NETSTREIT Corp

For the period ended Dec 31, 2024. Filed Feb 24, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 24, 2025

NTST$18.91-0.9%Stored close · as of Nov 10, 2026

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Contents

Consolidated Balance Sheets as of December 31, 202 and

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	December 31,
	2024	2023
Assets
Real estate, at cost:
Land	$571,272	$460,896
Buildings and improvements	1,400,393	1,149,809
Total real estate, at cost	1,971,665	1,610,705
Less accumulated depreciation	(143,422)	(101,210)
Property under development	6,118	29,198
Real estate held for investment, net	1,834,361	1,538,693
Assets held for sale	48,637	52,451
Mortgage loans receivable, net	139,409	114,472
Cash, cash equivalents, and restricted cash	14,320	29,929
Lease intangible assets, net	164,392	161,354
Other assets, net	58,227	49,337
Total assets	$2,259,346	$1,946,236
Liabilities and equity
Liabilities:
Term loans, net	$622,608	$521,912
Revolving credit facility	239,000	80,000
Mortgage note payable, net	7,853	7,883
Lease intangible liabilities, net	20,177	25,353
Liabilities related to assets held for sale	1,912	1,158
Accounts payable, accrued expenses, and other liabilities	29,664	36,498
Total liabilities	921,214	672,804
Commitments and contingencies (Note 12)
Equity:
Stockholders’ equity
Common stock, $0.01 par value, 400,000,000 shares authorized; 81,602,232 and 73,207,080 shares issued and outstanding as of December 31, 2024 and 2023, respectively	816	732
Additional paid-in capital	1,507,995	1,367,505
Distributions in excess of retained earnings	(188,046)	(112,276)
Accumulated other comprehensive income	10,206	8,943
Total stockholders’ equity	1,330,971	1,264,904
Noncontrolling interests	7,161	8,528
Total equity	1,338,132	1,273,432
Total liabilities and equity	$2,259,346	$1,946,236

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(In thousands, except share and per share data)

	Year Ended December 31,
	2024	2023	2022
Revenues
Rental revenue (including reimbursable)	$150,823	$123,967	$93,934
Interest income on loans receivable	11,561	7,388	2,345
Other revenue	400	550	—
Total revenues	162,784	131,905	96,279
Operating expenses
Property	17,422	16,413	11,695
General and administrative	19,722	20,176	19,053
Depreciation and amortization	76,871	63,677	50,075
Provisions for impairment	29,969	7,083	1,114
Transaction costs	359	456	839
Total operating expenses	144,343	107,805	82,776
Other (expense) income
Interest expense, net	(30,324)	(19,058)	(9,181)
Gain on sales of real estate, net	1,876	1,175	4,148
Loss on debt extinguishment	—	(128)	—
Other (expense) income, net	(1,944)	752	131
Total other expense, net	(30,392)	(17,259)	(4,902)
Net (loss) income before income taxes	(11,951)	6,841	8,601
Income tax (expense) benefit	(49)	49	(396)
Net (loss) income	(12,000)	6,890	8,205
Net (loss) income attributable to noncontrolling interests	(63)	53	88
Net (loss) income attributable to common stockholders	$(11,937)	$6,837	$8,117
Amounts available to common stockholders per common share:
Basic	$(0.16)	$0.11	$0.16
Diluted	$(0.16)	$0.11	$0.16
Weighted average common shares:
Basic	76,517,767	63,922,973	49,517,977
Diluted	76,517,767	64,665,439	50,431,822
Other comprehensive (loss) income:
Net (loss) income	$(12,000)	$6,890	$8,205
Change in value on derivatives, net	1,269	(14,822)	19,758
Total comprehensive (loss) income	$(10,731)	$(7,932)	$27,963
Comprehensive (loss) income attributable to noncontrolling interests	(57)	(39)	296
Comprehensive (loss) income attributable to common stockholders	$(10,674)	$(7,893)	$27,667

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.