 to $1.39. In summary, the first quarter represented an excellent start to 2026, highlighted by strong momentum on the acquisitions front and opportunistic capital raising, which largely takes care of our 2026 equity needs. Our differentiated strategy—focused on high quality real estate, rigorous underwriting, proactive portfolio management, and a low leverage balance sheet—continues to position NETSTREIT Corp. for sustainable long-term growth and value creation. With that, I will turn the call over to Dan to review the first quarter financial results in greater detail. We will then be happy to take your questions. Daniel Donlan: Thank you, Mark. Looking at our first quarter earnings, we reported net income of $5.7 million or $0.06 per diluted share. Core FFO for the quarter was $32 million or $0.32 per diluted share, and AFFO was $33.2 million or $0.34 per diluted share, which was a 6.3% increase over last year. Turning to the expense front, our total recurring G&A in the quarter increased 9.7% year-over-year to $5.8 million, which is mostly the result of increased staffing and further investment in our team. That said, with our total recurring G&A representing 10% of total revenues this quarter, versus 11% in the prior-year quarter, our G&A continues to rationalize relative to our revenue base. Turning to the capital markets, we completed a 12.6 million share forward equity offering in early February, which raised $230.3 million of net proceeds. This was supplemented by our ATM activity of 4 million shares or $73.8 million of net proceeds. In total, we sold 16.6 million forward shares or $304.1 million of net proceeds in the quarter, which puts us in an excellent position to fund our forecasted net investment activity this year. Turning to the balance sheet, our adjusted net debt, which includes the impact of all forward equity, was $629 million. Our weighted average debt maturity is 3.8 years, and our weighted average interest rate was 4.27%. Including the extension options, which can be exercised at our discretion, we have no material debt maturing until February 2028. In addition, our total liquidity was $1.1 billion at quarter end, consisting of approximately $11 million of cash on hand, $412 million available on our revolving credit facility, $606 million of unsettled forward equity, and $100 million of undrawn term loan capacity. From a leverage perspective, our adjusted net debt to annualized adjusted EBITDAre was 3.2x at quarter end, which remains comfortably below our target leverage range of 4.5x to 5.5x. Moving on to 2026 guidance, we are increasing the low end of our AFFO per share guidance to a new range of $1.36 to $1.39 and increasing our net investment activity guidance to $550 million to $650 million. We continue to expect cash G&A to range between $16 million and $17 million. In addition, the company's AFFO per share guidance range now includes $0.03 to $0.06 of estimated dilution due to the impact of the company's outstanding forward equity, calculated in accordance with the treasury stock method. Lastly, on April 16, 2026, the board declared a quarterly cash dividend of $0.22 per share. The dividend will be payable on June 15, 2026 to shareholders of record as of June 1, 2026. With that, operator, we will now open the line for questions. Operator: Thank you. At this time, we will be conducting a question and answer session. Our first question comes from Haendel St. Juste with Mizuho. Please proceed with your question. Haendel St. Juste: Hey, good morning and congrats on a strong quarter here. It seems like things are clicking on all cylinders here. I was curious about the level of activity in the first quarter. It was close to a record quarter for you. If you think about what that implies for the rest of the year, it seems there is a pretty meaningful slowdown in activity. So maybe some color on what you saw in the first quarter that drove such robust activity and what you are seeing in the pipeline, and maybe expectations near term, given what the new guide implies for activity going forward. Thanks. Mark Manheimer: Thanks, Haendel. It was a very strong quarter, similar to the fourth quarter that we just had. We are seeing very attractively priced opportunities that fit our investment criteria, which I think is a credit to the acquisitions team and the underwriting team. We are getting all that through the system pretty quickly. We are seeing a very similar environment right now. Pricing, we expect to remain relatively the same, give or take 10 basis points. We just want to be conservative with what is going to happen in the back half of the year. We certainly feel very comfortable that we can sustain this level of acquisitions, but we want to make sure that we are out ahead of our capital needs. Haendel St. Juste: That is helpful. Anything more on the competitive side that you can share? There has been lots of geopolitical and macro