NETSTREIT Corp. (NTST) 10-Year Financial Performance & Capital Metrics

NTST • • REIT / Real Estate

Real EstateRetail REITsSingle-Tenant Net Lease RetailEmerging Net Lease REITs

AboutNETSTREIT is an internally managed 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's strategy is 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.Show more

Revenue $150M +21.8%
FFO $65M -7.9%
FFO/Share 0.85 -22.2%
FFO Payout 98.29% +33.7%
FFO per Share 0.85 -22.2%
NOI Margin 89.2% +1.6%
FFO Margin 43.29% -24.4%
ROE -0.91% -255.9%
ROA -0.57% -247.5%
Debt/Assets 39.58% +20.3%
Net Debt/EBITDA 7.71 +9.1%
Book Value/Share 17.49 -11.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 20.3% TTM
✓High NOI margin of 89.2%
✓Healthy dividend yield of 4.6%
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 0.2%
✗Shares diluted 18.3% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y49.16%

3Y36.99%

TTM20.3%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM104.02%

EPS CAGR

10Y-

5Y-

3Y-

TTM99.65%

ROCE

10Y Avg0.85%

5Y Avg1.63%

3Y Avg1.46%

Latest1.9%

Peer Comparison

Emerging Net Lease REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PINEAlpine Income Property Trust, Inc.	246.18M	17.38	124.14	14.42%	-8.86%	-2.07%	10.4%	1.12
NTSTNETSTREIT Corp.	1.52B	18.21	-113.81	21.84%	0.1%	0.01%	5.92%	0.67

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	23.83M	20.32M	33.73M	58.35M	92.5M	123.12M	150M
Revenue Growth %	-	-0.15%	0.66%	0.73%	0.59%	0.33%	0.22%
Property Operating Expenses	1.73M	1.7M	5.74M	5.02M	10.27M	15.01M	16.2M
Net Operating Income (NOI)+	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-
Operating Expenses+	16.67M	3.6M	11.34M	45.62M	69.13M	83.85M	96.59M
G&A Expenses	3.79M	3.6M	11.34M	14.81M	19.05M	20.18M	19.72M
EBITDA+	-1.89M	25.63M	31.31M	38.53M	63.19M	87.93M	114.08M
EBITDA Margin %	-	-	-	-	-	-	-
Depreciation & Amortization+	18.4M	10.62M	14.66M	30.81M	50.08M	63.68M	76.87M
D&A / Revenue %	-	-	-	-	-	-	-
Operating Income+	-20.3M	15.01M	16.65M	7.72M	13.11M	24.25M	37.21M
Operating Margin %	-	-	-	-	-	-	-
Interest Expense+	11M	10.71M	4.74M	3.7M	9.18M	20.28M	33.32M
Interest Coverage	-1.84x	1.40x	3.51x	2.09x	1.43x	1.20x	1.12x
Non-Operating Income	0	10.62M	15.46M	1.21M	-4.13M	-2.87M	15.84M
Pretax Income+	-20.3M	-8.03M	212K	3.21M	8.6M	6.84M	-11.95M
Pretax Margin %	-	-	-	-	-	-	-
Income Tax+	25.72M	0	0	59K	396K	-49K	49K
Effective Tax Rate %	-	-	-	-	-	-	-
Net Income+	-20.3M	-8.04M	730K	3.05M	8.12M	6.84M	-11.94M
Net Margin %	-	-	-	-	-	-	-
Net Income Growth %	-	0.6%	1.09%	3.17%	1.66%	-0.16%	-2.75%
Funds From Operations (FFO)+	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-
FFO Growth %	-	2.36%	4.98%	1.2%	0.72%	0.21%	-0.08%
FFO per Share+	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-
EPS (Diluted)+	-0.84	-0.84	0.01	0.08	0.16	0.11	-0.16
EPS Growth %	-	0%	1.01%	-	1%	-0.31%	-2.45%
EPS (Basic)	-0.84	-0.84	0.04	0.08	0.16	0.11	-0.16
Diluted Shares Outstanding	24.3M	24.3M	21.16M	38.67M	50.43M	64.67M	76.52M

