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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 December 1, 2023; closing price per share of $16.08. 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 December 1, 2023. 3. (NOI - TTM G&A) / Implied Real Estate Value.",
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      "text": "Applied Nominal Cap Rate – Sensitivity Analysis (unaudited, in thousands) Three Months Ended, September 30, 2023 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 7.50% 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) Value of outstanding forward equity¹ 98.7 Implied Equity Value $1,215 $1,267 $1,323 $1,383 $1,447 Fully Diluted Shares Outstanding 69.2 Unsettled Forward Shares¹ 6.0 Implied Equity Value per Share $16.17 $16.86 $17.60 $18.40 $19.25",
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      "text": "Peer Benchmarking Implied Cap Rate² G&A Adjusted Implied Cap Rate³ 2024E AFFO Multiple ESSENTIAL PROPERTIES 6.2% 5.7% 14.2x AGREE REALTY CORPORATION 6.3% 5.9% 14.7x #FCPT 6.5% 5.8% 13.9x REALTY INCOME The Monthly Dividend Company\" 6.7% 6.4% 13.1x NATIONAL RETAIL PROPERTIES NYSE:NNN 7.1% 6.7% 12.4x SPIRIT REALTY 7.3% 6.7% 11.4x NETSTREIT 7.5% 6.1% 13.0x Average 6.8% 6.2% 13.2x",
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