#1NETSTREIT Investor Presentation December 2023 Moderwand Enter Kroger P#2Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for single-tenant, retail commercial real estate. 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 presentation 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, 2022, filed with the SEC on February 23, 2023, 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 presentation. 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. This presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, FFO, Core FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, NOI, Cash NOI, Normalized Cash NOI, Net Debt and Pro forma Net Debt. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing its financial results with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Certain monetary amounts, percentages and other figures included in this presentation have been subject to rounding adjustments. Certain other amounts that appear in this presentation may not sum due to rounding. NETSTREIT 2#3Investment Highlights & Business Update High Credit Quality & Diverse Net Lease Portfolio Focused on growing portfolio with high quality tenants that offer strong credit profiles and provide consistent performance through various economic cycles Proactive asset management with successful track record of maintaining full occupancy and strong rent collections through the pandemic Well diversified by tenant and retail industry across 45 states Well Capitalized Balance Sheet Low leverage with no immediate-term debt maturities Strong liquidity supported by active ATM program; issued $126 million of common stock through the ATM, with vast majority completed on a forward basis during 3Q'23 Strong investment pace since 2020 with a strong pipeline of investment opportunities at attractive cash yields $117.5 million of investments completed in 3Q'23, which are 97.2% leased to IG and IGP tenants 83% Investment Grade (IG) and Investment Grade Profile (IGP)1 100% Occupancy 85 Tenants Proven Ability to Source Attractive Investment Opportunities $115 million Avg. Quarterly Investments Since 3Q'20 4.2x Net Debt2/ Annualized Adj. EBITD Are NETSTREIT $564.6 million Total PF Liquidity2,3 $327.9 million YTD Net Investments 3. Pro forma (PF) adjustment includes the $100.0 million remaining available principal from the $250.0 million senior unsecured term loan that closed on July 3, 2023. 4. Assumes Company exercises its one-year extension option to further extend maturity to January 2027. 87% Necessity, Discount, and Service-Oriented Tenants 100% Rent Collections 26 Retail Industries 22% Net Debt2/ Undepreciated Gross Assets 2027 First Debt Maturity4 6.7% Cash Yield on New Investments Since 3Q'20 Source: Company data and balance sheet as of September 30, 2023, unless otherwise noted. Figures represent percentage of ABR unless otherwise noted. 1. Represents tenants 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. 2. Adjustment reflects 5,983,7116 shares of unsettled forward equity shares under the ATM at the September 30, 2023 available net settlement price of $16.49. 7.2% YTD Cash Yield 3#4Portfolio Overview High-Quality, Diversified Portfolio Consisting of 68.6% Investment Grade Tenants Across 45 States Investments 1 AK States Portfolio Square Feet (in millions) Tenants. Retail Sectors % Occupancy² % Investment Grade Tenants (by ABR)³ Weighted Average Lease Term Remaining (Years)4 Lease Turnover Through 2026 (by ABR) National Footprint in Attractive Markets NETSTREIT WA OR CA Key Portfolio Stats NV ID UT AZ HI MT WY CO NM ND SD ≥5% and <10% ABR ≥1% and <3% ABR NE KS OK TX MN IA MO AR WI LA/ IL MS IN KY TN AL OH GA PA WV VA 23% and <5% ABR <1% ABR SC NY NC FL NJ MD DE VTNH 0% ABR 547 45 10.0 85 26 100% 68.6% ME 9.3 4.6% MA CT RI ♥CVS Health Top 10 Tenants by % of ABR DOLLAR GENERAL BBB Walgreens BBB- Ahold Delhaize DOLLAR TREE FAMILY DOLLAR THE HOBBY LOBBY IG Profile BBB HOME DEPOT ELEVEN Speedway BBB+ III BBB A A A festival IG Profile Investment Grade Rated 3.2% 4.7% 4.4% 4.1% 3.7% 3.4% 4.0% Source: Company data as of September 30, 2023. 1. 62 properties that secure mortgage loans receivable are denoted as individual investments. 2. Excludes 62 investments that secure mortgage loans receivable. 3. 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. 4. Weighted by ABR; excludes lease extension options and 62 investments that secure mortgage loans receivable. 5. Represent 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, Moody's, Fitch or NAIC. 8.2% 8.2% 7.5% Investment Grade Profile 5#5Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Walgreens Walmart LOM DECOR & Р Publix. FFresenius health care worldwide KFC 53.8% Necessity TACO BELL COLLISION & GLASS: NETSTREIT WHOLE TARGET FOODS MARKET LOWE'S Kroger CVS TSC TRACTOR SUPPLY CO 14.0% Service ELEVEN Wawa Chick-fil- & CALIBER COLLISION Firestone FAMILY DOLLAR. DOLLAR TREE TJX 87.0% of ABR Necessity Discount Service 19.1% Discount THE T TIX COMPANIES, INC. OLLIE'S Bargain OUTLET GOOD STUFF CHEAP Burlington WAREHOUSE DOLLAR GENERAL five BELOW KREI 13.0% Other BEST BUY ULTA DICK'S SPORTING GOODS HOBBY LOBBY 1 2 3 4 5 Drug Stores & Pharmacies: Grocery: Top Industries Dollar Stores: Home Improvement: Convenience Stores: Source: Company data as of September 30, 2023. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may not precisely reflect the absolute figures. 