Netstreit (NTST)
Market Price (7/30/2026): $21.925 | Market Cap: $2.1 BilSector: Real Estate | Industry: Retail REITs
Netstreit (NTST)
Market Price (7/30/2026): $21.925Market Cap: $2.1 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 58% Attractive yieldDividend Yield is 3.7%, FCF Yield is 5.6% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include Last-Mile Delivery, Show more. | Trading close to highsDist 52W High is -1.5%, Dist 3Y High is -1.5% Weak multi-year price returns3Y Excs Rtn is -23% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% Expensive valuation multiplesP/SPrice/Sales ratio is 10x, P/EPrice/Earnings or Price/(Net Income) is 153x Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 22.16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 34% Key risksNTST key risks include [1] a high tenant concentration in challenged dollar and drug store sectors and [2] industry-low average rent escalators that limit its ability to keep pace with inflation. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 58% |
| Attractive yieldDividend Yield is 3.7%, FCF Yield is 5.6% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include Last-Mile Delivery, Show more. |
| Trading close to highsDist 52W High is -1.5%, Dist 3Y High is -1.5% |
| Weak multi-year price returns3Y Excs Rtn is -23% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 10x, P/EPrice/Earnings or Price/(Net Income) is 153x |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 22.16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 34% |
| Key risksNTST key risks include [1] a high tenant concentration in challenged dollar and drug store sectors and [2] industry-low average rent escalators that limit its ability to keep pace with inflation. |
Qualitative Assessment
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Netstreit (NTST) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Investment Activity and Increased Fiscal Q1 2026 Guidance.
Netstreit reported robust gross investment activity of $239.0 million at a 7.5% blended cash yield during fiscal Q1 2026, which ended March 31, 2026. This strong performance led the company to increase its fiscal year 2026 Adjusted Funds from Operations (AFFO) per share guidance to a range of $1.36 to $1.39 and boost its net investment guidance range to $550 million to $650 million. This proactive expansion and optimistic outlook signaled positive growth prospects to investors.
2. Exceptional Fiscal Q2 2026 Results and Further Elevated Guidance.
The positive momentum continued into fiscal Q2 2026, which ended June 30, 2026, with Netstreit announcing a 6.1% year-over-year increase in AFFO per diluted share to $0.35. The company completed $298.9 million in gross investment activity at a 7.4% blended cash yield and maintained a 100% occupancy rate across its portfolio. Following these strong results, Netstreit again raised its full-year 2026 AFFO per share guidance to a new range of $1.37 to $1.39 and increased its net investment activity guidance to $700.0 million to $800.0 million, reflecting sustained operational strength and growth.
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Netstreit (NTST) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Investment Activity and Increased Fiscal Q1 2026 Guidance.
Netstreit reported robust gross investment activity of $239.0 million at a 7.5% blended cash yield during fiscal Q1 2026, which ended March 31, 2026. This strong performance led the company to increase its fiscal year 2026 Adjusted Funds from Operations (AFFO) per share guidance to a range of $1.36 to $1.39 and boost its net investment guidance range to $550 million to $650 million. This proactive expansion and optimistic outlook signaled positive growth prospects to investors.
2. Exceptional Fiscal Q2 2026 Results and Further Elevated Guidance.
The positive momentum continued into fiscal Q2 2026, which ended June 30, 2026, with Netstreit announcing a 6.1% year-over-year increase in AFFO per diluted share to $0.35. The company completed $298.9 million in gross investment activity at a 7.4% blended cash yield and maintained a 100% occupancy rate across its portfolio. Following these strong results, Netstreit again raised its full-year 2026 AFFO per share guidance to a new range of $1.37 to $1.39 and increased its net investment activity guidance to $700.0 million to $800.0 million, reflecting sustained operational strength and growth.
