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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. 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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. 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Figures represent percentage of ABR unless otherwise noted.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:55:56.463+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19ca970a-e747-43d7-a93d-4d4f8d4b85d6", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.94, "x": 0.034, "y": 0.895 }, "kind": "source-note", "text": "3. Pro forma (PF) adjustments reflect 11,040,000 of unsettled shares from the January 2024 forward equity offering, and includes the $100.0 million available to draw from the $250.0 million senior unsecured term loan that closed on July 3, 2023.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:55:56.463+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a544f2f-b3f3-48ea-84b2-5ce4d006344f", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.64, "x": 0.034, "y": 0.91 }, "kind": "source-note", "text": "4. Assumes Company exercises its one-year extension option to further extend maturity to January 2027.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:55:56.463+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78b19147-b9ef-47ff-b8c2-a901ae6c16c6", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.746, "x": 0.034, "y": 0.88 }, "kind": "source-note", "text": "2. 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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.\n2. Excludes lease extension options and investments that secure mortgage loans receivable.\n3. 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Includes acquisitions, mortgage loans receivable, and completed developments.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:55:51.378+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d1aea1a-cf3e-4661-b40b-92e60958d504", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.52, "x": 0.043, "y": 0.913 }, "kind": "source-note", "text": "2. Excludes lease extension options and investments that secure mortgage loans receivable.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Pro forma (PF) adjustments reflect 5,983,711 of unsettled shares issued through the ATM from the third quarter 2023, 11,040,000 of unsettled shares from the January 2024 forward equity offering, and includes the $100.0 million available to draw\nfrom the $250.0 million senior unsecured term loan that closed on July 3, 2023.\n2. The three-year $250.0 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.\n3. 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.\n4. 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"chart", "text": "Lease Rollover Through 2027 Weighted-Average Lease Term\n13.9 9.5 8.4 8.0 10.1 9.7\n4.9% 7.9% 15.1% 19.7% 19.8% 20.9%", "attrs": { "title": "Lease Rollover Through 2027 Weighted-Average Lease Term" }, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:55:52.978+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c27be70-19c9-471d-ae22-6d51104f8fd0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.93, "x": 0.034, "y": 0.87 }, "kind": "source-note", "text": 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Peer capitalization data as of September 30, 2023. 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Note: Peer capitalization data as of September 30, 2023. NTST capitalization data as of December 31, 2023, as adjusted for forward equity offering in 1Q24. Market data as of February 13, 2024; closing price per share of $16.92. 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 December 31, 2023. 2. Implied cap rate as of February 13, 2024. 3. (NOI - TTM G&A) / Implied Real Estate Value.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Outstanding 73.7 Unsettled Forward Shares¹ 6.0 Implied Equity Value per Share $15.77 $17.19 $18.83 $20.74 $23.00", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:55:54.719+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30fc93fc-b109-4724-b408-008a65c1731e", "parentComponentId": null }, { "bbox": { "h": 0.69, "w": 0.35, "x": 0.62, "y": 0.16 }, "kind": "table", "text": "ESSENTIAL PROPERTIES 6.3% 5.7% 13.9x AGREE REALTY CORPORATION 6.5% 6.1% 14.0x #FCPT 6.7% 6.0% 13.4x REALTY INCOME 6.9% 6.7% 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"canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:55:54.719+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f1f7a28-b24a-4129-9aa1-ee20a9ea7889", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.23, "x": 0.63, "y": 0.13 }, "kind": "title", "text": "Peer Benchmarking", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", 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Rates presented exclude the impact of capitalized loan fee amortization.\n2. Interest rate reflects the all-in borrowing rate as of December 31, 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 has a one year extension option. Remaining capacity reduced by $0.15 million for outstanding letters of credit.\n3. Interest rate consists of the fixed rate SOFR swap of 1.87%, plus a credit spread adjustment of 0.10% and a borrowing spread of 1.15%. See the $175 million Term Loan - Interest Rate Schedule table for additional detail on the fixed interest rate changes through the fully extended maturity.\n4. Interest rate consists of the fixed rate SOFR swap of 2.63%, plus a credit spread adjustment of 0.10% and a borrowing spread of 1.15%. The swap terminates of February 11, 2028.