Netstreit Raises 2026 Net Investment Floor to $800 Million

The Tip Desk · October 27, 2026 · 3 min read

The net-lease REIT completed $273.1 million of third-quarter investments at a 7.4% blended cash yield and kept 2026 AFFO guidance at $1.37 to $1.39 a share.

NETSTREIT Corp. (NTST) now expects 2026 net investment activity of at least $800 million, lifting the floor of the $700 million to $800 million range it set after the second quarter.

The Dallas-based, internally managed REIT that acquires single-tenant net lease retail properties completed $273.1 million of gross investment activity in the third quarter ended September 30, 2026, across 84 deals, at a 7.4% blended cash yield. That compared with $298.9 million of gross investments in the second quarter and $239.0 million in the first quarter. Net investment activity was $205.4 million after $39.5 million of dispositions and $28.2 million of loan repayments.

Adjusted funds from operations were $0.35 a diluted share, up 6.1% from $0.33 a year earlier. Funds from operations were $0.35 a share and core FFO was $0.34 a share. Net income was $0.08 a diluted share, or $8.5 million, versus $0.01 a share, or $621,000, a year earlier. Rental revenue including reimbursables was $63.2 million.

The company maintained its full-year 2026 AFFO per share guidance of $1.37 to $1.39 and its cash general-and-administrative range of $16.5 million to $17.0 million, exclusive of transaction costs and severance. Chief Executive Officer Mark Manheimer said rapid changes in the capital markets had increased capital costs across the net lease space, and that NETSTREIT’s low leverage and ample liquidity positioned it to capitalize on opportunities from any prolonged market dislocation.

Guidance now includes about $0.035 to $0.04 a share of estimated dilution from outstanding forward equity under the treasury-stock method, or 2.8 million to 3.1 million shares, versus a prior range of $0.05 to $0.08 a share, or 3.6 million to 5.9 million shares. After settling 24.0 million forward shares in the third quarter, the company said its estimated 2026 weighted average share count is now about 2.0 million to 2.3 million shares higher than previously anticipated, with an estimated dilutive impact of $0.025 to $0.03 a share.

The board declared a fourth-quarter cash dividend of $0.225 a share, an annualized $0.90, unchanged from the quarterly rate set after the second quarter. The dividend is payable December 15, 2026.

As of September 30, the portfolio held 913 investments with annualized base rent of $246.3 million, 99.9% occupancy, a 10.1-year weighted average lease term, 158 tenants across 28 industries in 46 states. Investment-grade tenants accounted for 40.1% of ABR and investment-grade-profile tenants for 18.1%.

Net debt to annualized adjusted EBITDAre was 5.0x and adjusted net debt to annualized adjusted EBITDAre was 3.7x. Total liquidity was $1.254 billion, including $499.9 million of unused unsecured revolver capacity, $42.3 million of cash and restricted cash, $311.9 million of net unsettled forward equity, and a $400.0 million undrawn 2033 term loan. The company said it secured $550.0 million of additional financing commitments and extended its weighted-average debt maturity profile with no major maturities until 2029.

Six developments remained in process, with $28.5 million funded to date, $18.4 million of estimated funding remaining, and $46.9 million of total estimated cost.

Manheimer said the company remains optimistic about growth prospects given its resilient portfolio and capital runway through 2027.