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| Shareholders’ Equity | Note 10 – Shareholders’ Equity ATM Programs On October 25, 2023, the Company entered into a $300.0 million at-the-market equity program (the “2023 ATM Program”) through which, from time to time, it could sell shares of its common stock in registered transactions. During 2024, the Company entered into forward sale agreements with respect to an aggregate 1,743,100 shares of its common stock under the 2023 ATM Program at a weighted-average price of $17.67 per share. The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than December 31, 2026, unless the parties mutually agree to extend such dates. On August 12, 2024, the Company entered into a $300.0 million at-the-market equity program (the “2024 ATM Program”) through which, from time to time, it could sell shares of its common stock in registered transactions. Effective August 12, 2024, in connection with the establishment of the 2024 ATM Program, the 2023 ATM Program was terminated. As a result of the termination, the Company will not offer or sell any additional shares of common stock under the 2023 ATM Program. During the six months ended June 30, 2026, the Company entered into forward sale agreements with respect to an aggregate 4,264,015 shares of its common stock under the 2024 ATM Program at a weighted-average price of $18.86 per share. The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than the stated maturity dates ranging from January 2027 to April 2027, unless the parties mutually agree to extend such dates. During 2025, the Company entered into forward sale agreements with respect to an aggregate 9,068,486 shares of its common stock under the 2024 ATM Program at a weighted-average price of $17.75 per share. The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than the stated maturity dates ranging from September 2026 to November 2026, unless the parties mutually agree to extend such dates. On April 21, 2026, the Company entered into a $400.0 million at-the-market equity program (the “2026 ATM Program”) through which, from time to time, it may sell shares of its common stock in registered transactions. Effective April 21, 2026, in connection with the establishment of the 2026 ATM Program, the 2024 ATM Program was terminated. As a result of the termination, the Company will not offer or sell any additional shares of common stock under the 2024 ATM Program. As context requires, the 2023 ATM Program, the 2024 ATM Program, and the 2026 ATM Program are referred to herein as the “ATM Programs.” During the six months ended June 30, 2026, the Company entered into forward sale agreements with respect to an aggregate 8,697,206 shares of its common stock under the 2026 ATM Program at a weighted-average price of $20.51 per share. The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than the stated maturity dates ranging from April 2027 to June 2027, unless the parties mutually agree to extend such dates. The following table presents information about the ATM Programs (in thousands):
(1) Represents gross proceeds received from shares of common stock issued by the Company under the ATM Programs, including settlements of forward sale agreements. (2) Represents gross proceeds available for future issuances of shares of common stock under the ATM Programs. (3) As of June 30, 2026, 1,743,100 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.06. (4) As of June 30, 2026, 11,034,802 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $18.07. (5) As of June 30, 2026, 8,697,206 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $20.30. The following table details information related to the issuance of shares (including through physical settlement under forward sale agreements) under the ATM Programs for the six months ended June 30, 2025 (in thousands, except share and per share data). During the three and six months ended June 30, 2026, the Company did not issue any shares under the ATM Programs or physically settle any forward sale agreements under the ATM Programs.
