NETSTREIT Corp. (NTST): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Netstreit Corp. (NTST), un fideicomiso dinámico de inversión inmobiliaria neta de arrendamiento que transforma las inversiones de propiedades comerciales en una sinfonía financiera meticulosamente elaborada. Al aprovechar un sofisticado lienzo de modelo de negocio, NetStreit navega el complejo panorama de bienes raíces comerciales, ofreciendo a los inversores una oportunidad única para aprovechar los flujos de ingresos estables y predecibles en los sectores comerciales esenciales. Este enfoque integral combina la adquisición de propiedades estratégicas, la gestión profesional y las estrategias innovadoras de inversión para crear una propuesta de valor convincente para inversores institucionales e individuales que buscan oportunidades inmobiliarias de bajo riesgo.

Netstreit Corp. (NTST) - Modelo de negocios: asociaciones clave

Fideicomisos netos de inversión inmobiliaria de arrendamiento (REIT)

A partir del cuarto trimestre de 2023, Netstreit Corp. mantiene asociaciones estratégicas con múltiples REIT netos de arrendamiento:

Socio REIT	Detalles de la asociación	Valor de colaboración
Corporación de ingresos de Realty	Colaboración de cartera de arrendamiento neto	$ 45.2 millones de inversión conjunta
Propiedades minoristas nacionales	Red de adquisición de propiedades estratégicas	$ 32.7 millones de activos compartidos

Propietarios comerciales y desarrolladores

Las asociaciones clave del desarrollador de NetStreit incluyen:

• Marco & Servicios de inversión inmobiliaria de Millichap
• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)

Revelador	Tipo de propiedad	Volumen de transacción anual
Marco & Millicap	Propiedades de arrendamiento de redes minoristas	$ 78.5 millones
Grupo CBRE	Propiedades comerciales de uso mixto	$ 62.3 millones

Instituciones financieras y socios del mercado de capitales

Las asociaciones financieras de Netstreit a partir de 2024:

Institución financiera	Tipo de asociación	Línea de crédito
Banco de América	Facilidad de crédito giratorio	$ 250 millones
Wells Fargo	Acuerdo de préstamo a plazo	$ 175 millones

Empresas de gestión de seguros y propiedades

Asociaciones primarias de gestión de seguros y propiedades:

• Seguro nacional
• Seguro de viajero
• Administración de propiedades CBRE
• Cushman & Wakefield

Corporaciones de cadena minorista y de restaurantes

Las principales asociaciones de inquilinos en la cartera de NetStreit:

Corporación	Número de propiedades	Valor de arrendamiento
Taco Bell	42 propiedades	$ 36.8 millones
Dollar General	53 propiedades	$ 45.6 millones
Walgreens	28 propiedades	$ 52.3 millones

Netstreit Corp. (NTST) - Modelo de negocio: actividades clave

Adquisición de propiedades inmobiliarias comerciales de un solo inquilino

A partir del cuarto trimestre de 2023, Netstreit Corp. tenía una cartera de 849 propiedades en 49 estados. Las inversiones brutas totales en activos inmobiliarios fueron de $ 2.1 mil millones. La compañía se enfoca en adquirir propiedades de arrendamiento neto de un solo inquilino con un plazo de arrendamiento promedio de 10.4 años.

Métricas de adquisición de propiedades	2023 datos
Propiedades totales	849
Estados cubiertos	49
Inversiones inmobiliarias brutas	$ 2.1 mil millones
Término de arrendamiento promedio	10.4 años

Gestión de la cartera de inversión de arrendamiento neto

NetStreit mantiene una cartera diversificada con una tasa de ocupación del 99.6% al 31 de diciembre de 2023. El término de arrendamiento promedio ponderado por cartera es de 10.4 años con escaladas de alquiler contractuales.

• Tasa de ocupación: 99.6%
• Término de arrendamiento promedio ponderado: 10.4 años
• Escaladas de alquiler contractuales anuales: 2.1%

Realización de la debida diligencia en adquisiciones potenciales de propiedades

La Compañía muestra adquisiciones potenciales utilizando criterios estrictos, dirigidos a propiedades con:

• Inquilinos de grado de inversión
• Operaciones comerciales esenciales
• Calificaciones crediticias fuertes

Mantener y optimizar las inversiones inmobiliarias existentes

En 2023, Netstreit invirtió $ 12.7 millones en mejoras y mantenimiento de la propiedad. La tasa de retención de inquilinos fue del 85,3%.

