NETSTREIT (NTST) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39443
Entity Registrant Name	NETSTREIT Corp.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-3356606
Entity Address, Address Line One	2021 McKinney Avenue
Entity Address, Address Line Two	Suite 1150
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	200-7100
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NTST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,862,466
Entity Central Index Key	0001798100
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate, at cost:
Land	$ 417,704	$ 401,146
Buildings and improvements	966,743	907,084
Total real estate, at cost	1,384,447	1,308,230
Less accumulated depreciation	(72,682)	(62,526)
Property under development	6,501	16,796
Real estate held for investment, net	1,318,266	1,262,500
Assets held for sale	5,798	23,208
Mortgage loans receivable, net	92,267	46,378
Cash, cash equivalents and restricted cash	6,596	70,543
Lease intangible assets, net	154,213	151,006
Other assets, net	50,242	52,057
Total assets	1,627,382	1,605,692
Liabilities:
Term loans, net	373,415	373,296
Revolving credit facility	96,000	113,000
Mortgage note payable, net	7,901	7,896
Lease intangible liabilities, net	29,348	30,131
Liabilities related to assets held for sale	34	406
Liabilities related to assets held for sale	25,062	22,540
Accounts payable, accrued expenses and other liabilities	531,760	547,269
Total liabilities
Equity:
Stockholders’ equity	609	580
Additional paid-in capital	1,145,160	1,091,514
Additional paid-in capital	(77,237)	(66,937)
Distributions in excess of retained earnings	17,743	23,673
Accumulated other comprehensive income	1,086,275	1,048,830
Total stockholders’ equity	9,347	9,593
Noncontrolling interests	1,095,622	1,058,423
Total equity	$ 1,627,382	$ 1,605,692

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	60,862,466	58,031,879
Common stock, shares outstanding	60,862,466	58,031,879

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Rental revenue (including reimbursable)	$ 28,474	$ 20,921
Interest income on loans receivable	978	411
Total revenues	29,452	21,332
Operating expenses
Property	3,936	2,932
General and administrative	4,909	4,190
Depreciation and amortization	14,949	10,980
Transaction costs	109	165
Total operating expenses	23,903	18,267
Other income (expense)
Interest expense, net	(3,944)	(1,169)
Gain (loss) on sales of real estate, net	(319)	161
Total other expense, net	(4,111)	(1,008)
Net income before income taxes	1,438	2,057
Income tax benefit (expense)	43	(91)
Net income	1,481	1,966
Net income attributable to noncontrolling interests	9	24
Net income attributable to common stockholders	$ 1,472	$ 1,942
Amounts available to common stockholders per common share:
Basic (in dollars per share)	$ 0.03	$ 0.04
Diluted (in dollars per share)	$ 0.03	$ 0.04
Weighted average common shares:
Basic (in shares)	58,155,738	44,415,807
Diluted (in shares)	58,883,386	45,600,810
Change in value on derivatives, net	$ (5,979)	$ 6,211
Total comprehensive income (loss)	(4,498)	8,177
Comprehensive income (loss) attributable to noncontrolling interests	(40)	100
Comprehensive income (loss) attributable to common stockholders	(4,458)	8,077
Other Income	$ 152	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common stock	Additional Paid-in Capital	Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021			44,223,050
Beginning balance at Dec. 31, 2021	$ 789,815	$ 779,170	$ 442	$ 809,724	$ (35,119)	$ 4,123	$ 10,645
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)			3,604,736
Issuance of stock	75,497	75,497	$ 36	75,461
OP Units converted to common stock (in shares)			25,629
OP Units converted to common stock	0	484		484			(484)
Dividends and distributions declared on common stock and OP units	(8,997)	(8,888)			(8,888)		(109)
Dividends declared on restricted stock, net	(128)	(128)			(128)
Vesting of restricted stock units (in shares)			85,224
Vesting of restricted stock units	0		$ 1	(1)
Repurchase of common stock for tax withholding obligations (in shares)			(16,651)
Repurchase of common stock for tax withholding obligations	(362)	(362)		(362)
Stock-based compensation, net	1,045	1,045		1,045
Other comprehensive income	6,211	6,135				6,135	76
Net income (loss)	1,966	1,942			1,942		24
Ending balance (in shares) at Mar. 31, 2022			47,921,988
Ending balance at Mar. 31, 2022	865,047	854,895	$ 479	886,351	(42,193)	10,258	10,152
Beginning balance (in shares) at Dec. 31, 2022			58,031,879
