investor presentation · 2020. 8. 25. · sources: capital iq, company data, the deal pipeline,...

Investor Presentation

August 2020

Disclaimer

2

The presentation includes certain “forward-looking statements.” All statements, other than statements of historical fact, included in this presentation regarding, among other

things, our strategy, future operations, financial position, anticipated dividends, projected costs, prospects, pipeline and opportunities, plans and objectives are forward-

looking statements. Forward-looking statements can be identified by words such as “will,” “could,” “would,” “potential,” “target,” “goal,” “anticipates,” “intends,” “plans,”

“seeks,” “believes,” “estimates,” “expects,” “projects” and similar references to future periods. Forward-looking statements are based on our current expectations and

assumptions regarding future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short- and long-term

business operations and objectives, and financial needs. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and

changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you,

therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

There are risks, uncertainties and other factors, both known and unknown, that could cause actual results to differ materially from those in the forward-looking statements

which include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions, and other factors. Any forward-

looking statement made by us is based upon the reasonable judgment of our management at the time such statement is made and speaks only as of the date on which it is

made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Risks and

uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption

“Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Registration Statement on Form S-11 as well as any

other future annual, quarterly and current reports that we file with the SEC. Moreover, you should interpret many of the risks identified in those filings as being heightened

as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic. We undertake no obligation to update any forward-looking statement, whether as a

result of new information, future developments or otherwise, except as may be required by applicable law.

Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. The Company expressly disclaims any and all liability relating to

or resulting from the use of this presentation. In addition, the information contained in this presentation is as of the date hereof, and the Company has no obligation to

update such information, including in the event that such information becomes inaccurate.

The Company presents Annualized Base Rent (“ABR”) which is calculated by multiplying (i) cash rental payments (a) for the month ending July 31, 2020 (or, if applicable,

the next full month’s cash rent contractually due in the case of rent abatements, rent deferrals and recently acquired properties, other than properties under development)

for leases in place as of July 13, 2020, plus (b) for properties under development, the first full month’s permanent cash rent contractually due after the development period

by (ii) 12

Company & Investment Highlights

3

NETSTREIT Is Built on a Foundation of Strength on Both Sides of the Balance Sheet,

Led by Seasoned Leadership Team with Exceptional Track Record

High-Quality, Diversified, and

Defensive Net Lease Retail

Portfolio

Conservative Capitalization to

Support Accretive Growth

Active Asset Management to Achieve Optimal Portfolio Performance2

Disciplined Underwriters with Dual Focus on Credit AND Real Estate3

Multifaceted Investment Strategy Leveraging Deep Industry Relationships4

1 Strategy Overview and Performance During COVID

Platform Positioned for Scale5

NETSTREIT STRATEGY BY

THE NUMBERS1

Strategy Overview and Performance During COVID

4

Investment grade tenancy provides defensive, consistent performance through economic cycles

▪ High-quality tenancy creates bond-like leases with high rent

collections during times of disruption

▪ 100% of Investment Grade tenants paid full rent in 2Q 2020

Defensive nature of NETSTREIT portfolio strategy

▪ Focused on benefits of restructuring leases (i.e. extending lease

terms) rather than pushing rent collections during COVID-19

▪ No exposure to experiential retail

Source: Company data. Portfolio data represents portfolio as of 7/31/2020 unless otherwise noted. 1. Figures represent percentage of ABR unless otherwise noted. 2. Defensive retail tenancy based on rent from tenants in necessity, discount or service-

oriented industries. 3. NETSTREIT rent collection percentages are based on actual cash rent collected divided by contractual rent prior to any COVID-19 related lease modifications. Amounts are as of 8/24/2020. 4. NETSTREIT has collected 100% of

rent in accordance with in-place lease agreements in June, July and August (as of 8/24/2020).

