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NETSTREIT's Portfolio Hits 100% Occupancy
24 Jul
Summary
- NETSTREIT achieved full 100% occupancy by backfilling a vacancy with TJ Maxx.
- The company's portfolio grew to over $3 billion in assets with new investments.
- NETSTREIT acquired 20 Speedway properties at significantly above-market cap rates.
NETSTREIT reported a significant achievement in its second-quarter 2026 results, reaching 100% portfolio occupancy. The real estate investment company has seen accelerated acquisition activity and increased full-year investment guidance, indicating a robust market for necessity and service-based retail properties.
President and CEO Mark Manheimer stated that the company's portfolio has expanded to over $3 billion in assets. During the second quarter, NETSTREIT successfully closed $298.9 million in gross investments, averaging a 7.4% cash yield and maintaining a 9.8-year weighted average lease term.
These investments were strategically focused on core sectors like grocery, quick-service restaurants, and auto service. NETSTREIT also executed targeted dispositions, reinvesting proceeds into higher-quality, longer-duration assets while reducing specific tenant and industry concentrations.
The company's portfolio now comprises 859 investments across 46 states, leased to 156 tenants. The acquisition of 20 Speedway properties through an UPREIT transaction, previously financed by the company, was highlighted as a key deal. These Speedway assets were acquired at cap rates significantly above market, with a 6.75% initial cash yield.
