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NTST • CIK 0001798100
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $6,890 | $-12,000 | $6,938 | $21,857 |
| Net Income (Loss) Attributable to Noncontrolling Interest | $53 | $-63 | $37 | $88 |
| Net Income (Loss) Available to Common Stockholders, Basic | $6,837 | $-11,937 | $6,901 | $21,632 |
| Weighted Average Number of Shares Outstanding, Basic | 63,922,973 | 76,517,767 | 82,702,387 | 99,068,273 |
| Weighted Average Number of Shares Outstanding, Diluted | 64,665,439 | 76,517,767 | 84,204,748 | 104,159,883 |
| Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 165,420 | 0 | 285,694 | 609,962 |
| Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 75,295 | 0 | 795,151 | 4,083,509 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Land | $460,896 | $571,272 | $772,417 | $1,001,153 |
| Investment Building and Building Improvements | $1,149,809 | $1,400,393 | $1,590,714 | $1,953,370 |
| Real Estate Investment Property, Accumulated Depreciation | $101,210 | $143,422 | $188,858 | $241,350 |
| Development in Process | $29,198 | $6,118 | $5,500 | $28,349 |
| Real Estate Investment Property, Net | $1,538,693 | $1,834,361 | $2,179,773 | $2,741,522 |
| Disposal Group, Including Discontinued Operation, Assets | $52,451 | $48,637 | $40,976 | $52,783 |
| Mortgage Loans on Real Estate, Commercial and Consumer, Net | $114,472 | $139,409 | $142,464 | $132,356 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $29,929 | $14,320 | $14,467 | $42,305 |
| Finite-Lived Intangible Assets, Net | $161,354 | $164,392 | $173,440 | $206,404 |
| Other Assets | $49,337 | $58,227 | $63,076 | $104,372 |
| Assets | $1,946,236 | $2,259,346 | $2,614,196 | $3,279,742 |
| Unsecured Debt | $521,912 | $622,608 | $1,093,331 | $1,191,813 |
| Long-term Line of Credit | $80,000 | $239,000 | $0 | $198,500 |
| Secured Debt | $7,883 | $7,853 | $7,814 | $7,780 |
| Below Market Lease, Net | $25,353 | $20,177 | $16,910 | $15,066 |
| Disposal Group, Including Discontinued Operation, Liabilities | $1,158 | $1,912 | $1,016 | $1,027 |
| Accounts Payable and Accrued Liabilities | $36,498 | $29,664 | $42,559 | $55,255 |
| Liabilities | $672,804 | $921,214 | $1,161,630 | $1,270,941 |
| Stockholders' Equity Attributable to Parent | $1,264,904 | $1,330,971 | $1,446,012 | $2,003,236 |
| Stockholders' Equity Attributable to Noncontrolling Interest | $8,528 | $7,161 | $6,554 | $5,565 |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $1,273,432 | $1,338,132 | $1,452,566 | $2,008,801 |
| Common Stock, Value, Issued | $732 | $816 | $931 | $1,257 |
| Additional Paid in Capital | $1,367,505 | $1,507,995 | $1,701,572 | $2,262,541 |
| Retained Earnings (Accumulated Deficit) | $-112,276 | $-188,046 | $-251,926 | $-297,529 |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $8,943 | $10,206 | $-4,565 | $36,967 |
| Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 |
| Common Stock, Shares, Issued | 73,207,080 | 81,602,232 | 93,070,533 | 125,632,968 |
| Accounts Receivable, after Allowance for Credit Loss | $10,074 | $9,809 | $9,679 | $11,107 |
| Deferred Rent Receivables, Net | $7,744 | $11,790 | $16,588 | $23,503 |
| Prepaid Expense | $1,387 | $2,143 | $2,975 | $6,703 |
| Earnest Money Deposits | $450 | $517 | $6,790 | $1,150 |
| Derivative Asset | $14,442 | $16,426 | $5,566 | $38,259 |
| Deferred Offering Costs | $1,031 | $1,641 | $2,171 | $1,261 |
| Debt Issuance Costs, Line of Credit Arrangements, Net | $2,724 | $1,200 | $5,657 | $8,367 |
| Operating Lease, Right-of-Use Asset | $3,866 | $3,484 | $3,086 | $2,776 |
| Leasehold Improvements, Gross | $1,723 | $1,425 | $1,183 | $969 |
| Interest Receivable | $1,397 | $3,034 | $3,958 | $4,980 |
| Other Assets, Miscellaneous | $4,499 | $6,758 | $5,423 | $5,297 |
