BUZZ-Netstreit drops after stock offering launch

Reuters
02/12
BUZZ-Netstreit drops after stock offering launch

** Shares of Netstreit Corp NTST.N down 1.4% in extended trading to $18.99 after planned equity raise news

** Dallas, Texas-based retail real estate investment trust commences 8.75 mln share offering with forward sale component

** It expects to enter into 1-yr forward sale agreements with bookrunners Wells Fargo and BofA

** Upon settlements of agreements, it intends to use net proceeds for general purposes, including debt repayment, funding of acquisitions of properties and development activities in its pipeline

** Co has ~97 mln shares outstanding

** NTST shares on Weds finished down 0.1% at $19.26. Stock up 9% YTD and up ~35% over the past 12 months

** 15 of 18 analysts rate the stock "strong buy" or "buy", 3 "hold"; median PT $21, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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