volatility. Are you seeing some of the private equity players step back a bit here? Your ability to win your fair share of deals seems to not face any headwinds. How are you thinking about the competitive set and whether the landscape near term will be more of the same or perhaps change in the level of volume or competition given what we are seeing in the macro? Thanks. Mark Manheimer: I think it is a credit to the net lease space that there are more people looking to get in. There are a few that have been pretty active. We are not really running into them very often on a one-off basis. Competition has been in the space for a long period of time. If you go back to post financial crisis, you had Cole and ARC and the non-traded deploying a ton of capital—even more than what we are seeing from the private equity world—and there were still plenty of opportunities for the publicly traded REITs that had a reasonable cost of capital to go out and compete. I would not expect that to change. They may look to acquire more than what they have done in the past, but I do not think that is going to have a huge impact on pricing and our opportunity set. Haendel St. Juste: That is great. Thank you, and congrats again. Operator: Our next question is from John Kilichowski with Wells Fargo. Your line is now live. John Kilichowski: Good morning. Thank you. My first question is on the treasury stock method dilution in the quarter. Could you tell us what your expectations are—what is included at the midpoint in terms of expectation of price versus the low end and the high end? Daniel Donlan: I do not want to go too much into detail. We are expecting $0.03 to $0.06. At the midpoint, call it 4.5. I think we have been fairly conservative on the high end, probably assuming even more than kind of 4.5. Our expectation is that we will drift somewhere into the low $20s and stay there. To the degree that does not happen, that would probably be upside relative to what we provided. We kind of stair-step up the price per share from where we ended the quarter each and every quarter this year. There is a healthy amount of conservatism baked into the high end, just from a dilution standpoint. John Kilichowski: Thanks, Dan. And then maybe a follow-up: what is your strategy to manage those forwards? You have some older dated outstanding forward. Does your strategy for managing those change based on the stock price? And how does this impact your growth profile heading into 2027 as you get rid of these and maybe have a faster churn of your forwards into new investments? Daniel Donlan: The dates really do not matter to us. What matters is what are the lowest price forwards that we have. There is a 12-month expiration to these. We have not had an issue extending those. It is really just taking the lowest price forwards and settling those first because those are the most dilutive. As far as our plan for this year, we would like to get done with everything that is still outstanding that we sold in 2024 and 2025. You should expect that to occur ratably over the course of the year. Mark Manheimer: And you hit on something important there too, John. Looking to 2027, we are taking some of that dilution now that just makes it more accretive when we actually do take down the shares and really allows us to have better growth in 2027 and future years. John Kilichowski: Very helpful. Thank you. Our next question comes from Greg McGinniss with Scotiabank. Your line is now live. Greg McGinniss: Hey, good morning. With the G&A guidance maintained, plenty of liquidity, and a good acquisition market, is there any push or need in your mind to increase the size of the acquisitions team given the success they have had and the potential for more going forward? Mark Manheimer: That is a good question. Right now, the acquisitions team is really humming and bringing in a ton of attractive opportunities. The filter has been pricing and where we are getting the best risk-adjusted returns. I do not necessarily think adding more team members automatically translates into a lot more volume, but we are always making sure that we have a deep enough bench. The team gets along great, fits very well with our culture, and is bringing in plenty of opportunities for us to hit our growth goals and beyond. Greg McGinniss: And then on the disposition side, a healthy 6.6% cash yield on those. Anything specific there that you can talk about or the types of tenants or assets that you either sold in Q1 or that you are looking to sell later this year? Mark Manheimer: The difference between this year and last year is you are going to see fewer dispositions. We are always open to selling any asset in the portfolio if someone is willing to pay us an aggressive cap rate, but it is going to center less on tenant concentrations—although you will see a couple here and there with some pharmacies and maybe a couple of dollar stores—and more on