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10-Q Filing

NETSTREIT CORP. CIK: 1798100 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001798100-21-000023
Period End Date 20210331
Filing Date 20210429
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance ntst-20210331_htm.xml
Filing Contents
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 400.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 400.00M shares Point-in-time
Land Land $209.38M USD Point-in-time
Land Land $189.37M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 28.47M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 28.20M shares Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $414.87M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 28.47M shares Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $358.36M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 28.20M shares Point-in-time
Total real estate, at cost RealEstateInvestmentPropertyAtCostExcludingPropertyUnderDevelopment $547.73M USD Point-in-time
Total real estate, at cost RealEstateInvestmentPropertyAtCostExcludingPropertyUnderDevelopment $624.24M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $10.11M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $14.16M USD Point-in-time
Property under development DevelopmentInProcess $1.35M USD Point-in-time
Property under development DevelopmentInProcess - USD Point-in-time
Real estate held for investment, net RealEstateInvestmentPropertyNet $537.62M USD Point-in-time
Real estate held for investment, net RealEstateInvestmentPropertyNet $611.43M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperation $14.80M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperation $18.10M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.72M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $149.88M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $169.32M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $92.64M USD Point-in-time
Acquired lease intangible assets, net FiniteLivedIntangibleAssetsNet $75.02M USD Point-in-time
Acquired lease intangible assets, net FiniteLivedIntangibleAssetsNet $83.56M USD Point-in-time
Other assets, net OtherAssets $10.44M USD Point-in-time
Other assets, net OtherAssets $5.72M USD Point-in-time
Total assets Assets $725.82M USD Point-in-time
Total assets Assets $737.25M USD Point-in-time
Term loan, net SecuredDebt $174.10M USD Point-in-time
Term loan, net SecuredDebt $174.16M USD Point-in-time
Revolving credit facility LineOfCredit $13.00M USD Point-in-time
Revolving credit facility LineOfCredit - USD Point-in-time
Lease intangible liabilities, net BelowMarketLeaseNet $18.89M USD Point-in-time
Lease intangible liabilities, net BelowMarketLeaseNet $16.93M USD Point-in-time
Liabilities related to assets held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation $399.00K USD Point-in-time
Liabilities related to assets held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation $399.00K USD Point-in-time
Accounts payable, accrued expenses and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $6.31M USD Point-in-time
Accounts payable, accrued expenses and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $5.32M USD Point-in-time
Total liabilities Liabilities $197.74M USD Point-in-time
Total liabilities Liabilities $211.77M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.01 par value, 400,000,000 shares authorized; 28,467,117 and 28,203,545 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively CommonStockValue $285.00K USD Point-in-time
Common stock, $0.01 par value, 400,000,000 shares authorized; 28,467,117 and 28,203,545 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively CommonStockValue $282.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $506.43M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $501.05M USD Point-in-time
Retained (loss) earnings RetainedEarningsAccumulatedDeficit $-7.46M USD Point-in-time
Retained (loss) earnings RetainedEarningsAccumulatedDeficit $-12.58M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $2.43M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $235.00K USD Point-in-time
Total stockholders equity StockholdersEquity $494.10M USD Point-in-time
Total stockholders equity StockholdersEquity $496.57M USD Point-in-time
Noncontrolling interests MinorityInterest $28.91M USD Point-in-time
Noncontrolling interests MinorityInterest $33.98M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $305.54M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $528.07M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $525.48M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $252.43M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $725.82M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $737.25M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Rental revenue (including reimbursable) OperatingLeaseLeaseIncome $11.93M USD 1 Quarter
Rental revenue (including reimbursable) OperatingLeaseLeaseIncome $5.51M USD 1 Quarter
Property DirectCostsOfLeasedAndRentedPropertyOrEquipment $285.00K USD 1 Quarter
Property DirectCostsOfLeasedAndRentedPropertyOrEquipment $950.00K USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $1.89M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.14M USD 1 Quarter
