#1WHOLE FOODS MARKETED NETSTREIT Investor Presentation July 2023 DOLLAR GENERAL very day ==1900 LOW PRICES! itel s for Eve Day M 601 phone Text JC N 0 348 8 to subs ribe. DOLLAR GENERAL SNAF & EB accepted h The SNAP Reddyice#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; abundant liquidity supported by active ATM program Secured new $250 million unsecured term loan and extended expiration of $175 million term loan to 2027² Proven Ability to Source Attractive Investment Strong investment pace since 2020 with a strong pipeline of investment opportunities at attractive cash yields $119 million of completed investments at weighted average cash yield of 6.8% during 2Q'23 82% Investment Grade and Investment Grade Profile¹ 100% Occupancy 87 Tenants 4.6x Net Debt / Annualized Adjusted EBITD Are $557 million Total PF Liquidity Opportunities $115 million Avg. Quarterly Investments Since 1Q'20 $248 million YTD Investments 87% Necessity, Discount, and Service-Oriented Tenants 100% Rent Collections 25 Retail Industries 27% Gross Debt / Undepreciated Gross Assets 2027 First Debt Maturity² 6.7% Cash Yield on New Investments Since 3Q'20 7.3% YTD Cash Yield Note: Portfolio data and balance sheet as of June 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. Assumes Company exercises its one-year extension option to further extend maturity to January 2027. NETSTREIT 3#4Portfolio Overview High-Quality, Diversified Portfolio Consisting of 68% 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 25% 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 VINH 0% ABR 100% 67.7% 9.4 5.0% ME 531 45 9.5 87 25 MA CT RI ♥CVS Health Walgreens BBB Top 10 Tenants by % of ABR DOLLAR GENERAL ELEVEN HOBBY LOBBY IG Profile DOLLAR TREE FAMILY DOLLAR AHL HOME DEPOT Speedway BBB Advance Auto Parts Walmart BBB !!!! BBB A Baa2 AA Investment Grade Rated 3.9% 3.8% 3.7% 3.7% 3.3% 4.7% 3.2% Note: Portfolio data as of June 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. 8.8% 8.1% 8.0% Investment Grade Profile 5#5Portfolio Diversification In Defensive Retail Sectors Nationally Diversified Portfolio Primarily Comprised of Recession Resilient Retail Tenants Walgreens Walmart HOME HEPOT FLOOR O & Р Publix. F Fresenius health care worldwide KFC 53.0% Necessity TACO BELL. NETSTREIT WHOLE FOODS MARKET TSC 14.9% Service LOWE'S Kroger CVS TRACTOR SUPPLY CO ELEVEN TARGET Wawa Chick-fil-& CALIBER COLLISION Firestone 86.8% of ABR Necessity Discount Service TJX 18.9% Discount FAMILY DOLLAR. THE TIX COMPANIES, INC. DOLLAR TREE OLLIE'S Bargain OUTLET GOOD STUFF CHEAP Burlington DOLLAR GENERAL five BELOW 13.2% Other EI ULTA DICK'S SPORTING GOODS SPORTSMAN'S BEST BUY HOBBY LOBBY 1 2 3 4 5 Drug Stores & Pharmacies: Grocery: Top Industries Dollar Stores: Home Improvement: Note: Portfolio data as of June 30, 2023. All figures represent percentage of ABR. Due to rounding, respective defensive retail sector exposure may not precisely reflect the absolute figures. Convenience Stores: 16.9% 13.0% 11.8% 11.1% 8.2% 2n ES C. Publix DOLLAR FREE PPENED HOLEN LOWE'S Q#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 Note: Portfolio data as of June 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 86.8% 81.8% (67.7% Investment Grade Credit and 14.1% Investment Grade Profile) $3.2 million Avg. Asset Size 9.4 Year² WALT 16.9% Industry 51.2% Top 10 Tenants 8.7% 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 TYPICAL TRANSACTION Not highly marketed May involve transaction structuring that limits buyer pool Limited financing options Less competitive N 7#8Stringent Three-Part Underwriting Process Our Three-Pronged Approach Results in Superior Downside Protection Level of Underwriting Emphasis NETSTREIT ● ● ● ● A ||||| .. |||| siis 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 Note: Portfolio data as of June 