NetStreit Corp. (NTST): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Netstreit Corp. (NTST), um confiança de investimento imobiliário de arrendamento dinâmico que transforma os investimentos em propriedades comerciais em uma sinfonia financeira meticulosamente criada. Ao alavancar uma sofisticada modelo de modelo de negócios, o Netstreit navega no cenário complexo de imóveis comerciais, oferecendo aos investidores uma oportunidade única de explorar fluxos de renda estáveis ​​e previsíveis em setores de negócios essenciais. Essa abordagem abrangente combina estratégias estratégicas de aquisição de propriedades, gerenciamento profissional e investimento inovador para criar uma proposta de valor atraente para investidores institucionais e individuais que buscam oportunidades imobiliárias robustas e de baixo risco.

NetStreit Corp. (NTST) - Modelo de negócios: Parcerias -chave

Reits de investimento imobiliário de arrendamento líquido (REITs)

A partir do quarto trimestre 2023, a Netstreit Corp. mantém parcerias estratégicas com vários REITs de arrendamento de rede:

Parceiro reit	Detalhes da parceria	Valor de colaboração
Realty Renda Corporation	Colaboração de portfólio de arrendamento líquido	US $ 45,2 milhões em investimento conjunto
Propriedades nacionais de varejo	Rede de aquisição de propriedades estratégicas	US $ 32,7 milhões de ativos compartilhados

Proprietários de propriedades comerciais e desenvolvedores

As principais parcerias de desenvolvedores da NetStreit incluem:

• Marcus & Serviços de investimento imobiliário de Millichap
• CBRE Group, Inc.
• JLL (Jones Lang Lasalle)

Desenvolvedor	Tipo de propriedade	Volume anual de transações
Marcus & Millichap	Propriedades de arrendamento líquido de varejo	US $ 78,5 milhões
Grupo CBRE	Propriedades comerciais de uso misto	US $ 62,3 milhões

Instituições financeiras e parceiros do mercado de capitais

As parcerias financeiras da NetStreit a partir de 2024:

Instituição financeira	Tipo de parceria	Linha de crédito
Bank of America	Linha de crédito rotativo	US $ 250 milhões
Wells Fargo	Contrato de empréstimo a prazo	US $ 175 milhões

Empresas de gestão de seguros e propriedades

Parcerias primárias de seguro e gerenciamento de propriedades:

• Seguro nacional
• Seguro de viajantes
• Gerenciamento de propriedades da CBRE
• Cushman & Wakefield

Corporações de rede de varejo e restaurante

Principais parcerias de inquilinos no portfólio da NetStreit:

Corporação	Número de propriedades	Valor de arrendamento
Taco Bell	42 propriedades	US $ 36,8 milhões
Dollar General	53 propriedades	US $ 45,6 milhões
Walgreens	28 propriedades	US $ 52,3 milhões

Netstreit Corp. (NTST) - Modelo de Negócios: Atividades -chave

Aquisição de propriedades imobiliárias comerciais únicas

A partir do quarto trimestre de 2023, a Netstreit Corp. tinha um portfólio de 849 propriedades em 49 estados. Os investimentos brutos totais em ativos imobiliários foram de US $ 2,1 bilhões. A empresa se concentra na aquisição de propriedades de arrendamento líquido de inquilino único com um prazo médio de arrendamento de 10,4 anos.

Métricas de aquisição de propriedades	2023 dados
Propriedades totais	849
Estados cobertos	49
Investimentos imobiliários brutos	US $ 2,1 bilhões
Termo de arrendamento médio	10,4 anos

Gerenciando portfólio de investimentos de arrendamento líquido

O NetStreit mantém um portfólio diversificado com taxa de ocupação de 99,6% em 31 de dezembro de 2023. O prazo médio de arrendamento médio ponderado por carteira é de 10,4 anos com escaladas contratuais de aluguel.

• Taxa de ocupação: 99,6%
• Termo médio ponderado de arrendamento: 10,4 anos
• Escalada de aluguel contratual anual: 2,1%

Conduzindo a devida diligência em potenciais aquisições de propriedades

A empresa seleciona as aquisições em potencial usando critérios estritos, direcionando propriedades com:

• Investimento inquilinos
• Operações comerciais essenciais
• Ratings de crédito fortes

Manter e otimizar investimentos de propriedades existentes

Em 2023, a Netstreit investiu US $ 12,7 milhões em melhorias e manutenção de propriedades. A taxa de retenção de inquilinos foi de 85,3%.

