NTST portfolio grows 22% to 864 properties; revenue +27% YoY; $714M forward equity unsettled

Filed July 22, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 23, 2025 · ~2 min read

Key Changes

• high

  Portfolio expanded from 707 to 864 properties (22% growth), with ABR rising 34% to $231.4M. Investment-grade tenant mix declined from 52% to 41% of ABR, suggesting higher-yield but higher-risk acquisitions.

  MD&A: Portfolio Composition verify on EDGAR →
• high

  Total revenue grew 26.9% YoY to $61.3M in Q2 2026. Net income doubled to $12.0M for the six months (vs $5.0M prior year), driven by rental revenue growth partially offset by 24% higher interest expense.

  MD&A: Financial Results verify on EDGAR →
• high

  Unsettled forward equity increased from 11.8M to 38.9M shares ($714M net proceeds when settled), providing substantial dry powder for acquisitions. February 2026 follow-on offering added 12.6M shares at $19.00.

  Notes: Forward Equity verify on EDGAR →