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 67.7% Less negotiating leverage THE TX COMPANIES, INC Defensive, consistent performance through economic cycles Firestone O TARGET ELEVEN Kroger ABUCK TAR Investment Grade Profile (unrated) 81.8% IG and IG Profile Walmart LOWE'S WHOLE Advancel FOODS Auto Parts IG-caliber balance sheets without explicit rating Threshold metrics: ● At least $1B in sales Debt / adjusted EBITDA of less than 2.0x 14.1% More negotiating leverage WAREHOUSE OLLIE'S Chick-fil-& Bargain OUTLET GOOD STUFF CHEAP HOBBY LOBBY Publix. REI Sub-IG (rated) & Sub-IG Profile (unrated)¹ 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 Most negotiating leverage KFC Jacks 18.2% Davita. Wendy's Caribou COFFEE. Bojangles Winn✔Dixie Burlington 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 • Demographic analysis Market rent versus in-place rent ● Current demographics plus trends and forecasts Competitive analysis Market position versus competing retail corridors NETSTREIT X ● ● Property-Level Considerations Fungibility of building for alternative uses Replacement cost Location analysis Traffic counts Nearby uses and traffic drivers, complementary nature there of • Accessibility and parking capacity Ingress and egress Visibility/signage ● ● 16. 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 Financial Info Provides clarity into location-specific performance Obtain unit-level financial information from parent company if possible 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 from 3Q'20 - 2Q'23 Investment Grade % Investment Grade Profile ¹ % IG IG Profile % WALT² Weighted Average Cash Yield NETSTREIT $1,278 67.0% NETSTREIT 13.6% 80.7% 9.8 6.7% AR AGREE REALTY RETHINK RETAIL $4,096 66.9% ΝΑ ΝΑ 9.3 3 6.0% ³ NNN REIT NYSE:NNN $1,665 ΝΑ ΝΑ ΝΑ 10.5 6.4% #FCPT $714 52.1% ΝΑ ΝΑ 9.3 6.5% ESSENTIAL PROPERTIES Source: Company filings from August 2020 through June 30, 2023. ADC, NNN, FCPT, EPRT data as of March 31, 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. $2,511 ΝΑ ΝΑ ΝΑ 14.1 7.1% 12#13Strong External Growth Profile Dependable Track Record of Procuring New Investments ($ in millions) Investment Activity: 24 44 30 $225 $150.5 NETSTREIT 26 $409 $327 $81.2 $102.6 $74.2 1Q'20 2Q'20 3Q'20 4Q'20 1. Includes completed developments and mortgage loans receivable. Cumulative Investments Since 20191 Avg. Acquisition Activity per Completed Quarter = $115 million 31 35 26 $614 $497 $116.7 $88.2 32 $854 $704 $150.5 $90.1 37 $992 $138.0 27 478 Completed Investments 26 $1,257 $1,125 $131.3 $132.8 24 $1,361 $103.6 1Q'21 2Q¹21 3Q'21 4Q'21 1Q'22 2Q¹22 3Q'22 4Q'22 Completed Investments New Quarterly Investments 71 $1,489 $128.6 45 $1,608 $119.0 1Q'23 2Q'23 13#14Active 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 Note: Portfolio data as of June 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 74 properties totaling approximately $218 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) 14#15Conservative Balance Sheet with Improved Liquidity Balance Sheet Positioned for Growth Given Strong Liquidity Profile and Low Leverage Position Abundant Liquidity to Support Growth: $557 million in total PF liquidity ¹ Access to Debt: Secured new 5.5-year $250 million term loan² Well-Staggered Debt Maturity Profile: Substantially increased weighted average debt maturity to 4.5 years; no term loan maturities expected until 20272,3 Unsecured Balance Sheet: Asset base is over 99% unencumbered Low Leverage: Net Debt / Annualized Adjusted EBITDAre of 4.6x $600 $500 $400 $300 $200 $100 $0 Debt Maturity Schedule - Pro Forma ²,3 2023 2024 2025 2024 Unsecured Term Loan (3) 2029 Unsecured Term Loan (2) LRevolving Credit Facility Capacity 2026 $8 I I $400 $175 2027 $200 2028 2028 Unsecured Term Loan Mortgage Note Source: Company data as June 30, 2023, unless otherwise noted. 