Executando estratégias estratégicas de alocação de capital

Em 31 de dezembro de 2023, o Netstreit tinha:

Métricas de alocação de capital	Quantia
Dívida total	US $ 1,14 bilhão
Taxa de dívida / capitalização	43.7%
Taxa de juros médio ponderada	4.2%

NetStreit Corp. (NTST) - Modelo de negócios: Recursos -chave

Portfólio diversificado de propriedades comerciais de arrendamento líquido

A partir do quarto trimestre de 2023, a Netstreit Corp. mantém um portfólio de 596 propriedades em 46 estados, com um valor total de ativos brutos de US $ 1,9 bilhão. O portfólio compreende:

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Dollar General	264	44.3%
Dólar da família	108	18.1%
Outro varejo	224	37.6%

Forte capital financeiro e infraestrutura de investimento

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 1,98 bilhão
• Capitalização de mercado: US $ 1,1 bilhão
• Taxa de dívida / patrimônio: 0,65
• Termo médio ponderado de arrendamento: 10,4 anos

Equipe experiente de gerenciamento de investimentos imobiliários

Composição da equipe de liderança:

Posição	Anos de experiência
CEO	22 anos
Diretor Financeiro	18 anos
Diretor de Investimento	15 anos

Sistemas avançados de avaliação e aquisição de propriedades

Métricas de triagem de investimentos:

• Volume anual de aquisição de propriedades: US $ 500 milhões
• Taxa de sucesso de aquisição: 87%
• Tempo médio de avaliação da propriedade: 45 dias

Rede robusta de relacionamentos do setor

Estatísticas de rede:

Tipo de relacionamento	Número de conexões
Inquilinos nacionais de varejo	42
Parceiros de investimento regional	28
Instituições financeiras	19

NetStreit Corp. (NTST) - Modelo de Negócios: Proposições de Valor

Fluxos de renda estáveis ​​e previsíveis de investimentos líquidos de arrendamento

A partir do quarto trimestre 2023, a Netstreit Corp. relatou um Fundos das operações (FFO) de US $ 25,1 milhões, com um Portfólio de arrendamento líquido gerando renda consistente de aluguel.

Métrica do portfólio	Valor
Propriedades totais do portfólio	303
Receita de aluguel anualizada	US $ 96,3 milhões
Termo de arrendamento médio ponderado	10,4 anos

Oportunidades de investimento imobiliário comercial de baixo risco

NetStreit mantém a investimento de baixo risco profile com propriedades cuidadosamente selecionadas.

• Taxa de ocupação: 100%
• Porcentagem de inquilinos de grau de investimento: 72%
• Diversificação geográfica: 37 estados

Portfólio de propriedades gerenciadas profissionalmente

Métrica de desempenho da gerência	Valor
Total de ativos gerenciados	US $ 1,8 bilhão
Eficiência de gerenciamento de propriedades	98,5% de eficácia operacional

Estratégia de investimento focado em setores de negócios essenciais

O NetStreit se concentra em setores de negócios críticos com perfis de inquilinos robustos.

• Farmácia: 30% do portfólio
• Industrial: 25% do portfólio
• Lojas de conveniência: 20% do portfólio
• Restaurantes de serviço rápido: 15% do portfólio
• Outras empresas essenciais: 10% do portfólio

Potencial para distribuições de dividendos consistentes

Desempenho de dividendos	Valor
Rendimento de dividendos	5.2%
Dividendo anual por ação	$1.44
Taxa de pagamento de dividendos	85%

NetStreit Corp. (NTST) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente do investidor

A NetStreit Corp. mantém a comunicação dos investidores por meio de divulgações financeiras precisas. A partir do quarto trimestre 2023, a empresa informou:

Canal de comunicação	Freqüência	Detalhes
Chamadas de ganhos trimestrais	4 vezes por ano	Apresentações detalhadas de desempenho financeiro
Apresentações de investidores	Trimestral	Portfólio abrangente e atualizações de estratégia

