NETSTREIT Corp.
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
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Item 2. Properties
During the year ended December 31, 2025, we acquired 140 single-tenant retail net lease properties with an aggregate purchase price of $603.0 million. As of December 31, 2025, we owned or had investments in 761 properties spanning 45 states, with 129 different tenants represented across 28 retail sectors. This includes three property developments where rent has not yet commenced. As of December 31, 2025, our portfolio consisted of 13.7 million square feet and was 99.9% occupied (excluding three properties under development).
As of December 31, 2025, our portfolio generated ABR of $198.3 million. As of December 31, 2025, our portfolio consisted of approximately 44% and 14% of investment grade tenants and investment grade profile tenants, respectively, by ABR, and had a WALT of 10.1 years (exclusive of mortgage loans receivable). As of December 31, 2025, none of our tenants represented more than 5.0% of our portfolio by ABR, and our top 10 largest tenants represented, in aggregate, 34.5% of our ABR. Six of our top 10 tenants are publicly traded companies, or are subsidiaries of publicly traded companies, that have investment grade credit ratings, in addition to Hobby Lobby Stores, Inc., an investment grade profile tenant.
Tenant Diversification
As of December 31, 2025, our 761 investments were operated by 129 different tenants, each representing a distinct brand or concept, with no one tenant representing more than 5.0% of our portfolio by ABR. The following table details information about our tenants as of December 31, 2025:
| Tenant (1) | Number of Investments (2) | % of Annualized Base Rent |
|---|---|---|
| CVS Health Corporation | 31 | 4.8% |
| Dollar General Corporation | 78 | 4.7% |
| Koninklijke Ahold Delhaize N.V. (Food Lion / Stop & Shop) | 11 | 4.3% |
| Home Depot U.S.A, Inc. | 5 | 3.8% |
| Hobby Lobby Stores, Inc. | 17 | 3.6% |
| Tractor Supply Company | 25 | 3.5% |
| Walgreen Co. | 17 | 2.5% |
| Family Dollar Stores, Inc. | 43 | 2.5% |
| Wal-Mart Stores, Inc. | 7 | 2.5% |
| United Lone Enterprises LLC | 13 | 2.3% |
| Speedway, LLC | 50 | 2.3% |
| Life Time, Inc. | 2 | 2.1% |
| Academy, Ltd. | 5 | 2.1% |
| Best Buy Stores, L.P. | 7 | 2.0% |
| Subtotal of Tenants with ABR greater than 2.0% | 311 | 43.0% |
| Other | 446 | 57.0% |
| Total / Weighted Average | 757 | 100.0% |
(1)Represents tenant or guarantor.
(2)Excludes one vacant property and three properties under development.
Tenant Industry Diversification
The majority of our portfolio is comprised of properties leased to tenants operating in defensive retail industries, with 87.1% of our ABR as of December 31, 2025 coming from necessity, service-oriented, and/or discount industries. Necessity-based industries are those that are considered essential by consumers and include sectors such as grocers, home improvement, drug stores, general retail, and auto parts. Service-oriented industries consist of retailers that provide services rather than goods, including, for example, convenience stores, health and fitness, quick-service restaurants, and tire and auto services. Discount retailers offer a low price point and consist of off-price and dollar stores.
The breakdown of our necessity-based retail, service-oriented, discount-focused, and other, non-defensive retail industries by sector and by percentage of ABR as of December 31, 2025 is set forth below:
| Tenant Industry and Sector | Number of Investments (1) | % of Total ABR (2) | % of Total Gross Leasable Area (2) (3) |
|---|---|---|---|
| Necessity-Based Retail | |||
| Grocery | 50 | 14.0% | 18.0% |
| Home Improvement | 31 | 8.8% | 10.9% |
| Drug Stores & Pharmacies (4) | 48 | 7.3% | 4.6% |
| Farm Supplies | 28 | 4.6% | 5.6% |
| Medical & Dental | 32 | 4.5% | 2.2% |
| General Retail | 7 | 2.5% | 7.5% |
| Auto Parts | 53 | 2.3% | 3.1% |
| Banking | 2 | 0.2% | 0.1% |
| Wholesale Warehouse Club | 1 | 0.2% | 0.8% |
| Pet Supplies | 1 | 0.1% | 0.1% |
| Total Necessity-Based Retail | 253 | 44.5% | 52.9% |
| Service-Oriented Industry | |||
| Convenience Stores | 134 | 13.7% | 3.2% |
| Health and Fitness | 10 | 5.4% | 3.8% |
| Quick Service Restaurants | 65 | 5.2% | 0.9% |
| Automotive Service | 56 | 4.4% | 2.6% |
| Casual Dining | 6 | 0.5% | 0.3% |
| Equipment Rental and Leasing | 6 | 0.4% | 0.4% |
| Total Service-Oriented Industry | 277 | 29.6% | 11.1% |
| Discount-Focused Industry | |||
| Dollar Stores | 144 | 8.6% | 11.4% |
| Discount Retail | 33 | 4.4% | 8.5% |
| Total Discount-Focused Industry | 177 | 13.1% | 19.9% |
| Defensive Retail Industries | 707 | 87.1% | 83.9% |
| Other, Non-Defensive Industries | |||
| Sporting Goods | 10 | 4.8% | 4.7% |
| Arts & Crafts | 16 | 3.5% | 6.4% |
| Consumer Electronics | 7 | 2.0% | 2.5% |
| Apparel | 6 | 0.8% | 1.4% |
| Specialty | 2 | 0.5% | 0.5% |
| Furniture Stores | 2 | 0.5% | 0.3% |
| Telecommunications | 4 | 0.4% | 0.2% |
| Beauty Supplies | 1 | 0.1% | 0.1% |
| Gift, Novelty, and Souvenir Shops | 1 | 0.1% | 0.1% |
| Home Furnishings | 1 | 0.1% | 0.0% |
| Total Other, Non-Defensive | 50 | 12.9% | 16.1% |
| Total, All Industries | 757 | 100.0% | 100.0% |
(1)Excludes one vacant property and three properties under development.