1. Pro forma (PF) adjustment includes the new $250 million 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. NETSTREIT $250 2029 15#16Portfolio Highlights Relative to Peers NTST's Stable & Predictable Cash Flow Profile Drives Superior Risk-Adjusted Returns Investment Grade % (¹) 68% || N NETSTREIT 13.9 68% 3.5% ESSENTIAL PROPERTIES #FCPT A CORPORA ON AGRIE REAITY Lease Rollover Through 2026 Weighted-Average Lease Term 9.4 61% 5.0% N NETSTREIT 8.0 7.7% 41% #FCPT REALTY INCOME 8.8 12.1% will ROTAGE REALTY CORPORA ON 20% SPIRIT ALTY 10.3 14.2% NN NATIONAL RETAR PROPERERS 18% 2 NÁTIONAL RETAR FORSIPURIALS 10.4 14.4% SPIRIT ABATT ΝΑ ESSENTIAL PROPERTIES 9.4 17.4% REALTY INCOME Source: Public filings as of June 30, 2023. ADC, FCPT, EPRT, NNN, O, and SRC as of March 31, 2023. 1. EPRT investment grade concentration assumed to be 0%; although, it is not disclosed by the company. 2. NNN investment grade concentration as of 4Q22. NETSTREIT Portfolio Composition 100% 100% #FCPT $4.6 87% SPIRIT nà 53% 19% 15% N NETSTREIT 3% $4.1 82% REALTY INCOME 79% ESSENTIAL HMOPERTIES $4.0 62% AGREE REALTY CORPORA ON 25% 16% 21% AGREE REALTY $3.2 ■Service Discount Necessity Average Investment Size per Property N NETSTREIT 60% 17% 7% 36% 5% REALTY INCOME $2.9 60% 2% 55% 3% NATIONAL RETAR PROPRIAS NATIONAL RETAR PROPERSEY $2.7 1 31% 26% SPIRIT MEATY $2.4 #FCPT ESSENTIAL PROPERTIES 16#17Case Studies 17#18Case Study: Loan Strategy Speedway NETSTREIT Cafe ELEVEN Investment Stats: Close Date: March 2023 Loan Amount: $46.1 million Interest Rate: 9.3% Location: Multiple - Southeast C 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 18#19● ● Case Study: Breakup Strategy -N NETSTREIT Marke Walmart bubon -- Walmart+ sam's club <> 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 19#20Case Study: Blend & Extend ● TRACTOR SUPPLY CO NETSTREIT TSC TSC TRACTOR SUPPLY CO 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 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 Credit Rating: BBB / Baa1 20#21Case Study: Sale Leaseback Master Lease festival NETSTREIT ENTRANCE festival Investment Stats: Close Date: December 2022 Purchase Price: $22.4 million Cash Cap Rate: 7.2% Location: Greenfield, WI Term at Close: 15 years Credit Rating: Investment Grade Profile Investment Highlights Created a master lease to encompass an existing Festival Foods store and a newly acquired Festival Foods location • Master lease has 15 years of initial term for both properties, which included extending the WALT of the existing site Excellent retail area with population of 330,000 in a 5-mile radius Strong performing stores with credit enhanced through additional term and master lease structure 21#22Commitment to ESG 22#23Corporate Responsibility NETSTREIT is committed to fulfilling its responsibility as an outstanding corporate citizen The Company's mission is to be the leader in the net lease industry by practicing and implementing innovative, impactful Environmental, Social and Governance policies with the highest ethical standards E Environmental Responsibility S Social Responsibility G Corporate Governance NETSTREIT ▪ Dedication to reducing the Company's ecological footprint ▪ Endorsement of renewable resources and encouragement of tenants to practice leading sustainability initiatives ▪ New corporate headquarters is LEED v4 O+M: EB Gold Certified Implementation of energy conservation practices in the office H Areas of Focus ■ Emphasis on creating a culture driven by diversity & inclusion ▪ Commitment to employee well-being & satisfaction in the workplace I I Creation of leading employee training and development programs to promote growth Management team & board of directors comprised of members with diverse background of skills, experience, and perspectives ▪ Enactment of ideal board features to enhance the Company's fiduciary responsibility to