NETSTREIT Corp. Announces Pricing of Upsized Public Offering of Common Stock
NETSTREIT Corp. priced a public offering of 9,491,903 shares at $18.65 each, with a 30-day option for underwriters to purchase an additional 1,423,785 shares. This offering, up from a previous 8,000,000 share plan, is expected to close on April 12, 2021. Proceeds will be used to repay borrowings from a revolving credit facility and for general corporate purposes, including property acquisitions. The registration statement for this offering was filed with the SEC and declared effective on April 7, 2021.
- Upsized public offering from 8,000,000 to 9,491,903 shares.
- Proceeds allocated to repay debt and support acquisitions.
- Potential dilution of existing shares due to the offering.
NETSTREIT Corp. (the “Company”) announced today that it has priced a public offering of 9,491,903 shares of its common stock at a price to the public of
The Company intends to contribute the net proceeds of this 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 are acting as the joint book-running managers and representatives of the underwriters for the offering. KeyBanc Capital Markets, BTIG and Truist Securities are acting as joint book-running managers for the offering. Berenberg, Citigroup, Scotiabank, Capital One Securities, Regions Securities LLC and Roberts & Ryan are acting as co-managers for the offering. Stifel is serving as capital markets advisor in connection with the offering.
The offering will be made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, 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. 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 and the satisfaction of all conditions to, and the timely closing of, the offering, are based on the Company’s current expectations and assumptions regarding capital markets conditions, 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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