NETSTREIT Corp. NTST
We are an internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. We also invest in property developments and mortgage loans secured by real estate. As of December 31, 2025, we owned or had investments in 761 properties diversified by tenant, industry, and geography, comprising 129 different tenants across 28 retail sectors in 45 states. This includes three property developments where rent has not yet commenced. We focus on tenants in industries where we believe a physical location is critical to the generation of sales and profits, with a focus on necessity goods and essential services in the retail sector, including grocers, convenience stores, discount stores, home improvement, quick-service restaurants, general retail, and auto parts, all of which we refer to as defensive retail industries. As of December 31, 2025, our investments generated ABR1 of $198.3 million. Approximately 44% of our ABR is from investment grade2 credit rated tenants and an additional 14% of our ABR is derived from tenants with an investment grade profile3. Our portfolio was 99.9% occupied and, excluding mortgage loans receivable, had a weighted average remaining lease term ("WALT") of 10.1 years.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $195.0M | $162.8M | $131.9M | $96.3M | $59.1M | $33.7M | — | — |
| SG&A | $21.7M | $19.7M | $20.2M | $19.1M | $14.8M | $11.3M | $3.6M | — |
| Total operating expenses | $144.8M | $144.3M | $107.8M | $82.8M | $55.7M | $35.2M | $22.8M | — |
| Interest expense | $51.3M | $30.3M | $19.1M | $9.2M | $3.7M | $4.7M | $10.7M | — |
| Pre-tax income | $7.0M | -$12.0M | $6.8M | $8.6M | $3.2M | $212.0K | -$8.1M | — |
| Income tax | $54.0K | $49.0K | $49.0K | $396.0K | $59.0K | $0 | $0 | — |
| Net income | $6.9M | -$12.0M | $6.9M | $8.2M | $3.1M | $212.0K | -$8.1M | — |
| EPS, basic | 0.08 | -0.16 | 0.11 | 0.16 | 0.08 | 0.04 | — | — |
| EPS, diluted | 0.08 | -0.16 | 0.11 | 0.16 | 0.08 | 0.01 | — | — |
| Shares, diluted (wtd. avg.) | 84.2M | 76.5M | 64.7M | 50.4M | 38.7M | 21.2M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.5M | $14.3M | $29.9M | $70.5M | $7.6M | $92.6M | $169.3M | $1.9M |
| Other intangibles | $173.4M | $164.4M | $161.4M | $151.0M | $124.8M | $75.0M | $28.8M | — |
| Total assets | $2.61B | $2.26B | $1.95B | $1.61B | $1.07B | $725.8M | $433.9M | — |
| Long-term debt | $1.10B | $868.3M | $607.9M | $491.5M | $237.5M | $172.9M | $168.3M | — |
| Total liabilities | $1.16B | $921.2M | $672.8M | $547.3M | $278.6M | $197.7M | $181.5M | — |
| Retained earnings | -$251.9M | -$188.0M | -$112.3M | -$66.9M | -$35.1M | -$7.5M | $28.0K | — |
| Total equity | $1.45B | $1.33B | $1.27B | $1.06B | $789.8M | $528.1M | $252.4M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $109.5M | $90.2M | $80.2M | $50.6M | $31.5M | $12.7M | $6.0M | — |
| Depreciation and amortisation | $86.4M | $76.9M | $63.7M | $50.1M | $30.8M | $15.5M | $10.4M | — |
| Stock-based compensation | $5.9M | $5.7M | $4.8M | $4.8M | $3.7M | $2.5M | $0 | — |
| Investing cash flow | -$448.8M | -$432.9M | -$452.0M | -$468.4M | -$430.1M | -$362.1M | $75.9M | — |
| Financing cash flow | $339.5M | $327.1M | $331.2M | $480.7M | $313.6M | $272.7M | -$82.3M | — |
| Dividends paid | $70.2M | $63.5M | $51.7M | $39.5M | $30.2M | $8.1M | $0 | — |
| Buybacks | $753.0K | $1.5M | $688.0K | $1.5M | $504.0K | $137.0K | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-006901.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $33.7M | $59.1M | $96.3M | $131.9M | $162.8M | $195.0M |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$8.1M | $212.0K | $3.1M | $8.2M | $6.9M | -$12.0M | $6.9M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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