Netstreit Investor Presentation Deck
Strong Tenant Credit Underwriting
Credit-Focused Underwriting Approach Drives Stable Revenue and Long-Term Return on Investment
Description
Durability
% Of ABR
Lease Terms (WALT,
Rent Bumps, etc.)
Representative Tenants
Source: Company data as of September 30, 2023.
NETSTREIT
Investment Grade
(rated)
Validated financial strength and
stability
Professional management with
standardized operational practices
Focus on corporate guarantee credit
Lower relative yields
Higher competition for deals
Walgreens
TJX
68.6%
Less negotiating leverage
THE TX COMPANIES INC.
Defensive, consistent performance through economic cycles
ELEVEN
Kroger
ARBUCK
Investment Grade
Profile (unrated)
83.3% IG and
IG Profile
Walmart
IG-caliber balance sheets without
explicit rating
Threshold metrics:
LOWE'S
Firestone
OFFEE
O TARGET WHOLE Advance
FOODS Auto Parts
MARKE
·
At least $1B in sales
Debt / adjusted EBITDA
of less than 2.0x
More negotiating leverage
Bargain
OUTLET
'GOOD STUFF CHEAP
14.6%
COLLISION & GLASS:
P
O
Chick-fil;&
HOBBY
LOBBY
SPORTSMAN'S Publix.
WAREHOUSE
REI
Sub-IG (rated) &
i Sub-IG Profile (unrated)
I
Well-capitalized retailers
National footprint with strong brand
equity
Focus on real estate quality / unit-
level profitability
Higher relative yields
Lower competition for deals
Coverage and credit enhancements
required given more susceptible to
market disruptions
16.7%
Most negotiating leverage
KFC
Davita Wendy's
Jacks
Bojangles Burlington
Caribou
COFFEE.
Winn✔Dixie.
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