NETSTREIT Corp. Files Q3 2024 10-Q Report
Ticker: NTST · Form: 10-Q · Filed: Nov 4, 2024 · CIK: 1798100
Sentiment: neutral
Topics: 10-Q, real-estate, REIT, financials
TL;DR
NETSTREIT's Q3 2024 10-Q is in. Check financials for REIT performance.
AI Summary
NETSTREIT Corp. filed its Q3 2024 10-Q report on November 4, 2024, covering the period ending September 30, 2024. The company, a real estate investment trust, is incorporated in Maryland and headquartered in Dallas, Texas. Key financial data and operational details for the third quarter and the year-to-date period are presented in this filing.
Why It Matters
This filing provides investors with a detailed look at NETSTREIT's financial performance and operational status for the third quarter of 2024, crucial for understanding the company's real estate investment trust activities.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.
Key Numbers
- Q3 2024 — Reporting Period (Covers the third quarter of 2024.)
- 2024-09-30 — Period End Date (The specific date through which financial information is reported.)
- 2024-11-04 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- NETSTREIT Corp. (company) — Filer of the 10-Q report
- 20240930 (date) — End of the reporting period
- 20241104 (date) — Filing date of the report
- Dallas, Texas (location) — Company headquarters
FAQ
What is the primary business of NETSTREIT Corp. as indicated by its SIC code?
NETSTREIT Corp.'s Standard Industrial Classification (SIC) code is 6798, which corresponds to Real Estate Investment Trusts.
When was the reporting period for this 10-Q filing?
The conformed period of report for this 10-Q filing was 20240930, meaning it covers the period ending September 30, 2024.
On what date was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on 20241104.
Where is NETSTREIT Corp. headquartered?
NETSTREIT Corp. is headquartered in Dallas, Texas, with a business address at 2021 McKinney Avenue, Suite 1150.
What is the fiscal year end for NETSTREIT Corp.?
NETSTREIT Corp.'s fiscal year ends on December 31.
Filing Stats: 4,959 words · 20 min read · ~17 pages · Grade level 17.9 · Accepted 2024-11-04 16:28:12
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 October 31, 2024
Filing Documents
- ntst-20240930.htm (10-Q) — 1861KB
- ntstform3q24xex311x302xmark.htm (EX-31.1) — 10KB
- ntstform3q24xex312x302xdan.htm (EX-31.2) — 10KB
- ntstform3q24xex321x906xmark.htm (EX-32.1) — 6KB
- ntstform3q24xex322x906xdan.htm (EX-32.2) — 6KB
- 0001798100-24-000080.txt ( ) — 10254KB
- ntst-20240930.xsd (EX-101.SCH) — 71KB
- ntst-20240930_cal.xml (EX-101.CAL) — 107KB
- ntst-20240930_def.xml (EX-101.DEF) — 393KB
- ntst-20240930_lab.xml (EX-101.LAB) — 747KB
- ntst-20240930_pre.xml (EX-101.PRE) — 588KB
- ntst-20240930_htm.xml (XML) — 1657KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 42
– 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) September 30, 2024 December 31, 2023 Assets Real estate, at cost: Land $ 525,485 $ 460,896 Buildings and improvements 1,346,095 1,149,809 Total real estate, at cost 1,871,580 1,610,705 Less accumulated depreciation ( 136,528 ) ( 101,210 ) Property under development 9,361 29,198 Real estate held for investment, net 1,744,413 1,538,693 Assets held for sale 45,712 52,451 Mortgage loans receivable, net 142,171 114,472 Cash, cash equivalents and restricted cash 28,750 29,929 Lease intangible assets, net 164,905 161,354 Other assets, net 59,298 49,337 Total assets $ 2,185,249 $ 1,946,236 Liabilities and equity Liabilities: Term loans, net $ 622,239 $ 521,912 Revolving credit facility 150,000 80,000 Mortgage note payable, net 7,861 7,883 Lease intangible liabilities, net 23,341 25,353 Liabilities related to assets held for sale 732 1,158 Accounts payable, accrued expenses and other liabilities 33,752 36,498 Total liabilities 837,925 672,804 Commitments and contingencies (Note 12) Equity: Stockholders' equity Common stock, $ 0.01 par value, 400,000,000 shares authorized; 81,583,917 and 73,207,080 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 816 732 Additional paid-in capital 1,507,170 1,367,505 Distributions in excess of retained earnings ( 165,421 ) ( 112,276 ) Accumulated other comprehensive (loss) income ( 2,453 ) 8,943 Total stockholders' equity 1,340,112 1,264,904 Noncontrolling interests 7,212 8,528 Total equity 1,347,324 1,273,432 Total liabilities and equity $ 2,185,249 $ 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) I