| Accrued Liabilities | $8,826 | $4,961 | $4,249 | $17,901 |
| Accrued Bonuses | $2,575 | $1,271 | $3,068 | $2,095 |
| Advance Rent | $3,896 | $5,655 | $6,526 | $6,562 |
| Operating Lease, Liability | $5,104 | $4,646 | $4,155 | $3,765 |
| Interest Payable | $2,921 | $3,476 | $4,642 | $4,642 |
| Deferred Rent Credit | $3,257 | $4,738 | $5,233 | $5,233 |
| Accounts Payable | $4,691 | $3,053 | $1,218 | $4,833 |
| Derivative Liability | $3,073 | $0 | $6,850 | $0 |
| Other Liabilities | $2,155 | $1,864 | $2,643 | $790 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $6,890 | $-12,000 | $6,938 | $21,857 |
| Net Cash Provided by (Used in) Operating Activities | $80,155 | $90,164 | $109,510 | $133,628 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $-40,614 | $-15,609 | $147 | $-11,019 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $29,929 | $14,320 | $14,467 | $11,320 |
| Depreciation, Depletion and Amortization | $63,677 | $76,871 | $86,376 | $101,397 |
| Payments to Acquire Real Estate Held-for-investment | $340,451 | $479,039 | $598,073 | $956,344 |
| Amortization of Debt Issuance Costs and Discounts | $1,730 | $2,230 | $3,136 | $3,767 |
| Other Noncash Income (Expense) | $1,632 | $3,699 | $5,119 | $6,303 |
| Proceeds from Loan and Lease Originations and Principal Collections | $1,482 | $24,870 | $31,251 | $48,841 |
| Amortization of Deferred Hedge Gains | $-2,124 | $-3,789 | $2,859 | $2,859 |
| Proceeds from Sale of Loans Receivable | — | — | $10,480 | $5,587 |
| Share-based Payment Arrangement, Noncash Expense | $4,823 | $5,656 | $5,898 | $6,846 |
| Payments for (Proceeds from) Deposits on Real Estate Acquisitions | $265 | $67 | $6,273 | $251 |
| Gains (Losses) on Sales of Investment Real Estate | $1,175 | $1,876 | $7,686 | $4,098 |
| Payments to Acquire Other Property, Plant, and Equipment | $35 | $8 | $52 | $29 |
| Asset Impairment Charges | $7,083 | $29,969 | $17,268 | $11,876 |
| Proceeds from Sale of Real Estate Held-for-investment | $38,465 | $90,843 | $160,631 | $126,685 |
| Gain (Loss) on Extinguishment of Debt | $-128 | $0 | $-46 | $-48 |
| Proceeds from Insurance Settlement, Investing Activities | $78 | $403 | $45 | $1,604 |
| Net Cash Provided by (Used in) Investing Activities | $-451,953 | $-432,875 | $-448,842 | $-865,254 |
| Proceeds from Issuance of Common Stock | $271,389 | $135,475 | $188,341 | $716,112 |
| Payments of Ordinary Dividends, Common Stock | $51,675 | $63,457 | $70,230 | $83,621 |
| Payments of Ordinary Dividends, Noncontrolling Interest | $407 | $369 | $358 | $433 |
| Repayments of Other Long-term Debt | $138 | $155 | $164 | $169 |
| Proceeds from Lines of Credit | $361,000 | $392,000 | $349,000 | $668,500 |
| Repayments of Lines of Credit | $394,000 | $233,000 | $588,000 | $668,500 |
| Proceeds from Issuance of Secured Debt | $150,000 | $100,000 | $518,675 | $250,000 |
| Repayments of Unsecured Debt | — | — | $43,675 | $43,675 |
| Payments for Repurchase of Common Stock | $688 | $1,498 | $753 | $1,910 |
| Payments of Debt Issuance Costs | $3,271 | $0 | $12,044 | $7,072 |
| Net Cash Provided by (Used in) Financing Activities | $331,184 | $327,102 | $339,479 | $720,607 |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $18,336 | $30,295 | $44,028 | $54,449 |
| Income Taxes Paid, Net | — | $-31 | $-64 | $28 |
| Dividends Payable | $501 | $376 | $550 | $655 |
| Mortgage Loan Related to Property Sales | $1,837 | $20,102 | $8,450 | $6,027 |
| Liabilities Assumed | $0 | $0 | $4,888 | $4,888 |
| Construction in Progress Expenditures Incurred but Not yet Paid | $5,686 | $4,500 | $3,007 | $9,037 |
| Increase (Decrease) in Other Operating Assets | $1,237 | $1,200 | $102 | $2,907 |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | $3,696 | $-946 | $494 | $3,699 |