Beginning balance at Dec. 31, 2022	1,058,423	1,048,830	$ 580	1,091,514	(66,937)	23,673	9,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)			2,759,481
Issuance of stock	52,903	52,903	$ 28	52,875
OP Units converted to common stock (in shares)			5,694
OP Units converted to common stock	0	105		105			(105)
Dividends and distributions declared on common stock and OP units	(11,751)	(11,650)			(11,650)		(101)
Dividends declared on restricted stock, net	(122)	(122)			(122)
Vesting of restricted stock units (in shares)			83,428
Vesting of restricted stock units	0		$ 1	(1)
Repurchase of common stock for tax withholding obligations (in shares)			(18,016)
Repurchase of common stock for tax withholding obligations	(360)	(360)		(360)
Stock-based compensation, net	1,027	1,027		1,027
Other comprehensive income	(5,979)	(5,930)				(5,930)	(49)
Net income (loss)	1,481	1,472			1,472		9
Ending balance (in shares) at Mar. 31, 2023			60,862,466
Ending balance at Mar. 31, 2023	$ 1,095,622	$ 1,086,275	$ 609	$ 1,145,160	$ (77,237)	$ 17,743	$ 9,347

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 1,481	$ 1,966
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,949	10,980
Amortization of deferred financing costs	308	157
Amortization of above/below-market assumed debt	29	0
Noncash revenue adjustments	(509)	(807)
Stock-based compensation expense	1,027	1,045
(Gain) loss on sales of real estate, net	319	(161)
Gain on involuntary conversion of buildings and improvements	(12)	0
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Other assets, net	(1,845)	(1,484)
Accounts payable, accrued expenses and other liabilities	(441)	(2,742)
Lease incentive payments	(500)	0
Net cash provided by operating activities	14,806	8,954
Cash flows from investing activities
Acquisitions of real estate	(67,717)	(89,973)
Real estate development and improvements	(2,480)	(4,378)
Investment in mortgage loans receivable	(45,917)	(40,426)
Earnest money deposits	(1,773)	(630)
Purchase of computer equipment and other corporate assets	0	(595)
Proceeds from sale of real estate	15,463	2,294
Proceeds from the settlement of property-related insurance claims	12	0
Net cash used in investing activities	(102,412)	(133,708)
Cash flows from financing activities
Issuance of common stock in public offerings, net	52,903	75,497
Payment of common stock dividends	(11,650)	(8,888)
Payment of OP unit distributions	(101)	(109)
Payment of restricted stock dividends	(92)	(106)
Principal payments on mortgages payable	(26)	0
Proceeds under property development incentives	0	375
Proceeds under revolving credit facilities	99,000	128,000
Repayments under revolving credit facilities	(116,000)	(72,000)
Repurchase of common stock for tax withholding obligations	(360)	(363)
Deferred offering costs	(15)	(568)
Net cash provided by financing activities	23,659	121,838
Net change in cash, cash equivalents and restricted cash	(63,947)	(2,916)
Cash, cash equivalents and restricted cash at beginning of the period	70,543	7,603
Cash, cash equivalents and restricted cash at end of the period	6,596	4,687
Supplemental disclosures of cash flow information:
Cash paid for interest	3,641	1,108
Supplemental disclosures of non-cash investing and financing activities:
Dividends declared and unpaid on restricted stock	122	128
Cash flow hedge change in fair value	(5,979)	6,211
Accrued capital expenditures and real estate development and improvement costs	$ 2,516	$ 1,418

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business NETSTREIT Corp. (the “Company”) was incorporated on October 11, 2019 as a Maryland corporation and commenced operations on December 23, 2019. The Company conducts its operations through NETSTREIT, L.P., a Delaware limited partnership (the “Operating Partnership”). NETSTREIT GP, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company, is the sole general partner of the Operating Partnership. The Company elected to be treated and to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its short taxable year ended December 31, 2019. Additionally, the Operating Partnership formed NETSTREIT Management TRS, LLC (“NETSTREIT TRS”), which together with the Company jointly elected to be treated as a taxable REIT subsidiary under Section 856(a) of the Internal Revenue Code of 1986, as amended, (the “Code”) for U.S. federal income tax purposes. The Company is structured as an umbrella partnership real estate investment trust (commonly referred to as an “UPREIT”) and is an internally managed real estate company that acquires, owns and manages a diversified portfolio of single-tenant, retail commercial real estate leased on a long-term basis to high credit quality tenants across the United States. The Company also invests in property developments and mortgage loans secured by real estate. As of March 31, 2023, the Company owned or had investments in 488 properties, located in 45 states, excluding four property developments where rent has yet to commence.