\n5. Interest rate consists of the fixed rate SOFR swap of 3.64%, plus a credit spread adjustment of 0.10% and a borrowing spread of 1.15%. The term loan matures on July 3, 2026 and includes two one-year extension options and one six-month extension option.\n6. 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Interest Rate Schedule\nStart Date\nEnd Date\nApplicable Balance\nFixed Rate(1)\nNovember 27, 2023\nDecember 23, 2024\n$ 175,000\n3.12%\nDecember 23, 2024\nJanuary 15, 2027\n$ 175,000\n3.65%", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:03.707+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "796efe04-c62a-4a03-a8e5-a9994574dff2", "parentComponentId": null }, { "bbox": { "h": 0.19, "w": 0.935, "x": 0.035, "y": 0.139 }, "kind": "table", "text": "Debt Summary\nUnsecured revolver(2)\nUnsecured term loan (3)\nUnsecured term loan(4)\nUnsecured term loan (5)\nMortgage note (6)\nTotal / Weighted Average\nAs of December 31, 2023\nFully Extended Maturity\nPrincipal Balance\nInterest Rate(1)\nRemaining Capacity\nAvailable Term (years)\nAugust 11, 2027\n$ 80,000\n6.49%\n$ 319,850\n3.6\nJanuary 15, 2027\n175,000\n3.12%\n3.0\nFebruary 11, 2028\n200,000\n3.88%\n4.1\nJanuary 3, 2029\n150,000\n4.89%\n100,000\n5.0\nNovember 01, 2027\n8,361\n4.53%\n3.8\n$ 613,361\n4.26%\n$ 419,850\n4.0", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:03.707+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8298c92-e35c-41be-9823-cda5556fa991", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.049, "y": 0.04 }, "kind": "title", "text": "Debt, Capitalization, and Financial Ratios", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:03.707+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2bb76f0-7809-4e5d-8c7c-9cc2bcc489b8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 35, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 28, "name": "Financials", "beatId": "11858ef8-fa81-46d1-a6a0-f0421dc14863", "matchId": "dd8c937e-2514-4e98-ae3d-171bd8177198", "beatType": { "name": "Financials", "slug": "sequoia-pitch-financials", "status": "active", "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75", "version": 1, "description": null }, "evidence": "The deck presents financial information and Non-GAAP reconciliations", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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Reflects 5,983,711 of unsettled forward equity shares under the ATM program at the December 31, 2023 available net settlement price of $16.48.\n2. Reflects 11,040,000 of unsettled forward equity shares from the January 2024 offering.\n2. Value is based on the December 31, 2023 closing share price of $17.85 per share.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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}, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:02.871+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36549ab7-c49a-4a6c-a885-332b8af153fb", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.92, "x": 0.038, "y": 0.82 }, "kind": "table", "text": "Enterprise Value\nPrincipal amount of total debt\nEquity market capitalization(3)\nTotal enterprise value\nAs of December 31, 2023\n$ 613,361\n1,315,302\n$ 1.928.662\n% of Total\n31.8%\n68.2%\n100.0%", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": 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"slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:02.871+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ee6d715-08f9-40ec-afd0-365045048afe", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.92, "x": 0.038, "y": 0.36 }, "kind": "table", "text": "Key Debt Covenant Information\nConsolidated total leverage ratio\nFixed charge coverage ratio\nMaximum secured indebtedness\nMaximum recourse indebtedness\nUnencumbered leverage ratio\nUnencumbered interest coverage ratio\nRequired\n≤ 60.0%\n≥ 1.50x\n≤ 40.0%\n≤ 10.0%\n≤ 60.0%\n≥ 1.75x\nActual\n30.5%\n4.8x\n0.4%\n— %\n33.3%\n5.3x", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:02.871+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9db6475d-d87f-4b80-8b23-c0006d16b6c2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.038, "y": 0.7 }, "kind": "table", "text": "Equity\nCommon shares (3)\nOP units (3)\nTotal\nEnding Shares/ Units\nas of December 31, 2023\n73,207,080\n479,298\n73,686,378\nEquity Market Capitalization\n$ 1,306,746\n8,555\n$ 1,315.302\n% of Total\n99.3%\n0.7%\n100.0%", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, 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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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:01.276+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1be10f34-9ffc-49b7-b77e-e07de18f13b2", "parentComponentId": null }, { "bbox": { "h": 0.084, "w": 0.923, "x": 0.037, "y": 0.355 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:01.276+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1eb24ddb-9524-443d-a99b-15669dc2bf07", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.923, "x": 0.037, "y": 0.179 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:01.276+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "331cac39-3dd1-4307-a8dc-4bc9aa525da5", "parentComponentId": null }, { "bbox": { "h": 0.096, "w": 0.923, "x": 0.037, "y": 0.543 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:01.276+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7545620d-3e2b-4078-8bac-0afb10f70f7f", "parentComponentId": null }, { "bbox": { "h": 0.084, "w": 0.923, "x": 0.037, "y": 0.647 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:01.276+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd311bc8-7db7-4d38-9c25-70eae68387ba", "parentComponentId": null }, { "bbox": { "h": 0.084, "w": 0.923, "x": 0.037, "y": 0.449 