Investment Grade Tenancy 64%

Defensive Retail Tenancy2 88%

Rent Collections3:

Q2 2020 87%

July 2020 95%

August 2020 99%

Unresolved Requests for COVID

Related Rent Relief4 0%

Experiential Retail Exposure

(Cinemas, Fitness, Childcare,

Family Entertainment)0%

1

High level of rent collections during COVID

▪ Collected 95% and 99% of July and August rent payments,

respectively

NETSTREIT’s focus on defensive, credit tenancy in essential industries is a deliberate and longstanding

strategy, rather than a reactionary shift to a post-COVID-19 world

3.3%

3.5%

3.9%

4.6%

4.7%

4.9%

5.2%

6.1%

7.9%

12.7%

Portfolio Overview

5

Sources: Company data, Bloomberg. Portfolio data represents portfolio as of 7/31/2020. 1. Represents tenants that are defined as having a credit rating of Baa3/BBB- or higher from one of the three major ratings agencies (S&P/Moody’s/Fitch) and

includes Tractor Supply, which has an equivalent rating of NAIC-2. 2. Represents high-quality tenants without rating that are defined by sales >$1B and Max Debt / Unadjusted EBITDA of 2.0x.

High-quality, diversified portfolio consisting of 64% investment grade tenants across 34 states

Key Portfolio Stats

Properties 163

States 34

Portfolio Square Feet (in millions) 3.0

Tenants 53

Retail Sectors 23

% Occupancy 100.0%

% Investment Grade Tenants (by ABR) 64%

% Defensive Industry Exposure (by ABR) 88%

Weighted Average Lease Term Remaining (Years) 11.2

Weighted Average Annual Rent Increases 0.9%

Lease Turnover Through 2024 (by ABR) 1.4%

National Footprint Across Attractive Markets

Top 10 Tenants by % of ABR

Investment Grade Rated1

Baa1 / AA-

Aa2 / AA

Baa2 / BBB

Baa2 / BBB

Baa1 / BBB+

Baa2 / BBB

Baa2 / BBB-

High-Quality Unrated2

2

>1% and <3% ABR <1% ABR

>5% and <10% ABR >3% and <5% ABR

0% ABR

AK

HI

WA

OR

MT

CA

AZ

WY

NV

ID

UTCO

NM

TX

OK

ND

SD

NE

KS

LA

AR

MO

IA

MN

WI

ILIN

MI

OH

KY

TN

FL

MS AL GA

SC

NC

VAWV

PADE

NJ

NY

MEVT

NH

MA

MD

CT RI

>10% and <25% ABR

Baa2 / BBB-

A2 / A

Convenience

Stores:

Home

Improvement:

88%of ABRNecessity

Discount

Service Discount Retail:

Drug Stores &

Pharmacies:

General Retail:

Portfolio Diversification In Defensive Retail Sectors

6

Source: Company data. Portfolio data represents portfolio as of 7/31/2020. Note: Due to rounding, respective defensive retail sector exposure may not precisely reflect the absolute figures.

NETSTREIT offers a national diversified portfolio comprised primarily of defensive retail tenants

Top Industries (% of ABR)

Other carefully

selected Net Lease

tenants in key retail

subsectors

Necessity Discount

Other

114%

214%

311%

410%

58%

45%

17%

12%

27%Service

2

Active Asset Management

7

NETSTREIT continuously tracks property performance and stratifies the portfolio to achieve consistent cash

flows and balanced growth for its investors

Source: Company data.

Since inception, the Company has disposed of 35 properties totaling approximately $100 million, while

also acquiring high-quality assets that have enhanced scale and materially improved portfolio

performance metrics

Identify properties not

meeting strategy and/or

risk management criteria

(i.e. rent coverage)

Periodically review all

properties for changes in

performance, credit, and

local conditions

Pursue opportunities that

align with objectives

Practice disciplined

underwriting strategy

Leverage 1031 exchange

transfers where possible

to access deep, non-

institutional market for

portfolio optimization

Strategic Recycling

Disciplined Acquisitions

Perpetual Stratification

Active Monitoring

Existing portfolio has been carefully curated

2

Three-Part Underwriting Philosophy

8

NETSTREIT leverages a disciplined, three-pronged approach to underwriting potential acquisitions which

positions the Company to benefit from superior downside protection on its investments

REAL ESTATE

VALUATION

UNIT-LEVEL

PROFITABILITY

• Review underlying key real estate

metrics to maximize re-leasing

potential

• Location analysis

• Alternative use analysis• Determine rent coverage (min.

2.0x) and cost variability

• Assess relative to corporate

stability / real estate merits

C

B

TENANT CREDIT

UNDERWRITING

• Evaluate corporate level

financials

• Assess business risks

• Determine ownership/sponsorship

• For Non-IG tenants, establish

NETSTREIT implied credit rating

A

Level o

f U

nd

erw

riti

ng

Em

ph

asis

3

Tenant Credit Underwriting

9

NETSTREIT employs a credit-focused underwriting strategy for all tenants – the MOST IMPORTANT element

of the Company’s underwriting process that drives stable revenue and long-term return on investment

Source: Company data. Portfolio data represents portfolio as of 7/31/2020. 1. True Investment Grade includes Tractor Supply which has an equivalent rating of NAIC-2.