3. Quarterly Dividend Increase.
Netstreit's Board of Directors demonstrated confidence in the company's financial health and future cash flows by increasing the quarterly dividend by 2.3% to $0.225 per share (annualized $0.90) during fiscal Q2 2026. This dividend hike enhances the stock's appeal to income-focused investors and suggests a stable and growing income stream from the company's real estate portfolio.
4. Positive Analyst Sentiment and Price Target Upgrades.
Throughout the period, several analyst firms either reiterated "Buy" ratings or increased their price targets for NTST stock. For instance, Truist Financial raised its target price from $21.00 to $22.00 on May 11, 2026, and BTIG Research increased its target from $22.00 to $24.00 on June 26, 2026. Additionally, Jefferies Financial Group initiated coverage with a "buy" rating and a $23.00 price target on June 1, 2026. The consensus analyst rating remains a "Moderate Buy" with an average price target of $22.52 as of July 22, 2026, indicating strong market confidence.
5. Inclusion in S&P SmallCap 600 Index.
Netstreit was slated to join the S&P SmallCap 600 index on June 24, 2026. Inclusion in such a prominent index often leads to increased demand for the stock from institutional investors and passively managed funds that track the index, thereby contributing to upward price movement.
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Stock Movement Drivers
Fundamental Drivers
The 17.7% change in NTST stock from 3/31/2026 to 7/29/2026 was primarily driven by a 77.5% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.63 | 21.92 | 17.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 181 | 206 | 13.6% |
| Net Income Margin (%) | 3.8% | 6.8% | 77.5% |
| P/E Multiple | 226.1 | 153.4 | -32.2% |
| Shares Outstanding (Mil) | 84 | 97 | -13.9% |
| Cumulative Contribution | 17.7% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| NTST | 17.7% | |
| Market (SPY) | 12.2% | -16.0% |
| Sector (XLRE) | 12.6% | 58.1% |
Fundamental Drivers
The 27.0% change in NTST stock from 12/31/2025 to 7/29/2026 was primarily driven by a 6213.0% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.26 | 21.92 | 27.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 173 | 206 | 19.1% |
| Net Income Margin (%) | 0.1% | 6.8% | 6213.0% |
| P/E Multiple | 7,787.3 | 153.4 | -98.0% |
| Shares Outstanding (Mil) | 83 | 97 | -14.3% |
| Cumulative Contribution | 27.0% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| NTST | 27.0% | |
| Market (SPY) | 7.3% | -17.7% |
| Sector (XLRE) | 14.7% | 50.7% |
Fundamental Drivers
The 35.5% change in NTST stock from 6/30/2025 to 7/29/2026 was primarily driven by a 30.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.18 | 21.92 | 35.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 158 | 206 | 30.6% |
| P/S Multiple | 8.4 | 10.4 | 23.7% |
| Shares Outstanding (Mil) | 82 | 97 | -16.1% |
| Cumulative Contribution | 35.5% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| NTST | 35.5% | |
| Market (SPY) | 19.1% | -3.6% |
| Sector (XLRE) | 13.8% | 49.8% |
Fundamental Drivers
The 42.2% change in NTST stock from 6/30/2023 to 7/29/2026 was primarily driven by a 106.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.42 | 21.92 | 42.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 100 | 206 | 106.1% |
| Net Income Margin (%) | 7.7% | 6.8% | -11.8% |
| P/E Multiple | 117.2 | 153.4 | 30.9% |
| Shares Outstanding (Mil) | 58 | 97 | -40.3% |
| Cumulative Contribution | 42.2% |
Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| NTST | 42.2% | |
| Market (SPY) | 70.4% | 20.7% |
| Sector (XLRE) | 33.9% | 64.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NTST Return | 22% | -17% | 2% | -17% | 31% | 27% | 44% |
| Peers Return | 24% | -4% | -2% | 6% | 9% | 19% | 62% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| NTST Win Rate | 75% | 33% | 50% | 58% | 67% | 71% | |
| Peers Win Rate | 62% | 52% | 42% | 57% | 58% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| NTST Max Drawdown | -21% | -25% | -31% | -22% | -11% | -11% | |
| Peers Max Drawdown | -12% | -24% | -27% | -16% | -12% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, NNN, WPC, ADC, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/29/2026 (YTD)
How Low Can It Go
