DALLAS--(BUSINESS WIRE)--NETSTREIT Corp. (NYSE: NTST) (the “Company”), today provided an update on the Company’s recent activity, including:
- Completed an initial public offering, issuing 12,500,000 shares of common stock at a price of $18.00 per share, for total net proceeds to the Company of $207.2 million
- Repaid $50 million outstanding under the Company’s line of credit, bringing the outstanding balance to zero
- Collected 95% of July rent payments and 99% of August rent payments as of August 24, 2020
- Declared its inaugural common stock cash dividend of $0.10 per share for the third quarter of 2020, which was prorated to reflect the period of time from the Company’s initial public offering on August 13, 2020 to quarter end, and represents an annualized dividend rate of $0.80 per share
“We are very proud of our recent activity, including the completion of our initial public offering, and the continued high level of rent collections in July and August, which we credit to the quality of our portfolio, including our investment grade rated and defensive retail tenancy,” said Mark Manheimer, Chief Executive Officer of NETSTREIT. “As a result of these events, we were pleased to repay all outstanding borrowings on our line of credit, and to declare our inaugural common stock dividend. NETSTREIT is off to a strong start as we begin life as a public company, and we look forward to continuing the growth of our platform.”
NETSTREIT is a Real Estate Investment Trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing 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 aims 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.