15.7% 15.5% 12.4% 11.3% 7.8% 20 Publix DOLLAR ______ Q DONNERA TYLERNI LOWE'S 1250 7#6Consistent Investment Approach Disciplined and Deliberate Portfolio Construction $ Investment Philosophy NETSTREIT Defensive Tenancy in Necessity-Based and E-commerce-Resistant Retail Industries ¹ Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows¹ Granular Assets in Highly Fragmented, Undercapitalized Market Segment Net Lease Retail Assets with Long Lease Term Benefiting From Contractual Rent Growth Diversification by Industry, Tenant, State¹ Significant Focus on Fundamental Real Estate Underwriting Source: Company data as of September 30, 2023. 1. Portfolio statistics as a percentage of ABR. 2. Weighted by ABR; excludes lease extension options and 62 investments that secure mortgage loans receivable. Portfolio Strategy Primarily >60% $1 to $10 million Avg. Asset Size ~10 Year WALT <15% Industry <50% Top 10 Tenants <15% State Current Metrics 87.0% 83.3% (68.6% Investment Grade Credit and 14.6% Investment Grade Profile) $3.3 million Avg. Asset Size 9.3 Year2 WALT 15.7% Industry 51.5% Top 10 Tenants 8.1% State Attractive cost basis with durable valuation supported by market rents and demos, physical structure and location, and alternative use analyses#7Acquisition Strategy - Bell Curve Investing Acquisition Strategy is Focused on Inefficiently Priced Assets Where Risk Adjusted Returns are Higher Efficiently Priced Assets TYPICAL TRANSACTION Well marketed transaction - Straight-forward transaction Ability to finance transaction - Highly competitive, well capitalized investors NETSTREIT "Market-Taker Assets" - Inefficiently Priced Assets Not highly marketed May involve transaction structuring that limits buyer pool Limited financing options - Less competitive - TYPICAL TRANSACTION N 7#8Stringent Three-Part Underwriting Process Our Three-Pronged Approach Results in Superior Downside Protection Level of Underwriting Emphasis NETSTREIT ● ● ● ● A |||| ATA Tenant Credit Underwriting Evaluate corporate level financials Assess business risks Determine ownership/sponsorship Rigorous credit underwriting ● B Real Estate Valuation Review underlying key real estate metrics to maximize re- leasing potential Location analysis Alternative use analysis - CO Unit-Level Profitability Determine rent coverage (min. 2.0x) and cost variability Assess volatility and likelihood of cash flow weakness 8#9Strong Tenant Credit Underwriting Credit-Focused Underwriting Approach Drives Stable Revenue and Long-Term Return on Investment Description Durability % Of ABR Lease Terms (WALT, Rent Bumps, etc.) Representative Tenants Source: Company data as of September 30, 2023. NETSTREIT Investment Grade (rated) Validated financial strength and stability Professional management with standardized operational practices Focus on corporate guarantee credit Lower relative yields Higher competition for deals Walgreens TJX 68.6% Less negotiating leverage THE TX COMPANIES INC. Defensive, consistent performance through economic cycles ELEVEN Kroger ARBUCK Investment Grade Profile (unrated) 83.3% IG and IG Profile Walmart IG-caliber balance sheets without explicit rating Threshold metrics: LOWE'S Firestone OFFEE O TARGET WHOLE Advance FOODS Auto Parts MARKE · At least $1B in sales Debt / adjusted EBITDA of less than 2.0x More negotiating leverage OLLIE'S Bargain OUTLET GOOD STUFF CHEAP 14.6% Publix. COLLISION & GLASS: Chick-fil;& HOBBY LOBBY REI Sub-IG (rated) & i Sub-IG Profile (unrated) I Well-capitalized retailers National footprint with strong brand equity Focus on real estate quality / unit- level profitability Higher relative yields Lower competition for deals Coverage and credit enhancements required given more susceptible to market disruptions 16.7% Most negotiating leverage KFC Davita Wendy's Jacks Bojangles Burlington Caribou COFFEE. Winn✔Dixie. 9#10Real Estate Valuation Real Estate Closely Follows Credit as a Top Priority: We Utilize a Ground-Up Framework Rooted in Real Estate Fundamentals to Underpin Valuation and Further Quantify the Upside Potential of an Investment • Vacancy analysis ● ● ● Marketability of the real estate without current tenant List of likely replacement tenants Rent analysis Market-Level Considerations ● Market rent versus in-place rent Demographic analysis Current demographics plus trends and forecasts ● Competitive analysis Market position versus competing retail corridors E! NETSTREIT IT X ● ● ● ● Property-Level Considerations Fungibility of building for alternative uses Replacement cost Location analysis Traffic counts ● Nearby uses and traffic drivers, complementary nature thereof Accessibility and parking capacity Ingress and egress Visibility / signage ● +9: 2 10#11Unit-Level Profitability Assess Unit-Level Financial Performance to Focus on Properties with Strong Rent Coverage and Higher Variability in Operating Costs 1 ● ● • Obtain unit-level financial information from parent company if possible ● Obtain Financial Info Provides clarity into location-specific performance ki If financials are not provided, utilize data provided by third party vendors to estimate sales by location Third party data includes: Cell phone traffic Point of sales (POS) data ● ● NETSTREIT 2 ● ● ● $ Perform Financial Analysis Analyze store demand dynamics, cost structure and liquidity profile Triangulate P&L based on available information Foot traffic Sales EBITDAR margin Rent ● ● Account for variability in business model cost structure Higher proportion of fixed costs = more variability in rent coverage Determine store ranking within tenant's broader operating portfolio based on estimated sales 3 Assess Investment Merits Determine whether property meets investment criteria Key Unit-Level Investment Criteria ● Minimum 2.0x Rent Coverage Higher Cost Variability Ranks in Top Half of Tenant's Store Portfolio 11#12History of Sourcing Investments at Attractive Yields Consistently Invested at Above-Market Yields Despite Focus on High-Quality Tenants Volume $(000)s Investment Grade % Investment Grade Profile ¹ % IG IG Profile % WALT² Weighted Average Cash Yield N NETSTREIT $1,499 67.2% 13.7% 81.0% 9.8 6.7% NETSTREIT AR AGREE REALTY RETHINK RETAIL $4,799 67.8% ΝΑ ΝΑ 9.6 3 6.1% ³ 3Q'20-3Q'23 NNN REIT NYSE:NNN $2,059 ΝΑ ΝΑ ΝΑ 10.4 6.6% #FCPT $1,014 54.2% ΝΑ ΝΑ 10.2 6.5% ESSENTIAL PROPERTIES Source: Company filings from August 2020 through September 30, 2023. 