NETSTREIT Corp. (NTST)

Price$20.19Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkValuation looks reasonable, balancing a moderate AFFO multiple against dependable income and dilution risk.

At the latest observed quote, dividing by 2026 AFFO guidance midpoint gives about 14.7 times AFFO, a REIT cash-earnings measure. The annualized dividend yield is about 4.5%, and the payout is roughly 65% of guided AFFO. That is not bargain pricing, but it is reasonable for a REIT with long leases and full occupancy. The main offset is dilution: outstanding forward equity means more shares will be issued, so property growth must translate into enough AFFO growth per share.

Big pictureLong leases soften economic swings, but growth still depends heavily on capital-market conditions.

NETSTREIT Corp., listed on the NYSE as NTST, owns single-tenant retail properties under long net leases, where tenants generally bear property-level costs. At quarter-end it reported full occupancy and a 10-year weighted average lease term, supporting predictable rent collections. Still, this is not cycle-proof: tenant credit can deteriorate in recessions, property values move with interest rates, and acquisition growth depends on being able to raise debt and equity at attractive costs.

Business strengthCash coverage, occupancy, and pro forma leverage are solid, though raw debt remains sizeable.

Second-quarter AFFO per diluted share rose 6.1% year over year, and first-half operating cash flow increased to $63.1 million while common dividends paid were $42.8 million. Reported debt was $1.4 billion, but management showed pro forma adjusted net debt near $668 million after applying unsettled forward-equity proceeds, equal to about 3.1 times annualized adjusted EBITDAre, a REIT operating-earnings measure. Liquidity was about $1.09 billion, and most term debt is interest-rate hedged, reducing near-term exposure to rate spikes.

What could change the storyUpside needs accretive growth; downside centers on tenant stress, rates, and share dilution.

A bull case assumes AFFO lands near the top of guidance, occupancy stays near full, and acquisitions continue around 7%-plus cash yields while financing remains available; a 16-17 times AFFO multiple would support meaningful upside. A bear case assumes weaker tenant health, higher-for-longer rates, slower property buying, or equity issuance that outruns per-share earnings growth; a 12-13 times multiple would imply material downside. Management already estimates forward-equity dilution will trim 2026 AFFO per share by $0.05-$0.08.

AI: News

Accounting leadership changedAn internal controller became chief accounting officer after a mutually agreed executive departure.

Effective September 1, Sofia Chernylo left the chief accounting officer and principal accounting officer roles. NETSTREIT said the departure did not result from any disagreement with auditors or management over accounting, disclosure, or internal controls. The board appointed Matthew Fennewald, previously vice president and corporate controller, to both roles. The internal promotion reduces transition risk, though investors should watch continuity in financial reporting.

Guidance moved higherSecond-quarter results showed steady per-share growth and prompted higher full-year investment and AFFO guidance.

On July 22, NETSTREIT reported second-quarter AFFO of $0.35 per diluted share, up 6.1% from a year earlier, with $61.3 million of revenue and $298.9 million of gross investments at a 7.4% blended cash yield. Management raised 2026 AFFO guidance to $1.37-$1.39 per share and net investment guidance to $700-$800 million, while noting estimated dilution of $0.05-$0.08 per share from forward equity.

Dividend increasedThe board lifted the quarterly dividend again, supported by a still-conservative AFFO payout ratio.

On July 16, the board declared a $0.225 quarterly dividend, raising the annualized rate to $0.90. Against the midpoint of full-year AFFO guidance, that is roughly a 65% payout, leaving a meaningful cushion for debt service and reinvestment. The dividend was scheduled for September 15 to holders of record on September 1. For a REIT, sustained coverage matters more than the headline yield because distributions compete with growth funding.

SmallCap index additionS&P added NETSTREIT to its SmallCap 600, potentially broadening passive-fund ownership and trading liquidity.

S&P Dow Jones Indices announced on June 24 that NETSTREIT would join the S&P SmallCap 600 before trading opened June 29, replacing ProAssurance. Index inclusion can create mechanical buying from funds that track the benchmark and may improve visibility or liquidity. It does not change property cash flows, tenant quality, leverage, or intrinsic value, so the event is more relevant to shareholder demand than to the operating thesis.

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Revenue

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2021

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2025

Net income

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Free cash flow

2019

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$195.0M	$162.8M	$131.9M	$96.3M	$59.1M	$33.7M	—
Operating expenses	$144.8M	$144.3M	$107.8M	$82.8M	$55.7M	$35.2M	—
Operating income	$50.2M	$18.4M	$24.1M	$13.5M	$3.5M	−$1.5M	—
Operating margin	25.75%	11.33%	18.27%	14.02%	5.89%	−4.45%	—
EBITDA	$136.6M	$95.3M	$87.8M	$63.6M	$34.3M	$14.0M	—
EBITDA margin	70.04%	58.55%	66.55%	66.04%	57.98%	41.39%	—
Net income	$6.9M	−$12.0M	$6.9M	$8.2M	$3.1M	$212,000	−$8.1M
Net profit margin	3.56%	−7.37%	5.22%	8.52%	5.33%	0.63%	—
Basic EPSper basic share	$0.08	-$0.16	$0.11	$0.16	$0.08	$0.04	—
Diluted EPSper diluted share	$0.08	-$0.16	$0.11	$0.16	$0.08	$0.01	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

18.87%of listed shares

BlackRock, Inc.19.16M shares · Jun 30, 2026

View holders

Top 20 reported holders of NTST
Holder	% owned
BlackRock, Inc.	18.87%19.16M shares
COHEN & STEERS, INC.	16.05%16.3M shares
PRINCIPAL FINANCIAL GROUP INC	9.48%9.62M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.85%5.94M shares
Nuveen, LLC	5.23%5.31M shares
STATE STREET CORP	5.11%5.19M shares
GOLDMAN SACHS GROUP INC	4.88%4.96M shares
MILLENNIUM MANAGEMENT LLC	4.53%4.6M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.25%4.32M shares
TWO SIGMA INVESTMENTS, LP	3.78%3.83M shares
Alyeska Investment Group, L.P.	3.41%3.46M shares
BANK OF AMERICA CORP /DE/	2.94%2.98M shares
GEODE CAPITAL MANAGEMENT, LLC	2.71%2.75M shares
CENTERSQUARE INVESTMENT MANAGEMENT LLC	2.37%2.41M shares
GRS Advisors, LLC	2.26%2.29M shares
DEUTSCHE BANK AG\	2.08%2.11M shares
ALLIANCEBERNSTEIN L.P.	1.96%1.99M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.92%1.95M shares
D. E. Shaw & Co., Inc.	1.80%1.83M shares
PRUDENTIAL FINANCIAL INC	1.75%1.77M shares

Percentages use 101.53M shares of this listed class outstanding on Jun 30, 2026.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys15$471.0K disclosed value

Sells (SEC code S)1$150.0K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4	Manheimer MarkPresident, CEO and Secretary	BuyCommon Stock	5.0K	$19.19	$96.0K	415.3K
Apr 23, 2026Form 4	Zeigler Robin McBrideDirector	SellCommon Stock	7.2K	$20.85	$150.0K	18.3K
Dec 19, 2025Form 4	Donlan Daniel PCFO and Treasurer	BuyCommon Stock	1.0K	$17.40	$17.4K	25.1K
Dec 8, 2025Form 4	Donlan Daniel PCFO and Treasurer	BuyCommon Stock	1.0K	$17.34	$17.3K	24.1K
Sep 5, 2025Form 4	Manheimer MarkPresident, CEO and Secretary	BuyCommon Stock	5.6K	$17.94	$100.5K	316.4K