shareholders Rigorous risk management procedures to protect shareholder interests 23#24Corporate Responsibility NETSTREIT aligns its corporate responsibility efforts to support that of the United Nations Sustainable Development Goals (SDGs) 3 w 4 GOOD HEALTH AND WELL-BEING 5 QUALITY EDUCATION GENDER EQUALITY ợ NETSTREIT Promote health and well-being in our offices. Company provides insurance benefits to our employees and family. Company provides employees with fitness memberships. Ensure inclusive and equitable quality education and promote lifelong learnings opportunities for all. Company provides continuing education for employees and offers paid internship to college students. Ensure women's full and effective participation and equal opportunities at all levels of decision-making. Over 40% of the board members and employee base are female. 8 DECENT WORK AND ECONOMIC GROWTH 10 Promote sustained, inclusive, full and decent productive employment. Company culture promotes inclusivity and growth. REDUCED INEQUALITIES Reduced inequality and empower and promote inclusion of all, irrespective of age, sex, race, religion, or economic status. Company culture promotes and empower inclusivity of all. Company has efforts to recruit in underserved communities. DEVELOPMENT GOALS 24#25Environmental Responsibility Our top tenants have corporate sustainability programs that govern their business operations. 18 of our top 20 tenants in our portfolio have ESG commitments CVS Walgreens Dollar General 7-Eleven Dollar Tree/ Family Dollar Home Depot Speedway Advance Auto Parts Sams/Wal-Mart Lowe's Ahold Delhaize Best Buy Big Lots Festival Foods Floor & Décor W inn Dixie Kroger Dick's Sporting Goods GHG/CO2 Emission NETSTREIT ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Waste Eco-Friendly Plastic Usage/ Renewable Water Products/ Sustainable Energy/Energy Conservation/ Sustainably/ Reduction/ Packaging Conservation Clean Water Ethically Recycling Sourced ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ENVIRONMENTAL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Agriculture/ Deforestration ✓ ✓ ✓ Source: Company data. Portfolio data represents portfolio as of June 30, 2023. Corporate sustainability programs for each tenant is published on their or their parent entity's website. Community Diversity, Engagement Equity and Philanthropy Inclusion ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ SOCIAL ✓ Responsible Supply Chain ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Product Safety & Quality ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 25#26Environmental Responsibility To showcase our commitment to the reduction of greenhouse gas emissions, we incorporated a sustainability-linked loan feature based on the Science Based Targets initiatives ("SBTi") to our $600 million credit facility and to our $250 million senior unsecured term loan. Advance Auto Parts, Inc Burlington Best Buy Co., Inc. Bridgestone Corporation CVS Health DaVita Kohl's, Inc. Tenants Koninklijke Ahold Delhaize N.V. La-Z-Boy Incorporated Lowe's Companies, Inc. Recreational Equipment, Inc Starbucks Coffee Company Target Corporation The Home Depot The Kroger Co. The Wendy's Company Ulta Beauty, Inc. Walmart Inc. Whole Foods Yum! Brands, Inc. NETSTREIT SBTi Targets SBTi Commitment Source: Tenants within our portfolio with Science Base Target initiatives targets or commitments as of June 30, 2023. SCIENCE BASED TARGETS We can achieve up to 2.5 bps pricing adjustment if we meet certain annual key performance indicators set by our sustainability agent. The KPI is based on the percentages of our portfolio ABR that is derived by tenants who have set targets of reducing GHG with SBTi or have made commitments to set a target at a future date with SBTi. 26#27Social 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% Female, 