| Event | NTST | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.1% | -9.5% |
| % Gain to Breakeven | 31.8% | 10.5% |
| Time to Breakeven | 61 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.3% | -6.7% |
| % Gain to Breakeven | 12.8% | 7.1% |
| Time to Breakeven | 810 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.8% | -24.5% |
| % Gain to Breakeven | 29.5% | 32.4% |
| Time to Breakeven | 1102 days | 427 days |
In The Past
Netstreit's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | NTST | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.1% | -9.5% |
| % Gain to Breakeven | 31.8% | 10.5% |
| Time to Breakeven | 61 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.8% | -24.5% |
| % Gain to Breakeven | 29.5% | 32.4% |
| Time to Breakeven | 1102 days | 427 days |
In The Past
Netstreit's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Netstreit (NTST)
Netstreit (NTST) is an internally managed Real Estate Investment Trust (REIT) that specializes in acquiring and owning single-tenant net lease retail properties throughout the United States. Its core business involves purchasing freestanding retail buildings and then leasing them to businesses, primarily under a net lease agreement. In a net lease, the tenant typically covers the property's operating expenses, such as property taxes, insurance, and maintenance, which helps provide a more predictable and stable income stream for Netstreit.
The company strategically targets properties leased to "e-commerce resistant" retail tenants, meaning businesses whose operations are less impacted by online competition. Furthermore, Netstreit emphasizes partnering with tenants that possess strong, healthy balance sheets to minimize risk and ensure lease obligations are met. Led by an experienced management team, Netstreit's strategy is to cultivate the highest quality net lease retail portfolio in the country, with the ultimate goal of generating consistent cash flows and reliable dividends for its investors.
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1. It's like Realty Income (O), but specifically focused on owning "Amazon-proof" single-tenant retail properties.
2. Think of it as a landlord for essential neighborhood businesses, similar to how American Tower (AMT) is a landlord for cell towers, but for individual retail stores like pharmacies and coffee shops.
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- Retail Property Leasing: Netstreit specializes in acquiring and owning single-tenant net lease retail properties nationwide, which it leases to e-commerce resistant tenants to generate consistent cash flows.
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Netstreit (NTST) is a Real Estate Investment Trust (REIT) that specializes in acquiring single-tenant net lease retail properties. Its major customers are the companies that lease these properties as tenants. Based on their portfolio composition, some of their major tenant customers include:
- Walmart (WMT)
- CVS Health (CVS)
- Dollar General (DG)
- O'Reilly Auto Parts (ORLY)
- The Home Depot (HD)
- McDonald's (MCD)
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Mark Manheimer, President and Chief Executive Officer
Mark Manheimer has served as President and Chief Executive Officer of NETSTREIT since December 2019, leading the company's transformation into a net lease REIT. Prior to his role at NETSTREIT, Mr. Manheimer was Chief Investment Officer of EB Arrow and Fund Manager of EB Arrow's Single-Tenant Net-Lease Group from February 2018 to December 2019. From April 2012 through September 2016, he served as Executive Vice President — Head of Asset Management of Spirit Realty Capital (NYSE: SRC), where the company achieved a total return of 117% during his tenure. Before Spirit, he was Head of Sale-Leaseback Acquisitions at Cole Real Estate Investments from October 2009 to April 2012, where he sourced and structured over $2 billion in net lease real estate acquisitions. His experience also includes underwriting net lease real estate transactions at Realty Income Corporation, investing and managing distressed debt and equity investments at Patriarch Partners (a private investment firm), and working in the Leveraged Finance department at First Union Securities.
