NetSTREIT Corp.

Greetings and welcome to the NetStreetCorp third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Matt Miller, Capital Markets and IR. Please go ahead.

We thank you for joining us for NetStreet's third quarter 2025 earnings conference call. In addition to the press release distributed yesterday after market closed, we posted a supplemental package and updated investor presentation. Both can be found in the investor relations section of the company's website at NetStreet.com. On today's call, management's remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. For more information about these risk factors, we encourage you to review our Form 10-K for the year ended December 31, 2024, and our other SEC filings. All forward-looking statements are made as of the date hereof, and NetStreet assumes no obligation to update any forward-looking statements in the future. In addition, certain financial information presented on this call includes non-GAAP financial measures. Please refer to our earnings release and supplemental package for definitions of our non-GAAP measures, reconciliations to the most comparable GAAP measure, and an explanation of why we believe such non-GAAP financial measures are useful to investors. Today's conference call is hosted by NetStreet's Chief Executive Officer, Mark Manheimer, and Chief Financial Officer, Dan Donilon. They will make some prepared remarks and then we will open up the call for questions. Now I'll turn the call over to Mark.

Thank you, Matt, and good morning, everyone. We appreciate you joining us today to discuss our strong third quarter results, which were highlighted by record quarterly investment activity, well executed capital markets transactions, and consistent performance from our defensive net lease portfolio. Looking ahead to the fourth quarter and beyond, we expect to remain highly acquisitive due to our improved cost of capital, our attractive opportunity set, and well-capitalized balance sheet. With that in mind, we are increasing our 2025 net investment guidance range to $350 million to $400 million, from $125 million to $175 million. Additionally, our year-to-date disposition activity has us well ahead of schedule to exceed our year-end diversification goals as evidenced by our top five tenancy declining 600 basis points this year to 22.9% at quarter end. Our momentum on the external growth front picked up considerable pace in the quarter as we closed a record $203.9 million of investments across 50 properties at a blended cash yield of 7.4%. These assets, which are primarily within resilient sectors such as grocery, auto service, convenience stores, and quick service restaurants, have an average lease term remaining of 13.4 years, and more than one-third of these investments are occupied by investment grade or investment grade profile tenants. Our weighted average lease term now stands at 9.9 years, up from 9.5 years a year ago, providing a strong foundation for predictable cash flows. Our ability to quickly ramp investments after raising capital in late July illustrates the inherent strength of our relationship-driven investment underwriting and closing teams. We would also note that our later start in the quarter did result in a substantial number of investments closing in the last week of the quarter, which limits their impact to the full year results. On the disposition front, we sold 24 properties for $37.8 million at a 7.2% cap rate, allowing us to recycle the proceeds into higher yielding opportunities as we have done every quarter in our existence. Please note that we see the fourth quarter as our last quarter of elevated disposition volume due to our focus on diversification. as we plan to return to our more normal disposition volumes focused on credit risk and opportunistic sales. Turning to the portfolio, we ended the quarter with 721 investments with 114 tenants and 28 industries generating more than $183 million in ABR across 45 states. With more than 62% of our ABR being generated from tenants with investment grade ratings or investment grade profiles, and only 2.7% of our ABR expiring through 2027, Our portfolio should continue to produce consistent and predictable cash flow. Our active portfolio management continues to contribute to our occupancy rate remaining at an industry-leading 99.9% with no material tenant disruptions. With that in mind, we expect to have our loan-vacant property, a former Big Lots, leased by the fourth quarter to an investment-grade tenant at more than a 20% increase in rent, with rent to convince later in 2026. While we have been able to generate highly favorable cash yields on investments as a public company, we are proud of our best-in-class credit loss statistics, as we again had no credit losses in the quarter. On the left side of the balance sheet, we believe our job is to find assets that generate the best risk-adjusted returns available, which is supported by our creative, multi-pronged investment approach, proven underwriting method, and proactive asset management process. By adhering to those core competencies, we aim to provide attractive and consistent cash flow generation for our investors. Looking at the right side of the balance sheet, we had an active quarter adding long-dated unsecured debt, further extending our debt maturity profile, and decreased our leverage with significant equity raising, which has accelerated our ability to accretively grow our portfolio, and in turn, enhance our earnings power as we look out to 2026 and beyond. Ending with the macro, while we have seen softness develop in the lower and middle income consumer and some noise in the private credit markets, our focus remains on accretive investments in high quality and less volatile necessity-based retail properties. We believe our tenant quality, diversification, and emphasis on opportunities with the best risk-adjusted returns positions us well for any and all macroeconomic environments. With that in mind, we are currently seeing the most attractive opportunity set that we have seen since going public over five years ago. and we are excited to have the dry powder to execute and drive growth well into the future. With that, I'll turn it over to Dan for more details on our financials and outlook.