47% Racially / Ethically 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 27#28Corporate Governance 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 4 Fully Independent Committees 28#29Financial Information and Non-GAAP Reconciliations 29#30Consolidated Statements of Operations (unaudited, dollars in thousands, except per share data) REVENUES Rental revenue (including reimbursable) Interest income on loans receivable 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 Total other (expense) income, net Net (loss) income before income taxes Income tax benefit (expense) Net (loss) income Net (loss) income attributable to noncontrolling interests Net (loss) 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 June 30, 2023 29,707 $ 1,923 31,630 3,530 5,260 15,847 2,836 15 27,488 (5,521) 615 (128) 68 (4,966) (824) 32 (792) (1) (791) (0.01) (0.01) 61,043,531 61,043,531 $ $ $ 2022 22,048 586 22,634 2,685 4,865 11,751 1,114 488 20,903 (1,522) 1,858 36 372 2,103 (93) 2,010 23 1,987 $ 48,140,041 48,951,833 $ 0.04 $ 0.04 $ Six Months Ended June 30, 2023 58,180 2,901 61,081 7,467 10,168 30,795 2,836 124 51,390 (9,465) 296 (128) 220 (9,077) 614 75 689 8 681 $ 59,600,630 60,294,734 $ 0.01 $ 0.01 $ 2022 42,970 997 43,967 5,617 9,057 22,730 1,114 653 39,171 (2,691) 2,019 36 (636) 4,160 (184) 3,976 47 3,929 0.08 0.08 46,279,122 47,277,468 30#31Funds From Operations and Adjusted Funds From Operations (unaudited, dollars in thousands, except per share data) GAAP Reconciliation: Net (loss) 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 Capitalized 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 $ $ GA $ $ $ $ $ $ Three Months Ended June 30, 2023 2022 (792) $ 15,769 2,836 (615) 17,198 $ 201 223 (35) 17,587 (151) 336 29 28 (184) (150) 1,252 18,747 0.20 67% 0.28 $ 0.29 $ 0.30 $ 61,043,531 507,773 152,785 $ 61,704,089 $ $ 2,010 $ 11,598 1,114 (1,858) 12,864 (36) 12,828 (346) 157 13 (166) (46) 1,298 13,738 0.26 0.26 0.28 0.20 71% 48,140,041 527,539 235,295 48,958 48,951,833 $ $ $ $ $ $ $ Six Months Ended June 30, 2023 2022 689 $ 30,653 2,836 (296) 33,882 214 223 (47) 34,272 (462) 615 57 56 (397) (284) 2,279 36,136 0.40 67% $ 59,600,630 509,588 164,322 20,194 60,294,734 $ 0.56 $ 0.57 $ 0.60 $ $ $ 3,976 22,460 1,114 (2,019) 25,531 (36) 25,495 (872) 314 31 (331) (103) 2,343 26,877 0.54 0.54 0.57 0.40 70% 46,279,122 539,054 264,784 194,508 47,277,468 31#32EBITDAre and Adjusted EBITDAre (unaudited, dollars in thousands) GAAP Reconciliation: Net (loss) 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) Loss on debt extinguishment Amortization of loan origination costs EBITDA Provision for impairments Gain on sales of real estate, net EBITDAre Straight-line rent adjustments Loss on debt extinguishment and other related costs Non-recurring executive transition costs, severance and related charges Gain on insurance proceeds Other non-recurring expenses Non-cash compensation expense Adjustment for construction in process (¹) Adjustment for intraquarter investment activities (2) Adjusted EBITDAre Annualized Adjusted EBITDAre (³) Net Debt / Annualized Adjusted EBITD Are Total Debt Cash, cash equivalents and restricted cash Value of outstanding forward equity (4) Net Debt 3. We calculate Annualized Adjusted EBITDAre by multiplying Adjusted EBITDAre by four. 4. There were no unsettled shares under forward equity contracts as of June 30, 2023. $ NETSTREIT $ $ $ Three Months Ended June 30, 2023 (792) 15,769 (184) 78 5,521 (32) 128 28 20,516 2,836 (615) 22,737 (151) 223 201 (35) 242 1,252 334 817 25,620 102,480 4.6x As of June 30, 2023 489,435 (13,140) 476.295 $ $ 1. Adjustment reflects the estimated cash yield at completion on non-interest earning construction in process balances as of period end. 2. The adjustment assumes all re-leasing activity, investments in and dispositions of real estate, including interest earning developments and interest earning loan activity completed during the three months ended June 30, 2023, and June 30, 2022, had occurred on April 1, 2023, and April 1, 2022, respectively. 