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation and the Company’s net income is reduced by the portion of net income attributable to noncontrolling interests. Interim Unaudited Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. These unaudited interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto on the Annual Report on Form 10-K as of and for the year ended December 31, 2022, which provide a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results for the full year. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant assumptions and estimates relate to the useful lives of real estate assets, lease accounting, real estate impairment assessments, and allocation of fair value of purchase consideration. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash The Company considers all cash balances, money market accounts and highly liquid investments with original maturities of three months or less to be cash and cash equivalents. Restricted cash includes cash restricted for property tenant improvements and cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code. Restricted cash is included in cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets. The Company had no restricted cash as of March 31, 2023, and $4.7 million of restricted cash as of December 31, 2022. The Company’s bank balances as of March 31, 2023 and December 31, 2022 included certain amounts over the Federal Deposit Insurance Corporation limits. Fair Value Measurement Companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks as of March 31, 2023 and December 31, 2022. These estimates require management’s judgement and may not be indicative of the future fair values of the assets and liabilities. The fair value of the Company’s cash, cash equivalents and restricted cash (including money market accounts), other assets and accounts payable, accrued expenses and other liabilities approximate their carrying value because of the short-term nature of these instruments. Additionally, the Company believes the following financial instruments have carrying values that approximate their fair values as of March 31, 2023: • Borrowings under the Company’s New Revolver (as defined in “Note 6 - Debt”) approximate fair value based on their nature, terms and variable interest rates. • Carrying values of the Company’s fixed rate mortgage loans receivable approximate fair values based on a number of factors, including either their short-term nature, the availability of market quotes for comparable instruments, and a discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads. • Carrying value of the Company’s mortgage note payable approximates fair value based on a discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads. The following table discloses fair value information for the Company’s 2024 Term Loan and 2028 Term Loan (each as defined in “Note 6 - Debt”) (in thousands): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 2024 Term Loan (1) $ 174,591 $ 175,471 $ 174,532 $ 175,382 2028 Term Loan (1) 198,824 201,324 198,764 201,108 (1) The carrying value of the debt instruments are net of unamortized debt issuance and discount costs. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company is exposed to credit risk with respect to cash held at various financial institutions, access to its credit facilities, amounts due under mortgage loans receivable, and amounts due or payable under derivative contracts. The credit risk exposure with regard to the Company’s cash, credit facilities, and derivative instruments is spread among a diversified group of investment grade financial institutions. During the three months ended March 31, 2023 and 2022, there were no tenants or borrowers with rental revenue or interest income on loans receivable, respectively, that exceeded 10% of total revenues. Segment Reporting ASC Topic 280, Segment Reporting, establishes standards for the manner in which companies report information about operating segments. Substantially all of the Company’s investments, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis or real estate that secures the Company's investment in mortgage loans receivable. The Company allocates resources and assesses operating performance based on individual investment and property needs. Therefore, the Company aggregates these investments for reporting purposes and operates in one reportable segment.