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:01.276+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d15f9fdf-a6ad-4b4b-88dd-739729076b5e", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.526, "x": 0.083, "y": 0.065 }, "kind": "title", "text": "Non-GAAP Measures and Definitions", "attrs": {}, "canon": { "kind": { "name": 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"status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c68f8c02-e670-4948-b239-86a117441451", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.686, "x": 0.037, "y": 0.133 }, "kind": "paragraph", "text": "EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00b0f8a3-84fd-42fd-a5f5-82d62de225c3", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.925, "x": 0.037, "y": 0.41 }, "kind": "paragraph", "text": "Annualized Adjusted EBITDAre is a non-GAAP financial measure defined as Adjusted EBITDAre multiplied by four.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, 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"runId": null, "seconds": null, "promptVersion": null }, "componentId": "16ef3cd3-d3f1-452f-907f-60a55149d2e3", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.925, "x": 0.037, "y": 0.868 }, "kind": "paragraph", "text": "Proforma Adjusted Net Debt is further adjusted by the net value of unsettled forward equity from the January 2024 offering.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53e35caf-36b3-4a77-b566-f9d3c567593d", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.886, "x": 0.037, "y": 0.167 }, "kind": "paragraph", "text": "EBITDA is defined as earnings before interest expense, income tax expense, and depreciation and amortization.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5df99d7f-b3fa-418d-ab0d-a08f912630dc", "parentComponentId": null }, { "bbox": { "h": 0.084, "w": 0.925, "x": 0.037, "y": 0.724 }, "kind": "paragraph", "text": "Net Debt is calculated 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 deb, 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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63a7441d-2516-49b2-937e-2f260d169a78", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.302, "x": 0.037, "y": 0.69 }, "kind": "paragraph", "text": "Net Debt and Adjusted Net Debt", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7358a730-930d-40c4-9620-411866f80f89", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.925, "x": 0.037, "y": 0.463 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79efb88a-cc06-4436-8944-a22171d83f19", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.925, "x": 0.037, "y": 0.554 }, "kind": "paragraph", "text": "EBITDA, EBITDAre, Adjusted EBITDAre and Annualized Adjusted EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA, EBITDAre, Adjusted EBITDAre and Annualized Adjusted EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85e09d5a-c136-4639-81d3-d609a9e45612", "parentComponentId": null }, { "bbox": { "h": 0.098, "w": 0.925, "x": 0.037, "y": 0.29 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7a68e15-27bc-4347-bf4e-5c7eb4a71808", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.925, "x": 0.037, "y": 0.199 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3c6b381-a726-4652-8c21-b26b24634f66", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.572, "x": 0.081, "y": 0.066 }, "kind": "title", "text": "Non-GAAP Measures and Definitions", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:05.992+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "326a8c62-f582-4bed-96a6-88ca891104c7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 40, "from": 3, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c78417bf-3c00-41f9-ab53-94aa3fe93883", "evidence": "The deck presents NETSTREIT's vision and approach to ESG", "position": 1, "objective": "Why does NETSTREIT's strategy matter?", "confidence": 0.6, "extraction": { "at": "2026-07-16 23:15:00.070677+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 38, "type": "appendix", "function": "appendix", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": 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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).", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:16.116+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69485765-c447-48c5-a686-af98456cd481", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.923, "x": 0.038, "y": 0.633 }, "kind": "paragraph", "text": "ABR is annualized base rent as of December 31, 2023, for all leases that commenced and annualized cash interest on mortgage loans receivable in place as of that date.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:16.116+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7836cb88-2456-4f01-a818-10807c5d873d", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.923, "x": 0.038, "y": 0.35 }, "kind": "paragraph", "text": "We further adjust Property-Level Cash NOI for intraquarter acquisitions, dispositions and completed developments to derive Property-Level Cash NOI - Estimated Run Rate.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:16.116+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ccbd637-b07d-4142-994b-f1097cd4e599", "parentComponentId": null }, { "bbox": { "h": 0.049, "w": 0.923, "x": 0.038, "y": 0.689 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:16.116+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b902304d-b819-4f58-b00a-c2e4cb3a5fe5", "parentComponentId": null }, { "bbox": { "h": 0.086, "w": 0.923, "x": 0.038, "y": 0.409 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:16.116+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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