NETSTREIT Corp.

Listed Company

NTSTCIK 0001798100NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$195.01M

Net Income

$6.94M

Total Assets

$2.61B

Equity

$1.45B

Shares Out

97.25M

Op. Cash Flow

$109.51M

Business

NETSTREIT Corp. is an internally managed real estate investment trust that acquires, owns and manages single-tenant retail commercial properties subject to long-term net leases and also invests in property developments and mortgage loans secured by real estate. It offers property acquisition, ownership, leasing and asset management services, along with mortgage lending, build-to-suit and sale-leaseback transaction capabilities. Its business is organized around investments in stabilized net-leased properties, blend-and-extend transactions, mortgage loans receivable, build-to-suit/reverse build-to-suit projects and sale-leasebacks. NETSTREIT distributes and manages its portfolio across the United States through direct tenant leases, broker relationships and developer partnerships.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenue (including reimbursable)	182	151	124	94	59
Interest income on loans receivable	13	12	7	2	0
Other revenue	245,000	400,000	550,000	0	0
Total revenues	195	163	132	96	59
Property	19	17	16	12	6
General and administrative	22	20	20	19	15
Depreciation and amortization	86	77	64	50	31
Provisions for impairment	17	30	7	1	4
Transaction costs	218,000	359,000	456,000	839,000	700,000
Total operating expenses	145	144	108	83	56
Interest expense, net	−51	−30	−19	−9	—
Gain on sales of real estate, net	8	2	1	4	3
Loss on debt extinguishment	−46,000	0	−128,000	0	0
Other income (expense), net	444,000	−2	752,000	131,000	431,000
Total other expense, net	−43	−30	−17	−5	−272,000
Net income (loss) before income taxes	7	−12	7	9	3
Income tax (expense) benefit	−54,000	−49,000	49,000	−396,000	−59,000
Net income (loss)	7	−12	7	8	3
Net income (loss) attributable to noncontrolling interests	37,000	−63,000	53,000	88,000	104,000
Net income (loss) attributable to common stockholders	7	−12	7	8	3
Basic (in dollars per share)	0.08	−0.16	0.11	0.16	0.08
Diluted (in dollars per share)	0.08	−0.16	0.11	0.16	0.08
Basic (in shares)	83	77	64	50	37
Diluted (in shares)	84	77	65	50	39
Change in value on derivatives, net	−15	1	−15	20	4
Total comprehensive loss	−8	−11	−8	28	7
Comprehensive loss attributable to noncontrolling interests	−43,000	−57,000	−39,000	296,000	273,000
Comprehensive loss attributable to common stockholders	−8	−11	−8	28	7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	772	571	461	401	300
Buildings and improvements	1,591	1,400	1,150	907	626
Total real estate, at cost	2,363	1,972	1,611	1,308	926
Less accumulated depreciation	−189	−143	−101	−63	−31
Property under development	6	6	29	17	18
Real estate held for investment, net	2,180	1,834	1,539	1,263	914
Assets held for sale	41	49	52	23	2
Mortgage loans receivable, net	142	139	114	46	0
Cash, cash equivalents, and restricted cash	14	14	30	71	8
Lease intangible assets, net	173	164	161	151	125
Other assets, net	63	58	49	52	20
Total assets	2,614	2,259	1,946	1,606	1,068
Term loans, net	1,093	623	522	373	174
Revolving credit facility	0	239	80	113	64
Mortgage note payable, net	8	8	8	8	0
Lease intangible liabilities, net	17	20	25	30	23
Liabilities related to assets held for sale	1	2	1	406,000	0
Accounts payable, accrued expenses, and other liabilities	43	30	36	23	17
Total liabilities	1,162	921	673	547	279
Commitments and contingencies (Note 13)	—	—	—	—	—
Common stock, $0.01 par value, 400,000,000 shares authorized; 93,070,533 and 81,602,232 shares issued and outstanding as of December 31, 2025 and 2024, respectively	931,000	816,000	732,000	580,000	442,000
Additional paid-in capital	1,702	1,508	1,368	1,092	810
Distributions in excess of retained earnings	−252	−188	−112	−67	−35
Accumulated other comprehensive (loss) income	−5	10	9	24	4
Total stockholders equity	1,446	1,331	1,265	1,049	779
Noncontrolling interests	7	7	9	10	11
Total equity	1,453	1,338	1,273	1,058	790
Total liabilities and equity	2,614	2,259	1,946	1,606	1,068