Daniel P. Donlan, Chief Financial Officer and Treasurer
Daniel P. Donlan was appointed Chief Financial Officer and Treasurer of NETSTREIT, effective April 10, 2023. In this role, he is responsible for all corporate finance, accounting, treasury, capital markets, investor relations, human resources, and information technology activities. Mr. Donlan joined NETSTREIT from Essential Properties Realty Trust, Inc. (NYSE: EPRT), where he was Senior Vice President and Head of Capital Markets, leading the company's corporate finance, capital raising, and investor relations efforts. Previously, he was a Managing Director at Ladenburg Thalmann & Co., where he served as the lead REIT research analyst. He also held various REIT research roles at Janney Capital Markets and BB&T Capital Markets.
Sofia Chernylo, SVP, Chief Accounting Officer
Sofia Chernylo serves as the Senior Vice President and Chief Accounting Officer for NETSTREIT. She is also identified as the Principal Accounting Officer.
Jeff Fuge, SVP, Acquisitions
Jeff Fuge holds the position of Senior Vice President, Acquisitions at NETSTREIT.
Chad Shafer, SVP, Real Estate and Underwriting
Chad Shafer is the Senior Vice President of Real Estate and Underwriting at NETSTREIT.
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The primary risks to NETSTREIT's business operations stem from the inherent nature of its specialization in single-tenant net lease retail properties, exposing it to specific vulnerabilities within the real estate and financial markets.
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Tenant Credit and Vacancy Risk: NETSTREIT's business model relies on single-tenant net leases, meaning that if a tenant defaults or vacates a property, the occupancy rate for that specific asset immediately drops to 0%, resulting in a complete loss of rental income for that property. The loss of a single tenant can be catastrophic for the specific property, and re-leasing specialized retail buildings can be challenging and costly, particularly if the location is not strong. While NETSTREIT aims for high-credit quality tenants and maintains a diversified tenant base, issues related to the credit quality or concentration in certain retail segments, such as dollar stores and drug stores, have been highlighted as potential risks to its credit quality and diversification goals.
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Interest Rate Risk and Funding Costs: As a Real Estate Investment Trust (REIT), NETSTREIT is significantly exposed to fluctuations in interest rates. Rising interest rates directly increase borrowing costs for new acquisitions and refinancing existing debt, which can slow growth and raise the overall cost of capital. The net lease sector generally correlates closely with long-term borrowing rates. Furthermore, a potential downgrade in NETSTREIT's credit rating by agencies like Fitch could further increase its cost of funds, compress financing margins, strain liquidity, and make future debt market access more expensive or restricted.
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Retail Market Obsolescence and Economic Downturns: Despite specializing in properties leased to "e-commerce resistant" tenants, NETSTREIT remains exposed to the broader risks of the physical retail market and general economic conditions. Economic downturns or unforeseen shifts in consumer behavior can impact even resilient retail tenants, affecting their ability to meet rent obligations. There is an ongoing risk that physical retail demand could weaken, or that returns on acquisitions might disappoint, thereby challenging the projected cash flow. The risk of market obsolescence, where properties may become less desirable over time due to changing retail trends or demographics, also poses a long-term threat to property values and rental income.
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The addressable market for NETSTREIT's main products and services, which involves acquiring single-tenant net lease retail properties, is primarily within the United States. In 2025, the total investment sales volume for the single-tenant net lease retail sector in the U.S. was approximately $10.75 billion. This figure is derived from quarterly sales volumes, with $3.05 billion in Q1 2025, $2.2 billion in Q2 2025, $2.2 billion in Q3 2025, and $3.3 billion in Q4 2025.
More broadly, the overall U.S. net-lease investment volume reached $51.4 billion in 2025, with the retail sector accounting for 21% of that volume. In 2024, annual investment sales for single-tenant net lease shops reached $20 billion.
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Share Issuance
- In February 2026, NETSTREIT completed a public offering of approximately 12.63 million common shares at $19.00 per share, generating approximately $240 million in gross proceeds, primarily intended for debt repayment, property acquisitions, and development activities.