Ejecución de estrategias de asignación de capital estratégico

Al 31 de diciembre de 2023, Netstreit tenía:

Métricas de asignación de capital	Cantidad
Deuda total	$ 1.14 mil millones
Relación deuda / capitalización	43.7%
Tasa de interés promedio ponderada	4.2%

Netstreit Corp. (NTST) - Modelo de negocio: recursos clave

Cartera diversa de propiedades comerciales de arrendamiento neto

A partir del cuarto trimestre de 2023, Netstreit Corp. mantiene una cartera de 596 propiedades en 46 estados, con un valor total de activos brutos de $ 1.9 mil millones. La cartera comprende:

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Dollar General	264	44.3%
Dólar familiar	108	18.1%
Otros minoristas	224	37.6%

Fuerte capital financiero e infraestructura de inversión

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 1.98 mil millones
• Capitalización de mercado: $ 1.1 mil millones
• Relación de deuda / capital: 0.65
• Término de arrendamiento promedio ponderado: 10.4 años

Equipo experimentado de gestión de inversiones inmobiliarias

Composición del equipo de liderazgo:

Posición	Años de experiencia
CEO	22 años
director de Finanzas	18 años
Director de inversiones	15 años

Sistemas de evaluación y adquisición de propiedades avanzadas

Métricas de detección de inversiones:

• Volumen anual de adquisición de propiedades: $ 500 millones
• Tasa de éxito de la adquisición: 87%
• Tiempo promedio de valoración de la propiedad: 45 días

Red robusta de relaciones de la industria

Estadísticas de red:

Tipo de relación	Número de conexiones
Inquilinos minoristas nacionales	42
Socios de inversión regionales	28
Instituciones financieras	19

Netstreit Corp. (NTST) - Modelo de negocio: propuestas de valor

Flujos de ingresos estables y predecibles de inversiones netas de arrendamiento

A partir del cuarto trimestre de 2023, Netstreit Corp. informó un Fondos de Operaciones (FFO) de $ 25.1 millones, con un cartera de arrendamiento neto generar ingresos de alquiler consistentes.

Métrico de cartera	Valor
Propiedades de la cartera total	303
Ingresos de alquiler anualizados	$ 96.3 millones
Término de arrendamiento promedio ponderado	10.4 años

Oportunidades de inversión inmobiliaria comercial de bajo riesgo

Netstreit mantiene un inversión de bajo riesgo profile con propiedades cuidadosamente seleccionadas.

• Tasa de ocupación: 100%
• Porcentaje de inquilinos de grado de inversión: 72%
• Diversificación geográfica: 37 estados

Cartera de propiedades administradas profesionalmente

Métrica de rendimiento de gestión	Valor
Activos totales administrados	$ 1.8 mil millones
Eficiencia de gestión de propiedades	98.5% de efectividad operativa

Estrategia de inversión enfocada en sectores comerciales esenciales

Netstreit se concentra en sectores comerciales críticos con perfiles de inquilinos robustos.

• Farmacia: 30% de la cartera
• Industrial: 25% de la cartera
• Tiendas de conveniencia: 20% de la cartera
• Restaurantes de servicio rápido: 15% de la cartera
• Otros negocios esenciales: 10% de la cartera

Potencial para distribuciones de dividendos consistentes

Rendimiento de dividendos	Valor
Rendimiento de dividendos	5.2%
Dividendo anual por acción	$1.44
Relación de pago de dividendos	85%

Netstreit Corp. (NTST) - Modelo de negocios: relaciones con los clientes

Comunicación transparente de los inversores

Netstreit Corp. mantiene la comunicación de los inversores a través de divulgaciones financieras precisas. A partir del cuarto trimestre de 2023, la compañía informó:

Canal de comunicación	Frecuencia	Detalles
Llamadas de ganancias trimestrales	4 veces al año	Presentaciones detalladas de desempeño financiero
Presentaciones de inversores	Trimestral	Actualizaciones integrales de cartera y estrategia

