{ "docId": "019de518-1e18-71bb-ab96-1ce8f3441093", "docSlug": "a4c7e6672427de2e10ec34113cb8bf0a", "documentTitle": "Netstreit | Investor Presentation Deck | 40 slides", "authorId": "netstreit", "authorName": "NETSTREIT", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 19, "pageCount": 40, "prevPage": 18, "nextPage": 20, "slideType": "other", "function": "analyze_data", "density": "overcrowded", "nDataPoints": 100, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de518-1e18-71bb-ab96-1ce8f3441093/19", "deckHref": "/decks/019de518-1e18-71bb-ab96-1ce8f3441093", "deckJsonHref": "/decks/019de518-1e18-71bb-ab96-1ce8f3441093.json", "deckAnchorHref": "/decks/019de518-1e18-71bb-ab96-1ce8f3441093#slide-19", "components": [ { "bbox": { "h": 0.1, "w": 0.96, "x": 0.03, "y": 0.85 }, "kind": "source-note", "text": "Source: Public filings, FactSet and S&P Capital IQ. Note: Peer capitalization data as of September 30, 2023. NTST capitalization data as of December 31, 2023, as adjusted for forward equity offering in 1Q24. Market data as of February 13, 2024; closing price per share of $16.92. 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 December 31, 2023. 2. Implied cap rate as of February 13, 2024. 3. (NOI - TTM G&A) / Implied Real Estate Value.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ba24a8d-baab-4b7c-b238-575cc65a0c67", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.69, "w": 0.6, "x": 0.02, "y": 0.16 }, "kind": "table", "text": "NOI $29.6 Straight-line Rental Adjustments (0.5) Amort. of Lease-Related Intangibles (0.1) Cash NOI 29.0 Intraquarter Net Investment Activity 0.7 Normalized Cash NOI 29.7 Annualized Normalized Cash NOI $118.8 Applied Cap Rate 7.50% 7.00% 6.50% 6.00% 5.50% Implied Real Estate Value $1,585 $1,698 $1,828 $1,981 $2,161 Mortgage Loan Receivable 114.5 Property Under Development 29.2 Other Tangible Assets 49.3 Net Debt (484.8) Other Tangible Liabilities (36.5) Implied Equity Value $1,256 $1,369 $1,500 $1,652 $1,832 Fully Diluted Shares Outstanding 73.7 Unsettled Forward Shares¹ 6.0 Implied Equity Value per Share $15.77 $17.19 $18.83 $20.74 $23.00", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "30fc93fc-b109-4724-b408-008a65c1731e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.69, "w": 0.35, "x": 0.62, "y": 0.16 }, "kind": "table", "text": "ESSENTIAL PROPERTIES 6.3% 5.7% 13.9x AGREE REALTY CORPORATION 6.5% 6.1% 14.0x #FCPT 6.7% 6.0% 13.4x REALTY INCOME 6.9% 6.7% 12.3x NETSTREIT 7.1% 6.3% 13.4x NATIONAL RETAIL PROPERTIES 7.3% 6.9% 11.9x Average 6.8% 6.3% 13.1x", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "80c68e7f-db5a-4724-9502-02fe52ae4b1f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.44, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "Strong Upside Potential Given Relative Valuation", "attrs": {}, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6f1f7a28-b24a-4129-9aa1-ee20a9ea7889", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.23, "x": 0.63, "y": 0.13 }, "kind": "title", "text": "Peer Benchmarking", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8fd98151-0fe4-4645-88b9-77fb8eb2df63", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.46, "x": 0.03, "y": 0.13 }, "kind": "title", "text": "Applied Nominal Cap Rate – Sensitivity Analysis", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a934b449-f7d2-496c-a27e-5cea059fb1d8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.62, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Applied Cap Rate and NAV Analysis", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b66327a9-eabb-40f7-be9d-40b923939e63", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "2x2 matrix", "slug": "matrix-2x2", "agent": null, "layer": "slide", "matchId": "7cdfd36b-b95d-4daf-9141-90855e642c74", "evidence": "table/data: ESSENTIAL PROPERTIES 6.3% 5.7% 13.9x AGREE REALTY CORPORATION 6.5% 6.1% 14.0x #FCPT 6.7% 6.0% 13.4x REALTY INCOME 6.9% 6.7% 12.3x NETSTREIT 7.1% 6.3% 13.4x NATIONAL RETAIL PROPERTIES 7.3% 6.9% 11.9x Average 6", "confidence": 0.6 } ], "frameworks": [], "arcBeats": [], "loops": [ { "to": 40, "from": 3, "name": "Golden Circle", "slug": "11-golden-circle", "bestFor": "Visionary leadership, brand positioning, mission statements", "matchId": "c78417bf-3c00-41f9-ab53-94aa3fe93883", "evidence": "The deck presents NETSTREIT's vision and approach to ESG", "position": 1, "objective": "Why does NETSTREIT's strategy matter?", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "confidence": 0.6, "description": "Invert the typical pitch by starting with why you exist, rather than what you do" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }