filo/iStock via Getty Images Investment thesis NETSTREIT Corp. (NYSE:NTST) has mostly solid business and credit metrics, there are also some risks accompanied by a relatively high P/FFO multiple when compared to the leading sector REITs. However, the Company has a coherent investment strategy with a clear growth path, which may make it worth holding and collecting well-covered dividends to support patience. According to the above, I have a neutral view of NTST and believe there are more attractive investmen ...

Disclaimer 2 Source: Company data and balance sheet as of March 31, 2024, unless otherwise noted. Figures represent percentage of ABR unless otherwise noted. 1. Represents tenants with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC. 2. Reflects 1,635,600 of unsettled forward equity shares sold from the ATM program during April 2024 at a net settlement price o ...

Property Investments - As of March 31, 2024, the company owned or had investments in 628 single-tenant retail net leased properties, generating an annualized base rent (ABR) of $140.3 million, with 71% from investment grade credit rated tenants[136]. - The company acquired 28 properties for a total purchase price of $95.2 million during the three months ended March 31, 2024, with a weighted average lease term (WALT) of approximately 10.6 years[142]. - The company had 13 property developments under construction as of March 31, 2024, with $11.0 million invested in property developments during the same period[143]. Financial Performance - Total revenues for the three months ended March 31, 2024, increased by $8.2 million to $37.7 million compared to $29.5 million for the same period in 2023, attributed to an increase in operating leases and properties securing mortgage loans[148]. - Total operating expenses rose by $7.2 million to $31.1 million for the three months ended March 31, 2024, primarily due to increased depreciation, amortization, and provisions for impairment[149]. - Net income decreased by $0.4 million to $1.1 million for the three months ended March 31, 2024, from $1.5 million in the same period in 2023, primarily due to increased provisions for impairment and interest expense[155]. - The Company reported a net income of $1,052,000 for the three months ended March 31, 2024, compared to $1,481,000 for the same period in 2023, representing a decrease of approximately 28.9%[178]. - Funds From Operations (FFO) for the first quarter of 2024 was $21,179,000, an increase of 27.4% from $16,684,000 in the first quarter of 2023[178]. - Core FFO for the same period was $22,450,000, up 34.4% from $16,685,000 in the prior year[178]. - Adjusted Funds From Operations (AFFO) increased to $22,863,000 in Q1 2024, compared to $17,419,000 in Q1 2023, marking a growth of 31.3%[178]. - EBITDA for the first quarter of 2024 was reported at $24,734,000, compared to $20,146,000 in the same quarter of 2023, reflecting a rise of 22.5%[183]. - The Company’s Adjusted EBITDAre for Q1 2024 was $31,676,000, with an annualized figure of $126,704,000[184]. Debt and Financing - The company entered into a $300.0 million at-the-market equity program on October 25, 2023, with $222.7 million in remaining gross proceeds available for future issuances as of March 31, 2024[138]. - As of March 31, 2024, the principal amount of total debt was $708,322,000, resulting in a Net Debt of $685,988,000 after accounting for cash and equivalents[187]. - Adjusted Net Debt stood at $395,080,000 after excluding the value of unsettled forward equity, which amounted to $290,908,000[187]. - The company hedged the entire $250.0 million of the 2029 Term Loan at a fixed interest rate of 4.99% through January 2029[140]. - Interest expense increased by $2.3 million to $6.2 million for the three months ended March 31, 2024, compared to $3.9 million for the same period in 2023[153]. - The company anticipates funding its long-term capital needs through cash from operations, borrowings under the Revolver, and issuances of common stock[158]. - The company reported total indebtedness of approximately $175.0 million under the 2027 Term Loan, $200.0 million under the 2028 Term Loan, and $250.0 million under the 2029 Term Loan, all of which are floating rate debt[193]. - Average daily outstanding borrowings on the Revolver for the three months ended March 31, 2024, were $59.6 million[193]. - The company entered into interest rate derivative contracts to hedge market interest risk associated with its term loans, converting variable rate debt to fixed rates[194]. - The estimated market risk exposure from a 1% adverse change in interest rates as of March 31, 2024, was approximately $0.6 million[195]. Cash Flow - Net cash provided by operating activities decreased by $3.1 million to $11.7 million for the three months ended March 31, 2024, compared to $14.8 million in the same period in 2023[163]. - Net cash used in investing activities decreased by $5.2 million to $97.2 million for the three months ended March 31, 2024, compared to $102.4 million in the same period in 2023[164]. - Net cash provided by financing activities increased by $54.3 million to $78.0 million for the three months ended March 31, 2024, compared to $23.7 million in the same period in 2023, primarily due to a $100.0 million draw on the 2029 Term Loan[165]. Operating Metrics - For the three months ended March 31, 2024, the Property-Level NOI was $31,087,000, an increase from $24,538,000 in the same period of 2023, representing a growth of approximately 26.5%[191]. - The Property-Level Cash NOI for the same period was $30,450,000, up from $24,014,000 in 2023, indicating a year-over-year increase of about 27.0%[192]. - Total Cash NOI - Estimated Run Rate for the three months ended March 31, 2024, was $34,403,000, reflecting a significant increase from the previous year[192]. - General and administrative expenses for the three months ended March 31, 2024, were $5,707,000, compared to $4,909,000 in the same period of 2023[191]. - Depreciation and amortization expenses increased to $17,541,000 in Q1 2024 from $14,949,000 in Q1 2023[191]. - Provisions for impairment were reported at $3,662,000 for the three months ended March 31, 2024, with no provisions in the same period of the previous year[191]. - Provisions for impairment recorded were $3.7 million on 12 properties for the three months ended March 31, 2024, compared to no provisions in the same period in 2023[156]. Economic Environment - The average inflation rate for the three months ended March 31, 2024, was 3.5%, down from 5.0% for the prior year period, indicating a potential easing economic environment[146]. - The Company intends to make sufficient distributions during 2024 to qualify for a full dividends paid deduction as a REIT[166]. - The Company’s taxable REIT subsidiary may be subject to U.S. federal, state, and local income taxes on its taxable income, which could impact overall financial performance[168].

