Netstreit Investor Presentation Deck
Applied Cap Rate and NAV Analysis
Strong Upside Potential Given Relative Valuation
Applied Nominal Cap Rate - Sensitivity Analysis
Three Months
Ended,
September 30,
2023
(unaudited, in thousands)
NOI
Straight-line Rental Adjustments
Amort. of Lease-Related Intangibles
Cash NOI
Intraquarter Net Investment Activity
Normalized Cash NOI
Annualized Normalized Cash NOI
Applied Cap Rate
Implied Real Estate Value
Mortgage Loan Receivable
Property Under Development
Other Tangible Assets
Net Debt
Other Tangible Liabilities
Value of outstanding forward equity¹
Implied Equity Value
Fully Diluted Shares Outstanding
Unsettled Forward Shares¹
1
$27.3
(0.2)
(0.1)
26.9
NETSTREIT
1.3
28.2
$113.0
7.50%
$1,506
109.1
33.5
69.4
(567.5)
(33.7)
98.7
$1,215
69.2
6.0
$16.17
7.25%
$1.558
$1,267
$16.86
7.00%
$1,614
$1,323
$17.60
6.75%
$1,673
$1,383
$18.40
6.50%
$1,738
$1,447
$19.25
Peer Benchmarking
ESSENTIAL PROPERTIES
AGREE REALTY
CORPORATION
#FCPT
REALTY INCOME
The Monthly Dividend Company
NATIONAL RETAIL
PROPERTIES
NYSE:NNN
REALTY
N
NETSTREIT
Average
Implied G&A Adjusted
Cap Rate² Implied Cap Rate³
6.2%
6.3%
6.5%
6.7%
7.1%
7.3%
7.5%
6.8%
5.7%
5.9%
5.8%
6.4%
6.7%
6.7%
6.1%
6.2%
2024E AFFO
Multiple
14.2x
14.7x
13.9x
13.1x
12.4x
11.4x
13.0x
Implied Equity Value per Share
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.
13.2x
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