1. 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. 2. Excludes lease extension options and investments that secure mortgage loans receivable. 3. Assumes cash cap rate is 30bps lower than reported GAAP cap rate. $3,002 ΝΑ ΝΑ ΝΑ 13.0 7.2% 12#13Investment Activity Summary Details Gross Investment Activity (S000 $) NETSTREIT $160,000 $150,538 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 Investments ¹ Number of Investments Average Investment Cash Cap Rates IG + IGP % Weighted Average Lease Term ² $138,212 10 4Q'21 32 $4,704 6.5% 57.9% 10.4 1Q'22 37 $3,735 6.4% 77.5% 8.4 Source: Company data as of September 30, 2023. 1. Includes acquisitions, mortgage loans receivable, and completed developments. 2. Excludes lease extension options and investments that secure mortgage loans receivable. $132,787 $131,301 2Q¹22 27 $4,918 6.6% 88.1% 11.0 3Q'22 26 $5,050 6.6% 83.3% 11.8 $103,643 4Q'22 24 $4,318 6.9% 97.7% 11.1 $128,615 1Q'23 71 $1,811 7.7% 94.9% 9.8 $115,321 $117,455 2Q'23 39 $2,957 6.8% 80.7% 11.5 3Q'23 29 $4,050 7.0% 97.2% 10.0 13#14Disposition Activity Summary Details Disposition Activity (S000$) NETSTREIT $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Dispositions Cash Cap Rates ¹ Number of Investments Weighted Average Lease Term ¹ Source: Company data as of September 30, 2023. 1. Excludes vacant properties. $- 4Q'21 N/A N/A $2,364 1Q'22 5.5% 1 8.0 $10,328 2Q'22 6.0% 2 9.8 $1,685 3Q'22 5.5% 1 0.4 $15,907 $12,294 il 4Q'22 6.7% 3 10.8 1Q'23 6.8% 8 5.6 $4,060 2Q'23 6.7% 2 4.2 $13,543 3Q'23 6.9% 6 7.1 14#15Active Asset Management Continuously Track Property Performance to Stratify Portfolio and Ensure a Secure Rental Stream Strategic Recycling Leverage 1031 exchange transfers where possible to access deep, non- institutional market for portfolio optimization Source: Company data as of September 30, 2023. Dispose NETSTREIT N NETSTREIT Identify Monitor Active Monitoring Periodically review all properties for changes in performance, credit, and local conditions Perpetual Stratification Since inception, the Company has disposed of 80 properties totaling $231 million, which has materially improved portfolio performance metrics such as tenant quality, WALT, and geographic diversity Identify properties not meeting strategy and/or risk management criteria (i.e. rent coverage) 15#16Conservative Balance Sheet with Improved Liquidity Balance Sheet Positioned for Growth Given Strong Liquidity Profile and Low Leverage Position Abundant Liquidity to Support Growth: $564.6 million in total PF liquidity ¹ Access to Debt: Secured new 5.5-year $250 million term loan² Well-Staggered Debt Maturity Profile: No term loan maturities expected until 20272,3 Unsecured Balance Sheet: Asset base is over 99% unencumbered Low Leverage: PF Net Debt4 / Annualized Adjusted EBITDAre of 4.2x $600 NETSTREIT $500 $400 $300 $200 $100 $0 Debt Maturity Schedule - Pro Forma ²,3 2024 2024 Unsecured Term Loan 3. 2029 Unsecured Term Loan ² LRevolving Credit Facility Capacity 2023 2025 2026 $8 $400 $175 2027 $200 2028 2028 Unsecured Term Loan Mortgage Note $250 2029 Source: Company data as September 30, 2023, unless otherwise noted. 1. Pro forma (PF) adjustment reflects 5,983,711 of unsettled common stock issued through the ATM during the third quarter were settled for cash on September 30, 2023, and includes the $100.0 million available to draw from the $250.0 million senior unsecured term loan that closed on July 3, 2023. 2. The three-year $250 million senior unsecured delayed draw term loan includes two one-year extension options and one six-month to extend maturity to January 2029, at Company's discretion, totaling 5.5 year of available term. 3. Company extended the existing $175 million term loan maturity to January 2026 from December 2024, with a one-year extension option to further extend maturity to January 2027. 4. Pro forma (PF) adjustment reflects 5,983,711 shares of unsettled common stock issued through the ATM during the third quarter were settled for cash on September 30, 2023. 16#17Investment Grade %¹ 1 69% SAGRIE REALTY •CCEFORA ON Portfolio Highlights Relative to Peers NTST's Stable & Predictable Cash Flow Profile Drives Superior Risk-Adjusted Returns 11 13.9 3.2% 69% ESSENTIAL PROPERTIES N NETSTREIT Lease Rollover Through 2026 Weighted-Average Lease Term 9.3 4.6% 59% N NETSTREIT #FCPT 8.0 6.9% 39% #FCPT REALTY INCOME 8.6 10.1% ROTAGREE REALTY ASTICCEFORA ON 19% SPIRIT 10.2 11.2% SPIRIT SERITY 18% 10.1 NATIONAL RETAR ESSENTIAL PROPERTIES PROPEIES 12.1% ΝΑ NATIONAL RETAR PROPERTIES 1 9.7 14.0% REALTY INCOME Portfolio Composition² 100% 100% #FCPT 87% $2.6 54% 19% 14% NETSTREIT $2.8 3% ESSENTIAL MIMPERTIES #FCPT 82% 79% ESSENTIAL PROPERTIES $3.3 Service N NETSTREIT 63% 25% 16% 22% AGREE REALITY CORPORA ON $3.5 62% AGREE REALTY CORPORATION 18% 7% 37% Average Investment Size per Property Discount ■Necessity REALTY INCOME $3.7 5% REALTY INCOME 60% 55% 3% NATIONAL RETAR PROPERSEY $4.7 3% 31% NATIONAL RETAR PROPRIAS 25% SPIRIT MEATY $5.6 SPIRIT Source: Public filings Note: Operational data as of September 30, 2023. 