- In July 2025, the company completed an upsized follow-on offering of 12.42 million shares of common stock at $17.70 per share, generating approximately $219.8 million in gross proceeds.
- As reported in February 2026 filings, the company issued common stock under its at-the-market (ATM) equity program, generating net proceeds of $51.6 million, and settled shares of common stock through forward sale agreements, receiving net proceeds of $137 million.
Capital Expenditures
- In 2025, NETSTREIT completed $657.1 million of gross investment activity, primarily property acquisitions, at a blended cash yield of 7.5%. This included the acquisition of 140 properties for a total purchase price of $603.0 million.
- For 2026, the company anticipates net investment activity (property acquisitions) to be in the range of $350.0 million to $450.0 million.
- The primary focus of these capital expenditures is on acquiring high-quality, single-tenant net lease retail properties with e-commerce resistant tenants, often in necessity-based and essential services industries, and with investment-grade credit ratings.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Netstreit Earnings Notes | 12/16/2025 | |
| How Low Can Netstreit Stock Really Go? | 10/17/2025 | |
| Netstreit (NTST) Net Income Comparison | 08/08/2025 | |
| Netstreit (NTST) Operating Cash Flow Comparison | 08/08/2025 | |
| Netstreit (NTST) Debt Comparison | 08/08/2025 | |
| Netstreit (NTST) EBITDA Comparison | 08/08/2025 | |
| Netstreit (NTST) Tax Expense Comparison | 08/08/2025 | |
| Netstreit (NTST) Revenue Comparison | 08/08/2025 | |
| Netstreit (NTST) Operating Income Comparison | 08/08/2025 | |
| Why Netstreit Stock Moved: NTST Stock Has Gained 30% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S) | 08/08/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 57.20 |
| Mkt Cap | 9.4 |
| Rev LTM | 843 |
| Op Inc LTM | 483 |
| FCF LTM | 587 |
| FCF 3Y Avg | 550 |
| CFO LTM | 587 |
| CFO 3Y Avg | 550 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.6% |
| Rev Chg 3Y Avg | 18.6% |
| Rev Chg Q | 14.1% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | 17.1% |
| Op Inc Chg 3Y Avg | 21.1% |
| Op Mgn LTM | 50.6% |
| Op Mgn 3Y Avg | 49.1% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 68.8% |
| CFO/Rev 3Y Avg | 69.6% |
| FCF/Rev LTM | 68.8% |
| FCF/Rev 3Y Avg | 69.6% |
Price Behavior
| Market Price | $21.92 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 08/13/2020 | |
| Distance from 52W High | -1.5% | |
| 50 Days | 200 Days | |
| DMA Price | $20.79 | $19.21 |
| DMA Trend | up | up |
| Distance from DMA | 5.4% | 14.1% |
| 3M | 1YR | |
| Volatility | 22.5% | 20.0% |
| Downside Capture | -67.70 | -35.28 |
| Upside Capture | -24.43 | -4.32 |
| Correlation (SPY) | -24.0% | -4.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.55 | -0.29 | -0.20 | -0.23 | -0.01 | 0.32 |
| Up Beta | -0.79 | -0.23 | -0.28 | -0.27 | -0.07 | 0.32 |
| Down Beta | -0.10 | -0.34 | -0.31 | 0.08 | 0.17 | 0.29 |
| Up Capture | -33% | -10% | 13% | -5% | 8% | 12% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 23 | 36 | 71 | 134 | 370 |
| Down Capture | -93% | -49% | -53% | -83% | -39% | 55% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 17 | 25 | 51 | 113 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTST | |
