Net Lease Leaders: Mark Manheimer

The eighth conversation of the Net Lease Leaders series is now live. Check out the link at the bottom of the page!

Net Lease Leaders shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

Mark Manheimer is President and CEO of NETSTREIT (NYSE: NTST).

NETSTREIT is a publicly traded, internally managed real estate investment trust based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets. NETSTREIT’s strategy is to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors.
Check out their website:
NETSTREIT

As of 3/31/2025, NTST’s portfolio includes 695 investments located in 45 states totaling 12.8 million square feet leased to 101 tenants. The portfolio is 99.9% occupied with a weighted average lease term remaining of 9.7 years. 55% of annualized base rent is sourced from tenants (or parent entities) that are rated investment grade.

The insightful conversation with Mark started with his formative years in Northern New Jersey and traced his path from modeling and distressed debt investing to a variety of roles at net lease focused firms leading to his current position leading NETSTREIT.

Topics include:
-Mark’s upbringing in Northern New Jersey
-Competitiveness and team sports impact
-Parallels of leadership and process improvement following college football coaches
-Focusing on the process over the results and controlling the controllables
-Learning capital stack structuring and modeling at First Union
-Distressed debt investing and loan workouts; Creativity in investing
-Moving to California, introduction to net lease via underwriting at Realty Income
-Transitioning to acquisitions role at Cole Capital; Expanding Mark’s network/rolodex
-Running asset management at Spirit Realty; Tenant concentration risk
-How Mark’s variety of roles across the industry has impacted his leadership
-Evaluating tenant management teams and constantly improving the processes at NTST
-History of the NETSTREIT portfolio; Pruning the portfolio
-Raising over $200 million of equity to grow and ultimately taking the company public
-Focusing on defensive tenant industries: necessity, service, and discount
-Trade-offs in net lease investing: credit vs. lease structure vs. real estate and basis
-Understanding collateral value and true market rents
-Narrative versus reality regarding exposure to dollar stores and pharmacy
-Managing the portfolio and patience around the stock price / cost of capital
-2025 goals and plans

Thanks to Mark for spending time to share his background and the story of NETSTREIT!