where we are seeing potential deterioration, whether corporate credit or unit-level performance. We like to get well out ahead of that. We have been successful doing that, getting ahead of some risks well before they start reaching headlines and become more difficult to sell, which is why our credit loss stats are what they are. Michael Goldsmith: Good morning. Thanks for taking my questions. Investment volume was robust in the first quarter. You took up the acquisition guidance materially and you have the prefunding. What are the factors that would limit your acquisitions going forward? The fourth quarter was strong, first quarter was equally strong. Should we expect you to continue to step on the gas, or what would hold you back? Mark Manheimer: We have visibility 60 to 90 days out. Beyond that, it is hard to predict—not only what the opportunity set looks like, but also the acquisition environment and pricing. With the war going on and a lot of geopolitical [inaudible], we did not want to get too far over our skis. It is something we are likely to revisit. If the market remains the same and our cost of capital remains the same, there is no reason why we cannot keep this clip going forward for several quarters. Michael Goldsmith: As a follow-up, you were able to continue to acquire quite a bit but at a similar cap rate. You mentioned you were happy with the opportunities and the risk/reward. Can you talk about the pricing environment and what would need to happen for it to change and turn less favorable? Mark Manheimer: The number one thing that could make it less favorable also has an offset where our debt would get cheaper. If interest rates come down, you may see cap rates come down along with it. I do not foresee a slowdown in the opportunity set. Go back to 2021, when the five-year was under 1% until the end of the year. That allowed a lot of small family offices to enter the space and put five-year debt on acquisitions. That is coming due at higher interest rates. We are starting to see some of those groups that maybe do not want to refinance looking to sell smaller portfolios. I think that continues through the rest of the year because that really cheap debt through 2021 with five years gets you through 2026 and into 2027. Hard to predict a slowdown in the opportunity set. Interest rates can drive some cap rates down, but we do not really see that happening too much in the short term. Michael Goldsmith: Thank you very much. Good luck in the second quarter. Matt Miller: Thanks, Michael. Operator: Our next question comes from Jay Kornreich with Cantor Fitzgerald. Your line is now live. Jay Kornreich: Hi, thanks. Good morning. I wanted to ask about tenant credit and the watch list. Recognizing it has only been a couple of months since last quarter’s earnings, have there been any changes to the watch list or how you are thinking about bad debt baked into guidance? Mark Manheimer: We do not see much of a change. If you look at the histograms that we provide in the investor presentation on slide 13, you have seen some improvement across the board with unit-level performance as well as corporate performance improving a little bit. We have a few assets under 1x coverage—believe there are three assets that fit that category—and three or four that are CCC+ on an implied rating basis. Those are ones we are paying attention to, but in each situation we feel like we will have a pretty good outcome. I do not see much impacting AFFO for the next several years. Jay Kornreich: Thanks for that. And then on the dilution from the treasury stock method accounting, should we expect that number to come down throughout the year as you settle forward equity, or as you employ future capital markets activity is that $0.04 to $0.05 range more of a sticky number to expect going forward? Daniel Donlan: It is difficult to answer because I do not know where the stock price is going to go. You should expect us to model the stock price rising throughout the year. Even though you are settling more shares and therefore there would be less dilution from those shares, the dilution stays about even because the stock price is going higher throughout the year. That is how you should think about it. It is certainly going to be higher than what it was in the first quarter. Our average stock price in the quarter was $19.26. As we sit here today, it has been in the $19s and $20s. The midpoint assumes you are staying around the $20 to $21 level, and that probably equates to anywhere from 4 to 5 million shares every quarter until you get out to next year. Jay Kornreich: Okay. That is helpful. Thank you. Operator: Our next question comes from Smedes Rose with Citi. Your line is now live. Smedes Rose: Hi, thanks. I wanted to ask more about what you are seeing in the opportunity set. It looked like you leaned into convenience stores a little more in the quarter. You have talked in the past about