Investment Grade Rated1 High-Quality Unrated Sub-IG, Not Rated

Description

• Validated financial strength and stability

• Professional management with

standardized operational practices

• Focus on corporate guarantee credit

• Lower relative yields

• Higher competition for deals

• IG-caliber balance sheets without explicit

rating

• Threshold metrics:

• >$1B in Sales

• Max Debt / Unadjusted

EBITDA of 2.0x

• Well-capitalized retailers

• National footprint with strong brand

equity

• Focus on real estate quality / unit-level

profitability

• Higher relative yields

• Lower competition for deals

Durability• Coverage and credit enhancements

required given more susceptible to

market disruptions

% Of ABR1 64% 7% 29%

Lease Terms (WALT,

Rent Bumps, etc.)Less negotiating leverage More negotiating leverage Most negotiating leverage

Representative

Tenants

71% Total

Defensive, consistent performance through economic cycles

3 A

27% 14%

(57%)

6%

(11%)

(34%)

Public IG-Rated TenantsWtd. Avg. by ABR

Other Public Tenants Wtd.Avg. by ABR

S&P 500

2008 Financial Crisis COVID-19 Outbreak

Focus on Investment Grade Tenants

10

Investment grade tenants have outperformed during economic downturns and largely avoided bankruptcy

Sources: Capital IQ, Company data, The Deal Pipeline, Bloomberg, SNL Financial. 1. Time intervals based on market peaks to market troughs for 2008 Financial Crisis and COVID-19 Outbreak (10/9/2007 to 3/9/2009 and 2/19/2020 to 3/23/2020,

respectively). Tenant ABR calculated based on NETSTREIT portfolio data as of 7/31/2020. 2. IG Wtd. Avg. calculated on all of NETSTREIT’s public IG tenants (16 total tenants) and includes Tractor Supply which has an equivalent rating of NAIC-2. 3.

Other Public Tenants calculated on all of NETSTREIT’s public non-IG tenants (11 total tenants). 4. Sourced from SNL Financial; market data as of 7/31/2020. IG/ Defensive peers include ADC and O. Other peers include NNN, EPRT, FCPT, SRC, and

STOR. 5. Based on The Deal Pipeline as of 4/22/2020. 6. Indicates best credit rating held after 1/1/2005 and date when the respective credit rating was assigned. Some credit ratings are pre-2005.

Major Net Lease Retail Tenant Bankruptcies (2009 – 2020)5

Retail Tenant

Bankruptcy

Filing Date

Best Credit Rating

Prior to Filing

(S&P / Moody’s)6

Investment

Grade?

Mar-20 NR / NR

Jan-19BB- (May-01) /

B2 (Apr-01)

Oct-18BB+ (Mar-05) /

Ba1 (Mar-05)

Oct-18B+ (Sep-15) /

B1 (July-15)

Sep-17BB (Mar-04) /

B1 (Aug-10)

Mar-17 NR / NR

Mar-16B (Mar-06) /

B2 (Mar-06)

Jan-12B (Nov-04) /

NR

Feb-11 NR / NR

Mar-09 NR / NR

Price Performance vs. S&P 500 During GFC and COVID-191

IG/Defensive Peers vs. Other Peers YTD Price Performance4

2 3

A3

(12%)

(30%)

(60%)

(40%)

(20%)

0%

20%

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

IG/Defensive Peers Other Peers

Real Estate Valuation

11

Real Estate closely follows Credit as a top priority: NETSTREIT utilizes a ground-up framework rooted in real

estate fundamentals to underpin its valuation and further quantify the upside potential for a transaction

