NETSTREIT Corp. Files 10-Q for Q1 2024

TL;DR

<b>NETSTREIT Corp. has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

NETSTREIT Corp. (NTST) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. NETSTREIT Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 2021 McKinney Avenue, Suite 1150, Dallas, TX 75201. NETSTREIT Corp. is incorporated in Maryland. The filing includes data related to common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income.

Why It Matters

For investors and stakeholders tracking NETSTREIT Corp., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including balance sheet and income statement information, crucial for assessing the company's performance and financial health. Understanding the details within this report allows stakeholders to evaluate NETSTREIT's operational progress, capital structure, and any changes in its real estate portfolio during the first quarter of 2024.

Risk Assessment

Risk Level: low — NETSTREIT Corp. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand NETSTREIT's revenue, expenses, and asset changes for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q report covers financial data up to this date.)
• 2024-04-29 — Filing Date (The date the 10-Q report was officially filed with the SEC.)
• 2023-12-31 — Previous Year End Date (Comparative financial data may be referenced from this date.)
• 2023-03-31 — Prior Year Q1 End Date (Comparative financial data for the first quarter of the previous year.)

Key Players & Entities

• NETSTREIT Corp. (company) — Filer of the 10-Q report.
• 2021 McKinney Avenue, Suite 1150, Dallas, TX 75201 (company) — Business and mailing address of NETSTREIT Corp.
• Maryland (company) — State of incorporation for NETSTREIT Corp.
• 2024-03-31 (date) — End of the reporting period for the 10-Q.
• 2024-04-29 (date) — Filing date of the 10-Q.

FAQ

Industry Context

NETSTREIT Corp. operates as a real estate investment trust (REIT), focusing on acquiring and managing net lease commercial properties.

Regulatory Implications

As a publicly traded company, NETSTREIT Corp. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity from the previous quarter.
2. Examine any disclosures regarding property acquisitions, dispositions, or leasing activities.
3. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-29: Filing Date — Official submission date of the 10-Q to the SEC.

Year-Over-Year Comparison

This filing represents the standard quarterly update for NETSTREIT Corp., providing financial data for the first quarter of 2024.

Key Financial Figures

• $0.01 — ich Registered Common stock, par value $0.01 per share NTST The New York Stock Excha
• $0 — of the issuer's common stock, par value $0.01, outstanding as of April 26, 2024 wa

Filing Documents

• ntst-20240331.htm (10-Q) — 1306KB
• ntstform1q24xex311x302xmark.htm (EX-31.1) — 10KB
• ntstform1q24xex312x302xdan.htm (EX-31.2) — 10KB
• ntstform1q24xex321x906xmark.htm (EX-32.1) — 6KB
• ntstform1q24xex322x906xdan.htm (EX-32.2) — 6KB
• 0001798100-24-000058.txt (&nbsp;) — 8562KB
• ntst-20240331.xsd (EX-101.SCH) — 66KB
• ntst-20240331_cal.xml (EX-101.CAL) — 108KB
• ntst-20240331_def.xml (EX-101.DEF) — 393KB
• ntst-20240331_lab.xml (EX-101.LAB) — 707KB
• ntst-20240331_pre.xml (EX-101.PRE) — 576KB
• ntst-20240331_htm.xml (XML) — 1231KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to the Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 42 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) NETSTREIT CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Real estate, at cost: Land $ 472,330 $ 460,896 Buildings and improvements 1,209,333 1,149,809 Total real estate, at cost 1,681,663 1,610,705 Less accumulated depreciation ( 110,632 ) ( 101,210 ) Property under development 21,800 29,198 Real estate held for investment, net 1,592,831 1,538,693 Assets held for sale 58,856 52,451 Mortgage loans receivable, net 124,617 114,472 Cash, cash equivalents and restricted cash 22,334 29,929 Lease intangible assets, net 165,507 161,354 Other assets, net 61,402 49,337 Total assets $ 2,025,547 $ 1,946,236 Liabilities and equity Liabilities: Term loans, net $ 621,500 $ 521,912 Revolving credit facility 75,000 80,000 Mortgage note payable, net 7,876 7,883 Lease intangible liabilities, net 24,639 25,353 Liabilities related to assets held for sale 1,110 1,158 Accounts payable, accrued expenses and other liabilities 26,265 36,498 Total liabilities 756,390 672,804 Commitments and contingencies (Note 12) Equity: Stockholders' equity Common stock, $ 0.01 par value, 400,000,000 shares authorized; 73,328,411 and 73,207,080 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 733 732 Additional paid-in capital 1,368,312 1,367,505 Distributions in excess of retained earnings ( 126,270 ) ( 112,276 ) Accumulated other comprehensive income 18,020 8,943 Total stockholders' equity 1,260,795 1,264,904 Noncontrolling interests 8,362 8,528 Total equity 1,269,157 1,273,432 Total liabilities and equity $ 2,025,547 $ 1,946,236 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents NETSTREIT CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thous

View Full Filing

View this 10-Q filing on SEC EDGAR