NETSTREIT Corp. Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares
NETSTREIT Corp. has successfully closed its public offering of 10,915,688 shares at $18.65 each, generating gross proceeds of approximately $203.6 million. The net proceeds will be directed to its operating partnership, with $13.0 million allocated to repay borrowings from its revolving credit facility used for property acquisitions. NETSTREIT aims to enhance its quality portfolio consisting of single-tenant net lease retail properties. The offering was managed by several prominent financial institutions, including Wells Fargo and BofA Securities.
- Raised approximately $203.6 million in gross proceeds.
- Plans to use proceeds for debt repayment and potential property acquisitions.
- Potential dilution of existing shareholders due to the increase in share count.
NETSTREIT Corp. (the “Company”) announced today that it has closed its previously announced public offering of 10,915,688 shares of common stock, which includes the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of
The Company intends to contribute the net proceeds of the offering to its operating partnership in exchange for Class A limited partnership units in the operating partnership, and the operating partnership intends to use approximately
Wells Fargo Securities, BofA Securities, Jefferies and Stifel acted as the joint book-running managers and representatives of the underwriters for the offering. KeyBanc Capital Markets, BTIG and Truist Securities acted as joint book-running managers for the offering. Berenberg, Citigroup, Scotiabank, Capital One Securities, Regions Securities LLC and Roberts & Ryan acted as co-managers for the offering. Stifel served as capital markets advisor in connection with the offering.
The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from the SEC's website at www.sec.gov or by contacting: Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com; BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001 or by email at dg.prospectus_requests@bofa.com; Jefferies, Attention Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at Prospectus_Department@jefferies.com; and Stifel, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, telephone: (855) 300-7136, email: SyndProspectus@stifel.com; Fax: 443.224.1273.
A registration statement on Form S-11 relating to these securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on April 7, 2021, and an additional registration statement on Form S-11 relating to the offering was filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, which became effective upon filing. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About NETSTREIT Corp.
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.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements.” Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including statements regarding the expected use of proceeds of the offering, are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the impact of COVID-19 on the Company’s business and the global economy, financial market and regulatory conditions, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s registration statement on Form S-11. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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