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases Tenant Leases The Company acquires, owns and manages commercial single-tenant lease properties, with the majority being long-term triple-net leases where the tenant is generally responsible for all improvements and contractually obligated to pay all operating costs (such as real estate taxes, utilities and repairs and maintenance costs). As of March 31, 2023, the Company’s weighted average remaining lease term was 9.4 years. The Company’s property leases have been classified as operating leases and some have scheduled rent increases throughout the lease term. The Company’s leases typically provide the tenant one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term. All lease-related income is reported as a single line item, rental revenue (including reimbursable), in the condensed consolidated statements of operations and comprehensive income (loss) and is presented net of any reserves for uncollectible amounts. There were no material reserves for uncollectible amounts during the three months ended March 31, 2023 and 2022. Fixed lease income includes stated amounts per the lease contract, which include base rent, fixed common area maintenance charges, and straight-line lease adjustments. Variable lease income primarily includes recoveries from tenants, which represent amounts that tenants are contractually obligated to reimburse the Company for specific to their portion of actual recoverable costs incurred. Variable lease income also includes percentage rent, which represents amounts billable to tenants based on their actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized under ASC 842 (in thousands): Three Months Ended March 31, 2023 2022 Rental revenue Fixed lease income (1) $ 24,723 $ 18,067 Variable lease income (2) 3,538 2,689 Other rental revenue: Above/below market lease amortization, net 412 283 Lease incentives (199) (118) Rental revenue (including reimbursable) $ 28,474 $ 20,921 (1) Fixed lease income includes contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term. (2) Variable lease income primarily includes tenant reimbursements for real estate taxes, insurance, common area maintenance, and lease termination fees, and the write-off of uncollectible amounts. There were immaterial write-offs of uncollectible amounts during the three months ended March 31, 2023 with no write-offs during the three months ended March 31, 2022. Scheduled future minimum base rental payments (excluding base rental payments from properties classified as held for sale and straight line rent adjustments for all properties) due to be received under the remaining non-cancelable term of the operating leases in place as of March 31, 2023 are as follows (in thousands): Future Minimum Base Remainder of 2023 $ 77,012 2024 101,804 2025 101,209 2026 98,383 2027 94,112 Thereafter 488,870 Total $ 961,390 Future minimum rentals exclude amounts that may be received from tenants for reimbursements of operating costs and property taxes. In addition, the future minimum rents do not include any contingent rents based on a percentage of the lessees' gross sales or lease escalations based on future changes in the Consumer Price Index (“CPI”) or other stipulated reference rate. Corporate Office Lease In August 2021, the Company entered into a lease agreement on a new corporate office space, which commenced in October 2021 and is classified as an operating lease. The lease has a remaining noncancellable lease term of 9.3 years that expires on July 31, 2032, with a one-time option to terminate in 2029 exercisable by the Company. The following table presents the lease expense components for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Operating lease cost $ 135 $ 135 Variable lease cost $ 67 $ 3 The Company recorded a right-of-use asset and operating lease liability of approximately $4.5 million at lease commencement. As of March 31, 2023, the right-of-use asset and operating lease liability was $4.1 million and $5.4 million, respectively. The right-of-use asset is included in other assets, net and the operating lease liability is included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for the corporate office lease obligation as of March 31, 2023 (in thousands): Future Minimum Lease Payments Remainder of 2023 $ 412 2024 617 2025 636 2026 653 2027 670 Thereafter 3,311 Total lease payments 6,299 Less: amount representing interest (1) (912) Present value of operating lease liabilities $ 5,387 (1) Imputed interest was calculated using a discount rate of 3.25%. The discount rate is based on the estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including REIT industry performance.