NETSTREIT Corp. Files Q2 2024 10-Q
Ticker: NTST · Form: 10-Q · Filed: Jul 29, 2024 · CIK: 1798100
Sentiment: neutral
Topics: 10-Q, real-estate, REIT, financials
TL;DR
NETSTREIT's Q2 10-Q is in, check financials for REIT performance.
AI Summary
NETSTREIT Corp. filed its 10-Q for the period ending June 30, 2024. The company, a real estate investment trust, reported financial results for the second quarter and the first half of 2024. Key financial data and balance sheet information as of June 30, 2024, and December 31, 2023, were disclosed.
Why It Matters
This filing provides investors with an update on NETSTREIT's financial performance and position, crucial for understanding the company's operational health and investment strategy.
Risk Assessment
Risk Level: medium — As a real estate investment trust, NETSTREIT is subject to market fluctuations, interest rate changes, and tenant-specific risks that can impact its financial performance.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the financial reporting period covered by the 10-Q.)
- 2024-07-29 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 2023-12-31 — Prior Year End Date (Provides a comparative point for financial statements from the previous fiscal year-end.)
Key Players & Entities
- NETSTREIT Corp. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240729 (date) — Filing date
- 20231231 (date) — Prior year-end balance sheet date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 29, 2024.
What is the company's primary business as indicated by its SIC code?
The company's SIC code is 6798, which corresponds to Real Estate Investment Trusts.
What are the key dates for which financial data is presented?
Financial data is presented for the period ending June 30, 2024, and comparative data is provided for December 31, 2023.
What is the company's business address?
The business address is 2021 McKinney Avenue, Suite 1150, Dallas, TX 75201.
Filing Stats: 4,865 words · 19 min read · ~16 pages · Grade level 16.9 · Accepted 2024-07-29 16:52:34
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 July 25, 2024 was
Filing Documents
- ntst-20240630.htm (10-Q) — 1669KB
- ntstform2q24xex311x302xmark.htm (EX-31.1) — 10KB
- ntstform2q24xex312x302xdan.htm (EX-31.2) — 10KB
- ntstform2q24xex321x906xmark.htm (EX-32.1) — 6KB
- ntstform2q24xex322x906xdan.htm (EX-32.2) — 6KB
- 0001798100-24-000065.txt ( ) — 9683KB
- ntst-20240630.xsd (EX-101.SCH) — 68KB
- ntst-20240630_cal.xml (EX-101.CAL) — 105KB
- ntst-20240630_def.xml (EX-101.DEF) — 389KB
- ntst-20240630_lab.xml (EX-101.LAB) — 725KB
- ntst-20240630_pre.xml (EX-101.PRE) — 581KB
- ntst-20240630_htm.xml (XML) — 1514KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 7 Notes to the Condensed Consolidated Financial Statements 8 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 28 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.
Controls and Procedures
Controls and Procedures 43
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 44 Item 1A.
Risk Factors
Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45
Signatures
Signatures 46 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) June 30, 2024 December 31, 2023 Assets Real estate, at cost: Land $ 494,654 $ 460,896 Buildings and improvements 1,270,572 1,149,809 Total real estate, at cost 1,765,226 1,610,705 Less accumulated depreciation ( 122,236 ) ( 101,210 ) Property under development 16,896 29,198 Real estate held for investment, net 1,659,886 1,538,693 Assets held for sale 68,096 52,451 Mortgage loans receivable, net 129,941 114,472 Cash, cash equivalents and restricted cash 13,726 29,929 Lease intangible assets, net 162,273 161,354 Other assets, net 64,064 49,337 Total assets $ 2,097,986 $ 1,946,236 Liabilities and equity Liabilities: Term loans, net $ 621,869 $ 521,912 Revolving credit facility 98,000 80,000 Mortgage note payable, net 7,869 7,883 Lease intangible liabilities, net 23,876 25,353 Liabilities related to assets held for sale 1,142 1,158 Accounts payable, accrued expenses and other liabilities 27,368 36,498 Total liabilities 780,124 672,804 Commitments and contingencies (Note 12) Equity: Stockholders' equity Common stock, $ 0.01 par value, 400,000,000 shares authorized; 77,377,679 and 73,207,080 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 773 732 Additional paid-in capital 1,435,577 1,367,505 Distributions in excess of retained earnings ( 143,734 ) ( 112,276 ) Accumulated other comprehensive income 17,600 8,943 Total stockholders' equity 1,310,216 1,264,904 Noncontrolling interests 7,646 8,528 Total equity 1,317,862 1,273,432 Total liabilities and equity $ 2,097,986 $ 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 (LOSS) INCOME (In thousan