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  "documentTitle": "Netstreit | IPO Presentation Deck | 33 slides",
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  "authorName": "Netstreit",
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  "presentationDate": "2020-08-01 00:00:00",
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  "notes": "The slide uses a combination of macro-economic data (cap rate spreads) and peer-group valuation metrics (NAV premiums) to justify the timing of the investment strategy.",
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      "text": "The currently dislocated market backdrop provides a unique opportunity for a well-capitalized new entrant to build a fortified portfolio at a historically compelling basis",
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      "text": "PREM. / (DISC.) TO CONSENSUS NAV",
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      "text": "SINGLE-TENANT RETAIL CAP RATE SPREAD TO UST",
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      "kind": "paragraph",
      "text": "... which provides NETSTREIT a unique opportunity to capitalize on the current acquisition landscape. Less-competitive landscape for new investment opportunities with most non-IG/Defensive focused peers having seen their trading premiums largely evaporate",
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      "text": "Current environment provides attractive risk-adjusted returns. Cap rate spreads are currently above the mean and just below the max of the past fifteen years. Spreads have only exceeded the current levels 1% of the time since 2005.",
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      "text": "Despite market dislocation, investment grade and defensive-focused (\"IG/Defensive\") peers have a cost of capital advantage... IG/Defensive peers have performed better given heavier reliance on tenant credit, real estate underwriting and defensive, necessity-based concepts",
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      "text": "Sources: Real Capital Analytics, SNL Financial. 1. Real Capital Analytics and SNL Financial; chart reflects single-tenant retail cap rate spread to 10-year U.S. Treasury; minimum, mean and maximum spreads from 1/3/2005 to 7/31/2020. Monthly cap rate data as of June 2020. 2. SNL Financial: unaffected as of 2/21/2020; current as of 7/31/2020.",
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      "text": "Market Opportunity: Why Now?",
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