NetSTREIT, a net lease REIT that manages single-tenant retail commercial properties, announced terms for its IPO on Wednesday.
The Dallas, TX-based company plans to raise $310 million by offering 15.5 million shares (2% insider) at a price range of $19 to $21. At the midpoint of the proposed range, NetSTREIT would command a fully diluted market value of $554 million.
NetSTREIT's portfolio includes 163 single-tenant retail net leased properties spanning 34 states and its tenants include brands such as 7Eleven, CVS, Walgreens, Lowe's, Walmart, Home Depot, and Kohl's.
NetSTREIT was founded in 2019 and booked $22 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol NTST. Wells Fargo Securities, BofA Securities, Citi, Stifel and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of August 10, 2020.