Depreciation and amortization CostOfGoodsAndServicesSoldDepreciationAndAmortization $5.93M USD 1 Quarter
Depreciation and amortization CostOfGoodsAndServicesSoldDepreciationAndAmortization $2.35M USD 1 Quarter
Provisions for impairment AssetImpairmentCharges $69.00K USD 1 Quarter
Provisions for impairment AssetImpairmentCharges - USD 1 Quarter
Transaction costs TransactionCosts $1.09M USD 1 Quarter
Transaction costs TransactionCosts $151.00K USD 1 Quarter
Total operating expenses CostsAndExpenses $5.61M USD 1 Quarter
Total operating expenses CostsAndExpenses $10.24M USD 1 Quarter
Interest expense, net InterestExpense $905.00K USD 1 Quarter
Interest expense, net InterestExpense $1.70M USD 1 Quarter
Gain on forfeited earnest money deposit GainLossOnForfeitedEarnestMoneyDeposit - USD 1 Quarter
Gain on forfeited earnest money deposit GainLossOnForfeitedEarnestMoneyDeposit $250.00K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-1.45M USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-905.00K USD 1 Quarter
Net income (loss) before income tax expense IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $791.00K USD 1 Quarter
Net income (loss) before income tax expense IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.55M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit - USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $50.00K USD 1 Quarter
Net income (loss) ProfitLoss $741.00K USD 1 Quarter
Net income (loss) ProfitLoss $-1.55M USD 1 Quarter
Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-425.00K USD 1 Quarter
Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $40.00K USD 1 Quarter
Net income (loss) attributable to common shareholders NetIncomeLoss $701.00K USD 1 Quarter
Net income (loss) attributable to common shareholders NetIncomeLoss $-1.13M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.02 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.10 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.02 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.10 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 11.80M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 28.35M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 30.05M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 11.80M shares 1 Quarter
Change in unrealized gain on derivatives, net OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $2.32M USD 1 Quarter
Change in unrealized gain on derivatives, net OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax - USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $3.06M USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.55M USD 1 Quarter
Comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-425.00K USD 1 Quarter
Comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $164.00K USD 1 Quarter
Comprehensive income (loss) attributable to common shareholders ComprehensiveIncomeNetOfTax $-1.13M USD 1 Quarter
Comprehensive income (loss) attributable to common shareholders ComprehensiveIncomeNetOfTax $2.90M USD 1 Quarter
Cash Flow Statement 69 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $741.00K USD 1 Quarter
Net income (loss) ProfitLoss $-1.55M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $5.93M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.35M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $152.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $157.00K USD 1 Quarter
Noncash revenue adjustments OtherNoncashIncomeExpense $146.00K USD 1 Quarter
Noncash revenue adjustments OtherNoncashIncomeExpense $430.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation - USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $557.00K USD 1 Quarter
Gain on forfeited earnest money deposit GainLossOnForfeitedEarnestMoneyDeposit - USD 1 Quarter
Gain on forfeited earnest money deposit GainLossOnForfeitedEarnestMoneyDeposit $250.00K USD 1 Quarter
Provisions for impairment AssetImpairmentCharges $69.00K USD 1 Quarter
Provisions for impairment AssetImpairmentCharges - USD 1 Quarter
Other assets, net IncreaseDecreaseInOtherOperatingAssets $1.11M USD 1 Quarter
Other assets, net IncreaseDecreaseInOtherOperatingAssets $683.00K USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $1.02M USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-1.64M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $891.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $4.27M USD 1 Quarter
Acquisitions of real estate PaymentsToAcquireRealEstateHeldForInvestment $74.17M USD 1 Quarter
Acquisitions of real estate PaymentsToAcquireRealEstateHeldForInvestment $88.22M USD 1 Quarter
Real estate development PaymentsToDevelopRealEstateAssets - USD 1 Quarter
Real estate development PaymentsToDevelopRealEstateAssets $1.35M USD 1 Quarter
Earnest money deposits PaymentsForDepositsOnRealEstateAcquisitions $1.09M USD 1 Quarter
Earnest money deposits PaymentsForDepositsOnRealEstateAcquisitions $451.00K USD 1 Quarter
Proceeds from sale of real estate ProceedsFromSaleOfRealEstateHeldforinvestment $548.00K USD 1 Quarter
Proceeds from sale of real estate ProceedsFromSaleOfRealEstateHeldforinvestment - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-74.71M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-90.02M USD 1 Quarter
