NETSTREIT Corp. Commences Public Offering of 9 Million Shares of Common Stock with Option for Additional 1.35 Million Shares

NETSTREIT Corp. has launched a public offering of 9 million shares of common stock, with an option to purchase an additional 1.35 million shares. The company expects to enter into forward sale agreements with affiliates of BofA Securities and Wells Fargo Securities. The net proceeds from the sale will be contributed to the operating partnership for general corporate purposes, including repayment of debt and funding acquisitions.

DALLAS, TX – NETSTREIT Corp., a leading real estate investment trust (REIT) specializing in single-tenant net lease retail properties, has announced the commencement of a public offering of 9 million shares of its common stock. The offering is subject to market and other conditions and is being managed by BofA Securities and Wells Fargo Securities as joint book-running managers.

In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 1.35 million shares of common stock. The forward sale agreements with affiliates of BofA Securities and Wells Fargo Securities are expected to involve the delivery of 9 million shares of common stock (or up to 10.35 million shares if the underwriters exercise their option) in exchange for cash proceeds per share equal to the applicable forward sale price, less underwriting discounts and commissions.

The proceeds from the offering will be contributed to the operating partnership for general corporate purposes, including the repayment of amounts outstanding under the Company’s revolving credit facility and funding of acquisitions of properties and development activities in the Company’s pipeline. The Company expects to settle the forward sale agreements over approximately 12 months from the date of the prospectus supplement relating to the offering.

The offering is being made pursuant to the Company’s shelf registration statement, which was automatically effective upon filing with the U.S. Securities and Exchange Commission on August 12, 2024. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering may be obtained from the SEC's website at www.sec.gov or by contacting BofA Securities or Wells Fargo Securities.

About NETSTREIT Corp.

NETSTREIT Corp. is an internally managed REIT based in Dallas, Texas, that specializes in acquiring single-tenant net lease retail properties nationwide. The Company’s portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT’s strategy is to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including statements regarding the size, timing, and expected use of proceeds of the offering, are based on the Company’s current expectations and assumptions regarding capital markets conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include financial market and regulatory conditions, general real estate market conditions, the Company’s competitive environment, and other factors set forth under “Risk Factors” in the Company’s preliminary prospectus supplement and accompanying prospectus and in the Company’s annual and quarterly reports and other documents filed with the U.S. Securities and Exchange Commission from time to time.

References

[1] https://www.stocktitan.net/news/NTST/netstreit-corp-announces-launch-of-public-offering-of-common-s7r50a306ky8.html
[2] https://www.nasdaq.com/articles/netstreit-posts-22-revenue-gain-q2