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  "presentationDate": "2023-11-01 00:00:00",
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      "text": "Source: Public filings, FactSet and S&P Capital IQ. Note: Capitalization and operating data as of September 30, 2023. Market data as of November 10, 2023; closing price per share of $15.10. Companies may define adjusted cash NOI differently. Accordingly, such data for these companies and NTST may not be comparable. 1. Assumes 6.0 million shares issued through the ATM during the third quarter were settled for cash on September 30, 2023. 2. Implied cap rate as of November 10, 2023. 3. (NOI - TTM G&A) / Implied Real Estate Value.",
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      "text": "NOI $27.3 Straight-line Rental Adjustments (0.2) Amort. of Lease-Related Intangibles (0.1) Cash NOI 26.9 Intraquarter Net Investment Activity 1.3 Normalized Cash NOI 28.2 Annualized Normalized Cash NOI $113.0 Applied Cap Rate 7.5% 7.25% 7.00% 6.75% 6.50% Implied Real Estate Value $1,506 $1,558 $1,614 $1,673 $1,738 Mortgage Loan Receivable 109.1 Property Under Development 33.5 Other Tangible Assets 69.4 Net Debt (567.5) Other Tangible Liabilities (33.7) Net Proceeds from 3Q'23 ATM Activity¹ 98.7 Implied Equity Value $1,215 $1,267 $1,323 $1,383 $1,447 Fully Diluted Shares Outstanding 69.2 Unsettled Forward Shares from 3Q'23 ATM Activity¹ 6.0 Implied Equity Value per Share $16.17 $16.86 $17.60 $18.40 $19.25",
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      "text": "Implied Cap Rate² G&A Adjusted Implied Cap Rate³ 2024E AFFO Multiple ESSENTIAL PROPERTIES 6.6% 6.0% 13.1x AGREE REALTY CORPORATION 6.6% 6.1% 13.8x #FCPT 6.9% 6.2% 12.7x REALTY INCOME 7.1% 6.8% 12.1x NATIONAL RETAIL PROPERTIES 7.4% 7.0% 11.5x SPIRIT REALTY 7.7% 7.0% 10.3x NETSTREIT 7.9% 6.5% 12.2x Average 7.2% 6.7% 12.2x",
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