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	333.08M	433.92M	725.82M	1.07B	1.61B	1.95B	2.26B
Asset Growth %	-	0.3%	0.67%	0.47%	0.5%	0.21%	0.16%
Real Estate & Other Assets+	237.96M	225.49M	539.42M	920.34M	1.29B	1.55B	1.86B
PP&E (Net)	237.8M	0	38K	6.24M	6.2M	5.59M	1.43M
Investment Securities	-1000K	0	0	0	0	1000K	0
Total Current Assets+	62.34M	179.59M	111.33M	17.09M	157.23M	217.9M	229.66M
Cash & Equivalents	1.24M	169.32M	92.64M	7.6M	65.84M	18.43M	14.32M
Receivables	1000K	640K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	58.97M	8.53M	15.44M	2.95M	28.09M	64.4M	51.3M
Intangible Assets	32.78M	28.85M	75.02M	124.77M	151.01M	161.35M	164.39M
Total Liabilities	250.34M	181.49M	197.74M	278.63M	547.27M	672.8M	921.21M
Total Debt+	246.85M	178.59M	191.03M	267.09M	529.79M	640.25M	894.28M
Net Debt	245.62M	9.27M	98.39M	259.49M	463.94M	621.82M	879.96M
Long-Term Debt	243.19M	173.91M	174.1M	174.33M	381.19M	609.63M	630.46M
Short-Term Borrowings	0	0	0	1000K	1000K	162K	1000K
Capital Lease Obligations	3.67M	4.67M	16.93M	28.76M	35.59M	30.46M	24.82M
Total Current Liabilities+	2.64M	2.4M	4.9M	72.95M	127.02M	26.82M	252.4M
Accounts Payable	223K	1.17M	916K	419K	1.39M	4.69M	3.05M
Deferred Revenue	-243.19M	607K	1.55M	1.92M	4.69M	3.07M	10.39M
Other Liabilities	-2.82M	506K	1.81M	2.59M	3.46M	5.89M	3.13M
Total Equity+	327.65M	252.43M	528.07M	789.82M	1.06B	1.27B	1.34B
Equity Growth %	-	-0.23%	1.09%	0.5%	0.34%	0.2%	0.05%
Shareholders Equity	82.75M	164.53M	494.1M	779.17M	1.05B	1.26B	1.33B
Minority Interest	244.9M	87.9M	33.98M	10.64M	9.59M	8.53M	7.16M
Common Stock	82.75M	89K	282K	442K	580K	732K	816K
Additional Paid-in Capital	0	164.42M	501.05M	809.72M	1.09B	1.37B	1.51B
Retained Earnings	0	28K	-7.46M	-35.12M	-66.94M	-112.28M	-188.05M
Preferred Stock	0	0	0	0	0	0	0
Return on Assets (ROA)	-0.06%	-0.02%	0%	0%	0.01%	0%	-0.01%
Return on Equity (ROE)	-0.06%	-0.03%	0%	0%	0.01%	0.01%	-0.01%
Debt / Assets	0.74%	0.41%	0.26%	0.25%	0.33%	0.33%	0.4%
Debt / Equity	0.75x	0.71x	0.36x	0.34x	0.50x	0.50x	0.67x
Net Debt / EBITDA	-	0.36x	3.14x	6.74x	7.34x	7.07x	7.71x
Book Value per Share	13.48	10.39	24.96	20.42	20.99	19.69	17.49