Market-Level Considerations Property-Level Considerations

• Fungibility of building for alternative uses

• Replacement cost

• Location analysis

• Traffic counts

• Nearby uses and traffic drivers,

complementary nature thereof

• Accessibility and parking capacity

• Ingress and egress

• Visibility / signage

• Vacancy analysis

• Marketability of the real estate without current

tenant

• List of likely replacement tenants

• Rent analysis

• Replacement rent versus current rent

• Demographic analysis

• Current demographics plus trends and

forecasts

• Competitive analysis

• Market position versus competing retail

corridors

B3

Unit-Level Profitability

12

In assessing unit-level financial performance, NETSTREIT focuses on mission-critical properties with strong

rent coverage and higher variability in operating costs

Obtain Financial Information Perform Financial Analysis2

Assess Investment Merits1 3

• Provides clarity into

location-specific

performance

• Analyze store demand

dynamics, cost structure and

liquidity profile

• Determine whether property

meets investment criteria

• Obtain unit-level financial

information from parent

company if possible

• If financials are not provided,

utilize data provided by third

party vendors to estimate

sales by location

• Third party data includes:

• Cell phone traffic

• Point of sales (POS) data

• Triangulate P&L based on available

information

• Sales (per data vendors)

• EBITDAR margin (per financials)

• Rent (known quantity)

• Account for variability in business

model cost structure

• Higher proportion of fixed costs =

more variability in rent coverage

• Determine store ranking within

tenant’s broader operating portfolio

based on estimated sales

Key Unit-Level Investment Criteria

Minimum 2.0x Rent Coverage✓

Higher Cost Variability✓

Ranks in Top Half of Tenant’s Store Portfolio

✓

C3

Portfolio Strategy / Investment Philosophy

13

Source: Company data. Portfolio data represents portfolio as of 7/31/2020. 1. Portfolio statistics by percentage of ABR.

Current MetricsInvestment Philosophy Portfolio Strategy

Defensive Tenancy in Necessity-Based and

E-commerce-Resistant Industries188%Primarily

Resilient, Cycle-Tested Investment Grade Credit

Tenants with Durable Cash Flows1>60% 64%

Granular Assets in Highly Fragmented,

Undercapitalized Market Segment$3.2M Avg. Asset Size

$1 to $10M Avg. Asset

Size

Net Lease Retail Assets with Long Lease Term

Benefiting From Contractual Rent Growth>10 Year WALT 11.2 Year WALT

Diversification by Industry, Tenant, State1<15% Industry

<50% Top 10 Tenants

<15% State

14% Industry

57% Top 10 Tenants

20% State

Significant Focus on Fundamental Real Estate

Underwriting

Attractive cost basis with durable valuation supported

by market rents and demos, physical structure and

location, and alternative use analyses

4

Growth Strategy: Generating Both Quality & Quantity

14

The Company utilizes a multi-faceted growth strategy to deploy capital in a variety of investment structures in

the Net Lease Retail sector, allowing it greater flexibility to build its portfolio from a larger opportunity set

Investment

TypeDescription Investment Source

CommentaryCurrent

Owners

Brokerage

Network

Development

Partners

Tenant

Relationships

Private

Equity

Existing

Stabilized

Acquire operating properties on the open

market• Deepest and most liquid opportunity set

• Actively monitored

Blend &

Extend

Acquire single-tenant property with short-term

lease• Blend existing rent rate with new rate to extend lease

term to at least 12 years

Build-to-Suit

("BTS")

Fund construction for single-tenant property

with long-term lease• Key driver of higher risk-adjusted returns

• Collaborate in design and construction of property

Reverse

Build-to-Suit

Acquire a BTS property upon completion• Strong tenant relationship upon acquisition

• Long lease terms, higher cap rates, comparable risk

Sale-

Leaseback

Acquire single-tenant property with a

simultaneous long-term lease back to the seller• Capitalize on likelihood of increased corporate real

estate monetization in light of current disruption

4

$1.1 $22.6

$25.1

$29.2

$12.5 $25.4

$112.4

$35.8

$23.7

$48.7

$77.9 $90.4

$115.8

$228.2

$264.0

1 5 11 8 4 4 36 3

0% 8% 8% 9% 4% 7% 29% 7%

0

2

4

6

8

10

12

14

16

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

Completed Acquisitions New Monthly Acquisitions

Recent Monthly Investment Activity

15

Thoughtful investment during market dislocation utilizing proceeds from private 144A offering

Source: Company data. Portfolio data represents portfolio as of 7/31/2020. 1. Measured monthly acquisition at purchase price divided by portfolio at the beginning of the month shown.