1. EPRT investment grade concentration assumed to be 0%, although it is not disclosed by the company. 2. Examples of service includes convenience stores, quick service restaurants, automotive service, and health and fitness. Examples of discount include dollar store and discount retail. Examples of necessity include, drug stores & pharmacy, home. improvement, auto parts, and banking. NETSTREIT 17#181 2023E AFFO per Share Growth ¹ 7.4% ESSENTIAL PROPERTIES Multiple and Earnings Growth Comparison Relative Valuation and Growth Remains Favorable 3.7x ESSENTIAL PROPERTIES 5.1% Getty Realty 4.2x 5.0% NETSTREIT N NETSTREIT Net Debt + Pref. / EBITDA ³ 4.7x 3.5% Getty Realty A AGREE REALTY 4.8x 2.3% REALTY INCOME Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of December 1, 2023. 5.0x AGREE REALTY REALTY INCOME - 2.2% NATIONAL BETAE MORRIS 5.4x (W.P. CAREY 1.3% #FCPT 5.4x NINA 1.2% ISPIRIT 5.4x SPIRIT (1.5%) (W.P. CAREY 5.6x FCPT 1. 2023E AFFO per share growth is calculated using FactSet mean 2023E AFFO per share estimates and 2022A AFFO per share. 2. 2023E AFFO per share multiple calculated using current price per share and FactSet mean 2023E AFFO per share estimates. 3. Net Debt plus Preferred is adjusted for forward equity. ADC, EPRT, GTY and NTST leverage as of September 30, 2023. 4. 2024E AFFO per share multiple calculated using current price per share and FactSet mean 2024E AFFO per share estimates. NETSTREIT 2023E AFFO per Share Multiple ² 15.2x 14.9x AGREE REALTY 14.3x 14.7x ESSENTIAL PROPERTIES #FCPT 13.6x 14.2x 13.9x REALTY INCOME 2024E AFFO per Share Multiple 4 13.5x 13.4x 13.2x AGREE REALTY ESSENTIAL PROPERTIES #FCPT (W.P. CAREY Getty Realty NETSTREIT 13.1x 13.0x REALTY INCOME Getty Realty 12.7x 12.2x 11.6x I NATIONAL RETAIL PROPERTES 13.0x N NETSTREIT W.P. CAREY 12.4x NATIONAL RETAIL PROPERTIES SPIRIT 11.4x SPIRIT 18#19Applied Cap Rate and NAV Analysis Strong Upside Potential Given Relative Valuation Applied Nominal Cap Rate - Sensitivity Analysis Three Months Ended, September 30, 2023 (unaudited, in thousands) NOI Straight-line Rental Adjustments Amort. of Lease-Related Intangibles Cash NOI Intraquarter Net Investment Activity Normalized Cash NOI Annualized Normalized Cash NOI Applied Cap Rate Implied Real Estate Value Mortgage Loan Receivable Property Under Development Other Tangible Assets Net Debt Other Tangible Liabilities Value of outstanding forward equity¹ Implied Equity Value Fully Diluted Shares Outstanding Unsettled Forward Shares¹ 1 $27.3 (0.2) (0.1) 26.9 NETSTREIT 1.3 28.2 $113.0 7.50% $1,506 109.1 33.5 69.4 (567.5) (33.7) 98.7 $1,215 69.2 6.0 $16.17 7.25% $1.558 $1,267 $16.86 7.00% $1,614 $1,323 $17.60 6.75% $1,673 $1,383 $18.40 6.50% $1,738 $1,447 $19.25 Peer Benchmarking ESSENTIAL PROPERTIES AGREE REALTY CORPORATION #FCPT REALTY INCOME The Monthly Dividend Company NATIONAL RETAIL PROPERTIES NYSE:NNN REALTY N NETSTREIT Average Implied G&A Adjusted Cap Rate² Implied Cap Rate³ 6.2% 6.3% 6.5% 6.7% 7.1% 7.3% 7.5% 6.8% 5.7% 5.9% 5.8% 6.4% 6.7% 6.7% 6.1% 6.2% 2024E AFFO Multiple 14.2x 14.7x 13.9x 13.1x 12.4x 11.4x 13.0x Implied Equity Value per Share Source: Public filings, FactSet and S&P Capital IQ. Note: Capitalization and operating data as of September 30, 2023. Market data as of December 1, 2023; closing price per share of $16.08. Companies may define adjusted cash NOI differently. Accordingly, such data for these companies and NTST may not be comparable. 1. Assumes 6.0 million shares issued through the ATM during the third quarter were settled for cash on September 30, 2023. 2. Implied cap rate as of December 1, 2023. 3. (NOI-TTM G&A) / Implied Real Estate Value. 13.2x 19#20Case Studies 20#21Case Study: Loan Strategy Speedway NETSTREIT Cafe Investment Stats: Close Date: March 2023 Loan Amount: $46.1 million Interest Rate: 9.3% Location: Multiple - Southeast Term at Close: 3 years Parent Credit Rating: A / Baa2 Investment Highlights • Loan provided the borrower funding to acquire a 49 property Speedway portfolio • Loan-to-value of ~60%, with first lien senior secured priority with no capital ahead of NETSTREIT's loan • Yield maintenance provides protection from refinancing • Valuation excludes pending uncapped CPI rent escalations ELEVEN C Ⓡ 21#22● ● Case Study: Breakup Strategy -N NETSTREIT Marke Walmart bubon -- Investment Stats: Close Date: July 2020 Purchase Price: $17.0 million Cash Cap Rate: 6.6% Location: Tupelo, MS Term at Close: 12 years Credit Rating: AA / Aa2 Investment Highlights Acquisition of one Walmart Supercenter and one Sam's Club by partnering and concurrently closing with a shopping center acquirer who purchased the remainder of the center Significantly higher cap rate achieved through creative structuring Strong retail corridor in Tupelo, MS Walmart+ sam's club <> 22#23Case Study: Blend & Extend TRACTOR SUPPLY CO NETSTREIT TSC Investment Stats: Close Date: March 2021 Purchase Price: $6.2 million Post-B& E Cash Cap Rate: 6.9% Location: Olympia, WA Term at Close of B&E: 10.5 Years Credit Rating: BBB / Baa1 Investment Highlights •NTST negotiated a new 10-year lease with only a 7.4% rent reduction to increase lease term by six years • Cash cap rate