2022 2,010 11,598 (166) 153 1,522 93 13 15,223 1,114 (1,858) 14,479 (346) (36) 1,298 189 1,701 17,285 32#33NOI and Cash NOI(¹) (unaudited, dollars in thousands) GAAP Reconciliation: Net (loss) income General and administrative Depreciation and amortization Provisions for impairment Transaction costs Interest expense, net Gain on sales of real estate, net Income tax (benefit) expense Loss on debt extinguishment Interest income on mortgage loans receivable Other expense, net Property-Level NOI Straight-line rent adjustments Amortization of lease-related intangibles Property-Level Cash NOI Adjustments for intraquarter acquisitions, dispositions and interest earning 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 expenses Property operating expense reimbursement Property operating expenses, net $ NETSTREIT $ $ $ $ Three Months Ended June 30, 2023 2022 (792) $ 5,260 15,847 2,836 15 5,521 (615) (32) 128 (1,923) (68) 26,177 (151) (184) 25,842 687 26,529 1,923 130 28,582 $ (3,530) $ 3,051 (479) $ 2,010 4,865 11,751 1,114 488 1,522 (1,858) 93 (586) (36) 19,363 (346) (166) 18,851 $ $ (2,685) $ 2,309 (376) $ Six Months Ended June 30, 2023 2022 689 $ 10,168 30,795 2,836 124 9,465 (296) (75) 128 (2,901) (220) 50,713 (462) (397) 49,854 $ (7,467) $ 6,592 (875) $ 1. Adjustments assumes all re-leasing activity, investments in and dispositions of real estate, including interest earning developments, completed during the three months ended June 30, 2023, had occurred on April 1, 2023. 2. Adjustment assumes all loan activity completed during the three months ended June 30, 2023, had occurred on April 1, 2023. 3,976 9,057 22,730 1,114 653 2,691 (2,019) 184 (997) (36) 37,353 (872) (331) 36,150 (5,617) 4,943 (674) 33#34Consolidated 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 receivables, 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; 66,991,597 and 58,031,879 shares issued and outstanding as of June 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 $ $ $ $ June 30, 2023 424,821 1,005,884 1,430,705 (80,527) 24,192 1,374,370 37,915 107,758 13,140 158,067 56,508 1,747,758 372,686 106,000 7,896 27,434 83 29,064 543,163 670 $ $ $ 1,260,879 (90,329) 24,082 1,195,302 9,293 1,204,595 1,747,758 $ June 30, 2022 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 34#35Debt, Capitalization, and Financial Ratios (unaudited, dollars in thousands) Debt Summary Unsecured revolver(2) Unsecured term loan (3) Unsecured term loan (4) Mortgage note (5) Total Weighted Average Debt Summary Unsecured revolver(2) Unsecured term loan (3) Unsecured term loan (4) Unsecured term loan (6) Mortgage note (5) Total Weighted Average Start Date Current November 27, 2023 December 23, 2024 Fully Extended Maturity August 11, 2027 January 15, 2027 February 11, 2028 November 1, 2027 NETSTREIT Fully Extended Maturity August 11, 2027 January 15, 2027 February 11, 2028 January 3, 2029 November 1, 2027 End Date November 27, 2023 December 23, 2024 January 15, 2027 $ $ $ $ $ $ $ Principal Balance $175 million Term Loan Interest Rate Schedule Principal Balance Applicable Balance 175,000 175,000 175,000 106,000 175,000 200,000 8,472 489,472 175,000 200,000 150,000 8,472 533,472 Fixed Rate (1) As of June 30, 2023 Interest Rate (1) 6.15% 1.37% 3.88% 4.53% 3.49% As of July 3, 2023 Interest Rate (1) -% 1.37% 3.88% 4.89% 4.53% 3.35% 1.37% 3.12 % 3.65 % $ $ $ $ Remaining Capacity 294,000 294,000 Remaining Capacity 400,000 100,000 500,000 Available Term (years) 4.1 3.5 4.6 4.3 4.1 Available Term (years) 4.1 3.5 4.6 5.5 4.3 4.5 1. Rates presented exclude the impact of capitalized loan fee amortization. 