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of March 31, 2023, the Company owned or had investments in 488 properties, excluding four property developments where rent has yet to commence. The gross real estate investment portfolio, including properties under development, totaled approximately $1.5 billion and consisted of the gross acquisition cost of land, buildings, improvements, and lease intangible assets and liabilities. The investment portfolio is geographically dispersed throughout 45 states with gross real estate investments in Illinois and Texas representing 8.6% and 8.0%, respectively, of the total gross real estate investment of the Company’s entire portfolio. Acquisitions During the three months ended March 31, 2023, the Company acquired 20 properties for a total purchase price of $67.7 million, inclusive of $0.7 million of capitalized acquisition costs. During the three months ended March 31, 2022, the Company acquired 34 properties for a total purchase price of $90.0 million, inclusive of $1.2 million of capitalized acquisition costs. The acquisitions were all accounted for as asset acquisitions. An allocation of the purchase price and acquisition costs paid for the completed acquisitions is as follows (in thousands): Three Months Ended March 31, 2023 2022 Land $ 14,304 $ 14,654 Buildings 43,133 60,088 Site improvements 3,479 6,538 Tenant improvements 391 1,160 In-place lease intangible assets 6,410 8,872 Above-market lease intangible assets — 108 67,717 91,420 Liabilities assumed Below-market lease intangible liabilities — (1,423) Accounts payable, accrued expense and other liabilities — (24) Purchase price (including acquisition costs) $ 67,717 $ 89,973 Development As of March 31, 2023, the Company had three property developments under construction and one completed development where rent has yet to commence. During the three months ended March 31, 2023, the Company invested $4.5 million in property developments. During this period, the Company completed development on two projects and reclassified approximately $14.8 million from property under development to land, building, and improvements in the accompanying condensed consolidated balance sheets. Rent commenced for the completed developments in the first quarter of 2023. The remaining three developments in progress are expected to be substantially completed with rent commencing in the third and fourth quarters of 2023 for two of the developments and the second quarter of 2024 for the remaining development. The purchase price, including acquisition costs, and subsequent development are included in property under development in the accompanying condensed consolidated balance sheets as of March 31, 2023. During the three months ended March 31, 2022, the Company invested $5.0 million in property developments, including the acquisition of one new build-to-suit project with an initial purchase price of $1.0 million. During the three months ended March 31, 2022, the Company completed development on one project under development and reclassified approximately $4.7 million from property under development to land, building, and improvements in the accompanying condensed consolidated balance sheets. Additionally, on January 1, 2022, rent commenced on a development that was previously completed in the fourth quarter of 2021. Additionally, during both the three months ended March 31, 2023 and 2022, the Company capitalized approximately $0.1 million of interest expense associated with properties under development. Dispositions During the three months ended March 31, 2023, the Company sold eight properties for a total sales price, net of disposal costs, of $15.5 million, recognizing a loss of $0.3 million. During the three months ended March 31, 2022, the Company sold one property for a total sales price, net of disposal costs, of $2.3 million, recognizing a gain of $0.2 million. Investment in Mortgage Loans Receivable The Company’s mortgage loans receivable