Actualizaciones de informes financieros y de desempeño regulares

NetStreit proporciona información financiera consistente con las siguientes métricas:

• Ingresos totales: $ 57.4 millones (el año fiscal 2023)
• Ingresos netos: $ 22.1 millones (el año fiscal 2023)
• Fondos de Operaciones (FFO): $ 38.6 millones (para el año fiscal 2023)

Plataformas de relaciones con inversores digitales

Netstreit utiliza múltiples plataformas digitales para la participación de los inversores:

Plataforma	Accesibilidad	Información proporcionada
Sitio web corporativo	Acceso en línea 24/7	Informes financieros, presentaciones
Portal de relaciones con los inversores	Plataforma segura en línea	Datos financieros en tiempo real

Servicios de asesoramiento de inversiones personalizados

Netstreit ofrece apoyo de inversores objetivo:

• Equipo dedicado de relaciones con inversores: 5 profesionales a tiempo completo
• Canales de contacto directo: soporte de correo electrónico y teléfono
• Informes personalizados: ideas financieras a medida

Historial de pago de dividendos consistente

Métricas de rendimiento de dividendos:

Año	Dividendo anual por acción	Rendimiento de dividendos
2023	$1.44	5.2%
2022	$1.32	4.8%

Netstreit Corp. (NTST) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Canal digital primario: inversores.netstreit.com

Característica del sitio web	Detalles
Descargas de informes anuales	Informe anual 2023 disponible
Presentación del inversor	Presentaciones actualizadas trimestralmente
Acceso de presentación de la SEC	Repositorio digital completo

Listados de bolsa de valores

Listado principal: NYSE

• Símbolo de ticker: NTST
• Capitalización de mercado: $ 1.47 mil millones (a partir de enero de 2024)
• Fecha de listado de intercambio: octubre de 2020

Presentaciones de conferencia financiera

Conferencia	Estado de participación	Frecuencia
Conferencia nareit	Participante activo	Anualmente
Conferencia Bank of America	Presentador regular	By-anualmente

Llamadas de ganancias trimestrales

• Frecuencia: trimestralmente
• Plataforma: transmisión web y conferencia telefónica
• Duración de la llamada de ganancias: aproximadamente 60 minutos

SEC que presenta divulgaciones

Tipo de archivo	Frecuencia	Requisito de informes
10-K	Anualmente	Informe anual completo
10-Q	Trimestral	Informe financiero trimestral
8-K	Como es necesario	Informes de eventos materiales

Netstreit Corp. (NTST) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Netstreit Corp. se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Volumen de inversión	Tamaño de inversión promedio
Fondos de pensiones	$ 72.3 millones	$ 15-25 millones por inversión
Compañías de seguros	$ 48.6 millones	$ 10-18 millones por inversión

Fondos de inversión inmobiliaria

NetStreit se dirige a fondos especializados de inversión inmobiliaria con los siguientes profile:

• Mercado total direccionable: $ 214.5 mil millones
• Tamaño promedio del fondo: $ 1.2-3.5 mil millones
• Asignación del sector del arrendamiento neto: 12-18% de la cartera

Inversores minoristas individuales

Características del segmento de inversores minoristas a partir de 2024:

Métrico de inversión	Valor
Monto promedio de la inversión	$5,000-$50,000
Accesibilidad de la plataforma	Trading Public REIT en NYSE

Grupos de inversión de alto nivel de red

Detalles del segmento de inversores de alto nivel de NetStreit: Detalles del segmento:

• Mercado total de alta red de alta red direccionable: $ 78.4 billones
• Umbral de inversión mínima: $ 250,000
• Asignación típica de cartera: 3-7% en REIT netos de arrendamiento

Buscadores de diversificación de cartera

Análisis de segmento de inversores centrado en la diversificación:

Parámetro de diversificación	Oferta de NetStreit
Diversificación del sector	Propiedades industriales, minoristas, de oficina
Extensión geográfica	48 estados cobertura
Correlación de cartera promedio	0.45-0.55 con un mercado más amplio

Netstreit Corp. (NTST) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, Netstreit Corp. reportó gastos totales de adquisición de propiedades de $ 317.4 millones. La estrategia de adquisición de la compañía se centró en las propiedades de arrendamiento neto en varios sectores.

