Business Context and Reporting Period
Company: NETSTREIT Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: April 21, 2026
Event: Establishment of a new At-the-Market (ATM) equity offering program and termination of the prior program.
Key Financial Metrics and Capital Structure
This filing does not report operational financial metrics such as revenue, profit, cash flow, or margins. It focuses exclusively on capital raising activities.
- New ATM Program Size: Up to $400 million in aggregate offering price.
- Prior ATM Program Utilization: Approximately $256.1 million sold (including unsettled shares) under the agreement terminated on April 21, 2026.
- Unsettled Forward Agreements: 12,777,902 shares of common stock remain unsettled from previous programs.
- Existing Debt Facility: $500.0 million senior unsecured revolving credit facility.
- Commission Rates: Up to 1.5% of gross sales price for sales agents and forward sellers.
Material Changes Versus Prior Period
The primary material change is the replacement of the equity offering sales agreement dated August 12, 2024, with a new agreement effective April 21, 2026.
- Program Termination: The prior ATM Sales Agreement was terminated effective April 21, 2026. No additional shares will be sold under the old agreement.
- New Program Capacity: The new program authorizes the sale of up to $400 million of common stock, compared to the prior program's remaining capacity which was exhausted or terminated.
- Settlement Timeline: Unsettled forward sale agreements from prior programs have maturity dates ranging from September 2026 through March 2027.
Guidance, Outlook, and Management Commentary
Use of Proceeds: The Company intends to contribute net proceeds to its Operating Partnership for general corporate purposes, including:
- Funding acquisitions of properties.
- Development activities in the Company's pipeline.
- Other investments and working capital.
- Repayment of debt, including amounts under the $500.0 million revolving credit facility.
Settlement Mechanics: The Company expects to physically settle forward sale agreements by delivering shares and receiving cash proceeds. However, the Company retains the option to cash settle or net share settle, which could result in no proceeds from share issuance or the delivery of shares instead of cash.
Risks and Contingencies: The filing notes that the offering may be suspended or terminated at any time. The Company will not initially receive proceeds from the sale of borrowed shares by forward sellers until settlement occurs.
Important Facts for Investor Verification
- Verify the exact number of shares issued and proceeds received from the new $400 million ATM program in subsequent filings.
- Monitor the settlement of the 12,777,902 unsettled shares from prior forward agreements between September 2026 and March 2027.
- Confirm whether the Company elects physical, cash, or net share settlement for forward agreements, as this impacts cash flow and share count.
- Track the utilization of the $500.0 million revolving credit facility to determine if ATM proceeds are used for debt reduction.