|---|---|---|---|---|
| NTST | 24.7% | 20.0% | 0.99 | - |
| Sector ETF (XLRE) | 12.1% | 14.2% | 0.58 | 50.8% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | -4.9% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | -4.2% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | -3.6% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 52.4% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | -1.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTST | |
|---|---|---|---|---|
| NTST | 1.3% | 23.3% | 0.01 | - |
| Sector ETF (XLRE) | 3.1% | 19.1% | 0.06 | 65.3% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 35.2% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 8.0% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 5.6% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 67.4% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 15.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTST | |
|---|---|---|---|---|
| NTST | 4.8% | 23.9% | 0.32 | - |
| Sector ETF (XLRE) | 6.5% | 20.4% | 0.27 | 63.0% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 35.5% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 8.3% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 6.0% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 65.2% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 12.7% |
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Returns Analyses
Earnings Returns History
Updated 7/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | 1.1% | 1.5% | |
| 4/20/2026 | 0.1% | -1.9% | -2.0% |
| 2/10/2026 | -0.1% | 3.2% | 4.7% |
| 11/18/2025 | 0.7% | -0.6% | -4.0% |
| 7/23/2025 | 0.6% | 3.4% | 5.6% |
| 4/28/2025 | 1.9% | 2.8% | 2.4% |
| 2/24/2025 | 3.9% | 5.4% | 9.1% |
| 11/4/2024 | 5.3% | 6.7% | 5.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 15 |
| # Negative | 12 | 9 | 10 |
| Median Positive | 1.1% | 2.4% | 5.6% |
| Median Negative | -1.4% | -5.8% | -4.1% |
| Max Positive | 5.3% | 6.7% | 13.6% |
| Max Negative | -4.9% | -8.2% | -14.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | 1.1% | 1.5% | |
| 4/20/2026 | 0.1% | -1.9% | -2.0% |
| 2/10/2026 | -0.1% | 3.2% | 4.7% |
| 11/18/2025 | 0.7% | -0.6% | -4.0% |
| 7/23/2025 | 0.6% | 3.4% | 5.6% |
| 4/28/2025 | 1.9% | 2.8% | 2.4% |
| 2/24/2025 | 3.9% | 5.4% | 9.1% |
| 11/4/2024 | 5.3% | 6.7% | 5.6% |
| 7/29/2024 | 0.7% | -7.7% | 1.7% |
| 4/29/2024 | -2.4% | 1.2% | -2.4% |
| 2/14/2024 | 4.8% | 1.5% | 3.1% |
| 10/25/2023 | -0.1% | 4.8% | 13.6% |
| 7/26/2023 | -2.8% | -5.8% | -7.7% |
| 4/26/2023 | 2.7% | 2.4% | 1.3% |
| 2/23/2023 | -0.4% | 1.9% | -9.6% |
| 10/27/2022 | 0.5% | 0.9% | 3.4% |
| 7/28/2022 | -1.1% | -2.1% | -1.0% |
| 4/28/2022 | -4.5% | -6.4% | -6.0% |
| 2/24/2022 | 4.5% | 4.9% | 5.7% |
| 1/5/2022 | -0.4% | 1.6% | -4.3% |
| 10/28/2021 | -4.9% | -6.0% | -14.2% |
| 7/29/2021 | 1.2% | 3.9% | 1.1% |
| 4/29/2021 | 0.0% | 0.8% | 8.1% |
| 3/4/2021 | -1.7% | -1.0% | 7.1% |
| 1/5/2021 | -2.0% | -8.2% | -3.6% |
| 10/29/2020 | -0.6% | 1.7% | 8.7% |
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 15 |
| # Negative | 12 | 9 | 10 |
| Median Positive | 1.1% | 2.4% | 5.6% |
| Median Negative | -1.4% | -5.8% | -4.1% |
| Max Positive | 5.3% | 6.7% | 13.6% |
| Max Negative | -4.9% | -8.2% | -14.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/22/2026 | 10-Q |
| 03/31/2026 | 04/20/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/22/2026 | 10-Q |