($ in millions)

Average Acquisition Activity per Quarter = $114 million

Cumulative Acquisitions Since December 2019

Properties Acquired:

Monthly Portfolio Expansion1:

4

72 Total Acquisitions

93

70 163

$276

$529

At 144A Net AcquisitionsSince 144A

Current Portfolio

New Properties Acquired Cumulative Number of Properties

Value of Gross Asset Base ($M)

16

Company well-positioned to move quickly to deploy IPO proceeds into accretive opportunities

Source: Company data. Portfolio data represents portfolio as of 7/31/2020. 1. Calculated using cost basis for assets currently in the portfolio and disposition price for sold assets. Pipeline data as of 8/20/2020.

NTST has

successfully deployed

capital amid the

COVID-19 disruption,

acquiring 72

properties and

disposing of 2

properties since

completing its 144A

• Recent Capital Deployment: Despite

briefly hitting pause to take stock of COVID

impacts, NTST was able to meaningfully

grow portfolio during period of dislocation

• Acquired 72 properties for $264M

with 66% IG tenancy and a 11.6 year

WALT

• Added several top-tier defensive

tenants including Walmart, Home

Depot and Ollie’s

• Compelling Acquisition Pipeline: The

Company plans to deploy the vast majority

of IPO proceeds into its pipeline of

opportunities that are accretive to the

stated business plan

As of 8/20/2020, NTST had a

$529MM+ pipeline of actionable

deals that fit its strategy and

philosophy, providing ample

targets to deploy IPO proceeds

1

4 Robust Pipeline of Quality Assets to Drive Growth

(12/23/19) (7/31/20)

Under LOI

29 properties Under LOI

with an aggregate

purchase price of

~$73.8M and WALT of

10 years

Under Contract

17 properties Under

Contract with an

aggregate purchase

price of ~$54.5M and

WALT of 10.5 years

Identified Pipeline

77 additional properties

with an aggregate

purchase price of

~$400.7M for which the

Company has submitted

an LOI

Pipeline Summary

as of 8/20/2020

Acquisition Case Study: IG Rated

17

Walmart Supercenter and Sam’s Club – Tupelo, MS

Sources: SNL Financial, Company data. Market data as of 7/31/2020. 1. WMT’s 2020 fiscal year represents the twelve months ended 1/31/2020. 2. Reflects long-term debt outstanding as of 4/30/2020.

Recession Proof Tenant with Long Lease Term

• Acquisition of one Walmart Supercenter and one Sam’s Club by

partnering with and concurrently closing with a shopping center

acquirer who purchased the remainder of the center

• Both brands owned by Walmart Inc. (NYSE: WMT)

• Blue-chip investment grade tenant

• Proven history of performing through economic downturns

• Increases NETSTREIT’s defensive retail exposure

• 12 years of new lease terms

12 YearsNew Lease Terms

2Properties

$17.0MPurchase Price

6.6%Acquisition Cap Rate

$519.9BTenant Sales (2020)1

EssentialDesignation During

COVID-19

$49.0BDebt on Balance

Sheet2

0.0%Avg. Annual Rent

Increases

$366.5BMarket Capitalization

AA / Aa2S&P/Moody’s Credit

Rating

Acquisition Completed: July 2020

4

• Establishes meaningful exposure to Ollie’s Bargain Outlet (NASDAQ:

OLLI)

• Previously part of the Toys R Us estate

• High-quality properties in strong retail locations

• Exemplifies NETSTREIT’s “High-Quality Unrated” category

• Premium yield for a creditworthy tenant operating in a defensive

market position

• Supports counter-cyclical portion of NTST’s strategy and philosophy

Defensive Portfolio at Premium Yield

Acquisition Case Study: High-Quality Unrated

18

Ollie’s Bargain Outlet Portfolio Acquisition – Various Locations

Sources: SNL Financial, Company data. Market data as of 7/31/2020. 1. Originally 9 properties with weakest two locations eliminated following site checks. 2. Reflects long-term debt outstanding as of 5/2/2020.

10 YearsNew Lease Terms

7Properties1

$26.1MPurchase Price


$1.4BTenant Sales (2019)


COVID-19

$0.9MDebt on Balance

Sheet2


Increases


NR / NRS&P/Moody’s Credit

Rating

Acquisition Completed: March 2020

4

Acquisition Case Study: Sub-IG Rated

19

Floor & Decor – La Quinta, CA

Sources: SNL Financial, Company data. Market data as of 7/31/2020. 1. Reflects long-term debt as of 3/26/2020 (FND’s first fiscal quarter of 2020 ended on 3/26/2020).