2. The facility matures on August 11, 2026 and includes one-year extension option. Interest rate reflects the all-in borrowing rate on the last day of the quarter presented. 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. 3. The term loan matures on January 15, 2026 and includes a one-year extension option. Interest rate consists of the fixed rate SOFR swap of 0.12%, plus a credit spread 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. The secured term loan was assumed as part of an asset acquisition during the third quarter of 2022. 6. The term loan matures July 3, 2026 and includes two one-year extension options and one six-month extension options. 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%. 35#36Debt, 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 Net debt / Annualized Adjusted EBITDAre 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 Total Liquidity Total Proforma Liquidity (¹) 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% NETSTREIT ≥ 1.50x ≤ 40.0% ≤ 10.0% ≤ 60.0% ≥ 1.75x Ending Shares/ Units as of June 30, 2023 66,991,597 507,773 67,499,370 1. Total proforma liquidity includes the addition of the $250.0 million senior unsecured term loan that closed on July 3, 2023. 2. Value is based on the June 30, 2023 closing share price of $17.87 per share. $ $ $ $ $ $ $ $ June 30, 2023 Actual 28.0% 5.18x 0.5% -% 30.2% 6.00x 489,472 (13,140) 476,332 4.6x As of June 30, 2023 294,000 13,140 307,140 557,140 Equity Market Capitalization 1,197,140 9,074 1,206,214 As of June 30, 2023 489,472 1,206,214 1,695,686 % of Total % of Total 99.2 % 0.8 % 100.0 % 28.9 % 71.1% 100.0 % 36#37Non-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 have included 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, 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, EBITD Are, Adjusted EBITDAre, and Annualized Adjusted EBITD Are EBITDA is defined as earnings before interest expense, income tax expense, and depreciation and amortization. NETSTREIT 37#38Non-GAAP Measures and Definitions 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 EBITDAre as EBITDA (as defined above) excluding gains (or losses) from sales of depreciable property and impairment charges on depreciable real property. Adjusted EBITD Are is a non-GAAP financial measure defined as EBITDAre 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, 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 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 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, which we believe is a beneficial disclosure to investors and analysts. We further adjust Net Debt by the value of outstanding forward equity as of period end. We believe these adjustments are additional beneficial disclosures to investors and analysis. NETSTREIT 38#39Non-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, 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 interest earning developments to derive Property-Level Cash NOI - 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 the most recent quarter end for all leases that commenced, annualized cash interest on mortgage loans receivable, and the cash yield on amounts funded to date on interest earning construction in process. Cash Yield is the annualized base rent contractually due from acquired properties, interest income from mortgage loans receivable, completed developments, and interest earned from construction in process, divided by the gross investment amount, or gross proceeds in the case of dispositions. NETSTREIT 39#40Non-GAAP Measures and Definitions (cont'd) 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. 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, interest earning developments, 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 40#41N NETSTREIT Investor Relations [email protected] 972-597-4825 41