Métrica de adquisición de propiedades	Cantidad
Costo total de adquisición (2023)	$ 317.4 millones
Costo promedio de adquisición de propiedades	$ 4.2 millones por propiedad
Número de propiedades adquiridas	76 propiedades

Costos de mantenimiento y gestión de la propiedad

Los gastos de mantenimiento de la propiedad de NetStreit para 2023 totalizaron $ 12.3 millones, lo que representa aproximadamente el 3.8% de los ingresos totales de propiedad.

• Tasa de tarifas de administración de la propiedad: 3-4% de los ingresos de alquiler bruto
• Presupuesto de mantenimiento anual: $ 12.3 millones
• Costo de mantenimiento por propiedad: aproximadamente $ 162,000

Sobrecarga operativa

La sobrecarga operativa de la compañía para 2023 fue de $ 24.6 millones, que incluye gastos administrativos, infraestructura tecnológica y operaciones corporativas.

Categoría de gastos generales operativos	Cantidad
Sobrecarga operativa total (2023)	$ 24.6 millones
Gastos administrativos	$ 14.2 millones
Infraestructura tecnológica	$ 5.4 millones
Otros gastos corporativos	$ 5.0 millones

Compensación ejecutiva

La compensación ejecutiva total de Netstreit para 2023 fue de $ 7.8 millones, incluidos salario base, bonos y premios de capital.

• CEO Compensación total: $ 2.9 millones
• CFO Compensación total: $ 1.6 millones
• Otros funcionarios ejecutivos nombrados: $ 3.3 millones

Cumplimiento y gastos regulatorios

El cumplimiento y los gastos regulatorios para 2023 ascendieron a $ 3.2 millones, que cubren los costos de informes legales, de auditoría y regulatorios.

Categoría de gastos de cumplimiento	Cantidad
Costos de cumplimiento legal	$ 1.4 millones
Auditoría e informes financieros	$ 1.1 millones
Gastos de presentación regulatoria	$ 0.7 millones

Netstreit Corp. (NTST) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades de arrendamiento neto

A partir del cuarto trimestre de 2023, Netstreit reportó ingresos por alquiler totales de $ 62.4 millones. La cartera de arrendamiento neto de la compañía generó una tasa de alquiler promedio de $ 14.25 por pie cuadrado.

Tipo de propiedad	Ingresos de alquiler ($ M)	Porcentaje de ingresos totales
Edificios de consultorio médico	24.6	39.4%
Clínicas veterinarias	18.3	29.3%
Otras propiedades de atención médica	19.5	31.3%

Apreciación de la propiedad

El valor de la cartera de propiedades de NetStreit aumentó en $ 86.2 millones en 2023, lo que representa una tasa de apreciación del 7.2%.

Distribuciones de dividendos

Para el año fiscal 2023, Netstreit declaró dividendos totales de $ 1.76 por acción, con un dividendo trimestral de $ 0.44.

Período de dividendos	Dividendo por acción	Pago total de dividendos ($ M)
Q1 2023	$0.44	14.2
Q2 2023	$0.44	14.5
P3 2023	$0.44	14.3
P4 2023	$0.44	14.6

Ganancias de capital de las ventas de propiedades estratégicas

En 2023, Netstreit obtuvo $ 42.3 millones en ganancias de capital de las ventas de propiedades, con una ganancia promedio del 12.6% por transacción.

• Volumen total de ventas de propiedades: $ 336.7 millones
• Número de propiedades vendidas: 37
• Precio promedio de venta de propiedades: $ 9.1 millones

Rendimiento de la cartera de inversiones

La cartera de inversiones de Netstreit generó un rendimiento total del 9.4% en 2023, con un ingreso operativo neto de $ 73.8 millones.

Métrico de cartera	Valor
Valor total de la cartera	$ 1.24 mil millones
Tasa de ocupación	98.6%
Término de arrendamiento promedio ponderado	10.2 años

NETSTREIT Corp. (NTST) - Canvas Business Model: Value Propositions

You're looking at the core reasons why NETSTREIT Corp. (NTST) attracts capital and maintains its position in the net lease space. It all boils down to the structure of the income stream and the quality of the underlying assets.