E-Commerce Resistant Tenant at Attractive Price

• First exposure to Floor & Decor (NYSE: FND)

• Exemplifies NETSTREIT’s ability to partner with developers and buyers to acquire

undervalued assets

• Purchase of the property from a mixed-use buyer who

did not want the retail exposure

• Replacement tenant with 2nd generation rents next to a thriving Walmart

Supercenter

• Mitigates the downside related to Floor & Decor’s sub-investment grade rating

• Enhances the e-commerce resistance of current portfolio

10 YearsNew Lease Term

1Property

$9.6MPurchase Price


$2.0BTenant Sales (2019)


COVID-19

$419.6MDebt on Balance

Sheet1


Increases


BB- / Ba3S&P/Moody’s Credit

Rating

Acquisition Completed: June 2020

4

Senior Leadership

20

Source: Company data. 1. First Potomac Realty Trust was publicly traded on the NYSE until October 2017.

Seasoned leadership team with significant net lease retail and public company experience

Mark Manheimer

President, CEO & Director

Mr. Manheimer leads the overall

strategy, acquisitions, underwriting,

and asset management for the

company

Prior experience includes:

• EB Arrow; CIO of the Single-Tenant Net Lease Group

• Spirit Realty Capital (NYSE: SRC); EVP, Head of Asset

Management from 2012 through 2016

• Member of Investment Committee

• Led restructuring and extension of the largest tenant’s

master lease, as well as subsequent sales of the assets

leased to the tenant

• Led due diligence in merger that doubled company size

• Cole Real Estate Investments; Head of Sale-Leaseback

Acquisitions from 2009 through 2012

• Realty Income Corporation (NYSE: O); Director of

Underwriting from 2005 through 2009

Prior experience includes:

• First Potomac Realty Trust (NYSE: FPO)1; EVP, CFO and

Treasurer from 2012 through 2017

• Leading role in FPO’s $1.4 billion sale to Government

Properties Income Trust (now Office Properties Income

Trust, NASDAQ: OPI)

• Provided valuable public company expertise in

evaluating and recommending changes to corporate

governance initiatives; active role in evaluating Board

candidates

• Successfully remediated a pre-existing material

weakness with respect to financial controls

• Federal Realty Investment Trust (NYSE: FRT); SVP, CFO

and Treasurer from 2008 through 2012

Andy Blocher

CFO, Treasurer & Secretary

Mr. Blocher manages liabilities,

capital raising, investor relations and

financial reporting for the company

High-Quality Real Estate Portfolio Conservative Capitalization

5

Key Personnel

21

Source: Company data. 1. First Potomac Realty Trust was publicly traded on the NYSE until October 2017.

Experienced team of professionals drive NETSTREIT’s day to day operations

Jeff Fuge

Senior Vice President, Acquisitions

• Joined in December 2019

• Prior experience includes:

– Director of Capital Markets at EB Arrow

– Senior Vice President at Compass Point Research & Trading

– Client Relations Director at Aegis Financial

• B.A. in History and minor in Business Administration from the

College of Charleston; M.B.A. from George Washington University

Chad Shafer

Senior Vice President, Credit and Underwriting

• Joined in May 2020


– Various roles at JPMorgan Chase & Co., most recently as

Executive Director – Wholesale Credit Risk

– Other roles include Head of Real Estate Banking Portfolio

Management, Head of Key Relationship Group – Credit Risk,

Commercial Term Lending, and Credit Manager, among others

• B.S. in Finance from Butler University

Kirk Klatt

Senior Vice President, Real Estate



– Chief Acquisitions Officer, Single-Tenant Net-Lease at EB

Arrow

– Development Services Manager for Duke Realty Corporation

(NYSE: DRE)

• B.S. in Civil Engineering from Texas Tech University; M.B.A. from

University of Texas at Dallas; licensed real estate salesperson in

Texas

Trish McBratney

Senior Vice President and Chief Accounting Officer

• Joined in May 2020


– Chief Accounting Officer of American Bath Group

– Chief Accounting and Administrative Officer of Mill Creek

Residential Trust

– Vice President and Controller of CyrusOne (NASDAQ: CONE)

• B.S. in Accounting from Oklahoma State University; Certified Public

Accountant

Randy Haugh

Senior Vice President, Finance

• Joined in February 2020


– U.S. Real Estate fund management group at The Carlyle Group

(NASDAQ:CG)