of 6.9% compares favorably to other 10-year Tractor Supply transactions in the market ● Exceptional real estate that tenant is committed to long term TSC TRACTOR SUPPLY CO 23#24Commitment to ESG 24#25Governance We are committed to acting with honesty and integrity and conducting all corporate opportunities in an ethical manner. Governance Highlights Annual Director Elections Majority Voting Standard For Election of Directors Director Resignation Policy Source: Company data. Annual Director and Committee Assessments NETSTREIT No poison pill or differential voting stock structure to chill shareholder participation Shareholders' right to amend the charter and bylaws by simple majority vote Separate non-executive Chair and CEO roles and Lead Independent Director with strong role and significant governance duties Board Independence and Diversity 86% Independent Directors 50% Diverse Independent Directors 43% Female Directors 3 Fully Independent Committees 25#26Social Responsibility Human capital management is the cornerstone of our ESG and corporate strategy. We believe in the value of a diverse workforce and inclusive culture. Source: Company data. NETSTREIT Workforce Diversity Male, 53% White, 77% Female, 47% Racially / Ethnically Diverse, 23% Benefits 401K Plan 100% company match of up to a 3% contribution, and 50% of up to the next 2% Insurance Health, dental, and vision insurance costs covered at 90% for employees and 60% for dependents Continuing Education Reimbursement for certifications, tuition, courses, and seminars for continuing professional education Employee Assistance 24/7 toll-free hotline to access confidential counseling on various physical and mental health needs Leave Ten weeks of paid maternity leave at 100% salary as well as four weeks of paid family bonding; Company also provides jury duty, witness leave, and military leave Paid Time Off A minimum of twenty-three PTO days Paid Holidays Twelve days of paid holidays 26#27Environmental Responsibility We are committed to fulfilling our responsibility as an outstanding corporate citizen. Corporate Sustainability Initiatives from Tenants 18 of our top 20 tenants have corporate sustainability initiatives in place 68% of ABR represents tenants with ESG initiatives Green Lease Clauses We incorporated green lease clauses in our standard lease form and as part of our corporate guidelines We received Silver Level recognition from Green Lease Leaders for our efforts Science Based Target initiatives ("SBTi") We incorporated sustainability-linked loan feature, based on SBTi, to our $250 million senior unsecured term loan and to our $600 million credit facility SCIENCE BASED TARGETS NETSTREIT GREEN LEASE LEADERS Source: Tenants within our portfolio that have public environmental, social, or governance initiatives as of September 30, 2023. Greenhouse Gas Emissions We completed scope 1 and 2 greenhouse gas emissions inventory for our corporate headquarters Sustainable Practices Corporate headquarters is LEED v4 O+M: EB Gold Certified, meeting strict guidelines set forth by the Environmental Protection Agency Implementation of conservation practices in office GRESB Public Disclosure We participated in our first GRESB Public Disclosure m GRESB 27#28Financial Information and Non-GAAP Reconciliations 28#29Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) REVENUES Rental revenue (including reimbursable) Interest income on loans receivable Other revenue Total revenues OPERATING EXPENSES Property General and administrative Depreciation and amortization Provisions for impairment Transaction costs Total operating expenses OTHER INCOME (EXPENSE) Interest expense, net Gain on sales of real estate, net Loss on debt extinguishment Other income, net Total other income (expense), net Net income before income taxes Income tax (expense) benefit Net income Net income attributable to non controlling interests Net income attributable to common stockholders Amounts available to common stockholders per common share: Basic Diluted Weighted average common shares: Basic Diluted NETSTREIT $ $ $ $ Three Months Ended September 30, 2023 31,167 $ 2,244 550 33,961 3,883 5,133 15,804 1,538 143 26,501 (3,946) 373 367 (3,206) 4,254 (15) 4,239 24 4,215 0.06 0.06 67,112,587 68,048,369 $ $ $ 2022 24,339 674 0 25,013 2,539 4,552 13,407 51 20,549 (3,017) 143 (2,874) 1,590 (171) 1,419 16 1,403 $ 50,449,735 51,384,758 $ $ 0.03 0.03 $ Nine Months Ended September 30, 2023 89,347 5,145 550 95,042 11,350 15,299 46,599 4,374 267 77,889 (13,412) 669 (128) 586 (12,285) 4,868 60 4,928 32 4,896 0.08 0.08 62,123,334 62,897,957 $ $ $ $ 2022 67,309 1,671 0 68,980 8,156 13,608 36,137 1,114 704 59,719 (5,708) 2,162 36 (3,510) 5,751 (356) 5,395 63 5,332 0.11 0.11 47,679,870 48,657,049 29#30Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) GAAP Reconciliation: Net income Depreciation and amortization of real estate Provisions for impairment Gain on sales of real estate, net Funds from Operations (FFO) Non-recurring executive transition costs, severance and related charges Loss on debt extinguishment and other related costs Gain on insurance proceeds Core Funds from Operations (Core FFO) Straight-line rent adjustments Amortization of deferred financing costs Amortization of above/below-market assumed debt Amortization of loan origination costs Amortization of lease-related intangibles Earned development interest Capitalized interest expense Non-cash interest expense Non-cash compensation expense Adjusted Funds from