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10-Q Filing

NETSTREIT CORP. CIK: 1798100 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001798100-22-000073
Period End Date 20220331
Filing Date 20220428
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance ntst-20220331_htm.xml
Filing Contents
Balance Sheet 67 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
Common stock, shares issued CommonStockSharesIssued 47.92M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 44.22M shares Point-in-time
Land Land $313.37M USD Point-in-time
Land Land $299.94M USD Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $626.46M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 47.92M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 44.22M shares Point-in-time
Buildings and improvements InvestmentBuildingAndBuildingImprovements $693.28M USD Point-in-time
Total real estate, at cost RealEstateInvestmentPropertyAtCostExcludingPropertyUnderDevelopment $926.39M USD Point-in-time
Total real estate, at cost RealEstateInvestmentPropertyAtCostExcludingPropertyUnderDevelopment $1.01B USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $30.67M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $37.39M USD Point-in-time
Property under development DevelopmentInProcess $17.90M USD Point-in-time
Property under development DevelopmentInProcess $18.25M USD Point-in-time
Real estate held for investment, net RealEstateInvestmentPropertyNet $987.50M USD Point-in-time
Real estate held for investment, net RealEstateInvestmentPropertyNet $913.62M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperation $2.10M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperation $7.75M USD Point-in-time
Mortgage loan receivable, net MortgageLoansOnRealEstateCommercialAndConsumerNet $40.30M USD Point-in-time
Mortgage loan receivable, net MortgageLoansOnRealEstateCommercialAndConsumerNet - USD Point-in-time
Mortgage loan receivable, net MortgageLoansOnRealEstateCommercialAndConsumerNet $40.41M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $92.64M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.72M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.60M USD Point-in-time
Cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.69M USD Point-in-time
Lease intangible assets, net FiniteLivedIntangibleAssetsNet $124.77M USD Point-in-time
Lease intangible assets, net FiniteLivedIntangibleAssetsNet $128.86M USD Point-in-time
Other assets, net OtherAssets $30.53M USD Point-in-time
Other assets, net OtherAssets $20.35M USD Point-in-time
Total assets Assets $1.20B USD Point-in-time
Total assets Assets $1.07B USD Point-in-time
Term loan, net SecuredDebt $174.39M USD Point-in-time
Term loan, net SecuredDebt $174.33M USD Point-in-time
Revolving credit facility LineOfCredit $64.00M USD Point-in-time
Revolving credit facility LineOfCredit $120.00M USD Point-in-time
Lease intangible liabilities, net BelowMarketLeaseNet $24.02M USD Point-in-time
Lease intangible liabilities, net BelowMarketLeaseNet $23.32M USD Point-in-time
Liabilities related to assets held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation $115.00K USD Point-in-time
Liabilities related to assets held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation - USD Point-in-time
Accounts payable, accrued expenses and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $16.98M USD Point-in-time
Accounts payable, accrued expenses and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $16.17M USD Point-in-time
Total liabilities Liabilities $334.68M USD Point-in-time
Total liabilities Liabilities $278.63M 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; 47,921,988 and 44,223,050 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively CommonStockValue $442.00K USD Point-in-time
Common stock, $0.01 par value, 400,000,000 shares authorized; 47,921,988 and 44,223,050 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively CommonStockValue $479.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $886.35M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $809.72M USD Point-in-time
Distributions in excess of retained earnings RetainedEarningsAccumulatedDeficit $-35.12M USD Point-in-time
Distributions in excess of retained earnings RetainedEarningsAccumulatedDeficit $-42.19M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $4.12M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $10.26M USD Point-in-time
Total stockholders equity StockholdersEquity $854.89M USD Point-in-time
Total stockholders equity StockholdersEquity $779.17M USD Point-in-time
Noncontrolling interests MinorityInterest $10.64M USD Point-in-time
Noncontrolling interests MinorityInterest $10.15M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $865.05M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $789.82M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $528.07M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $525.48M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.20B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.07B USD Point-in-time
Income Statement 50 line items
Line Item Tag Value Unit Period
Rental revenue (including reimbursable) OperatingLeaseLeaseIncome $11.93M USD 1 Quarter
Rental revenue (including reimbursable) OperatingLeaseLeaseIncome $20.92M USD 1 Quarter
Interest income on mortgage loan receivable InterestAndFeeIncomeLoansCommercialAndResidentialRealEstate $411.00K USD 1 Quarter