– Vice President of Finance and Director of Finance at First

Potomac Realty Trust (NYSE: FPO)1

• B.S. in Economics and Certificate of Accounting from University of

Virginia

Amy An

Investor Relations Manager



– Investor Relations Manager at EB Arrow

– Investor Relations Associate and Real Estate Analyst at

CapView Partners

• B.S. in Business Administration from the University of Texas at

Dallas – Naveen Jindal School of Management

High-Quality Real Estate Portfolio Conservative Capitalization

5

Corporate Responsibility

22

▪ Dedication to reducing the Company’s ecological footprint

▪ Endorsement of renewable resources and encouragement of tenants to practice leading sustainability initiatives

▪ Implementation of energy conservation practices in the office

EEnvironmental

Responsibility

▪ Emphasis on creating a culture driven by diversity & inclusion

▪ Commitment to employee well-being & satisfaction in the workplace

▪ Creation of leading employee training and development programs to promote growthSSocial

Responsibility

▪ Diverse management team & board of directors

▪ Enactment of ideal board features to enhance the Company’s fiduciary responsibility to shareholders

▪ Rigorous risk management procedures to protect shareholder interests

GCorporate

Governance

Areas of Focus

NETSTREIT is committed to fulfilling its responsibility as an outstanding corporate citizen

The Company’s mission is to be the leader in the net lease industry by practicing and implementing

innovative, impactful Environmental, Social and Governance policies with the highest ethical standards

5

Board of Directors

Lead Independent Director

▪ Compensation Committee

Chair

▪ Investment Committee

Chair

▪ Audit Committee Member

Background

▪ Formerly AEW Capital

Management, Head of

AEW Real Estate

Securities

▪ Formerly Landmark Land

Company, VP

Matt Troxell, CFA

Independent Director

▪ Audit Committee Chair

▪ Nominating & Corporate

Governance Committee

Member

Background

▪ Big Rock Partners, CFO

▪ Global Medical REIT

(NYSE: GMRE)

Independent Director and

Audit Committee Chair

▪ Formerly Care Capital

Properties, CFO

▪ Formerly Ventas, SVP –

Capital Markets &

Investor Relations

Lori Wittman

In addition to Mr. Manheimer, the Company’s board is comprised of six additional directors, five of whom

are independent, each possessing diverse backgrounds in industry, public company and investment

experience

23




Chair

▪ Compensation Committee

Member


Member

Background

▪ Cedar Realty Trust

(NYSE: CDR), EVP and

COO

▪ Formerly Federal Realty

Investment Trust (NYSE:

FRT), COO, Mid-Atlantic

Robin Zeigler

Chairman of the Board

Background

▪ EB Arrow, CEO:

Commercial real estate

developer & owner with

$1.6B of AUM

▪ Formerly Cypress

Equities Real Estate

Investment Management,

CIO

▪ Formerly with The

Staubach Company

Todd Minnis


▪ Compensation

Committee Member



Member

Background

▪ Star Cypress Partners,

President and CEO

▪ Formerly The Wentworth

Group and Stafford Family

Foundation, Vice

President

▪ Veteran of the United

States Air Force

Heidi Everett


▪ Audit Committee Member


Member

Background

▪ Inglewood Capital

Management, Manager

▪ Lindsay Corporation (NYSE:

LNN), Director, serves on

Audit Committee, Human

Resources and

Compensation Committee

▪ Formerly with Bass Brothers

/ Taylor & Company

Michael Christodolou

5

Company & Investment Highlights

24

NETSTREIT Is A Growth Company With A Defensive Net Lease Retail Strategy

High-Quality, Diversified, and

Defensive Net Lease Retail

Portfolio

Conservative Capitalization to

Support Accretive Growth

Active Asset Management to Achieve Optimal Portfolio Performance

Disciplined Underwriters with Dual Focus on Credit AND Real Estate

Multifaceted Investment Strategy Leveraging Deep Industry Relationships

Attractive Sector Fundamentals with Compelling Growth Opportunity

Seasoned Leadership Team with Extensive Track Record

Platform Positioned for Scale

25

Investor Relations

[email protected]

972-597-4825

mailto:[email protected]

investor presentation · 2020. 8. 25. · sources: capital iq, company data, the deal pipeline,...

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