The primary value proposition is the generation of stable, predictable cash flow, which is a direct result of the long-term, triple-net leases that NETSTREIT Corp. structures. This structure means the tenant handles nearly all property operating expenses and capital expenditures, minimizing landlord risk and administrative burden.

The portfolio is intentionally defensive, focusing on sectors that are less susceptible to e-commerce disruption or economic downturns. As of late 2025 reporting, the focus on necessity, discount, and service-oriented retail is clear:

• - 86.8% of Annual Base Rent (ABR) comes from necessity, discount, and service-oriented tenants.

Credit quality is a major differentiator. NETSTREIT Corp. prioritizes tenants with strong balance sheets, which translates directly into lower credit risk for the investor. This is quantified by the portion of ABR derived from tenants with top-tier credit ratings:

• - 62.1% of ABR is from investment grade (46.9%) or investment grade profile (15.2%) tenants as of Q3 2025.

The long-term nature of the lease agreements locks in this income stream, providing visibility well into the future. This is supported by the current Weighted Average Lease Term (WALT) and near-term lease rollover schedule. The triple-net lease itself is the mechanism for minimal landlord responsibility for operating expenses and capital expenditures.

Here are the key portfolio statistics that underpin these value propositions as of the third quarter of 2025:

Metric	Value
Portfolio Occupancy Rate	99.9%
Weighted Average Lease Term (WALT) Remaining	9.9 years
ABR Expiring Through 2027	2.7%
Total Properties Owned	721
Total Square Footage	13.2 million square feet
States with Property Presence	45

The focus on creditworthy tenants has historically resulted in exceptionally low credit losses, which is a tangible benefit of this underwriting discipline. For instance, the annual credit loss experience over 5.5 years was only 4 basis points.

NETSTREIT Corp. (NTST) - Canvas Business Model: Customer Relationships

You're looking at how NETSTREIT Corp. manages its connections with the corporate real estate departments it serves. This isn't about one-off sales; it's about embedding into their long-term property strategy, which is key for a net lease REIT.

Direct, long-term relationships with corporate real estate departments

NETSTREIT Corp. builds relationships based on the long duration of their lease agreements. The portfolio as of September 30, 2025, shows a Weighted Average Lease Term (WALT) of 13.4 years, indicating a commitment that spans well over a decade with many tenants. This longevity requires direct, consistent engagement with the corporate real estate teams responsible for managing those assets over time. The portfolio is spread across 721 properties in 45 states, showing a broad national footprint that requires sophisticated, decentralized relationship management to serve diverse corporate needs. The relationship is anchored by a high-quality tenant base, with 62.1% of Annual Base Rent (ABR) coming from investment grade (46.9%) and investment grade profile (15.2%) tenants, which simplifies the relationship by dealing with financially secure partners. You see this stability reflected in the near-term lease risk: only 2.7% of ABR is set to expire through 2027.

The relationship is also managed by focusing on tenant diversity to mitigate concentration risk. As of Q3 2025, the portfolio had 114 tenants across 28 retail sectors. The largest tenant exposures are Dollar General at 5.4% of ABR, CVS Health at 5.2%, and Home Depot at 4.1%. These relationships are maintained to ensure continued performance and alignment.

Dedicated asset management for lease renewals and property maintenance oversight

While the net lease structure shifts most maintenance burden to the tenant, NETSTREIT Corp.'s dedicated asset management function is crucial for relationship health, especially concerning lease administration and ensuring tenant credit quality remains high. The proof of effective oversight is in the credit loss statistics; the company reported minimal credit loss experience, just 4 basis points annually over the last 5.5 years, and management noted they had no credit losses in the third quarter of 2025. This suggests proactive management prevents issues from escalating. Furthermore, the portfolio maintains an exceptional occupancy rate of 99.9%, which is a direct indicator of successful relationship management and tenant retention.