| 03/31/2026 | 04/20/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 424B4 |
| 03/31/2020 | 07/17/2020 | S-11 |
Recent Forward Guidance
Updated 7/23/2026Latest: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | 1.37 | 1.38 | 1.39 | Raised | Guidance: 1.38 for 2026 | ||
| 2026 Net Investment Activity | 700.00 Mil | 750.00 Mil | 800.00 Mil | Raised | Guidance: 600.00 Mil for 2026 | ||
| 2026 Cash G&A | 16.50 Mil | 16.75 Mil | 17.00 Mil | 1.5% | Raised | Guidance: 16.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/20/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | 1.36 | 1.38 | 1.39 | 0.4% | Raised | Guidance: 1.37 for 2026 | |
| 2026 Net Investment Activity | 550.00 Mil | 600.00 Mil | 650.00 Mil | 50.0% | Raised | Guidance: 400.00 Mil for 2026 | |
| 2026 Cash G&A | 16.00 Mil | 16.50 Mil | 17.00 Mil | 0 | Affirmed | Guidance: 16.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | 1.35 | 1.37 | 1.39 | Affirmed | Guidance: 1.3 for 2025 | ||
| 2026 Net Investment Activity | 350.00 Mil | 400.00 Mil | 450.00 Mil | 6.7% | Higher New | Guidance: 375.00 Mil for 2025 | |
| 2026 Cash G&A | 16.00 Mil | 16.50 Mil | 17.00 Mil | 8.2% | Higher New | Guidance: 15.25 Mil for 2025 | |
| 2026 Estimated Dilution | 0.01 | 0.02 | 0.03 | 12.5% | Higher New | Guidance: 0.02 for 2025 | |
Q3 2025 Earnings Reported 11/18/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO per share | 1.3 | 1.3 | 1.31 | 0.4% | Raised | Guidance: 1.3 for 2025 | |
| 2025 Net investment activity | 350.00 Mil | 375.00 Mil | 400.00 Mil | 150.0% | Affirmed | Guidance: 150.00 Mil for 2025 | |
| 2025 Cash G&A | 15.00 Mil | 15.25 Mil | 15.50 Mil | 0 | Affirmed | Guidance: 15.25 Mil for 2025 | |
| 2025 Estimated dilution from forward equity | 0.01 | 0.02 | 0.03 | ||||
Insider Activity
Updated 6/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Manheimer, Mark | President, CEO and Secretary | Direct | Buy | 6222026 | 19.19 | 5,000 | 95,950 | 7,968,839 | Form |
| 2 | Zeigler, Robin McBride | Direct | Sell | 4272026 | 20.85 | 7,192 | 149,958 | 382,485 | Form | |
| 3 | Donlan, Daniel P | CFO and Treasurer | Direct | Buy | 12222025 | 17.40 | 1,000 | 17,396 | 436,197 | Form |
| 4 | Donlan, Daniel P | CFO and Treasurer | Direct | Buy | 12082025 | 17.34 | 1,000 | 17,343 | 417,538 | Form |
| 5 | Manheimer, Mark | President, CEO and Secretary | Direct | Buy | 9082025 | 17.93 | 5,600 | 100,436 | 5,674,239 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Manheimer, Mark | President, CEO and Secretary | Direct | Buy | 6222026 | 19.19 | 5,000 | 95,950 | 7,968,839 | Form |
| 2 | Zeigler, Robin McBride | Direct | Sell | 4272026 | 20.85 | 7,192 | 149,958 | 382,485 | Form | |
| 3 | Donlan, Daniel P | CFO and Treasurer | Direct | Buy | 12222025 | 17.40 | 1,000 | 17,396 | 436,197 | Form |
| 4 | Donlan, Daniel P | CFO and Treasurer | Direct | Buy | 12082025 | 17.34 | 1,000 | 17,343 | 417,538 | Form |
| 5 | Manheimer, Mark | President, CEO and Secretary | Direct | Buy | 9082025 | 17.93 | 5,600 | 100,436 | 5,674,239 | Form |
Investor Activity (13F)
Updated Jul 30, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
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| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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