NETSTREIT prices $191 million stock offering through forward sale

NETSTREIT Corp. announced it has priced a public offering of 10.8 million shares of common stock at $17.70 per share through forward sale agreements. The offering is expected to close on July 28, 2025.

The Dallas-based real estate investment trust granted underwriters a 30-day option to purchase an additional 1.62 million shares. If exercised in full, the total offering would reach approximately $220 million.

BofA Securities and Wells Fargo Securities are serving as book-running managers, with Jefferies, Truist Securities, Capital One Securities, Mizuho, Baird, Scotiabank, Regions Securities, TD Cowen, Stifel and BTIG acting as joint book-running managers.

Under the forward sale structure, NETSTREIT entered into agreements with affiliates of the lead underwriters. The forward purchasers will borrow and sell the shares to underwriters for immediate delivery, while NETSTREIT will deliver the actual shares and receive proceeds at a later date no later than July 24, 2026.

The company will not receive proceeds from the initial share sale. Upon future settlement of the forward agreements, NETSTREIT expects to contribute net proceeds to its operating partnership in exchange for Class A limited partnership units. The operating partnership intends to use proceeds for general corporate purposes, including potential repayment of revolving credit facility amounts and funding property acquisitions and development activities.

The offering is being conducted under the company's shelf registration statement that became effective August 12, 2024. NETSTREIT specializes in acquiring single-tenant net lease retail properties nationwide.

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