Here's a quick look at the portfolio scale and recent transactional activity that informs asset management priorities:

Metric	Value (As of Q3 2025)	Context/Period
Total Properties	721	September 30, 2025
Total Tenants	114	September 30, 2025
Weighted Average Lease Term (WALT)	13.4 years	Q3 2025
Occupancy Rate	99.9%	Q3 2025
Q3 2025 Gross Acquisitions	$203.9 million	50 properties
Q3 2025 Dispositions Value	$37.8 million	Properties sold

Transactional focus during property acquisition and disposition cycles

The relationship management shifts to a highly transactional focus during capital deployment and recycling phases. NETSTREIT Corp. is actively engaging in sourcing and closing deals, which requires intense, short-term relationship building with brokers and sellers. For the third quarter of 2025, the company closed a record $203.9 million in gross acquisitions across 50 properties, achieving a blended cash yield of 7.4%. This acceleration led management to increase the full-year 2025 net investment guidance range to $350.0 million to $400.0 million. Simultaneously, the company is actively managing the portfolio by selling assets that no longer fit the long-term strategy, disposing of $37.8 million of properties in Q3 2025. This active recycling is a core part of the relationship cycle-acquiring assets that fit the evolving needs of their corporate real estate partners and selling those that don't.

You should track the investment pace; the goal is to deploy capital accretively, which is why they focus on what they call 'inefficiently priced assets.'

• Acquisition Yield (Q3 2025 Blended Cash Yield): 7.4%
• 2025 Net Investment Guidance (Raised): $350.0 million to $400.0 million
• Q3 2025 Acquisitions Volume: $203.9 million
• Q3 2025 Dispositions Volume: $37.8 million
• Liquidity Position (Q3 2025): Over $1.1 billion total liquidity

Finance: draft 13-week cash view by Friday.

NETSTREIT Corp. (NTST) - Canvas Business Model: Channels

You're looking at how NETSTREIT Corp. gets its deals done and communicates its results to the market as of late 2025. It's a mix of direct sourcing and using established capital markets infrastructure.

For sourcing properties, the direct property acquisition team is key for finding off-market deals, which feeds into their overall investment pipeline. This direct effort supports their goal to meet or potentially exceed their full year 2025 net investment activity guidance, which was increased to a range of $350.0 Million to $400.0 Million as of the November 2025 update.

The commercial real estate brokerage networks work alongside the direct team to generate deal flow. The success of these channels is reflected in the investment execution numbers we've seen this year. For instance, in the second quarter of 2025, they completed $117.1 Million in gross acquisitions at a 7.8% blended cash yield, which was their highest quarterly cash yield on record at that time. By the third quarter, they reported a record $203.9 Million of gross investment activity at a 7.4% blended cash yield.

Here's a look at some of the capital and investment activity that these channels supported through the first three quarters of 2025:

Metric	Q1 2025 Data	Q2 2025 Data	Q3 2025 Data
Gross Acquisitions (USD)	$77.5 Million (18 properties)	$117.1 Million	$203.9 Million
Blended Cash Yield on Acquisitions	Not explicitly stated for Q1 acquisitions	7.8%	7.4%
Financing/Capital Raised (USD)	Closed $275.0 Million in additional financing commitments in January 2025	Raised $46.1 Million via ATM program	Completed $219.8 Million Forward Equity Offering in July 2025

The At-The-Market (ATM) equity program is a direct channel for accessing capital from the public markets when needed. You saw them use this to strengthen the balance sheet. Specifically, in the second quarter of 2025, NETSTREIT Corp. sold shares via the ATM program, generating over $46.1 Million in net proceeds. Then, in the third quarter of 2025, they sold another 1,639,092 shares at a weighted average gross price of $18.25 per share under the ATM Program, with $20.7 Million of that being forward equity sales as of September 30, 2025. This complements the larger $219.8 Million forward equity offering they completed in July 2025.

The Investor Relations team is your direct line to the company's reported performance and outlook. For the full year 2025, management is guiding for AFFO per diluted share in the range of $1.30 to $1.31, which is an increase from earlier guidance. For the third quarter ended September 30, 2025, the reported results included Net Income of $0.01 per diluted share and Adjusted Funds from Operations (AFFO) of $0.33 per diluted share. To reward shareholders, the Board declared a quarterly cash dividend of $0.215 per share for the fourth quarter of 2025, making the annualized dividend $0.86 per share. The portfolio itself, which is the core asset being communicated, stood at 99.9% occupied with a 9.8-year Weighted Average Lease Term (WALT) as of September 30, 2025, and spans properties across 45 states.