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	86	77	64	50	31
Amortization of deferred financing costs	3	2	2	862,000	627,000
Amortization of above/below-market assumed debt	114,000	114,000	114,000	29,000	0
Noncash revenue adjustments	−5	−4	−2	−2	−2
Amortization of deferred losses (gains) on interest rate swaps	3	−4	−2	0	0
Stock-based compensation expense	6	6	5	5	4
(Gain) loss on involuntary conversion of building and improvements	−45,000	502,000	−78,000	−126,000	−438,000
Other assets, net	−102,000	−1	−1	−6	−1
Accounts payable, accrued expenses, and other liabilities	494,000	−946,000	4	1	2
Lease incentive payments	−667,000	−2	−2	−3	−6
Net cash provided by operating activities	110	90	80	51	31
Acquisitions of real estate	−598	−479	−340	−425	−441
Real estate development and improvements	−9	−40	−79	−22	−20
Investment in mortgage loans receivable	−37	−30	−72	−46	0
Principal collections on mortgage loans receivable	31	25	1	0	0
Proceeds from sale of mortgage loans receivable	10	0	0	—	—
Earnest money deposits	−6	−67,000	−265,000	868,000	−219,000
Purchase of computer equipment and other corporate assets	−52,000	−8,000	−35,000	−1	−732,000
Proceeds from sale of real estate	161	91	38	26	31
Proceeds from the settlement of property-related insurance claims	45,000	403,000	78,000	126,000	928,000
Net cash used in investing activities	−449	−433	−452	−468	−430
Issuance of common stock in public offerings, net	188	135	271	278	283
Payment of common stock dividends	−70	−63	−52	−40	−30
Payment of OP unit distributions	−400,000	−400,000	−407,000	−419,000	−1
Payment of restricted stock dividends	−277,000	−599,000	−148,000	−339,000	−34,000
Principal payments on mortgages payable	−164,000	−155,000	−138,000	−48,000	0
Proceeds under revolving credit facilities	349	392	361	515	150
Repayments under revolving credit facilities	−588	−233	−394	−466	−86
Proceeds from term loans	519	100	150	200	0
Principal payments on term loans	−44	0	0	—	—
Repurchase of common stock for tax withholding obligations	−753,000	−1	−688,000	−1	−504,000
Payment of deferred offering costs	−1	−1	−878,000	−1	−2
Payment of deferred financing costs	−12	0	−3	−4	0
Net cash provided by financing activities	339	327	331	481	314
Net change in cash, cash equivalents, and restricted cash	147,000	−16	−41	63	−85
Cash paid for interest, net of amounts capitalized	44	30	18	7	3
Cash (received) paid for income taxes, net	−64,000	−31,000	628,000	129,000	—
Deferred offering costs included in accounts payable, accrued expenses, and other liabilities	0	35,000	7,000	0	0
Loan Origination Fees On Mortgage Loans Receivable, Accrued Not Yet Received	230,000	200,000	0	0	—
Cash flow hedge change in fair value	−18	5	−13	20	4
Mortgage loan receivable settled in exchange for acquisition of real estate	0	0	5	0	0
Increase in mortgage loan receivable in exchange for disposition of real estate	8	20	2	0	0
Refinancing of mortgage loan receivable	0	0	1	0	0
Mortgage note assumed at fair value	5	0	0	8	0
Accrued capital expenditures and real estate development and improvement costs	3	5	6	2	3
Accrued lease incentives	0	368,000	0	0	—

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