NETSTREIT Corp. (NTST): Business Model Canvas [Dec-2025 Updated]

You're looking for reliable, defensive income streams in retail real estate, and honestly, NETSTREIT Corp. (NTST) has engineered a model specifically for that by focusing on acquiring high-quality, single-tenant net-lease properties. As a seasoned analyst, I see a machine built for stability: they've kept occupancy at an impressive 99.9% across their 705 properties as of Q2 2025, all secured by long-term leases averaging 9.9 years. This focus on necessity-based tenants delivered $42.6 million in rental revenue in Q1 2025, keeping landlord responsibilities minimal. If you want to see the nine precise components-from their capital-raising partnerships to their cost structure dominated by interest expense of $11.5 million in Q1 2025-that power this predictable cash flow engine, check out the full Business Model Canvas below.

NETSTREIT Corp. (NTST) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships NETSTREIT Corp. (NTST) relies on to fuel its net-lease property acquisition engine and maintain its capital structure as of late 2025. These partnerships are the plumbing for both debt and equity financing, plus the boots-on-the-ground execution for deal flow.

The reliance on investment banks for large-scale debt financing is clear. In September 2025, NETSTREIT Corp. closed on $450.0 million in additional financing commitments through a new Term Loan Credit Agreement. This involved a $200.0 million senior unsecured, 5.5-year term loan facility (the 2031 Term Loan) and a $250.0 million senior unsecured, 7-year term loan facility (the 2032 Term Loan), of which $100.0 million was funded immediately. PNC Bank, National Association, acted as the agent for this agreement, with PNC Capital Markets LLC serving as the sole Bookrunner. Also involved as Joint Lead Arrangers were The Huntington National Bank, Truist Securities, Inc., Capital One, National Association, and Regions Capital Markets.

For equity, NETSTREIT Corp. partners with institutional investors via forward equity offerings to lock in pricing while delaying share issuance. The July 2025 offering priced 10,800,000 shares at $17.70 per share, with the potential to reach 12,420,000 shares upon full exercise of the underwriters' option, generating gross proceeds of approximately $219.8 million. Affiliates of BofA Securities and Wells Fargo Securities acted as the forward purchasers. By the third quarter of 2025, the outstanding forward equity balance had increased to $430 million.

The core business of acquiring single-tenant net-lease properties requires a network of commercial real estate brokers for sourcing and execution. NETSTREIT Corp.'s investment pace in 2025 shows this activity in action. For instance, in the second quarter of 2025, the company completed 32 investments at a weighted average cash cap rate of 7.8%. The increased full-year 2025 net investment activity guidance reached $350 million to $400 million. As of Q2 2025, the portfolio stood at 705 properties across 45 states.

Due diligence on these net-lease transactions is supported by specialized legal and title partners. For the September 2025 debt financing, Cooley LLP acted as counsel to NETSTREIT Corp., while Alston & Bird LLP acted as counsel to the Administrative Agents. This level of external legal support is standard for transactions involving $450.0 million in new term loan commitments.

Here's a quick look at the key financial partnership activity:

Partnership Role	Transaction/Activity Type	Key Financial Amount/Volume	Date/Period Reference
Investment Banks (Agent/Arrangers)	Term Loan Issuance	$450.0 million in commitments	September 2025
Institutional Investors (via Forward Sale Agreements)	Forward Equity Offering	Gross Proceeds of approx. $219.8 million	July 2025
Institutional Investors (Outstanding Forward Equity)	Balance Sheet Impact	$430 million outstanding	Q3 2025
Commercial Real Estate Brokers (Implied Activity)	Gross Investment Activity	$117.1 million	Q2 2025
Commercial Real Estate Brokers (Implied Activity)	Net Investment Guidance (Raised)	$350 million to $400 million	FY 2025
Legal Counsel (Debt Transaction)	Term Loan Agreement Representation	Represented parties on $450.0 million facility	September 2025

The involvement of specific financial institutions in the July 2025 equity raise included BofA Securities and Wells Fargo Securities as forward purchasers, with Baird serving as a bookrunner. The September 2025 debt facility saw PNC Bank, National Association, as the agent, with Joint Lead Arrangers including PNC Capital Markets LLC, The Huntington National Bank, Truist Securities, Inc., Capital One, National Association, and Regions Capital Markets.

You should check the latest 10-Q filing for the exact number of properties sourced by brokers in Q3 2025, as Q2 showed 32 properties acquired.

Finance: draft the next 13-week cash flow projection incorporating the delayed draw availability of $150.0 million from the 2032 Term Loan, which is available until September 25, 2026.

NETSTREIT Corp. (NTST) - Canvas Business Model: Key Activities

You're looking at how NETSTREIT Corp. (NTST) actively manages its portfolio to drive shareholder returns, which really boils down to disciplined buying, smart financing, and rock-solid property management. The key activities here are all about execution on the ground, making sure every dollar spent on acquisition generates a strong, predictable return.