(3)Square feet.
(4)The Drug Stores & Pharmacies industry has one property that resides in NETSTREIT Management TRS, LLC (“NETSTREIT TRS”), representing approximately 0.2% of ABR.
Geographic Diversification
The following table presents ABR by state for our portfolio as of December 31, 2025:
| Tenant State | Number of Investments (1) | % of Total ABR (2) | % of Total Gross Leasable Area (2) (3) |
|---|---|---|---|
| Texas | 102 | 17.3% | 10.4% |
| Illinois | 43 | 8.3% | 7.5% |
| New York | 40 | 6.9% | 7.4% |
| Georgia | 36 | 5.0% | 7.3% |
| Wisconsin | 26 | 4.9% | 6.7% |
| North Carolina | 69 | 4.0% | 3.9% |
| Alabama | 50 | 3.9% | 3.7% |
| Indiana | 30 | 3.9% | 3.5% |
| Florida | 24 | 3.9% | 2.7% |
| Ohio | 37 | 3.8% | 5.2% |
| Pennsylvania | 30 | 3.5% | 3.6% |
| Virginia | 16 | 3.4% | 2.2% |
| Louisiana | 18 | 3.1% | 3.9% |
| California | 12 | 2.6% | 2.0% |
| Mississippi | 19 | 2.1% | 3.8% |
| Michigan | 16 | 2.0% | 3.0% |
| South Carolina | 17 | 1.8% | 2.7% |
| Arizona | 7 | 1.5% | 1.1% |
| Oklahoma | 14 | 1.4% | 1.4% |
| Missouri | 13 | 1.3% | 0.5% |
| Other (4) | 138 | 15.5% | 17.8% |
| Total | 757 | 100.0% | 100.0% |
(1)Excludes one vacant property and three properties under development.
(3)Square feet.
(4)Includes 25 states.
Lease Terms and Expirations
Our leases typically have initial lease terms of approximately 10 years and contain two or more options for the tenant to extend the lease term, most often for additional five-year periods. As of December 31, 2025, the leases in our portfolio had a WALT of 10.1 years (exclusive of mortgage loans receivable). The following table illustrates contractual lease expirations within the Company’s portfolio as of December 31, 2025, assuming no exercise of contractual extension options (dollars in thousands):
| ABR · Gross Leasable Area | |||||
|---|---|---|---|---|---|
| Year | Number of Leases (1) | Amount | % of Total (2) | Square Feet | % of Total (2) |
| 2026 | 4 | $1,163 | 0.6% | 85,025 | 0.6% |
| 2027 | 10 | 3,227 | 1.7% | 288,535 | 2.2% |
| 2028 | 22 | 9,769 | 5.2% | 753,094 | 5.7% |
| 2029 | 41 | 10,274 | 5.5% | 849,114 | 6.4% |
| 2030 | 43 | 14,446 | 7.7% | 1,245,165 | 9.4% |
| 2031 | 60 | 14,023 | 7.5% | 1,443,220 | 10.9% |
| 2032 | 46 | 11,656 | 6.3% | 1,572,205 | 11.8% |
| 2033 | 45 | 10,815 | 5.8% | 816,573 | 6.1% |
| 2034 | 73 | 19,674 | 10.6% | 1,193,039 | 9.0% |
| 2035 | 41 | 12,097 | 6.5% | 890,740 | 6.7% |
| 2036 | 21 | 6,969 | 3.7% | 423,919 | 3.2% |
| 2037 | 25 | 10,178 | 5.5% | 669,894 | 5.0% |
| 2038 | 39 | 6,593 | 3.5% | 573,011 | 4.3% |
| 2039 | 39 | 9,464 | 5.1% | 712,511 | 5.4% |
| 2040 | 33 | 8,785 | 4.7% | 608,997 | 4.6% |
| Thereafter | 134 | 37,294 | 20.0% | 1,166,768 | 8.8% |
| Total | 676 | $186,427 | 100.0% | 13,291,810 | 100.0% |
(1)Excludes one vacant property, three properties under development, and 81 investments that secure mortgage loans receivable.
Developments
During 2025, rent commenced on three completed property developments. As of December 31, 2025, we had three property developments under construction, with rent expected to commence at various dates throughout 2026. The following table illustrates actual and anticipated rent commencement of those developments.
| Tenant Industry | Location | Lease Term (Years) | Actual or Anticipated Rent Commencement |
|---|---|---|---|
| Automotive Service | Mobile, AL | 15 | Commenced 1Q'25 |
| Pet Supplies | Sumter, SC | 10 | Commenced 2Q'25 |
| Automotive Service | Cedar Rapids, IA | 15 | Commenced 2Q'25 |
| Automotive Service | Whitestown, IN | 15 | 2Q'26 |
| Automotive Service | Goldsboro, NC | 15 | 3Q'26 |
| Health and Fitness | Fort Worth, TX | 20 | 4Q'26 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.