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	8.9M	5.99M	12.75M	31.48M	50.65M	80.16M	90.16M
Operating CF Growth %	-	-0.33%	1.13%	1.47%	0.61%	0.58%	0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-
Net Income	-20.3M	-8.07M	212K	3.15M	8.21M	6.84M	-12M
Depreciation & Amortization	12.88M	10.42M	15.46M	30.81M	50.08M	63.68M	76.87M
Stock-Based Compensation	0	0	2.45M	3.7M	4.76M	4.82M	5.66M
Other Non-Cash Items	15.67M	4.15M	-5.34M	-6.96M	-7.41M	2.36M	21.78M
Working Capital Changes	648K	-513K	-30K	676K	-4.98M	2.46M	-2.15M
Cash from Investing+	-22.05M	75.93M	-362.13M	-430.13M	-468.36M	-451.95M	-432.88M
Acquisitions (Net)	0	-166.73M	0	410.21M	0	0	0
Purchase of Investments	0	259.75M	0	-441.33M	0	0	0
Sale of Investments	1000K	1000K	0	1000K	0	0	0
Other Investing	-22.05M	-91.91M	-362.08M	-429.4M	-467.15M	-451.92M	-432.87M
Cash from Financing+	10.44M	-82.32M	272.71M	313.61M	480.65M	331.18M	327.1M
Dividends Paid	-10.01M	-5.62M	-8.84M	-30.23M	-39.95M	-51.82M	-63.83M
Common Dividends	-10.01M	-5.62M	-8.84M	-30.23M	-39.95M	-51.82M	-63.83M
Debt Issuance (Net)	1000K	-1000K	0	1000K	1000K	1000K	1000K
Share Repurchases	0	-164.73M	-275K	-504K	0	-688K	0
Other Financing	12.77M	338K	-139K	-3.31M	-6.06M	-5.24M	-3.39M
Net Change in Cash+	-2.71M	-394K	-76.68M	-85.04M	62.94M	-40.61M	-15.61M
Exchange Rate Effect	0	0	0	0	0	0	0
Cash at Beginning	4.66M	1.95M	169.32M	92.64M	7.6M	70.54M	29.93M
Cash at End	1.95M	1.56M	92.64M	7.6M	70.54M	29.93M	14.32M
Free Cash Flow+	-22.7M	3.19M	12.7M	30.75M	49.44M	80.12M	90.16M
FCF Growth %	-	1.14%	2.97%	1.42%	0.61%	0.62%	0.13%
FCF / Revenue %	-	-	-	-	-	-	-

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
FFO per Share	-0.08	0.11	0.73	0.88	1.15	1.09	0.85
FFO Payout Ratio	-528.3%	218.58%	57.44%	89.29%	68.66%	73.49%	98.29%
NOI Margin	92.74%	91.62%	82.99%	91.4%	88.9%	87.81%	89.2%
Net Debt / EBITDA	-	0.36x	3.14x	6.74x	7.34x	7.07x	7.71x
Debt / Assets	74.11%	41.16%	26.32%	25%	32.99%	32.9%	39.58%
Interest Coverage	-1.84x	1.40x	3.51x	2.09x	1.43x	1.20x	1.12x
Book Value / Share	13.48	10.39	24.96	20.42	20.99	19.69	17.49
Revenue Growth	-	-14.73%	66%	73.02%	58.52%	33.09%	21.84%

Frequently Asked Questions

Growth & Financials

NETSTREIT Corp. (NTST) reported $176.5M in revenue for fiscal year 2024. This represents a 641% increase from $23.8M in 2018.

NETSTREIT Corp. (NTST) grew revenue by 21.8% over the past year. This is strong growth.

Yes, NETSTREIT Corp. (NTST) is profitable, generating $0.2M in net income for fiscal year 2024 (-8.0% net margin).

Dividend & Returns

Yes, NETSTREIT Corp. (NTST) pays a dividend with a yield of 4.58%. This makes it attractive for income-focused investors.

NETSTREIT Corp. (NTST) has a return on equity (ROE) of -0.9%. Negative ROE indicates the company is unprofitable.

Industry Metrics

NETSTREIT Corp. (NTST) generated Funds From Operations (FFO) of $84.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

NETSTREIT Corp. (NTST) offers a 4.58% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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