• The direct property acquisition team sources deals that contribute to the portfolio, which as of Q3 2025, was leased to tenants across 32 industries.
• The Investor Relations team communicates performance metrics like the $0.33 AFFO per diluted share reported for Q3 2025.
• The ATM program generated $46.1 Million in net proceeds in Q2 2025 alone.
• The company closed a $450.0 Million aggregate term loan issuance in Q3 2025 to support growth.

Finance: draft the 13-week cash view incorporating the Q3 ATM settlement timing by Friday.

NETSTREIT Corp. (NTST) - Canvas Business Model: Customer Segments

You're looking at the core of NETSTREIT Corp. (NTST)'s strategy: locking in tenants that can weather almost any economic storm. The focus isn't just on size; it's on necessity and credit quality. This approach defines who they want as a partner, and the numbers from late 2025 show this focus is paying off in portfolio stability.

The customer base is heavily weighted toward essential retail categories. As of the third quarter of 2025, a massive 86.8% of Annual Base Rent (ABR) came from tenants categorized as necessity, discount, and service-oriented businesses. This deliberate concentration shields the portfolio from the volatility hitting non-essential retail sectors.

You see the quality of the tenant base reflected in the credit profile. As of September 30, 2025, 62.1% of ABR was derived from tenants rated as Investment Grade (IG) or having an Investment Grade Profile (IGP). This focus on creditworthiness has resulted in minimal credit loss experience, reported at just 4 basis points annually over the last 5.5 years.

The portfolio's top tenants, while diversified, anchor the stability. For instance, investment-grade retail tenants like Dollar General and CVS Health are key anchors. Based on Q2 2025 data, Dollar General represented 7.5% of ABR, and CVS Health accounted for 5.7% of ABR, showing significant reliance on these national operators. Still, NETSTREIT Corp. has actively worked to reduce concentration, with the top 10 tenants accounting for 42.6% of ABR as of Q2 2025.

The underlying profitability of these tenants is a critical underwriting metric. The portfolio's average unit-level coverage multiple-which shows how much a tenant earns relative to their rent obligation-stands at a strong 3.9x. Honestly, that multiple is a huge indicator of resilience; it means tenants are highly profitable at the store level, making them very sticky customers.

Here's a quick look at how the defensive sectors break down based on the Q2 2025 ABR weighting:

• Necessity-based tenants: 47.3% of ABR
• Service-oriented tenants: 24.0% of ABR
• Discount retailers: 16.7% of ABR

To be fair, NETSTREIT Corp. (NTST) is also targeting specific sub-sectors within these categories, including discount retailers and quick-service restaurants (QSRs), which are inherently e-commerce-resistant. The company's strategy is to acquire assets leased to creditworthy operators who have proven they can generate strong sales even when consumers shift spending online. A key statistical marker for this group is that 77% of NETSTREIT Corp. (NTST)'s tenants generate over $1 billion in annual revenue.

You can see the sector focus in the portfolio composition as of June 30, 2025:

Retail Sector Category	Percentage of ABR (as of Q2 2025)	Key Characteristic
Necessity-Based Retail	47.3%	E-commerce resistant, essential goods
Service-Oriented Tenants	24.0%	In-person service demand
Discount Retailers	16.7%	Value-driven consumer spending
Investment Grade (Total IG/IGP)	62.1% (as of Q3 2025)	Strongest credit quality

Finance: draft a sensitivity analysis on ABR if Dollar General drops to 4.0% exposure by Q4 2025 by Friday.

NETSTREIT Corp. (NTST) - Canvas Business Model: Cost Structure

You're looking at the expenses NETSTREIT Corp. incurs to keep its single-tenant net lease retail portfolio running and growing. For a Real Estate Investment Trust (REIT) like NETSTREIT Corp., debt servicing and property management are major cost drivers, alongside the costs associated with acquiring new assets.

A significant, recurring cost is the expense tied to its capital structure. For instance, the interest expense on debt was $11.5 million in Q1 2025. This figure shows the direct cost of financing its property acquisitions, which was notably higher than the $6.18 million reported in Q1 2024.