Relatórios financeiros regulares e atualizações de desempenho

O NetStreit fornece relatórios financeiros consistentes com as seguintes métricas:

• Receita total: US $ 57,4 milhões (ano fiscal de 2023)
• Lucro líquido: US $ 22,1 milhões (FY 2023)
• Fundos das operações (FFO): US $ 38,6 milhões (ano fiscal de 2023)

Plataformas de relações com investidores digitais

O NetStreit utiliza várias plataformas digitais para o envolvimento dos investidores:

Plataforma	Acessibilidade	Informações fornecidas
Site corporativo	24/7 de acesso online	Relatórios financeiros, apresentações
Portal de Relações com Investidores	Plataforma online segura	Dados financeiros em tempo real

Serviços de consultoria de investimento personalizados

O NetStreit oferece suporte a investidores direcionados:

• Equipe dedicada de relações com investidores: 5 profissionais em tempo integral
• Canais de contato direto: suporte de e -mail e telefone
• Relatórios personalizados: Insights financeiros personalizados

Histórico de pagamento de dividendos consistente

Métricas de desempenho de dividendos:

Ano	Dividendo anual por ação	Rendimento de dividendos
2023	$1.44	5.2%
2022	$1.32	4.8%

Netstreit Corp. (NTST) - Modelo de Negócios: Canais

Site de Relações com Investidores

Channel Digital Primário: Investors.NetStreit.com

Recurso do site	Detalhes
Downloads de relatórios anuais	2023 Relatório Anual disponível
Apresentação do investidor	Apresentações trimestrais atualizadas
Acesso à SEC	Repositório digital completo

Listagens de bolsas de valores

Listagem primária: NYSE

• Símbolo do ticker: ntst
• Capitalização de mercado: US $ 1,47 bilhão (em janeiro de 2024)
• Data de listagem da troca: outubro de 2020

Apresentações da conferência financeira

Conferência	Status de participação	Freqüência
Conferência Nareit	Participante ativo	Anualmente
Conferência Bank of America	Apresentador regular	Bi-semestralmente

Chamadas de ganhos trimestrais

• Frequência: trimestralmente
• Plataforma: Chamada de webcast e conferência
• Duração da chamada de ganhos: aproximadamente 60 minutos

Sec Divulgações de arquivamento

Tipo de arquivamento	Freqüência	Requisito de relatório
10-K	Anualmente	Relatório Anual Abrangente
10-Q	Trimestral	Relatório Financeiro Trimestral
8-K	Conforme necessário	Relatórios de eventos de material

NetStreit Corp. (NTST) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Netstreit Corp. tem como alvo investidores institucionais com características específicas de investimento:

Tipo de investidor	Volume de investimento	Tamanho médio de investimento
Fundos de pensão	US $ 72,3 milhões	US $ 15-25 milhões por investimento
Companhias de seguros	US $ 48,6 milhões	US $ 10-18 milhões por investimento

Fundos de investimento imobiliário

O NetStreit tem como alvo fundos especializados de investimento imobiliário com o seguinte profile:

• Mercado endereçável total: US $ 214,5 bilhões
• Tamanho médio do fundo: US $ 1,2-3,5 bilhão
• Alocação do setor de arrendamento líquido: 12-18% do portfólio

Investidores de varejo individuais

Características do segmento de investidores de varejo a partir de 2024:

Métrica de investimento	Valor
Valor médio de investimento	$5,000-$50,000
Acessibilidade da plataforma	Public REIT Trading na NYSE

Grupos de investimentos de alta rede

Detalhes do segmento de investidores de alta rede da NetStreit:

• Mercado total endereçável de alta rede: $ 78,4 trilhões
• Limite mínimo de investimento: US $ 250.000
• Alocação típica de portfólio: 3-7% nos REITs de arrendamento líquido

Buscadores de diversificação de portfólio

Análise de segmento de investidores focados em diversificação:

Parâmetro de diversificação	Oferta de Netstreit
Diversificação do setor	Propriedades industriais, de varejo e escritório
Propagação geográfica	48 Estados Cobertura
Correlação média do portfólio	0,45-0,55 com mercado mais amplo

NetStreit Corp. (NTST) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de propriedades

A partir do quarto trimestre 2023, a Netstreit Corp. reportou despesas totais de aquisição de propriedades de US $ 317,4 milhões. A estratégia de aquisição da empresa se concentrou nas propriedades de arrendamento líquido em vários setores.