Issuance of common stock in private offering, net ProceedsFromIssuanceOfPrivatePlacement - USD 1 Quarter
Issuance of common stock in private offering, net ProceedsFromIssuanceOfPrivatePlacement $54.56M USD 1 Quarter
Issuance of preferred stock, net ProceedsFromIssuanceOfPreferredStockAndPreferenceStock - USD 1 Quarter
Issuance of preferred stock, net ProceedsFromIssuanceOfPreferredStockAndPreferenceStock $104.00K USD 1 Quarter
Payment of common stock dividends PaymentsOfDividendsCommonStock - USD 1 Quarter
Payment of common stock dividends PaymentsOfDividendsCommonStock $5.69M USD 1 Quarter
Payment of OP unit distributions PaymentsOfDividendsMinorityInterest $300.00K USD Point-in-time
Payment of OP unit distributions PaymentsOfDividendsMinorityInterest - USD 1 Quarter
Payment of OP unit distributions PaymentsOfDividendsMinorityInterest $307.00K USD 1 Quarter
Payment of restricted stock dividends PaymentsOfRestrictedStockDividends - USD 1 Quarter
Payment of restricted stock dividends PaymentsOfRestrictedStockDividends $5.00K USD 1 Quarter
Proceeds under revolving credit facility ProceedsFromLinesOfCredit - USD 1 Quarter
Proceeds under revolving credit facility ProceedsFromLinesOfCredit $13.00M USD 1 Quarter
Repurchase of common stock for tax withholding obligations PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchase of common stock for tax withholding obligations PaymentsForRepurchaseOfCommonStock $90.00K USD 1 Quarter
Deferred offering costs PaymentsOfStockIssuanceCosts $86.00K USD 1 Quarter
Deferred offering costs PaymentsOfStockIssuanceCosts $287.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $6.83M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $54.38M USD 1 Quarter
Net change in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-78.93M USD 1 Quarter
Net change in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-19.44M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.72M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $149.88M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $169.32M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $92.64M USD Point-in-time
Cash, cash equivalents and restricted cash at end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.72M USD Point-in-time
Cash, cash equivalents and restricted cash at end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $149.88M USD Point-in-time
Cash, cash equivalents and restricted cash at end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $169.32M USD Point-in-time
Cash, cash equivalents and restricted cash at end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $92.64M USD Point-in-time
Cash paid for interest InterestPaidNet $758.00K USD 1 Quarter
Cash paid for interest InterestPaidNet $1.45M USD 1 Quarter
OP units converted into common stock NoncashInvestingAndFinancingActivitiesOPUnitsConvertedIntoCommonStock - USD 1 Quarter
OP units converted into common stock NoncashInvestingAndFinancingActivitiesOPUnitsConvertedIntoCommonStock $4.92M USD 1 Quarter
Dividends declared and unpaid on restricted stock DividendsPayableCurrentAndNoncurrent $132.00K USD Point-in-time
Dividends declared and unpaid on restricted stock DividendsPayableCurrentAndNoncurrent - USD Point-in-time
Deferred offering costs included in accounts payable, accrued expenses and other liabilities DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction $526.00K USD 1 Quarter
Deferred offering costs included in accounts payable, accrued expenses and other liabilities DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction $371.00K USD 1 Quarter
Cash flow hedge change in fair value NoncashInvestingAndFinancingActivitiesUnrealizedGainLossOnDerivatives $2.32M USD 1 Quarter
Cash flow hedge change in fair value NoncashInvestingAndFinancingActivitiesUnrealizedGainLossOnDerivatives - USD 1 Quarter
Stockholders Equity 17 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $305.54M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $528.07M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $525.48M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $252.43M USD Point-in-time
Offering and related costs of preferred stock PreferredStockStockIssuedIssuanceCosts $21.00K USD 1 Quarter
Dividends and distributions declared on common stock and OP units DividendsCommonStockAndOPUnits $5.99M USD 1 Quarter
Dividends declared on restricted stock DividendsShareBasedCompensationCash $132.00K USD 1 Quarter
Vesting of restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures - USD 1 Quarter
Repurchase of common stock for tax withholding obligations AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet $-90.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $557.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $2.32M USD 1 Quarter
Net income (loss) ProfitLoss $741.00K USD 1 Quarter
Net income (loss) ProfitLoss $-1.55M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $305.54M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $528.07M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $525.48M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $252.43M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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