Here's a look at the core operational focus areas as of late 2025, based on their Q3 results:

• - Accretive acquisition of single-tenant retail properties at a 7.4% Q3 2025 cash yield.
• - Capital raising and balance sheet management, securing over $1.1 billion in liquidity.
• - Portfolio diversification by tenant, sector, and geography across 45 states.
• - Active asset management to maintain a 99.9% occupancy rate.

The acquisition engine was firing on all cylinders in the third quarter, which is a testament to management's ability to source deals even as they manage the balance sheet. Here's a quick breakdown of that recent investment activity and the resulting portfolio strength:

Metric	Value	Context/Date
Gross Investment Volume (Q3 2025)	$203.9 million	Record quarterly activity.
Weighted Average Cash Yield (New Investments)	7.4%	Q3 2025 blended cash yield.
Properties Acquired (Q3 2025)	50	Part of the record investment volume.
Total Liquidity (Q3 2025)	Over $1.1 billion	Comprised of cash, revolver, forward equity, and term loan capacity.
Pro-Forma Leverage (Q3 2025)	3.6x	Adjusted Net Debt to Annualized Adjusted EBITDAre.
Portfolio Occupancy Rate	99.9%	Maintained through Q3 2025.

Also, you see the focus on tenant quality supporting that high occupancy, which is crucial for consistent cash flow. They're not just buying anything; they're being selective about who occupies the space. For instance, as of Q3 2025, the portfolio had:

• - 721 properties across the portfolio.
• - Exposure to 114 tenants across 28 retail sectors.
• - 62.1% of Annual Base Rent (ABR) from investment grade or investment grade profile tenants.
• - Top tenants like Dollar General accounting for 5.4% of ABR.

The active asset management also includes capital recycling, which means selling assets to fund new ones. In Q3 2025, they sold $37.8 million of properties at a 7.2% cap rate. This activity helps them stay ahead of diversification goals, which management noted was well ahead of schedule for year-end targets. Finance: draft 13-week cash view by Friday.

NETSTREIT Corp. (NTST) - Canvas Business Model: Key Resources

You're looking at the core assets that power NETSTREIT Corp.'s operations right now, late in 2025. These aren't just line items; they are the tangible and intangible strengths that generate the cash flow you're tracking. Honestly, for a net lease REIT, the quality and structure of the real estate portfolio and the balance sheet supporting it are everything.

The foundation is definitely the physical asset base. As of the second quarter of 2025, NETSTREIT Corp. held a diversified portfolio of 705 single-tenant retail properties across 45 states. By the third quarter of 2025, that portfolio had grown slightly to 721 investments. This portfolio is operating at near-perfect efficiency, maintaining a 99.9% occupancy rate as of both Q2 and Q3 2025.

The financial underpinning is just as critical. You need a strong balance sheet to weather any near-term market wobbles, and NETSTREIT Corp. has been disciplined about this. The pro-forma leverage of 3.6x adjusted net debt to annualized adjusted EBITDAre as of September 30, 2025, shows they are operating well within their targeted range. Furthermore, total liquidity was substantial, reported at $1,134,420 thousand as of the end of Q3 2025, with pro forma liquidity reaching $1,164,102 thousand.

The structure of the income stream is locked in by long-term contracts. The portfolio features long-term net leases with a weighted average lease term of 9.9 years as of September 30, 2025. This long duration helps smooth out near-term earnings volatility. To be fair, the quality of the tenants matters as much as the term; as of Q3 2025, 62.1% of the Annualized Base Rent (ABR) came from Investment Grade or Investment Grade Profile tenants.

Finally, you can't discount the people running the show. The company is led by a management team with seasoned commercial real estate expertise, which is essential for executing their strategy of acquiring granular, defensive assets.

Here's a quick snapshot of those key quantitative resources as of the latest reported period, Q3 2025, unless otherwise noted:

Key Resource Metric	Value/Amount	Reporting Period
Number of Properties (Q2 reference)	705	Q2 2025
Number of Investments (Latest)	721	Q3 2025
Occupancy Rate	99.9%	Q3 2025
Pro-Forma Leverage (Net Debt / EBITDAre)	3.6x	Q3 2025
Weighted Average Lease Term (WALT)	9.9 years	Q3 2025
Investment Grade / IG Profile ABR %	62.1%	Q3 2025
Total Liquidity	$1,134,420 thousand	Q3 2025

The operational focus is also reflected in the acquisition strategy, which in Q2 2025 yielded a record blended cash cap rate of 7.8% on $117.1 million of gross investments.

You should check the latest investor deck to see how the management team is deploying that liquidity, especially given the increased net investment guidance for 2025, which was raised to a range of $350.0 million to $400.0 million. Finance: draft 13-week cash view by Friday.

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.