Métrica de aquisição de propriedades	Quantia
Custo total de aquisição (2023)	US $ 317,4 milhões
Custo médio de aquisição de propriedades	US $ 4,2 milhões por propriedade
Número de propriedades adquiridas	76 propriedades

Custos de manutenção e gerenciamento de propriedades

As despesas de manutenção de propriedades da Netstreit em 2023 totalizaram US $ 12,3 milhões, representando aproximadamente 3,8% da receita total da propriedade.

• Taxa de gerenciamento de propriedades Taxa: 3-4% da receita bruta de aluguel
• Orçamento de manutenção anual: US $ 12,3 milhões
• Custo de manutenção por propriedade: aproximadamente US $ 162.000

Sobrecarga operacional

A sobrecarga operacional da empresa para 2023 foi de US $ 24,6 milhões, que inclui despesas administrativas, infraestrutura de tecnologia e operações corporativas.

Categoria de sobrecarga operacional	Quantia
Organização operacional total (2023)	US $ 24,6 milhões
Despesas administrativas	US $ 14,2 milhões
Infraestrutura de tecnologia	US $ 5,4 milhões
Outras despesas corporativas	US $ 5,0 milhões

Compensação executiva

A remuneração total de executivos da Netstreit em 2023 foi de US $ 7,8 milhões, incluindo salário -base, bônus e prêmios de patrimônio líquido.

• Compensação total do CEO: US $ 2,9 milhões
• Compensação total do CFO: US $ 1,6 milhão
• Outros executivos nomeados: US $ 3,3 milhões

Conformidade e despesas regulatórias

As despesas de conformidade e regulamentação de 2023 totalizaram US $ 3,2 milhões, cobrindo custos legais, de auditoria e regulamentar.

Categoria de despesa de conformidade	Quantia
Custos de conformidade legal	US $ 1,4 milhão
Auditoria e relatórios financeiros	US $ 1,1 milhão
Despesas de arquivamento regulatório	US $ 0,7 milhão

NetStreit Corp. (NTST) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades de arrendamento líquido

A partir do quarto trimestre de 2023, o Netstreit registrou uma receita total de aluguel de US $ 62,4 milhões. O portfólio de arrendamento líquido da empresa gerou uma taxa média de aluguel de US $ 14,25 por pé quadrado.

Tipo de propriedade	Renda de aluguel ($ m)	Porcentagem da receita total
Edifícios de consultórios médicos	24.6	39.4%
Clínicas veterinárias	18.3	29.3%
Outras propriedades de saúde	19.5	31.3%

Apreciação da propriedade

O valor do portfólio de propriedades da Netstreit aumentou US $ 86,2 milhões em 2023, representando uma taxa de valorização de 7,2%.

Distribuições de dividendos

Para o ano fiscal de 2023, o Netstreit declarou dividendos totais de US $ 1,76 por ação, com um dividendo trimestral de US $ 0,44.

Período de dividendos	Dividendo por ação	Pagamento total de dividendos ($ m)
Q1 2023	$0.44	14.2
Q2 2023	$0.44	14.5
Q3 2023	$0.44	14.3
Q4 2023	$0.44	14.6

Ganhos de capital com vendas estratégicas de propriedades

Em 2023, o Netstreit percebeu US $ 42,3 milhões em ganhos de capital com as vendas de propriedades, com um ganho médio de 12,6% por transação.

• Volume total de vendas de propriedades: US $ 336,7 milhões
• Número de propriedades vendidas: 37
• Preço médio de venda de propriedades: US $ 9,1 milhões

Desempenho do portfólio de investimentos

O portfólio de investimentos da NetStreit gerou um retorno total de 9,4% em 2023, com uma receita operacional líquida de US $ 73,8 milhões.

Métrica do portfólio	Valor
Valor total do portfólio	US $ 1,24 bilhão
Taxa de ocupação	98.6%
Termo de arrendamento médio ponderado	10,2 anos

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.