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Midas Edge

NETSTREIT Corp

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

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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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III - Real Estate and Accumulated Depreciation

NETSTREIT Corp.
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2024
(Dollars in thousands)
Initial Cost to Company · Cost Capitalized Subsequent to Acquisition(1) · Gross Amount as of December 31, 2024(2), (3)
State · Number of Properties · Encumbrances · Land · Building and Improvements · Land · Building and Improvements · Land · Building and Improvements · Total · Accumulated Depreciation(3), (4) · Year of Construction · Year Acquired(5) · Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed
Alabama48$—$24,347$73,869$(115)$(620)$24,232$73,249$97,481$(5,946)1968–20242019–20242to35Years
Arizona4—4,84815,518(619)(931)4,22914,58718,816(1,237)1979–20222021–20245to35Years
Arkansas10—7,06512,812—2,4777,06515,28922,354(1,721)1962–20242019–20248to35Years
California7—9,43728,722—2699,43728,99138,428(3,893)1968–20092020–20243to35Years
Colorado3—1,0973,698—2251,0973,9235,020(582)1978–20242019–202410to35Years
Connecticut2—1,9783,407——1,9783,4075,385(483)1972–20122021–20216to35Years
Florida21—15,69439,090—4315,69439,13354,827(4,275)1948–20232019–20245to35Years
Georgia34—35,673101,322—(136)35,673101,186136,859(10,098)1968–20242019–20240to35Years
Idaho1—177856——1778561,033(204)2007–20072019–20196to26Years
Illinois43—73,364139,328(169)39373,195139,721212,916(12,853)1944–20242020–20240to35Years
Indiana20—21,83954,944—23321,83955,17777,016(6,730)1961–20212019–20243to35Years
Iowa13—3,54318,398—5623,54318,96022,503(2,442)1975–20242019–20243to35Years
Kansas4—2,18310,055—352,18310,09012,273(1,169)1973–20142019–20234to33Years
Kentucky5—12,0149,542(358)(1,102)11,6568,44020,096(523)1985–20242020–20240to35Years
Louisiana168,20521,93547,919—19921,93548,11870,053(4,973)1986–20242020–20246to35Years
Maryland4—3,0128,504(317)(935)2,6957,56910,264(741)1945–20162020–20215to35Years
Massachusetts4—8,5092,158(396)(364)8,1131,7949,907(197)2002–20132020–20230to35Years
Michigan15—11,54541,763(30)(27)11,51541,73653,251(4,235)1956–20242019–20244to35Years
Minnesota8—4,32919,056(504)(1,743)3,82517,31321,138(1,086)1981–20242019–20244to35Years
Mississippi16—13,05735,189—45913,05735,64848,705(6,565)1978–20232019–20236to35Years
Missouri7—2,31310,232—162,31310,24812,561(601)1971–20242019–20245to35Years
Montana2—3,05614,112——3,05614,11217,168(497)2007–20242023–20235to35Years
Nebraska2—1,8967,200—2601,8967,4609,356(1,073)1990–20102021–20227to35Years
Nevada5—5,28611,798—555,28611,85317,139(1,582)1980–20142022–20225to35Years
New Hampshire4—6762,635—556762,6903,366(481)1970–20162020–20235to35Years
New Jersey6—6,92918,391(591)(1,034)6,33817,35723,695(935)1920–20162019–20245to35Years
New Mexico8—4,28111,888—2114,28112,09916,380(770)2000–20242021–20243to35Years
New York36—43,447116,738(506)(554)42,941116,184159,125(10,799)1896–20242020–20243to35Years
North Carolina21—14,63132,617(493)(772)14,13831,84545,983(4,067)1956–20242019–20240to35Years
North Dakota5—3,3099,181——3,3099,18112,490(633)2009–20242020–20249to35Years
Ohio40—18,30761,636(29)61218,27862,24880,526(8,865)1922–20242019–20243to35Years
Oklahoma10—5,12010,401—1715,12010,57215,692(1,019)1998–20242019–20240to35Years
Oregon2—3,991———3,991—3,991—2000–20032023–20230to0Years
Pennsylvania29—20,31858,365(598)(120)19,72058,24577,965(5,907)1916–20242019–20240to35Years
South Carolina10—4,79818,795—3994,79819,19423,992(2,003)1967–20232019–20245to35Years
South Dakota1—8484,083——8484,0834,931(421)2022–20222021–202112to35Years
Tennessee6—8,8189,790(90)(474)8,7289,31618,044(1,866)1963–20242019–20247to35Years
Texas65—90,386162,362—18790,386162,549252,935(12,719)1962–20242019–20244to35Years
Utah1—5192,609——5192,6093,128(493)2015–20152019–201910to32Years
Vermont10—1,4736,181(84)2301,3896,4117,800(1,106)1890–19992020–20224to31Years
Virginia10—27,98942,637—53827,98943,17571,164(5,151)1978–20242019–20243to35Years
Washington5—6,35716,446—446,35716,49022,847(2,364)1978–20232020–20235to35Years
West Virginia4—1,3844,402—1571,3844,5595,943(757)1996–20172019–20224to26Years
Wisconsin21—25,343103,965(950)(1,239)24,393102,726127,119(9,360)1970–20222019–20235to35Years
588$8,205$577,121$1,402,614$(5,849)$(2,221)$571,272$1,400,393$1,971,665$(143,422)

(1) Amounts shown as reductions to cost capitalized subsequent to acquisition represent provisions recorded for impairment of real estate.

(2)The aggregate cost for federal income tax purposes is $2.1 billion (unaudited).

(3) Properties with no building value represent a property for which the Company owns only the land, therefore depreciation and estimated life for depreciation are not applicable.

(4) Depreciation is calculated using the straight-line method over the estimated useful life of the asset, which is up to 35 years for buildings and up to 15 years for building improvements.

(5) The acquisition dates for properties acquired prior to December 23, 2019 are stated at the Company’s Private Offering and formation transactions date of December 23, 2019.

The following is a reconciliation of carrying value for land and building and improvements for the periods presented (in thousands):

Year Ended December 31,
202420232022
Balance, beginning of year$1,610,705$1,308,230$926,392
Additions
Acquisitions443,481306,564398,177
Improvements4,5654,0982,383
Property under development completed and placed in service50,54164,71122,510
Reclasses to held for investment23,980——
Deductions
Reclasses to held for sale(133,088)(66,762)(37,880)
Provisions for impairment(26,797)(3,509)(1,067)
Involuntary conversion of assets and other adjustments(1,722)——
Dispositions—(2,627)(2,285)
Balance, end of year$1,971,665$1,610,705$1,308,230

The following is a reconciliation of accumulated depreciation for the periods presented (in thousands):

Year Ended December 31,
202420232022
Balance, beginning of year$101,210$62,526$30,669
Additions
Depreciation expense54,73944,10433,584
Deductions
Reclasses to held for sale(7,011)(5,154)(1,610)
Provisions for impairment(5,323)(63)—
Involuntary conversion of assets and other adjustments(193)——
Dispositions—(203)(117)
Balance, end of year$143,422$101,210$62,526

See report of independent registered public accounting firm.

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.