Operations (AFFO) FFO per common share, diluted Core FFO per common share, diluted AFFO per common share, diluted Dividends per share Dividends per share as a percent of AFFO Weighted average common shares outstanding, basic Operating partnership units outstanding Unvested restricted stock units Unsettled shares under open forward equity contracts Weighted average common shares outstanding, diluted NETSTREIT $ $ $ $ $ $ $ $ Three Months Ended September 30, 2023 2022 4,239 $ 15,726 1,538 (373) 21,130 62 (1) 21,191 (245) 578 29 26 (121) 189 (404) (1,134) 1,280 21,389 0.31 0.31 0.31 0.205 66% 67,112,587 501,987 173,001 260,794 68,048,369 $ $ $ $ $ $ $ 1,419 $ 13,241 (143) 14,517 14,517 (272) 239 28 (313) (115) 1,302 15,386 0.28 0.28 0.30 0.200 67% 50,449,735 514,890 255,613 164,520 51,384,758 $ $ $ $ $ $ $ Nine Months Ended September 30, 2023 2022 4,928 $ 46,379 4,374 (669) 55,012 276 223 (47) 55,464 (707) 1,165 86 83 (517) 189 (688) (1,134) 3,559 57,500 0.605 66% $ 0.87 $ 0.88 $ 0.91 $ 62,123,334 507,014 167,215 100,394 62,897,957 $ $ 5,395 35,701 1,114 (2,162) 40,048 (36) 40,012 (1,144) 553 59 (644) (218) 3,645 42,263 0.82 0.82 0.87 0.600 69% 47,679,870 530,940 261,727 184,512 48,657,049 30#31EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) GAAP Reconciliation: Net income Depreciation and amortization of real estate Amortization of lease-related intangibles Non-real estate depreciation and amortization Interest expense, net Income tax expense (benefit) Amortization of loan origination costs EBITDA Provision for impairments Gain on sales of real estate, net EBITDAre Straight-line rent adjustments Non-recurring executive transition costs, severance and related charges Gain on insurance proceeds Non-cash compensation expense Lease termination fees Adjustment for construction in process (¹) Adjustment for intraquarter investment activities (2) Adjusted EBITD Are Annualized Adjusted EBITDAre (3) Net Debt Adjusted for Outstanding Forward Equity / Annualized Adjusted EBITDAre Principal amount of total debt Less: Cash, cash equivalents and restricted cash Net Debt Value of outstanding forward equity (4) Net Debt Adjusted for Outstanding Forward Equity $ $ NETSTREIT $ $ Three Months Ended September 30, 2023 2022 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. Reflects 5,983,711 of unsettled forward equity shares under the ATM program at the September 30, 2023 available net settlement price of $16.49. 4,239 $ 15,726 (121) 78 3,946 15 26 23,909 1,538 (373) 25,074 (245) 62 (1) 1,280 (550) 720 1,341 27,681 As of September 30, 2023 $ 575,399 110,724 4.2x (7,934) 567,465 (98,671) 468,794 1. Adjustment refle cash yield on developments process balances as of period end. 2. The adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including developments and interest earning loan activity completed during the three months ended September 30, 2023 and 2022 had occurred on July 1, 2023 and 2022, respectively. $ 1,419 13,241 (313) 166 3,017 171 28 17,729 (143) 17,586 (272) 1,302 263 1,182 20,061 31#32Net Operating Income (unaudited, dollars in thousands) GAAP Reconciliation: Net income General and administrative Depreciation and amortization Provisions for impairment Transaction costs Interest expense, net Gain on sales of real estate, net Income tax expense (benefit) Loss on debt extinguishment Interest income on mortgage loans receivable Lease termination fees Other income, net Property-Level NOI Straight-line rent adjustments Amortization of lease-related intangibles Property-Level Cash NOI Adjustment for intraquarter acquisitions, dispositions and completed development (1) Property-Level Cash NOI Estimated Run Rate Interest income on mortgage loans receivable Adjustments for intraquarter mortgage loan activity (2) Total Cash NOI - Estimated Run Rate Property Operating Expense Coverage Property operating expense reimbursement Property operating expenses Property operating expenses, net $ NETSTREIT $ $ $ $ Three Months Ended September 30, 2023 2022 4,239 $ 5,133 15,804 1,538 143 3,946 (373) 15 (2,244) (550) (367) 27,284 (245) (121) 26,918 1,320 28,238 2,244 21 30,503 $ 3,451 $ (3,883) (432) $ 1,419 $ 4,552 13,407 51 3,017 (143) 171 (674) 21,800 (272) (313) 21,215 2,112 (2,539) (427) $ $ $ Nine Months Ended September 30, 2023 4,928 $ 15,299 46,599 4,374 267 13,412 (669) (60) 128 (5,145) (550) (586) 77,997 (707) (517) 76,773 $ 10,233 $ (11,350) (1,117) $ 1. Adjustments assumes all re-leasing activity, investments in and dispositions of real estate, including developments completed during the three months ended September 30, 2023, had occurred on July 1, 2023. 2. Adjustment assumes all loan activity completed during the three months ended September 30, 2023, had occurred on July 1, 2023. 