NTST - Slightly Raising FAD Estimates and Price Target to $22 From $21, Maintaining Buy Rating

研报英文原文证据摘录

NTST - Slightly Raising FAD Estimates and Price Target to $22 From $21, Maintaining Buy Rating

Truist Securities

Equity Research Report May 11, 2026

REAL ESTATE INVESTMENT NETSTREIT Corp. (NTST)

TRUSTS: Triple Net REITs

NTST - Slightly Raising FAD Estimates and Price Target to $22

Michael Lewis, CFA From $21, Maintaining Buy Rating

212-319-5659

Michael.R.Lewis@truist.com

What’s Incremental to Our View: We are slightly raising our FAD estimates and price

Kyle Bonci target, supported by higher assumed acquisition volume. We are assuming $719 million of

914-419-9491 acquisitions in 2026 ($647M net versus $550-$650M guidance) at a 7.5% average yield,

Kyle.Bonci@truist.com followed by $740 million ($733M net) at 7.4% in 2027. We think our 4.1% five-year annual

FAD growth projection could prove conservative, particularly if the cost of capital improves in

the out years of our model. Our $22 12-month price target (was $21) implies roughly steady

earnings multiples and an 11% total return.

Stock Rating BUY

Unchanged

Raising FAD Estimates: We are increasing our 2026 FFO estimate to $1.34 per share

Price Target $22.00 ($1.35ps excluding a small non-recurring loss in 1Q26) from $1.31ps. We are raising

↑ our 2026 FAD estimate to $1.39ps from $1.37ps, which matches the high end of

from management’s $1.36-$1.39ps AFFO guidance range and is a penny per share above the

$21.00 $1.38ps consensus.

We are raising our 2027 FFO estimate to $1.40ps from $1.37ps. Our 2027 FAD estimate

goes to $1.45ps from $1.44ps, which is a penny per share below the $1.46ps consensus.

TR to Target 10.7% Our estimates imply 6.4% year-over-year FADps growth in 2026, followed by 4.7% growth

Price (May 8, 2026) $20.67 in 2027. We project 4.1% average annual FADps growth from 2026-2031.

52-Wk Range $21.20-$15.45