NetSTREIT Corp 2025年季度报告

NETSTREIT Corp.(Exact name of registrant as specified in its charter) 2021 McKinney AvenueSuite 1150 Dallas,Texas an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Non-accelerated filer☐Smaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ PART I — FINANCIAL INFORMATIONFinancial Statements (Unaudited)Condensed Consolidated Balance Sheets as of March 31, 2025and December 31, 2024 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three MonthsEnded March 31, 2025 and 2024 2024 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024Notes to the Condensed Consolidated Financial Statements Other InformationExhibitsSignatures Note 1 –Organization and Description of Business NETSTREIT Corp. (the “Company”) was incorporated on October 11, 2019 as a Maryland corporation and commencedoperations on December 23, 2019. The Company conducts its operations through NETSTREIT,L.P., a Delaware limited partnership (the “Operating Partnership”). NETSTREIT GP, LLC, a Delaware limited liability company and a whollyowned subsidiary of the Company, is the sole general partner of the Operating Partnership.The Company elected to be treated as and to qualify as a real estate investment trust (“REIT”) for U.S. federal income taxpurposes beginning with its short taxable year ended December 31, 2019. Additionally, the Operating Partnership formed Company also invests in property developments and mortgage loans secured by real estate. As of March31, 2025, theCompany owned or had investments in695properties located in45states, excludingfourproperty developments where rent has not yet commenced.Note 2 –Summary of Significant Accounting PoliciesBasis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to therules and regulations of the SEC. These unaudited interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, and should be read in conjunction withthe Company’s audited consolidated financial statements and notes thereto on the Annual Report on Form 10-K as of andfor the year ended December31, 2024, which provide a more complete understanding of the Company’s accountingpolicies, financial position, operating results, business properties, and other matters. In the opinion of management, alladjustments of a normal recurring nature necessary for a fair presentation have been included. The results of operations forthe three months ended March 31, 2025 and 2024 are not necessarily indicative of the results for the full year. significant assumptions and estimates relate to the useful lives of real estate assets, lease accounting, real estateimpairment assessments, and allocation of fair value of purchase consideration. These estimates are based on historical undiscounted future cash flows of the property, excluding interest charges, and determine if the carrying amount of theasset group is recoverable. When a carrying amount is not recoverable, an impairment loss is recognized to the extent that the carrying amount of the asset group exceeds its fair market value. The Company estimates fair value using data such asoperating income, estimated capitalization rates or multiples, leasing prospects, local market information, and discountrates, and with regard to assets held for sale, based on the estimated or negotiated selling price, less estimated costs of The following table summarizes the provision for impairment during the periods indicated below (in thousands):Three Months Ended March 31, Number of properties:Classified as held for sale11(1) Disposed within the period1Classified as held for investment1 held for investment at period-end. Excludes properties that did not have impairment recorded during the period. Of the total provision forimpairment during the three months ended March 31, 2025, the Company recorded $0.3million of impairment expense ononeproperty Cash, Cash Equivalents, and Restricted CashThe Company considers all cash balances, money market accounts, and highly liquid investments with original maturitiesof three months or less to be cash and cash equivalents. Restricted cash includes cash restricted for property tenantimprovements and cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisitionof replacement properties in tax-free exchanges under Section 1031 of the Code. Restricted cash is included in cash, cash Deposit Insurance Corpor