(1) Includes 1,105,299 shares of common stock that were physically settled at a weighted-average price of $16.37 per share under forward sale agreements. (2) The net proceeds were contributed to the Operating Partnership in exchange for an equivalent number of OP Units. February 2026 Follow-On Offering In February 2026, the Company completed a registered public offering of 12,627,000 shares of its common stock at a public offering price of $19.00 per share, including the full exercise of the underwriters’ option to purchase additional shares. In connection with the offering, the Company entered into forward sale agreements for 12,627,000 shares of its common stock. The Company did not initially receive any proceeds from the sale of shares of common stock by the forward purchasers. As of June 30, 2026, 12,627,000 shares remain unsettled under the February 2026 forward sale agreements. The Company expects to physically settle the forward sale agreements (by delivery of shares of common stock) and receive proceeds from the sale of those shares upon one or more forward settlement dates, which shall occur no later than February 12, 2027, unless the parties mutually agree to extend such dates. July 2025 Follow-On Offering In July 2025, the Company completed a registered public offering of 12,420,000 shares of its common stock at a public offering price of $17.70 per share, including the full exercise of the underwriters’ option to purchase additional shares. In connection with the offering, the Company entered into forward sale agreements for 12,420,000 shares of its common stock. The Company did not initially receive any proceeds from the sale of shares of common stock by the forward purchasers. On June 29, 2026, the Company physically settled 4,264,947 shares of common stock at a weighted-average price of $16.60 per share in accordance with the forward sale agreements. The Company received net proceeds from the settlement of $70.7 million, net of underwriting discounts and offering costs of $4.8 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 4,264,947 OP Units (as defined below). As of June 30, 2026, the Company had fully settled the July 2025 forward sale agreements. January 2024 Follow-On Offering In January 2024, the Company completed a registered public offering of 11,040,000 shares of its common stock at a public offering price of $18.00 per share. In connection with the offering, the Company entered into forward sale agreements for 11,040,000 shares of its common stock. The Company did not initially receive any proceeds from the sale of shares of common stock by the forward purchasers. On February 6, 2026, the Company physically settled 4,000,000 shares of common stock at a weighted-average price of $16.98 per share in accordance with the forward sale agreements. The Company received net proceeds from the settlement of $67.8 million, net of underwriting discounts and offering costs of $4.2 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 4,000,000 OP Units (as defined below). As of June 30, 2026, 4,840,000 shares remain unsettled under the January 2024 forward sale agreements. The Company expects to physically settle the forward sale agreements (by delivery of shares of common stock) and receive proceeds from the sale of those shares upon one or more forward settlement dates, which shall occur no later than December 31, 2026, unless the parties mutually agree to extend such dates. The following table presents information about the Company’s January 2024, July 2025, and February 2026 follow-on offerings (in thousands, except share data):
Surrendered Shares on Vested Stock Unit Awards During the six months ended June 30, 2026 and 2025, portions of restricted stock unit awards (“RSUs”) granted to certain of the Company’s officers, directors, and employees vested. The vesting of these awards, granted pursuant to the NETSTREIT Corp. Amended and Restated 2019 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), resulted in federal and state income tax liabilities for the recipients. During the six months ended June 30, 2026 and 2025, as permitted by the terms of the Omnibus Incentive Plan and the award grants, certain executive officers and employees elected to surrender approximately 88 thousand and 44 thousand RSUs valued at approximately $1.8 million and $0.6 million, respectively, solely to pay the associated statutory withholding tax. The surrendered RSUs are included in the row entitled “repurchase of common stock for tax withholding obligations” in the condensed consolidated statements of cash flows and condensed consolidated statements of changes in equity. Dividends During the six months ended June 30, 2026, the Company declared and paid the following common stock dividends (in thousands, except per share data):
During the six months ended June 30, 2025, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Noncontrolling Interests NETSTREIT GP, LLC, a wholly owned subsidiary of the Company, is the sole general partner of the Operating Partnership and holds a 1.0% general partner interest in the Operating Partnership. The Company contributes net proceeds from issuing shares of common stock to the Operating Partnership in exchange for common units of limited partnership interest in the Operating Partnership (the “OP Units”) equal to the number of shares of common stock issued. As of June 30, 2026, the Company held 101,526,575 OP Units and external parties (the “Noncontrolling OP Unit Holders”) held 445,539 OP Units, representing 99.6% and 0.4%, respectively, of OP Units. As of December 31, 2025, the Company held 93,070,533 OP Units and Noncontrolling OP Unit Holders held 412,143 OP Units, representing 99.6% and 0.4%, respectively, of OP Units. The OP Units held by Noncontrolling OP Unit Holders are presented as noncontrolling interests in the Company’s condensed consolidated financial statements. The holders of OP Units are entitled to receive an equal distribution for each OP Unit held as of each record date. During each of the six months ended June 30, 2026 and 2025, the Operating Partnership paid distributions of $0.2 million to Noncontrolling OP Unit Holders. OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis. During the six months ended June 30, 2026, Noncontrolling OP Unit Holders redeemed 9,965 OP Units for shares of common stock on a one-for-one basis. There were no OP Unit redemptions during the six months ended June 30, 2025.
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