QSRs and maybe some more fitness. Where do those line up on your interest level right now and any pricing changes around those categories? Mark Manheimer: We did buy more convenience stores in the quarter. That is probably not going to be the case as much in the second quarter. What we will be buying will be a little more diversified than what we typically have bought. In the first quarter, just under half of what we bought were sale-leasebacks, and a lot of that were convenience store operators—more regional operators buying smaller operators. That is our favorite type of sale-leaseback because you typically see fixed charge coverage go up after those acquisitions. Those were attractive opportunities. Right now, we are seeing a more diversified pool of assets that we have under contract and are looking forward to adding to the portfolio. The convenience store space is certainly one that we like. The fitness business is another one that we like as long as we are dealing with more sophisticated operators that provide unit-level coverage and we get comfortable they have enough members at those locations to generate strong rent coverage. We sourced a decent amount of those in the fourth and first quarters, maybe a little less so in the second quarter. Quick service restaurants is always an area that we like; sometimes the pricing can get pretty aggressive there, so it can be tricky, but we did buy a handful of Starbucks in the quarter that were really strong on Placer and are doing very well. Each quarter is a little different, but I would expect the second quarter to be a bit more diversified. Smedes Rose: We noticed that Family Dollar was upgraded to an investment grade profile from sub-investment grade. What drove that? Mark Manheimer: It was really that they were willing to allow us to put that out there. They are a private company now, and we are subject to NDAs. We cannot share everyone’s financial statements and condition. We got them to agree to allow us to disclose that. They have always been investment grade profile ever since they spun out, but now we are able to share that with the public. Operator: Our next question comes from Wes Golladay with Baird. Your line is now live. Wes Golladay: Good morning, everyone. I have a few housekeeping questions. For the TJ Maxx lease that you signed, has that tenant commenced paying rent as of this moment? Mark Manheimer: They have not. They have some work they need to do within the store. It is a relocation store for them, and we have about a year before they actually start paying rent. Wes Golladay: Okay. And we noticed a few loans were extended, but just for a very short period. Can you give us an idea of what is going on and the visibility on them being repaid? Mark Manheimer: You are probably specifically talking about Speedway. That is an ongoing negotiation where that will get extended much further. We may end up acquiring some of the assets—TBD a little bit—but it should have a very positive outcome for us. Wes Golladay: Thank you very much. Operator: Our next question comes from Eric Borden with BMO Capital Markets. Your line is now live. Eric Borden: Hey, thanks. Good morning. You continue to lean into IG profile and non-IG investments. They tend to have better escalators than true IG. Do you have an internal growth target for these assets? How should we think about longer-term internal growth for the overall portfolio? Mark Manheimer: You are right. We try to negotiate better escalators any time we can, and you have a little more leverage when you are doing a sale-leaseback and writing the lease. A lot of the sub-investment grade or IGP opportunities we are doing are in those categories. We try to get 2% annual; that is what we shoot for. On a blended basis, for future acquisitions we are probably going to be more in the 1% to 1.25% range, and that will continue to bring up our average escalators in the portfolio. Eric Borden: Great. Could you quantify what is assumed in guidance for bad debt? Daniel Donlan: At the midpoint, we are looking around 50 basis points. Eric Borden: Alright. Great. Thank you. Operator: Our next question comes from Michael Gorman with BTIG. Your line is now live. Michael Gorman: Thanks. Good morning. If we could go back to the forward equity for a minute. You have been pretty strong and opportunistic there. With more than $600 million outstanding, that, back of the envelope, is about 18 months’ worth of acquisition volume at a conservative leverage level. What is the target runway you want to keep? Is it that 18-month target, or how should we think about that? Daniel Donlan: Our leverage range is 4.5x to 5.5x—that is where we feel comfortable running the balance sheet. We could complete the $650 million at the high end of our guidance and still be at 4.5x. We will be opportunistic with the ATM where it makes sense. To the degree we continue to see opportunities at the same