2022 5,395 13,608 36,137 1,114 704 5,708 (2,162) 356 (1,671) (36) 59,153 (1,144) (644) 57,365 7,064 (8,156) (1,093) 32#33Consolidated Balance Sheets (unaudited, dollars in thousands, except per share data) ASSETS Real estate, at cost: Land Buildings and improvements Total real estate, at cost Less accumulated depreciation Property under development Real estate held for investment, net Assets held for sale Mortgage loans receivable, net Cash, cash equivalents and restricted cash Lease intangible assets, net Other assets, net Total assets LIABILITIES AND EQUITY Liabilities: Term loans, net Revolving credit facility Mortgage note payable, net Lease intangible liabilities, net Liabilities related to assets held for sale Accounts payable, accrued expenses and other liabilities Total liabilities Equity: Stockholders' equity Common stock, $0.01 par value, 400,000,000 shares authorized; 68,701,223 and 58,031,879 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively Additional paid-in capital Distributions in excess of retained earnings Accumulated other comprehensive income Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity NETSTREIT $ $ $ $ September 30, 2023 449,718 1,081,427 1,531,145 (90,890) 33,497 1,473,752 38,839 109,091 7,934 163,824 69,403 1,862,843 521,613 42,000 7,890 26,699 1,024 33,727 632,953 687 1,289,810 (100,006) 30,494 1,220,985 8,905 1,229,890 1,862,843 $ $ $ $ December 31, 401,146 907,084 1,308,230 (62,526) 16,796 1,262,500 23,208 46,378 70,543 151,006 52,057 1,605,692 373,296 113,000 7,896 30,131 406 22,540 547,269 580 1,091,514 (66,937) 23,673 1,048,830 9,593 1,058,423 1,605,692 33#34Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) Debt Summary Unsecured revolver(2) Unsecured term loan (3) Unsecured term loan (4) Unsecured term loan (5) Mortgage note (6) Total Weighted Average Start Date Current November 27, 2023 December 23, 2024 Fully Extended Maturity NETSTREIT August 11, 2027 January 15, 2027 February 11, 2028 January 3, 2029 November 01, 2027 Fixed, 93% $ $ $ $ $ $175 million Term Loan Interest Rate Schedule Applicable Balance 175,000 End Date November 27, 2023 December 23, 2024 January 15, 2027 175,000 175,000 Fixed vs. Floating Debt Floating, 7% Principal Balance 42,000 175,000 200,000 150,000 8,399 575,399 As of September 30, 2023 Interest Rate (1) Fixed Rate (1) 1.37 % 3.12% 3.65 % 6.42% 1.37% 3.88% 4.89% 4.53% 3.57% $600 $500 $400 $300 $200 $100 $0 Remaining Capacity 358,000 $ $ 2023 100,000 458,000 Available Term (years) 3.9 3.3 4.4 5.3 4.1 4.2 Debt Maturity Schedule 2024 2025 2026 2024 Unsecured Term Loan 2029 Unsecured Term Loan LRevolving Credit Facility Capacity $8 I $400 $175 2027 $200 2028 ■2028 Unsecured Term Loan Mortgage Note 1. Rates presented exclude the impact of capitalized loan fee amortization. 2. Interest rate reflects the all-in borrowing rate as of September 30, 2023. Facility fees are charged at an annual rate of 0.15% of the total facility size of $400 million, and are not included in the interest rate presented. The facility matures on August 11, 2026 and includes a one-year extension option. 3. Interest rate consists of the fixed rate SOFR swap of 0.12%, plus a credit s ead adjustment of 0.10% and a borrowing spread of 1.15%. See the $175 million Term Loan - Interest Rate Schedule table for additional detail on the fixed interest rate changes through the fully extended maturity. 4. Interest rate consists of the fixed rate SOFR swap of 2.63%, plus a credit spread adjustment of 0.10% and a borrowing spread of 1.15%. The swap terminates of February 11, 2028. 5. Interest rate consists of the fixed rate SOFR swap of 3.64%, plus a credit spread adjustment of 0.10% and a borrowing spread of 1.15%. The term loan matures on July 3, 2026 and includes two one-year extension options and one six-month extension option. 6. The mortgage note was assumed as part of an asset acquisition during the third quarter of 2022. $250 2029 34#35Debt, Capitalization, and Financial Ratios (cont'd) (unaudited, dollars in thousands) Net Debt Principal amount of total debt Less: Cash, cash equivalents and restricted cash Net debt Less: Value of outstanding forward equity (¹) Net debt adjusted for outstanding forward equity Net debt / Annualized Adjusted EBITDAre Net debt adjusted for outstanding forward equity / Annualized Adjusted EBITD Are Key Debt Covenant Information Consolidated total leverage ratio Fixed charge coverage ratio Maximum secured indebtedness Maximum recourse indebtedness Unencumbered leverage ratio Unencumbered interest coverage ratio Liquidity Unused unsecured revolver capacity Cash, cash equivalents and restricted cash Value of outstanding forward equity (1) Total Liquidity Undrawn term loan balance Total Proforma Liquidity Equity Common shares (2) OP units (2) Total Enterprise Value Principal amount of total debt Equity market capitalization (2) Total enterprise value Required ≤ 60.0% ≥ 1.50x ≤ 40.0% ≤ 10.0% ≤ 60.0% ≥ 1.75x NETSTREIT Ending Shares/ Units as of September 30, 2023 68,701,223 487,841 69,189,064 $ $ September 30, 2023 $ Actual 30.1% 5.01x 0.4% —% 33.4% 5.63x 575,399 (7,934) 1. Reflects 5,983,711 of unsettled forward equity shares under the ATM program at the September 30, 2023 available net settlement price of $16.49. 2. Total proforma liquidity includes the $100.0 million remaining undrawn balance on the $250.0 million senior unsecured term loan. 2. Value is based on the September 30, 2023 closing share price of $15.58 per share. 567,465 (98,671) 468,794 As of September 30, 2023 358,000 7,934 98,671 464,605 100,000 564,605 Equity Market Capitalization 5.1x 4.2x 1,070,365 7,601 1,077,966 $ As of September 30, 2023 575,399 1,077,966 1,653,364 % of Total % of Total 99.3 % 0.7 % 100.0 % 34.8 % 65.2 % 100.0 % 35#36Non-GAAP Measures and Definitions FFO, Core FFO, and AFFO FFO means funds from operations. It is a non-GAAP measure defined by NAREIT as net income (computed in accordance with GAAP). 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 means core funds from operations. Core FFO is a non-GAAP financial measure defined as FFO adjusted to remove the effect of unusual and non-recurring items that are not expected to impact our operating performance or operations on an ongoing basis. These include non-recurring executive transition costs, severance and related charges, gain on insurance proceeds, and loss on debt extinguishments and other related costs. AFFO means adjusted funds from operations. 