Triple-net REITs: 2Q26 Net Lease Earnings Weekly Recap: EPRT, GTY & NTST

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Triple-net REITs: 2Q26 Net Lease Earnings Weekly Recap: EPRT, GTY & NTST

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Triple-net REITs

2Q26 Net Lease Earnings Weekly Recap:

EPRT, GTY & NTST

Price Objective Change

27 July 20262Q AFFO broadly in line; 2026 AFFO guidance raised

2Q Net Lease results have been broadly in line, with EPRT & NTST meeting consensus Equity

and GTY missing by 1c. Positive, all three raised FY26 AFFO guidance, with EPRT & United States

NTST increasing their midpoints by 0.5c and GTY by 2c; the revised midpoints are in line REITs

with consensus for GTY & NTST and slightly below for EPRT. Raises reflect stronger Jana Galan

investment activity, attractive spreads and healthy portfolio performance. We expect Research Analyst

similar trends from peers (ADC, O, NNN, FVR, EPR & WPC). Following 2Q results, we BofAS+1 646 855-5042

reiterate our Buy ratings on EPRT & GTY given leading AFFO growth & below-historical jana.galan@bofa.com

multiples and our Neutral rating on NTST as it trades near its historical AFFOx. Jeffrey Spector

Research Analyst

Deal flow continues to be healthy & cap rates are stable BofAS+1 646 855 1363

Transaction activity remains healthy, with all three REITs converting robust pipelines jeff.spector@bofa.com

into closings during the quarter: EPRT invested $332mn, NTST deployed $299mn, and Daniel Byun

GTY invested $128mn plus another $13.5mn post-quarter. Cap rates remain stable, with ResearchBofAS Analyst

EPRT’s initial cash yield at 7.8% (+10bp Q/Q), NTST’s blended cash yield at 7.4% (-10bp +1 646 855 3195 daniel.byun@bofa.com

Q/Q), and GTY’s initial cash yield at 7.4%. NTST noted it “has not yet seen” rates move

REITs Team

cap rates, consistent with our recent LNL Capital expert call, which found transaction BofAS