NETSTREIT is a net lease REIT that owns single-tenant retail properties across the U.S., leasing them to retailers under long-term net leases. As of year-end 2025, NETSTREIT owned or had investments in 761 properties leased to 129 tenants across 45 states, generating $198M in annualized base rent. NETSTREIT focuses on "defensive" retail tenants — grocers, convenience stores, quick-service restaurants, discount stores, and auto parts and services — where a physical location is critical to operations and e-commerce competition is limited. NETSTREIT prefers small, fungible properties (average purchase price ~$3.7M) that can be re-leased or repurposed if needed, and avoids large "big box" formats. Under net leases, tenants pay property taxes, insurance, and maintenance, making NETSTREIT's cash flows predictable. About 44% of ABR comes from investment-grade tenants. NETSTREIT earns money on the spread between acquisition cap rates (7.3%–7.8% in 2025) and its cost of capital, targeting a spread of at least 100 bps over WACC. Beyond buying stabilized properties, NETSTREIT sources deals through sale-leasebacks, blend-and-extend transactions, build-to-suit development, and mortgage loans. NETSTREIT also actively recycles capital by selling properties with elevated tenant concentration or lease expiration risk and reinvesting proceeds at higher yields. NETSTREIT funds acquisitions through a mix of unsecured term loans and equity, frequently using forward equity sales to match issuance timing with deployment.