NETSTREIT Corp. NTST
NETSTREIT Corp. is a publicly traded real estate investment trust specializing in Retail Net Lease properties.
Executive Summary: NETSTREIT Corp. (NTST) Institutional Rating
Quantitative Verdict: NETSTREIT Corp. (NTST) trades at an annualized dividend yield of 5.59% with an AFFO payout ratio of 72.9%, earning a Dividend Safety Score of 93 / 100 (Very Safe). The stock currently trades at a 8.2% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $18.91, backed by an institutional portfolio of 150 commercial properties operating at 98.8% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
NETSTREIT Corp. operates as a Passive Capital Allocator in the Retail Net Lease real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 98.8%.
Labor & Overhead Efficiency
- • Total Global Employees: 29
- • Estimated Market Cap: $1.69 B
- • Capital Per Employee: $58.44M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.54%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.04% | $24.54 | +29.8% | $17.35 | Undervalued |
| 5.54% | $22.32 | +18.0% | $17.35 | Undervalued |
| 6.04% | $20.48 | +8.3% | $17.35 | Undervalued |
| 6.54% Base Case | $18.91 | 0.0% | $17.35 | Undervalued |
| 7.04% | $17.57 | -7.1% | $17.35 | Undervalued |
| 7.54% | $16.40 | -13.3% | $17.35 | Overvalued |
| 8.04% | $15.38 | -18.7% | $17.35 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.2425 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| NETSTREIT Corp. Core Physical Asset Portfolio | United States (Nationwide Footprint) | 18,000,000 sq ft (implied) | 98.8% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: NTST vs Peers
Institutional CompsDirect peer benchmark comparing NETSTREIT Corp. against its top competitors in the Retail Net Lease industry.
| Metric | NTST (Current) | ADC | O | NNN |
|---|---|---|---|---|
| Share Price | $17.35 | $66.70 | $56.89 | $41.72 |
| Dividend Yield | 5.59% | 4.59% | 5.61% | 5.61% |
| Dividend Safety Score | 93 / 100 | 94 / 100 | 92 / 100 | 91 / 100 |
| Price / AFFO Multiple | 13.0x | 15.96x | 12.78x | 12.57x |
| NAV Premium / Discount | -8.2% | -9.3% | -11.8% | -10.9% |
| Portfolio Occupancy | 98.8% | 99.6% | 98.8% | 99.3% |
| Commercial Properties | 150 | 2,200 | 15,450 | 3,540 |
Frequently Asked Questions (NTST FAQ)
NETSTREIT Corp. (NTST) currently pays an annualized dividend of $0.97 per share, representing an annualized dividend yield of 5.59%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 72.9%, earning a Dividend Safety Score of 93/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, NETSTREIT Corp.'s consensus base NAV is $18.91 per share. Trading at $17.35, the stock reflects an implied market cap rate of 6.54% and trades at a 8.2% discount to NAV (undervalued).
NETSTREIT Corp. owns and operates approximately 150 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 98.8% with a weighted average lease term (WALT) of 6.5 years.
NETSTREIT Corp. currently trades at a Price / AFFO multiple of 13.0x based on forward AFFO per share of $1.33. Its Price / FFO multiple stands at 12.0x against forward FFO per share of $1.44.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Executive Leadership / NETSTREIT Corp. Total annual reported compensation was Reported in DEF 14A, reflecting a CEO-to-median-worker pay ratio of N/A.
NETSTREIT Corp. maintains a Net Debt-to-EBITDA ratio of 5.3x and carries an investment-grade credit rating of BBB. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.