clip we saw in the first quarter, you should expect us to access that market when appropriate. Your assessment of the runway is fair, but we want to stay on our front foot and make sure we are never in a position where we have to raise. Michael Gorman: That is helpful. And then, Mark, thinking about the loan book again. With some of the volatility in the private credit space, are you seeing more opportunities on the loan side to expand that? If so, how are you thinking about that in the investment pipeline? Mark Manheimer: The answer is no. We are looking at providing developers with capital and some acquisition capital here and there for some people like we did on Speedway. We are not lending directly to tenants; we will likely avoid that. I do not expect private credit volatility to impact what we are doing. The opportunity set on the loan side is probably not as good as it was a couple of years ago, so I would expect us to do fewer loans on a go-forward basis. Michael Gorman: That is very helpful. Lastly, on C-stores—important exposure and a space you like, but evolving. 7-Eleven announced about 650 closures last week. Can you remind us how you think about underwriting the space, both existing and new—KPIs, formats, how you think about the sector? Mark Manheimer: The 7-Eleven news reflects that they are a very old company with a lot of older, smaller stores they are doing away with. We do not own any of those. We are constantly looking at a few factors: gallonage—whether it is going up or down—and inside sales. Those are two separate revenue drivers. We want to be sure they are getting enough volume and margins are staying the same. We are seeing consistent performance across our C-store operators, with gallonage up a little. Three years ago, we had 21 7-Elevens; now we have 13, because we are constantly evaluating which ones are doing well. The ones that are not will not stay in our portfolio until the end of the lease. Our weighted average lease term on our 7-Elevens is about 9.5 years, none below 8.5 years, so we have time to deal with that. Our locations are generating positive cash flow and are not related to the recent 7-Eleven news. There is a move toward larger formats across the board, but fundamentals have not changed: strong inside sales, strong gallonage, and the ability to push price without margin squeeze. If you can do that, you will be successful for a long time in the convenience store space. Michael Gorman: Great. Thank you for the time. Operator: Our next question is from Linda Tsai with Jefferies. Your line is now live. Linda Tsai: Given more volatility year-to-date in the 10-year, looking across your key tenant categories—C-stores, grocers, home improvement, dollar stores—have you seen cap rates shift more so in any of these categories? Mark Manheimer: They have been pretty consistent. We really have not seen much change. We have been at 7.5% for ongoing cap rate with a very similar mix of tenants. The tenant mix will probably change a little and be more diversified in the second quarter, but I would expect very similar pricing. We have not really seen much movement across the board. Linda Tsai: Thanks. A big picture question: your AFFO per share CAGR has been high single-digit since 2021. How do you think about the CAGR over the next several years? Daniel Donlan: We would like to maintain that level. This year at the high end, it is 5.3% year-over-year growth, and I think consensus assumes even higher growth next year. To the degree that we can maintain spreads where they are today, in the roughly 190 basis points range, I certainly think we can be north of where we are this year. It remains to be seen where the stock price and debt go. One thing I feel confident in is our team's ability to underwrite assets and get them into the portfolio expeditiously. If the cost of capital is there, the runway to compound earnings is there for sure. Operator: Our next question comes from Analyst with Bank of America. Your line is now live. Analyst: Thank you. Good morning, and congrats on the strong start to the year. There are lots of questions on C-stores, but could you remind us how you are thinking about the grocery category now that it is above 15%, and could we see further growth there? Mark Manheimer: We have seen a lot of great opportunities in grocery with strong performing stores, great credit, and good lease terms. We expect that to continue. There is not as much in the second quarter, so it is a little difficult to predict. I do not think we would let anything get to 20%. Fifteen percent is nudging up against where we are comfortable. We do not want to let things get too far above that. If there is a great opportunity, we do not want to be precluded from moving forward, but I would expect the 15% to 16% range to be pretty consistent for grocery. The same can be said for convenience stores. Analyst: Thank you. And an update on development