NETSTREIT Corp. (NTST) Earnings
NETSTREIT Corp. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.08. NTST has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -13.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $0.07 | $0.06 | -13.5% | $54M | +6.3% |
| Jul 23, 2025 | $0.32 | $0.04 | -87.5% | $48M | +0.1% |
| Feb 14, 2024 | $0.04 | $0.03 | -18.2% | $34M | +1.1% |
| Oct 25, 2023 | $0.04 | $0.06 | +63.6% | $34M | +5.5% |
| Jul 26, 2023 | $0.29 | $-0.01 | -103.4% | $32M | -1.0% |
| Feb 23, 2023 | $0.03 | $0.05 | +100.0% | $27M | +5.9% |
| Oct 27, 2022 | $0.03 | $0.03 | +0.0% | $25M | +3.9% |
| Jul 28, 2022 | $0.05 | $0.04 | -20.0% | $23M | +26.7% |
| Apr 28, 2022 | $0.04 | $0.04 | +9.1% | $21M | +19.7% |
| Feb 24, 2022 | $0.05 | $0.05 | +0.0% | $18M | +14.0% |
| Oct 28, 2021 | $0.06 | $0.07 | +16.7% | $16M | +4.6% |
| Jul 29, 2021 | $0.22 | $-0.07 | -131.8% | $14M | +5.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 21, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
CEO Mark Manheimer thanked the team for execution, noted strong momentum from 2025 into the new year. First quarter saw strong investment activity in core sectors, targeted dispositions to enhance portfolio quality. Portfolio had 804 properties, 138 tenants, etc. CFO Dan Donlan reviewed first quarter earnings, G&A expense details, capital markets financing, balance sheet situation. Mentioned increasing full-year 2026 net investment activity guidance to $550 million to $650 million and AFFO per share guidance range to $1.36 to $1.39, and declared a quarterly cash dividend of $0.22 per share.
Guidance
Increasing full-year 2026 net investment activity guidance to a range of $550 million to $650 million. Increasing the bottom end of the AFFO per share guidance range to $1.36 to $1.39. Cash G&A to range between $16 million and $17 million. AFO per share guidance range now includes $0.03 to $0.06 of estimated dilution due to outstanding forward equity calculated in accordance with the Treasury stock method.
Segment performance
In the first quarter, NetStreetCorp closed $239 million of gross investment activity in core necessity and service-based sectors, with an attractive blended cash yield of 7.5% and a weighted average lease term of 14.1 years. The portfolio ended the quarter with 804 properties leased to 138 tenants across 28 industries and 46 states, with a weighted average remaining lease term increased to 10.2 years, 58.3% of ABR from investment grade and investment grade profile tenants, unit-level rent coverage at 3.9 times, and occupancy at 99.9% (subsequently returned to 100% post-quarter end). Financial results: income was $5.7 million or $0.06 per diluted share, core FFO was $32 million or $0.32 per diluted share, AFFO was $33.2 million or $0.34 per diluted share, a 6.3% increase year-over-year. Total recurring G&A in the quarter increased 9.7% year-over-year to $5.8 million, representing 10% of total revenues vs. 11% in prior year quarter. Capital markets: completed a $12.6 million share forward equity offering with $230.3 million net proceeds and $73.8 million net proceeds from ATM activity, total net proceeds of $304.1 million in the quarter. Balance sheet: adjusted net debt was $629 million, weighted average debt maturity 3.8 years, weighted average interest rate 4.27%, total liquidity $1.1 billion at quarter end, adjusted net debt to annualized adjusted EBITRE 3.2 times.
Risks & headwinds
Market remains fragmented but new participants enter the net lease business. Geopolitical macro volatility may affect investment opportunities and pricing. Private credit space volatility may impact loan business. Smaller tenants may have less cushion but same management approach as larger ones, but need to be proactive in asset management to avoid issues.
Analyst Q&A
Q: Handel St. Just inquired about the level of activity in the first quarter and implications for the rest of the year.
A: Stated very strong quarter, saw attractively priced opportunities fitting investment criteria, pricing expected to remain relatively same, feels comfortable sustaining acquisitions but wants to be out ahead of capital needs.
Q: John Kilchowski asked about Treasury stock method dilution.
A: Expecting three to six cents at midpoint, conservative on high end, dates of forwards not matter, taking lowest price boards first, plan to get done with 2024 and 2025 outstanding forwards in the year.
Q: Greg McGinnis asked about increasing acquisitions team size.
A: Acquisitions team is humming, bringing attractive opportunities, not necessarily more team leads to more volume but has deep bench.
Q: Michael Goldsmith asked about factors limiting acquisitions.
A: Visibility 60-90 days out, hard to predict beyond, interest rates could drive cap rates down but not seen in short term.
Q: Jay Cornrick asked about tenant credit and watch list.
A: Not much change, a few assets under one times coverage, but feel good about outcomes.
Q: Shamid Rose asked about opportunity set and pricing changes.
A: Bought more convenience stores in first quarter, second quarter likely more diversified, convenience stores, QSRs, fitness are areas of interest.
Q: Wes Galladay asked about TJ Maxx lease and loan extensions.
A: TJ Maxx lease not commenced rent paying yet, Speedway loan extension ongoing with positive outcome expected.
Q: Eric Borden asked about IG profile and non-IG investments' escalators and bad debt.
A: Try to negotiate better escalators, shoot for 2% annual, midpoint for bad debt around 50 basis points.
Q: Michael Gorman asked about forward equity runway.
A: Leverage range 4.5 to 5.5, comfortable, will access market when appropriate.
Q: Linda Sy asked about cap rates shift and AFFO per share CAGR.
A: Cap rates consistent, aim to maintain high single digit CAGR of AFFO per share.
Q: Yana Gallen asked about grocery category and development projects.
A: Grocery space has great opportunities, development projects yield not enough premium currently.
Q: Paul Rana asked about 2Q investment pace and dispositions.
A: 2Q looks strong, similar to first quarter, dispositions pace similar, occasional aggressive opportunities.
Q: Daniel Guglielmo asked about managing smaller vs large tenants and private credit impact.
A: No much difference in management, private credit not seen to have huge impact on transaction market.