NETSTREIT (NTST) Q1 2026 earnings summary

Executive summary

• Portfolio expanded to 808 properties across 46 states, with 99.9% occupancy and a weighted average lease term of 10.2 years, emphasizing high credit quality and resilience.

• Over 58% of annual base rent comes from investment grade or investment grade profile tenants, with a focus on necessity, discount, and service-oriented sectors.

• Achieved strong Q1 2026 momentum with $239 million in gross investments, record investment activity, and robust portfolio growth.

• Completed $239.9 million follow-on equity offering and $314.3 million in gross forward equity sales, strengthening the balance sheet.

• Portfolio is highly diversified by tenant, industry, and geography, with no single industry exceeding 15% of ABR.

Financial highlights

• Q1 2026 total revenues reached $57.1 million, up from $45.9 million in Q1 2025, with net income of $5.7 million ($0.06 per diluted share).

• AFFO for Q1 2026 was $33.2 million ($0.34 per diluted share), up 6.3% year-over-year.

• Core FFO was $32 million, and property-level cash NOI for Q1 2026 was $46.4 million.

• Annualized Adjusted EBITDAre was $195.7 million, with adjusted net debt/annualized adjusted EBITDAre at 3.2x.

• Declared a quarterly cash dividend of $0.22 per share, representing 65% of AFFO.

Outlook and guidance

• Raised 2026 AFFO per share guidance to $1.36–$1.39 and net investment activity guidance to $550–$650 million.

• Cash G&A expected to range between $16 million–$17 million for 2026.

• Management expects available liquidity from debt, forward equity, and cash flows to support operations and capital needs for at least the next 12 months.

• Four property developments under construction are expected to be completed through 2026 and early 2027.

• Bad debt assumed at 50 basis points at the midpoint of guidance.