{ "docId": "019de517-a68b-7445-890a-5d4593f7e34b", "docSlug": "59fc747b438d67cbcffaa93b7dfdfecd", "documentTitle": "Netstreit | Investor Presentation Deck | 40 slides", "authorId": "netstreit", "authorName": "Netstreit", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-12-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 3, "pageCount": 40, "prevPage": 2, "nextPage": 4, "slideType": "other", "function": "summarize", "density": "overcrowded", "nDataPoints": 16, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de517-a68b-7445-890a-5d4593f7e34b/3", "deckHref": "/decks/019de517-a68b-7445-890a-5d4593f7e34b", "deckJsonHref": "/decks/019de517-a68b-7445-890a-5d4593f7e34b.json", "deckAnchorHref": "/decks/019de517-a68b-7445-890a-5d4593f7e34b#slide-3", "components": [ { "bbox": { "h": 0.09, "w": 0.44, "x": 0.11, "y": 0.46 }, "kind": "list", "text": "Low leverage with no immediate-term debt maturities\nStrong liquidity supported by active ATM program; issued $126 million of common stock through the ATM, with vast majority completed on a forward basis during 3Q'23", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ee5e922-e09e-424f-a889-7d65aa9a73b0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.44, "x": 0.11, "y": 0.68 }, "kind": "list", "text": "Strong investment pace since 2020 with a strong pipeline of investment opportunities at attractive cash yields\n$117.5 million of investments completed in 3Q'23, which are 97.2% leased to IG and IGP tenants", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8429f04d-97e9-4263-832b-dbe0c255ad7e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.44, "x": 0.11, "y": 0.19 }, "kind": "list", "text": "Focused on growing portfolio with high quality tenants that offer strong credit profiles and provide consistent performance through various economic cycles\nProactive asset management with successful track record of maintaining full occupancy and strong rent collections through the pandemic\nWell diversified by tenant and retail industry across 45 states", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b22a0d2b-26c8-435f-a959-31234fed9572", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.04, "x": 0.772, "y": 0.46 }, "kind": "metric", "text": "22%", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1b58b8f2-83c5-47a5-a832-452af4b23f7d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.04, "x": 0.569, "y": 0.46 }, "kind": "metric", "text": "4.2x", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "21b2ab3b-9a89-4b90-ab69-32ea484bf850", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.569, "y": 0.68 }, "kind": "metric", "text": "$115 million", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "40948be5-b4ed-40f1-8204-c7c4b23c4579", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.07, "x": 0.569, "y": 0.27 }, "kind": "metric", "text": "100%", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4b6bbe09-b509-48d9-8a53-97cf34bee689", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.05, "x": 0.772, "y": 0.77 }, "kind": "metric", "text": "7.2%", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "53be92f5-1ad8-49de-bfd7-729bfc425421", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.05, "x": 0.772, "y": 0.68 }, "kind": "metric", "text": "6.7%", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6cc05331-a881-4303-8947-2cedc130fa1e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.06, "x": 0.772, "y": 0.19 }, "kind": "metric", "text": "87%", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6e57e7cb-994e-4bc1-8815-ac31928820da", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.569, "y": 0.77 }, "kind": "metric", "text": "$327.9 million", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "74f085ee-2fb5-4b07-b997-d52814e945a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.03, "x": 0.772, "y": 0.33 }, "kind": "metric", "text": "26", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "86170f1d-dc51-468f-ade9-696f538e06aa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.07, "x": 0.772, "y": 0.27 }, "kind": "metric", "text": "100%", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8b33b9a9-afee-468c-a217-c536b53f06e8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.04, "x": 0.772, "y": 0.55 }, "kind": "metric", "text": "2027", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9e71a41a-810f-4413-9e2a-9fa807f94d10", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.569, "y": 0.55 }, "kind": "metric", "text": "$564.6 million", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c3d4eaaf-5b8f-4b9e-8d3c-aaa946888938", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.06, "x": 0.569, "y": 0.19 }, "kind": "metric", "text": "83%", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cc5fa790-72c0-4419-a6db-7751b0397352", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.03, "x": 0.569, "y": 0.33 }, "kind": "metric", "text": "85", "attrs": {}, "subkind": "big-number", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dbbdda29-ca56-4b32-b78a-5280add18cbe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.569, "y": 0.7 }, "kind": "paragraph", "text": "Avg. Quarterly Investments\nSince 3Q'20", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1ffa0138-bce5-4c56-912e-3938eb5889b5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.09, "x": 0.569, "y": 0.57 }, "kind": "paragraph", "text": "Total PF Liquidity2,3", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "44ec6225-c553-4cc1-867b-42dde9752bac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.13, "x": 0.569, "y": 0.48 }, "kind": "paragraph", "text": "Net Debt² / Annualized Adj.\nEBITDAre", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "49da0214-9ee1-4d1a-af4c-abf2cafb5c30", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.06, "x": 0.569, "y": 0.29 }, "kind": "paragraph", "text": "Occupancy", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "51130f02-67ac-4275-8e41-4074f7985928", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.16, "x": 0.569, "y": 0.21 }, "kind": "paragraph", "text": "Investment Grade (IG) and\nInvestment Grade Profile (IGP)1", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "593ba5df-b9a0-4982-8c34-2db8fb61977e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.07, "x": 0.772, "y": 0.35 }, "kind": "paragraph", "text": "Retail Industries", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a118c9fb-efc6-4a14-bed5-1226b318b5c4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.772, "y": 0.48 }, "kind": "paragraph", "text": "Net Debt² / Undepreciated\nGross Assets", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a86acfa5-2d33-4c7b-a170-542f340142aa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.08, "x": 0.772, "y": 0.57 }, "kind": "paragraph", "text": "First Debt Maturity4", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "aedeadb7-859c-4021-b23d-19f3bf5f4052", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.07, "x": 0.772, "y": 0.29 }, "kind": "paragraph", "text": "Rent Collections", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ce34e4db-bdf6-48bf-8e31-dd90c754a6a9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.07, "x": 0.772, "y": 0.79 }, "kind": "paragraph", "text": "YTD Cash Yield", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d159df11-7f6a-457e-92a0-8523678fa7ba", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.04, "x": 0.569, "y": 0.35 }, "kind": "paragraph", "text": "Tenants", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dba417cf-e02f-425b-ba8f-f0929ad66b01", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.16, "x": 0.772, "y": 0.21 }, "kind": "paragraph", "text": "Necessity, Discount, and\nService-Oriented Tenants", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e4a2148b-de3a-4344-b3d2-8df1a74ea7e2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.09, "x": 0.569, "y": 0.79 }, "kind": "paragraph", "text": "YTD Net Investments", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eedef3ba-7d8a-44a8-8e7a-152daf83dac2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.772, "y": 0.7 }, "kind": "paragraph", "text": "Cash Yield on New\nInvestments Since 3Q'20", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc5cee9f-9655-4234-8d2b-a8fb61c9ddfb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.84, "x": 0.034, "y": 0.866 }, "kind": "source-note", "text": "Source: Company data and balance sheet as of September 30, 2023, unless otherwise noted. Figures represent percentage of ABR unless otherwise noted.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "33c69211-e0ac-49dc-8154-a3e2cbf960d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.93, "x": 0.034, "y": 0.88 }, "kind": "source-note", "text": "1. Represents tenants with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC.\n2. Adjustment reflects 5,983,7116 shares of unsettled forward equity shares under the ATM at the September 30, 2023 available net settlement price of $16.49.\n3. Pro forma (PF) adjustment includes the $100.0 million remaining available principal from the $250.0 million senior unsecured term loan that closed on July 3, 2023.\n4. 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