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, 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 principal amortization, 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 EBITDA is defined as earnings before interest expense, income tax expense, and depreciation and amortization. NETSTREIT 36#37Non-GAAP Measures and Definitions (cont'd) EBITDAre is the NAREIT definition of EBITDA (as defined above), but it is further adjusted to follow the definition included in a white paper issued in 2017 by NAREIT, which recommended that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITD Are as EBITDA (as defined above) excluding gains (or losses) from 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, non-recurring executive transition costs, severance and related charges, loss on debt extinguishment and other related costs, gain on insurance proceeds, other non-recurring expenses (income), lease termination fees, adjustment for construction in process, and adjustment for intraquarter activities. Beginning in the quarter ended June 30, 2023, we modified our definition of Adjusted EBITDAre to include adjustments for construction in process and intraquarter investment activities. Prior periods have been recast to reflect this new definition. Annualized Adjusted EBITDAre is a non-GAAP financial measure defined as 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, EBITD Are, 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 We calculate our Net Debt as our principal amount of 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 further adjust Net Debt by the value of outstanding forward equity as of period end to derive Net Debt Adjusted for Outstanding Forward Equity. We believe excluding cash, cash equivalents and restricted cash available for future investment from our principal amount, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid. We believe these adjustments are additional beneficial disclosures to investors and analysis. NETSTREIT 37#38Non-GAAP Measures and Definitions (cont'd) Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, and Total Cash NOI - Estimated Run Rate Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, and Total 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 (or income), income tax expense, transaction costs, depreciation and amortization, gains (or losses) on sales of depreciable property, real estate impairment losses, interest income on mortgage loans receivable, loss on debt extinguishment, lease termination fees, and other income (or expense). 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 developments to derive Property-Level Cash NO1 - Estimated Run Rate. We further adjust Property-Level Cash NOI - Estimated Run Rate for interest income on mortgage loans receivable and intraquarter mortgage loan activity to derive Total Cash NOI - Estimated Run Rate. We believe Property-Level NOI, Property-Level Cash NOI, Property-Level Cash NOI - Estimated Run Rate, and Total 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, Property-Level Cash NOI - Estimated Run Rate, and Total 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 as of September 30, 2023, for all leases that commenced and annualized cash interest on mortgage loans receivable in place as of that date. Cash Yield is the annualized base rent contractually due from acquired properties, interest income from mortgage loans receivable, and completed developments, divided by the gross investment amount, or gross proceeds in the case of dispositions. Defensive Category is considered by us to represent tenants that focus on necessity goods and essential services in the retail sector, including discount stores, grocers, drug stores and pharmacies, home improvement, automotive service and quick-service restaurants, which we refer to as defensive retail industries. NETSTREIT 38#39Non-GAAP Measures and Definitions (cont'd) The defensive sub-categories as we define them are as follows: (1) Necessity, which are retailers that are considered essential by consumers and include sectors such as drug stores, grocers and home improvement, (2) Discount, which are retailers that offer a low price point and consist of off-price and dollar stores, (3) Service, which consist of retailers that provide services rather than goods, including, tire and auto services and quick service restaurants, and (4) Other, which are retailers that are not considered defensive in terms of being considered necessity, discount or service, as defined by us. Investments are lease agreements in place at owned properties, properties that have leases associated with mortgage loans receivable, developments where rent commenced, or in the case of master lease arrangements each property under the master lease is counted as a separate lease. Occupancy is expressed as a percentage, and it is the number of economically occupied properties divided by the total number of properties owned, excluding mortgage loans receivable and properties under development. OP Units means operating partnership units not held by NETSTREIT. Weighted Average Lease Term is weighted by the annualized base rent, excluding lease extension options and investments associated with mortgage loans receivable. NETSTREIT 39#40N NETSTREIT Investor Relations [email protected] 972-597-4825 40