NETSTREIT 10-Q Details Q3 Net Income $8.5M, $312M Forward Equity Overhang
NTST is trading near its 52-week low of $16.405 (0.4% above the low).
Summary
NETSTREIT's Q3 10-Q confirms the earnings already reported today: revenue $66.3M, net income $8.5M, and $311.9M of unsettled forward equity that will fund growth and debt paydown when settled.
Key Events · Earnings and Guidance · NTST
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Q3 Earnings Confirmed in Full Detail
Revenue $66.3M vs $48.3M a year ago; net income $8.5M vs $0.6M; diluted EPS $0.08. Nine-month net income $20.5M on revenue $184.6M.
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$312M Forward Equity Still Unsettled
15,933,883 forward shares remain unsettled with $311.9M of anticipated net proceeds at a $19.57 weighted-average net settlement price — capital contracted but not yet in the share count.
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Portfolio Grew to 919 Properties
Q3 acquisitions of 79 properties for $264.0M; nine-month total 214 properties for $750.6M at a 7.4% blended cash yield. Portfolio 99.9% occupied with 10.1-year WALT.
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Leverage 5.0x, 3.7x Adjusted
Net Debt / Annualized Adjusted EBITDAre of 5.0x, or 3.7x after netting the unsettled forward equity. All debt covenants in compliance.
Analysis · NTST · Real Estate & Construction
The 10-Q provides the full financial backing for the Q3 earnings already released today: revenue rose to $66.3M from $48.3M and net income jumped to $8.5M from $0.6M, driven by a much larger portfolio (919 properties, up from 761 at year-end). The balance-sheet story is the $311.9M of unsettled forward equity across 15.9M shares — capital already contracted but not yet in the share count, which will fund the acquisition pipeline and pay down debt when settled. Leverage sits at 5.0x net debt to annualized adjusted EBITDAre (3.7x adjusted for that forward equity), and the company remains in compliance with all debt covenants. Nothing here changes the thesis versus the earnings release; it confirms the growth is real and the funding is largely pre-arranged.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.4% of the 1563 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, NTST was trading at $16.47 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $16.41 to $22.47. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.