NETSTREIT REPORTS FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS – Net income of $0.01 and Adjusted Funds from Operations ("AFFO") of $0.31 Per Diluted Share for First Quarter – – Completed $129.2 Million of Gross Investment Activity at 7.5% Blended Cash Yield for First Quarter – – Increasing Low End of 2024 AFFO Per Share Guidance to a New Range of $1.25 to $1.28 – – Completed $198.7 Million Forward Equity Offering in January 2024 – – $30.8 Million of Forward Equity Sales through ATM Year to Date – Dal ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐ Indicate by check mark if th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 001-39443 NETSTREIT Corp. (Exact name of registrant as specified in its charter) Maryland 84-3356606 (State or other jurisdicti ...

Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 001-39443 NETSTREIT Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 001-39443 NETSTREIT Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer i ...

NETSTREIT Corp. (NYSE:NTST) Q4 2022 Earnings Conference Call February 24, 2023 10:00 AM ET Company Participants Randy Haugh - Capital Markets Mark Manheimer - Chief Executive Officer Lori Wittman - Interim Chief Financial Officer Conference Call Participants Nick Joseph - Citi Josh Dennerlein - Bank of America Ki Bin Kim - Truist Securities Greg McGinniss - Scotiabank Wes Golladay - Baird Linda Tsai - Jefferies Operator Ladies and gentlemen, greetings, and welcome to the NETSTREIT Corp. Fourth Quarter 2022 ...

| --- | |------------------------------------------------------------| | | | | | | | | | High-Quality, Diversified, and Defensive Net Lease Retail | Conservative Capitalization to Support Accretive Growth Investment Highlights 61% 68% 63% 33% 20% 18% 0% ADC NTST FCPT O SRC NNN EPRT | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|------------------------------------------------------|-------|-------|-------|-------------| | 13.9 | 9.5 | 8.3 | Lease Rollover \nLease Rollover % ('23- ...