NETSTREIT Q2: AFFO Reaches $0.35, Portfolio Expands to $3.2B, $400M ATM Initiated
NTST sits 27% above its 52-week low of $17.02.
Summary
NETSTREIT's Q2 2026 results highlight robust portfolio growth and rising AFFO, supported by a new $400M ATM program and ongoing acquisitions. The dividend was increased to $0.225/share.
Key Events · Earnings and Guidance · NTST
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Q2 AFFO $0.35, Revenue Up 27%
Driven by a larger property portfolio, AFFO per share rose 6.1% to $0.35 on rental revenue of $57.8 million, up 28% year-over-year.
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$400M ATM Program Launched
A new $400 million at-the-market equity program was established in April 2026; by quarter-end, $178.4 million in forward equity had been sold under it at a weighted-average price of $20.51.
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Portfolio Grows to $3.2B
The company acquired 79 properties for $252.7 million in Q2, bringing total investments to 864 properties with a gross investment portfolio of $3.2 billion.
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Dividend Increased to $0.225
The Board declared a Q3 dividend of $0.225 per share, up from $0.22 in Q2, payable September 15, 2026.
Analysis · NTST · Real Estate & Construction
A solid quarter was delivered, with AFFO per share climbing 6.1% to $0.35, fueled by aggressive acquisitions—79 properties were added in Q2 alone. Growth continues to be funded through equity: a new $400 million ATM program was established, and $178 million in forward equity had already been sold under it. While dilution remains a headwind, the portfolio now spans 864 properties with 100% occupancy and a 10-year weighted average lease term. The balance sheet stays manageable, with net debt to annualized adjusted EBITDAre at 6.5x, and the 2029 term loan was extended while its margin was reduced. Signaling confidence in cash flow durability, the quarterly dividend was raised to $0.225.
At the time of this filing, NTST was trading at $21.67 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $17.02 to $22.47. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.