NETSTREIT Corp. (NYSE: NTST) (the “Company”), a nationwide owner of high-quality, single-tenant net lease properties, today provided an update on the Company’s fourth quarter and full year 2020 business activities.
Fourth Quarter and Full Year 2020 Business Update
Operating Activity:
Portfolio Construction:
Fourth Quarter 2020 Portfolio Activity:
Full Year 2020 Portfolio Activity:
Year End Portfolio Position:
Balance Sheet:
“After a landmark year in which we completed our 144A private offering, created a public company platform, and closed our initial public offering, we are very pleased with all we have accomplished at NETSTREIT in 2020. Our portfolio operations, including collections, remain extremely strong and reflect the portfolio quality and defensive asset characteristics that are at the core of our strategy. Further, our performance in 2020 on both acquisitions and dispositions provides us with a significantly larger, more resilient and diversified asset base to support outsized growth as we begin 2021,” said Mark Manheimer, Chief Executive Officer of NETSTREIT. “We are very proud of our entire team and could not have achieved our success in 2020 without their hard work. We believe we enter the new year very well positioned to further build on our accomplishments.”
2021 Outlook
The Company is introducing the following external growth targets for full year 2021:
About NETSTREIT
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 STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities and trends in our business, including trends in the market for single-tenant, retail commercial real estate. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this press release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see the information under the heading “Risk Factors” in our prospectus dated August 13, 2020, relating to our initial public offering, filed with the Securities and Exchange Commission (the “SEC”) on August 14, 2020 and other reports filed with the SEC from time to time. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. New risks and uncertainties may arise over time and it is not possible for us to predict those events or how they may affect us. Many of the risks identified herein and in our periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from the novel coronavirus (COVID-19). We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.
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1 Annualized base rent, or ABR, is calculated by multiplying (i) cash rental payments (a) for the month following the period shown plus (b) for properties under development, the first full month's permanent cash rent contractually due after the development period by (ii) 12.
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