NetSTREIT Corp.

Greetings and welcome to the NetStreet third quarter 2026 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 during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Matt Miller. Thank you. You may begin.

Good morning and thank you for joining us for NetStreet's third quarter 2026 earnings conference call. On today's call, management's remarks and responses to your questions may contain statements considered forward-looking under federal securities law. These statements address matters subject to risk and uncertainties that may cause actual results to differ from those discussed today. For more information on these factors, we encourage you to review our latest Form 10-K and other SEC filings. All forward-looking statements are made as of today's date, and NetStreet assumes no obligation to update them 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, reconciliations for the most comparable GAAP measures, and an explanation of their usefulness to investors. These materials can be found in the investor relations section of the company's website at netstreet.com. Today's call is hosted by NetStreet CEO Mark Manheimer and CFO Dan Donlan. They will make some prepared remarks followed by a Q&A session. With that, I'll turn the call over to Mark.

Thank you, Matt, and good morning, everyone. We appreciate you joining us today to discuss NetStreet's third quarter 2026 results. Before I get into the numbers, I want to recognize the hard work of our team across acquisitions, asset management, accounting, and capital markets. Their discipline and focus have allowed us to stay both active and selective in a quickly changing transaction environment. We are pleased to report another solid quarter of investments leased to high-quality net lease tenants. While higher interest rates have raised capital costs across the net lease sector, our smaller relative denominator, low leverage, and strong liquidity are true differentiators for NetStreet. We can afford to remain discriminating in our investment decisions, and yet we still have considerable capital capacity to fund an increasingly attractive opportunity set from a nominal yield perspective as the market evolves. In the third quarter, we completed strong gross investment activity of $273.1 million at a 7.4% blended cash yield with a weighted average lease term of 13 years. Approximately 44% of the annualized base rent from these investments was derived from investment grade and investment grade profile tenants. These investments are focused around our core necessity and service-based retail categories, which we believe should prove resilient in any macroeconomic backdrop. Year to date, gross investments have totaled $811 million at the same 7.4% blended cash yield, which is well ahead of $657.1 million we completed for all of 2025. This meaningful increase in volume speaks to the scalability of our platform and our team's ability to ramp up when market conditions are favorable. During the third quarter, we also executed dispositions of $39.5 million at a 7.2% cash yield and had $28.2 million of loan repayments. In the near term, we intend to remain active on asset sales to prudently manage the risk profile of our assets and lease maturities in order to maximize cash flows for the long term. Looking at the broader market, we believe cap rates are likely to increase moderately in the short term as higher financing costs continue to work through the system. A meaningful portion of the buyer universe, particularly smaller private buyers, have historically relied on higher leverage and more expensive debt to make deals pencil. As that capital has become less available and more costly, these buyers are increasingly being shut out of the acquisition market. At the same time, larger institutions have materially less dry powder today. This dynamic is precisely why we operate with lower leverage and look to pre-fund our capital needs several quarters in advance. It preserves our flexibility and gives us the optionality to step up and take advantage of market disruption when and if it materializes rather than being constrained by balance sheet capacity. Turning to our portfolio, we had 913 investments at Cotter End generating $246.3 million of ABR, leads to 158 tenants across 28 industries in 46 states. With just one vacant asset at Cotter End, our occupancy was 99.9%, our weighted average lease term was 10.1 years, and investment grade and investment grade profile tenants represented over 58% of ABR. From a diversification standpoint, our top 10 tenants now represent 29.2% of ABR versus 37.9% at this time last year. Furthermore, the unit level coverage of our portfolio improved to 3.9 times and was just 3.4% of ABR having less than 1.5 times coverage. We are well insulated should a weaker economy more broadly dampen retail sales. From a capital markets perspective, we secured $550 million of additional financing commitments and extended our weighted average debt maturity profile with no major debt maturities until 2029. Total liquidity at quarter end exceeded $1.25 billion, including significant undrawn revolver and term loan capacity along with unsettled forward equity. Leverage remains conservative with adjusted net debt to annualized adjusted EBITDA RE of 3.7 times. Turning to guidance, we are maintaining our full-year 2026 AFFO per share guidance range of $1.37 to $1.39, and we now expect 2026 net investment activity of at least $800 million, which is modestly up from our prior range of $700 million to $800 million. In summary, the third quarter demonstrated the strength of our platform, the resilience of our portfolio, and the flexibility of our balance sheet. We remain optimistic about our growth prospects given our capital runway through 2027 and the continued availability of attractive opportunities. With that, I'll turn the call over to Dan to review the third quarter financial results in greater detail. We will then be happy to take your questions.