projects: it is currently a small part of the business with four underway. Can you remind us of yields there? Would you be willing to increase exposure to development if that is what some retailers prefer? Mark Manheimer: If retailers prefer that route and that is the best way to get the best risk-adjusted returns, we would be more aggressive. Right now, we feel like we are picking up about 25 basis points, and it happens to be tenants we really want in the portfolio. You are not getting paid enough for the risk, in our minds, to get really aggressive on developments right now. If you were picking up 50, 75, 100 basis points, it would be more interesting. Pricing just is not there. People are willing to pay up in single-tenant net lease retail for the most part. The development projects are pretty short, so they do not demand much of a premium. We are able to get similar opportunities outside development and put them on the balance sheet right away, which is what we are looking to do. We have had quarters where almost half of what we did was development; now it is about 10%. If that needs to change, our acquisitions team can move quickly to add those, but we do not see that happening anytime soon. Operator: Our next question comes from Upal Rana with KeyBanc Capital Markets. Your line is now live. Upal Rana: Thank you. Mark, appreciate the color you have already provided on investment pace for the rest of the year. Given we are almost through April and you probably have a good sense on May as well, what is your sense on the pace of investments for 2Q? Mark Manheimer: Second quarter looks strong. I do not think you are going to see too much difference in the second quarter. We will see what closes. We are looking at some opportunities we have under our control that may close in June or in July. We are getting closer to being done with sourcing for the quarter. We like the pipeline, the quality, and the pricing. At least for the second quarter, expect a pretty similar quarter to the first. Upal Rana: Great. That was helpful. And just overall on dispositions for the quarter—and you have talked about this previously—is this a pace that we should be expecting for the remainder of the year as well? Mark Manheimer: I think so. Every now and then, an opportunity comes where someone wants to pay something aggressive or take some risk off your hands. If that were to happen, we would certainly move quickly. In general, you may see a quarter here or there that is a little heavier or lighter, but you can expect a pretty similar pace. Operator: Our next question comes from Daniel Guglielmo from Capital One Securities. Your line is now live. Daniel Guglielmo: Hi, everyone. Thank you for taking my questions. Following up on the escalator question from earlier, as the portfolio mix starts to move from larger tenants to adding some smaller growthier tenants, are there differences in how you manage a smaller tenant that may be less visible to the public versus a large tenant that is a public filer and very visible? Mark Manheimer: I do not think there is much difference in how we manage it. We do not want to let any concentrations get very high with some of the public tenants, because you submit yourself to some headline risk that is not real risk as it relates to our portfolio. We are doing the same things across the board: tracking corporate financial performance, foot traffic, and unit-level performance. We want to be proactive, not reactive, on asset management when we start to see potential issues. If we continue to do that over time, you will continue to see very low credit loss stats. Daniel Guglielmo: Appreciate that. With private credit seemingly less available this year than last, are you seeing more smaller operators search for capital funding elsewhere, like via sale-leaseback? Or is it too early to see that flow through to your transaction market? Mark Manheimer: We have not seen that. I would be surprised if we see a ton of it. The private credit guys were not only focused on retail; they were lending to software companies and a lot of different industries that are less real estate heavy. I do not think it will have a huge impact one way or the other, and we have not seen any impact to date. Operator: We have reached the end of the question and answer session. I would now like to turn the call back over to Mark Manheimer for closing comments. Mark Manheimer: Thank you all for joining us this morning. Good luck the rest of the earnings season, and we look forward to seeing you at upcoming conferences. We appreciate the time. Operator: This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation. Before you buy stock in NetSTREIT Corp., consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and NetSTREIT Corp. wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. NETSTREIT (NTST) Q1 2026 Earnings Transcript was originally published by The Motley Fool