Interest income on mortgage loan receivable InterestAndFeeIncomeLoansCommercialAndResidentialRealEstate - USD 1 Quarter
Total revenues Revenues $21.33M USD 1 Quarter
Total revenues Revenues $11.93M USD 1 Quarter
Property DirectCostsOfLeasedAndRentedPropertyOrEquipment $950.00K USD 1 Quarter
Property DirectCostsOfLeasedAndRentedPropertyOrEquipment $2.93M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.14M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $4.19M USD 1 Quarter
Depreciation and amortization CostOfGoodsAndServicesSoldDepreciationAndAmortization $10.98M USD 1 Quarter
Depreciation and amortization CostOfGoodsAndServicesSoldDepreciationAndAmortization $5.93M USD 1 Quarter
Provisions for impairment AssetImpairmentCharges - USD 1 Quarter
Provisions for impairment AssetImpairmentCharges $69.00K USD 1 Quarter
Transaction costs TransactionCosts $151.00K USD 1 Quarter
Transaction costs TransactionCosts $165.00K USD 1 Quarter
Total operating expenses CostsAndExpenses $18.27M USD 1 Quarter
Total operating expenses CostsAndExpenses $10.24M USD 1 Quarter
Interest expense, net InterestExpense $1.17M USD 1 Quarter
Interest expense, net InterestExpense $905.00K USD 1 Quarter
Gain on sales of real estate, net GainsLossesOnSalesOfInvestmentRealEstate - USD 1 Quarter
Gain on sales of real estate, net GainsLossesOnSalesOfInvestmentRealEstate $161.00K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-1.01M USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-905.00K USD 1 Quarter
Net income before income tax expense IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $2.06M USD 1 Quarter
Net income before income tax expense IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $791.00K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $91.00K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $50.00K USD 1 Quarter
Net income ProfitLoss $1.97M USD 1 Quarter
Net income ProfitLoss $741.00K USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $24.00K USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $40.00K USD 1 Quarter
Net income attributable to common stockholders NetIncomeLoss $1.94M USD 1 Quarter
Net income attributable to common stockholders NetIncomeLoss $701.00K USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.04 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.02 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.04 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.02 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 44.42M 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 45.60M shares 1 Quarter
Change in value on derivatives, net OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $6.21M USD 1 Quarter
Change in value on derivatives, net OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $2.32M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $8.18M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $3.06M USD 1 Quarter
Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $100.00K USD 1 Quarter
Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $164.00K USD 1 Quarter
Comprehensive income attributable to common stockholders ComprehensiveIncomeNetOfTax $2.90M USD 1 Quarter
Comprehensive income attributable to common stockholders ComprehensiveIncomeNetOfTax $8.08M USD 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $1.97M USD 1 Quarter
Net income ProfitLoss $741.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $5.93M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.98M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $157.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $157.00K USD 1 Quarter
Noncash revenue adjustments OtherNoncashIncomeExpense $807.00K USD 1 Quarter
Noncash revenue adjustments OtherNoncashIncomeExpense $430.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $557.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $1.04M USD 1 Quarter
Gain on sales of real estate, net GainsLossesOnSalesOfInvestmentRealEstate - USD 1 Quarter
Gain on sales of real estate, net GainsLossesOnSalesOfInvestmentRealEstate $161.00K USD 1 Quarter
Provisions for impairment AssetImpairmentCharges - USD 1 Quarter
Provisions for impairment AssetImpairmentCharges $69.00K USD 1 Quarter
Other assets, net IncreaseDecreaseInOtherOperatingAssets $1.48M USD 1 Quarter
Other assets, net IncreaseDecreaseInOtherOperatingAssets $1.11M USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-2.74M USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-1.64M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $4.27M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $8.95M USD 1 Quarter
Acquisitions of real estate PaymentsToAcquireRealEstateHeldForInvestment $88.22M USD 1 Quarter
Acquisitions of real estate PaymentsToAcquireRealEstateHeldForInvestment $89.97M USD 1 Quarter
Real estate development and improvements PaymentsToDevelopRealEstateAssets $4.38M USD 1 Quarter
Real estate development and improvements PaymentsToDevelopRealEstateAssets $1.35M USD 1 Quarter
Investment in mortgage loan receivable PaymentsForInvestmentInMortgageLoanReceivable - USD 1 Quarter
Investment in mortgage loan receivable PaymentsForInvestmentInMortgageLoanReceivable $40.43M USD 1 Quarter
Earnest money deposits PaymentsForDepositsOnRealEstateAcquisitions $630.00K USD 1 Quarter
