NETSTREIT is an internally managed real estate company that focuses on acquiring, owning, and managing a diversified portfolio of single-tenant commercial retail properties across the United States. As of December 31, 2025, the company owned or had investments in 761 properties diversified by tenant, industry, and geography, comprising 129 different tenants across 28 retail sectors in 45 states. The portfolio generated an annualized base rent (ABR) of $198.3 million, with approximately 44% of ABR from investment-grade credit-rated tenants and an additional 14% from tenants with an investment-grade profile.
Debt and Financing Activities: NETSTREIT received investment-grade credit ratings, leading to reduced margins on its term loans and revolver facility. The applicable margin on various term loans and the revolver was reduced by 15 to 25 basis points. In September 2025, the company entered into a Term Loan Agreement, securing a $200.0 million senior unsecured term loan (2031 Term Loan) and a $250.0 million senior unsecured term loan (2032 Term Loan). In July 2025, NETSTREIT completed a registered public offering of 12,420,000 shares of common stock at a public offering price of $17.70 per share, receiving net proceeds of $137.0 million. The company also engaged in an at-the-market equity program, issuing 3,185,262 shares of common stock at a weighted-average price of $16.47 per share, generating net proceeds of $51.6 million.
Property Transactions: In 2025, NETSTREIT acquired 140 properties for a total purchase price of $603.0 million and invested $6.9 million in property developments, with rent commencing for completed developments in the second quarter of 2025. The company also sold 78 properties for a total sales price, net of disposal costs, of $169.1 million, recognizing a net gain of $7.7 million.
Investment in Mortgage Loans Receivable: * During 2025, NETSTREIT invested an additional $46.0 million in fully collateralized mortgage loans receivable with stated interest rates ranging from 7.00% to 10.25%, inclusive of $8.5 million provided through seller financing transactions.
Financial Performance: Revenue for the year ended December 31, 2025, increased by $32.2 million to $195.0 million compared to the previous year, primarily attributed to an increase in the number of operating leases and properties securing mortgage loans. Total expenses increased by $0.5 million to $144.8 million for the year ended December 31, 2025, primarily due to an increase in the number of operating properties, with the most significant increases in depreciation and amortization expense. * NETSTREIT reported a net income of $6.9 million for the year ended December 31, 2025, compared to a net loss of $12.0 million for the year ended December 31, 2024.
As a result of these announcements, the company's shares have moved 1.32% on the market, and are now trading at a price of $18.45. For more information, read the company's full 10-K submission here.
