The Flywheel is Turning; Highlights from Our Investor Meetings

研报英文原文证据摘录

The Flywheel is Turning; Highlights from Our Investor Meetings

June 29, 2026

23 stock performance and now maintains $766M of unsettled forward

2221 equity, creating meaningful visibility into its ability to fund near-term

2019 growth. We believe that mountain of equity capital could position NTST

1716 to increase its 2026 investment guidance (currently $600M), while

06/25 09/25 12/25 03/26 06/26 still leaving ample capacity into 2027. While the meaningful level of

NTST Created by BlueMatrix unsettled forward equity has led to a treasury stock method accounting

headwind of $0.03 to $0.06 of anticipated 2026 AFFO dilution, we

believe 2026 could represent the high-water mark. As the company

settles equity and ramps investment activity against a robust pipeline,

2027 could reflect a more balanced relationship between portfolio size,

external growth, and equity funding.

●Deal Spreads: Deal spreads are currently ~180 basis points, and we

believe management will remain thoughtful about further growing

the investment pipeline as deal spreads expand, in conjunction with

the corresponding level of support they receive from investors for

that incremental earnings growth. The company recognizes that past

a certain threshold, outsized earnings growth may not always be

rewarded one-for-one by investors. That said, management also views

deal spreads moving above 200bps as a compelling signal to step on

the gas. With meaningful unsettled forward equity already in place, a

robust pipeline, and deal spreads approaching a level that could justify

a more aggressive pace of deployment, the company has the flexibility

to ramp investment activity as spreads expand, while still maintaining

a disciplined approach to growth.

●Tenant Credit: Tenant credit appears to be in a healthy position,