$NTST

NETSTREIT Corp.

CIK:0001798100|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental revenue (including reimbursable)	$ 57,822	$ 45,158	$ 111,849	$ 87,748
Interest income on loans receivable	2,906	3,128	5,941	6,203
Other revenue	556	0	556	245
Total revenues	61,284	48,286	118,346	94,196
Operating expenses
Property	5,717	4,484	11,121	9,287
General and administrative	5,841	5,475	11,596	10,644
Depreciation and amortization	25,807	21,506	50,270	42,429
Provisions for impairment	4,199	4,422	6,261	8,038
Transaction costs, net	6	73	(54)	120
Total operating expenses	41,570	35,960	79,194	70,518
Other (expense) income
Interest expense, net	(15,554)	(12,638)	(29,820)	(24,098)
Gain on sales of real estate, net	1,662	3,533	1,781	5,608
Loss on debt extinguishment	0	0	0	(46)
Other income (expense), net	567	81	1,001	(124)
Total other expense, net	(13,325)	(9,024)	(27,038)	(18,660)
Net income before income taxes	6,389	3,302	12,114	5,018
Income tax expense	(78)	(13)	(92)	(29)
Net income	6,311	3,289	12,022	4,989
Less: net income attributable to noncontrolling interests	26	17	50	26
Net income attributable to common stockholders	$ 6,285	$ 3,272	$ 11,972	$ 4,963
Amounts available to common stockholders per common share:
Basic (in dollars per share)	$ 0.06	$ 0.04	$ 0.12	$ 0.06
Diluted (in dollars per share)	$ 0.06	$ 0.04	$ 0.12	$ 0.06
Weighted average common shares:
Basic (in shares)	97,354,281	81,895,840	96,454,101	81,770,860
Diluted (in shares)	102,788,997	82,494,129	100,953,305	82,314,021
Change in value on derivatives, net	$ 10,307	$ (5,644)	$ 17,285	$ (15,508)
Total comprehensive income (loss)	16,618	(2,355)	29,307	(10,519)
Less: comprehensive income (loss) attributable to noncontrolling interests	69	(12)	122	(54)
Comprehensive income (loss) attributable to common stockholders	$ 16,549	$ (2,343)	$ 29,185	$ (10,465)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 12,022	$ 4,989
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,270	42,429
Amortization of deferred financing costs	1,943	1,408
Amortization of above/below-market assumed debt	57	57
Noncash revenue adjustments	(4,313)	(2,093)
Noncash other income	(375)	0
Amortization of deferred losses on interest rate swaps	1,418	1,418
Stock-based compensation expense	3,441	2,909
Gain on sales of real estate, net	(1,781)	(5,608)
Provisions for impairment	6,261	8,038
Loss on debt extinguishment	0	46
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Other assets, net	(8,206)	(222)
Accounts payable, accrued expenses, and other liabilities	3,029	(445)
Lease incentive payments	(711)	(199)
Net cash provided by operating activities	63,055	52,727
Cash flows from investing activities
Acquisitions of real estate	(468,122)	(173,996)
Real estate development and improvements	(13,386)	(3,481)
Investment in mortgage loans receivable	(39,865)	(17,108)
Earnest money deposits	5,115	67
Purchase of computer equipment and other corporate assets	(7)	(25)
Proceeds from sale of real estate	49,473	85,726
Principal collections on mortgage loans receivable	13,991	12,112
Proceeds from sale of mortgage loans receivable	5,587	0
Net cash used in investing activities	(447,214)	(96,705)
Cash flows from financing activities
Issuance of common stock in public offerings, net	138,469	28,352
Payment of common stock dividends	(42,794)	(34,316)
Payment of OP unit distributions	(227)	(178)
Payment of restricted stock dividends	(426)	(222)
Principal payments on mortgages payable	(85)	(81)
Proceeds under revolving credit facility	340,000	143,000
Repayments under revolving credit facility	(141,500)	(255,000)
Proceeds from term loans	100,000	218,675
Principal payments on term loans	0	(43,675)
Repayment of property development incentives	(375)	0
Repurchase of common stock for tax withholding obligations	(1,798)	(645)
Payment of deferred offering costs	(1,212)	(233)
Payment of deferred financing costs	(313)	(6,279)
Net cash provided by financing activities	389,739	49,398
Net change in cash, cash equivalents, and restricted cash	5,580	5,420
Cash, cash equivalents, and restricted cash at beginning of the period	14,467	14,320
Cash, cash equivalents, and restricted cash at end of the period	20,047	19,740
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized	26,008	20,812
Cash paid (received) for income taxes, net	83	(3)
Supplemental disclosures of non-cash investing and financing activities:
Dividends declared and unpaid, net	283	190
Deferred offering costs included in accounts payable, accrued expenses, and other liabilities	0	73
Accrued loan origination fees on mortgage loans receivable	34	0
Cash flow hedge change in fair value	15,868	(16,925)
Increase in noncontrolling interests from property acquisitions	911	0
Mortgage loan receivable settled in exchange for acquisition of real estate	17,342	0
Extinguishment and reissuance of mortgage loan receivable	27,942	0
Increase in mortgage loan receivable in exchange for disposition of real estate	6,027	8,450
Assumption of tenant allowances, other liabilities, and settlement of receivables in acquisitions of real estate	279	6
Accrued capital expenditures and real estate development and improvement costs	$ 1,842	$ 1,950

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate, at cost:
Land	$ 934,125	$ 772,417
Buildings and improvements	1,811,936	1,590,714
Total real estate, at cost	2,746,061	2,363,131
Less accumulated depreciation	(222,008)	(188,858)
Property under development	13,499	5,500
Real estate held for investment, net	2,537,552	2,179,773
Assets held for sale	52,085	40,976
Mortgage loans receivable, net	151,437	142,464
Cash, cash equivalents, and restricted cash	20,047	14,467
Lease intangible assets, net	196,277	173,440
Other assets, net	78,730	63,076
Total assets	3,036,128	2,614,196
Liabilities:
Term loans, net	1,192,973	1,093,331
Revolving credit facility	198,500	0
Mortgage note payable, net	7,791	7,814
Lease intangible liabilities, net	15,667	16,910
Liabilities related to assets held for sale	1,022	1,016
Accounts payable, accrued expenses, and other liabilities	40,583	42,559
Total liabilities	1,456,536	1,161,630
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.01 par value, 400,000,000 shares authorized; 101,526,575 and 93,070,533 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1,016	931
Additional paid-in capital	1,841,754	1,701,572
Distributions in excess of retained earnings	(282,998)	(251,926)
Accumulated other comprehensive income (loss)	12,648	(4,565)
Total stockholders’ equity	1,572,420	1,446,012
Noncontrolling interests	7,172	6,554
Total equity	1,579,592	1,452,566
Total liabilities and equity	$ 3,036,128	$ 2,614,196