Income-producing real estate properties
Netz USA entered 2026 with a meaningfully larger portfolio and balance sheet, but with recurring earnings that still have not caught up with the pace of acquisitions and financing. 2025 proved the company can lift NOI, but it did not yet prove that it can translate that scale in…
Netz USA still has funding room, but that room rests on 2026 refinancing, continued compliance with asset-level covenants, and an FX hedge that covers only about 45% of bond principal and only through the end of 2026.
The three DeKalb deals are the main growth engine behind Netz USA's 2025 step-up, but so far they have closed the NOI gap much faster than the AFFO gap. Value, assets, and NOI have already moved higher, while recurring earnings still depend on add-backs and on very different deb…
Management internalization can improve Netz USA's economics only if the total cost envelope genuinely shrinks. In 2025 management fees, office-service fees, and head-office cost already consumed more than AFFO, so the real question is not whether the new headline fee looks lower…