Earnest money deposits PaymentsForDepositsOnRealEstateAcquisitions $451.00K USD 1 Quarter
Purchase of computer equipment and other corporate assets PaymentsToAcquireOtherPropertyPlantAndEquipment - USD 1 Quarter
Purchase of computer equipment and other corporate assets PaymentsToAcquireOtherPropertyPlantAndEquipment $595.00K USD 1 Quarter
Proceeds from sale of real estate ProceedsFromSaleOfRealEstateHeldforinvestment - USD 1 Quarter
Proceeds from sale of real estate ProceedsFromSaleOfRealEstateHeldforinvestment $2.29M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-90.02M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-133.71M USD 1 Quarter
Issuance of common stock in public offerings, net ProceedsFromIssuanceOfCommonStock $75.50M USD 1 Quarter
Issuance of common stock in public offerings, net ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Payment of common stock dividends PaymentsOfDividendsCommonStock $8.89M USD 1 Quarter
Payment of common stock dividends PaymentsOfDividendsCommonStock $5.69M USD 1 Quarter
Payment of OP unit distributions PaymentsOfDividendsMinorityInterest $109.00K USD 1 Quarter
Payment of OP unit distributions PaymentsOfDividendsMinorityInterest $307.00K USD 1 Quarter
Payment of restricted stock dividends PaymentsOfRestrictedStockDividends $106.00K USD 1 Quarter
Payment of restricted stock dividends PaymentsOfRestrictedStockDividends $5.00K USD 1 Quarter
Proceeds under revolving credit facility ProceedsFromLinesOfCredit $13.00M USD 1 Quarter
Proceeds under revolving credit facility ProceedsFromLinesOfCredit $128.00M USD 1 Quarter
Repayments under revolving credit facility RepaymentsOfLinesOfCredit - USD 1 Quarter
Repayments under revolving credit facility RepaymentsOfLinesOfCredit $72.00M USD 1 Quarter
Proceeds under property development incentives ProceedsFromPropertyDevelopmentIncentives - USD 1 Quarter
Proceeds under property development incentives ProceedsFromPropertyDevelopmentIncentives $375.00K USD 1 Quarter
Repurchase of common stock for tax withholding obligations PaymentsForRepurchaseOfCommonStock $90.00K USD 1 Quarter
Repurchase of common stock for tax withholding obligations PaymentsForRepurchaseOfCommonStock $363.00K USD 1 Quarter
Deferred offering costs PaymentsOfStockIssuanceCosts $568.00K USD 1 Quarter
Deferred offering costs PaymentsOfStockIssuanceCosts $86.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $6.83M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $121.84M 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 $-2.92M USD 1 Quarter
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 beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.72M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.60M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.69M USD Point-in-time
Cash, cash equivalents and restricted cash at end 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 $7.60M USD Point-in-time
Cash, cash equivalents and restricted cash at end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.69M USD Point-in-time
Cash paid for interest InterestPaidNet $758.00K USD 1 Quarter
Cash paid for interest InterestPaidNet $1.11M 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 $128.00K USD Point-in-time
Cash flow hedge change in fair value NoncashInvestingAndFinancingActivitiesUnrealizedGainLossOnDerivatives $2.32M USD 1 Quarter
Cash flow hedge change in fair value NoncashInvestingAndFinancingActivitiesUnrealizedGainLossOnDerivatives $6.21M USD 1 Quarter
Accrued capital expenditures and real estate development and improvement costs ConstructionInProgressExpendituresIncurredButNotYetPaid - USD 1 Quarter
Accrued capital expenditures and real estate development and improvement costs ConstructionInProgressExpendituresIncurredButNotYetPaid $1.42M USD 1 Quarter
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $865.05M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $789.82M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $528.07M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $525.48M USD Point-in-time
Dividends and distributions declared on common stock and OP units DividendsCommonStockAndOPUnits $5.99M USD 1 Quarter
Dividends and distributions declared on common stock and OP units DividendsCommonStockAndOPUnits $9.00M USD 1 Quarter
Dividends declared on restricted stock, net DividendsShareBasedCompensationCash $128.00K USD 1 Quarter
Dividends declared on restricted stock, net 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
Repurchase of common stock for tax withholding obligations AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet $-362.00K USD 1 Quarter
Stock-based compensation, net AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.04M USD 1 Quarter
Stock-based compensation, net AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $557.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $6.21M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $2.32M USD 1 Quarter
Net income (loss) ProfitLoss $1.97M USD 1 Quarter
Net income (loss) ProfitLoss $741.00K USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $865.05M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $789.82M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $528.07M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $525.48M USD Point-in-time

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

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