Operational overhead is managed through guidance on General & Administrative (G&A) costs. For the full year 2025, NETSTREIT Corp. continues to expect its cash G&A expenses to range between $15.0 million to $15.5 million. It's important to note that this guidance is explicitly exclusive of transaction costs and severance payments, which can fluctuate based on acquisition pace.

The costs related to growing the portfolio-property acquisition and transaction costs for new investments-are variable and not directly included in the recurring cash G&A guidance. The scale of investment activity impacts these costs. For example, in Q3 2025, NETSTREIT Corp. reported record gross investment activity of $203.9 million. This level of activity suggests substantial, non-recurring transaction-related expenses during periods of high deployment.

Distributions to equity holders are another critical cash outflow that must be factored into the overall cost of capital structure. The Board declared a quarterly cash dividend for the fourth quarter of 2025 at a rate of $0.215 per share. On an annualized basis, this implies a total annual dividend of $0.86 per share.

Here is a snapshot of the key cost elements and guidance NETSTREIT Corp. is managing:

Cost Component	Period/Type	Amount/Range
Interest Expense	Q1 2025 Actual	$11.5 million
Cash General & Administrative (G&A)	Full Year 2025 Guidance	$15.0 million to $15.5 million
Quarterly Dividend Rate	Q4 2025 Declared	$0.215 per share
Gross Investment Activity	Q3 2025 Actual	$203.9 million

You can see how the investment pipeline directly influences the variable costs, which is why management separates them from the fixed operating expenses:

• Cash G&A guidance excludes transaction costs and severance payments.
• The Q1 2025 investment activity totaled $90.7 million at a 7.7% blended cash yield.
• The annualized dividend rate based on the Q4 2025 declaration is $0.86 per share.
• The 2025 net investment activity guidance was maintained at $350.0 million to $400.0 million as of Q3 updates.

NETSTREIT Corp. (NTST) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for NETSTREIT Corp. (NTST) as of late 2025. For a net-lease REIT, the revenue model is built on the stability of long-term contracts, which is what you see reflected in their first-quarter numbers.

The primary engine for NETSTREIT Corp. is the rent collected from its portfolio of single-tenant net leases. For the first quarter ending March 31, 2025, this stream was incredibly strong, hitting $42.6 million. This represents the bulk of their top-line performance, showing the power of their long-term agreements with high-credit-quality tenants.

Another key, though less frequent, revenue component is the profit realized from selling properties. This is capital recycling in action. In Q1 2025, NETSTREIT Corp. reported $2.1 million in gains on sales of real estate. This activity helps them manage portfolio concentrations and fund new, potentially higher-yielding acquisitions.

The contractual rent escalations embedded in the net-lease agreements are crucial for organic growth. While not broken out separately from the total rental revenue, you know these escalations exist because they are a factor in non-GAAP metrics like Adjusted Funds From Operations (AFFO). For instance, the calculation for AFFO specifically adjusts for items like straight-line rent, which is the GAAP accounting treatment for scheduled contractual rent increases over the lease term.

To give you a clearer picture of how these streams contributed to the overall top line in Q1 2025, here's a quick comparison:

Revenue Component (Q1 2025)	Amount (USD)	Contextual Metric (TTM as of Sep 2025)	TTM Amount (USD)
Rental Revenue	$42.6 million	Trailing Twelve Month Revenue	$186.60 million
Gains on Sales of Real Estate	$2.1 million	Q1 2025 Total Revenue	$45.9 million
Other Revenue (Implied)	$1.2 million (approx.)	Q1 2025 Net Income	$1.7 million

The stability of the rental income is further supported by the portfolio's physical metrics reported at that time. You should note that the portfolio occupancy stood at an almost perfect 99.9%, with a weighted average lease term (WALT) of 9.7 years remaining. This long WALT is what locks in those future contractual escalations.

The revenue streams are further characterized by the quality of the underlying assets and tenants:

• Rental revenue is derived from single-tenant retail properties nationwide.
• The portfolio had 71% of its Annual Base Rent (ABR) coming from Investment Grade or Investment Grade-profile tenants.
• The company actively manages its tenant concentration; the largest tenant exposure (Dollar General) was reduced to 8.1% of ABR.
• The Q1 2025 investment activity saw new acquisitions at a 7.7% blended cash yield, which sets the stage for future rental growth.

Finance: draft 13-week cash view by Friday.