portfolio as of March 31, 2023 and December 31, 2022 is summarized below (in thousands): Loan Type Number of Secured Properties Effective Interest Rate (3) Stated Interest Rate Maturity Date March 31, 2023 December 31, 2022 Mortgage (1) 1 5.69% 6.00% 7/26/2023 $ 40,316 $ 40,316 Mortgage (1) 2 5.83% 6.50% 6/30/2023 6,000 6,000 Mortgage 46 9.55% 9.55% 3/10/2026 41,940 — Mortgage (2) 3 6.99% 6.89% 4/10/2026 4,132 — Total 92,388 46,316 Unamortized loan origination costs 34 62 Unamortized discount (155) — Total mortgage loans receivable, net $ 92,267 $ 46,378 (1) The Company has the right, subject to certain terms and conditions, to purchase all or a portion of the underlying collateralized property. (2) The stated interest rate is variable up to 15.0% and is calculated based on contractual rent for existing collateralized properties subject to the loan agreement. (3) Includes amortization of discount and loan origination costs, as applicable. All of the Company’s mortgage loans require monthly payments of interest only with principal payments occurring as borrower disposes of underlying properties, limited to the Company’s allocated investment by property. Any remaining principal balance will be repaid at or before the maturity date. Assets Held for Sale As of March 31, 2023 and December 31, 2022, there were three and eleven properties, respectively, classified as held for sale. Provisions for Impairment The Company had no provisions for impairment during the three months ended March 31, 2023 and 2022.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following (in thousands): March 31, 2023 December 31, 2022 Gross Accumulated Amortization Net Carrying Amount Gross Accumulated Amortization Net Carrying Amount Assets: In-place leases $ 162,784 $ (33,103) $ 129,681 $ 154,876 $ (28,472) $ 126,404 Above-market leases 20,091 (3,263) 16,828 20,091 (2,892) 17,199 Assembled workforce 873 (873) — 873 (873) — Lease incentives 8,521 (817) 7,704 8,021 (618) 7,403 Total intangible assets $ 192,269 $ (38,056) $ 154,213 $ 183,861 $ (32,855) $ 151,006 Liabilities: Below-market leases $ 35,596 $ (6,248) $ 29,348 $ 35,596 $ (5,465) $ 30,131 The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of March 31, 2023 and as of December 31, 2022 by category were as follows: Years Remaining March 31, 2023 December 31, 2022 In-place leases 9.2 9.4 Above-market leases 12.8 13.0 Below-market leases 11.4 11.6 Lease incentives 11.4 11.8 The Company records amortization of in-place lease assets and assembled workforce intangible assets to amortization expense, and records net amortization of above-market and below-market lease intangibles as well as amortization of lease incentives to rental revenue. The following amounts in the accompanying condensed consolidated statements of operations and comprehensive income (loss) related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands): Three Months Ended March 31, 2023 2022 Amortization: Amortization of in-place leases $ 4,670 $ 3,555 Amortization of assembled workforce — 73 $ 4,670 $ 3,628 Net adjustment to rental revenue: Above-market lease assets (371) (327) Below-market lease liabilities 783 610 Lease incentives (199) (118) $ 213 $ 165 The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangibles to rental revenue as of March 31, 2023, for the next five years and thereafter (in thousands): Remainder of 2023 2024 2025 2026 2027 Thereafter Total In-place leases $ 13,439 $ 17,481 $ 16,907 $ 15,694 $ 13,423 $ 52,737 $ 129,681 Above-market lease assets (1,113) (1,480) (1,479) (1,478) (1,450) (9,828) (16,828) Below-market lease liabilities 2,276 3,005 2,982 2,890 2,818 15,377 29,348 Lease incentives $ (556) $ (741) $ (741) $ (741) $ (691) $ (4,234) $ (7,704) Net adjustment to rental revenue $ 607 $ 784 $ 762 $ 671 $ 677 $ 1,315 $ 4,816

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following (in thousands): Maturity Date Interest Rate March 31, 2023 December 31, 2022 Debt: 2024 Term Loan (1) December 23, 2024 1.37% $ 175,000 $ 175,000 New Revolver (2) August 11, 2026 5.94% 96,000 113,000 2028 Term Loan (3) February 11, 2028 3.88% 200,000 200,000 Mortgage Note November 1, 2027 4.53% 8,472 8,498 Total debt 479,472 496,498 Unamortized discount and debt issuance costs (2,156) (2,306) Unamortized deferred financing costs, net (4) (2,499) (2,684) Total debt, net $ 474,817 $ 491,508 (1) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of March 31, 2023. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate. (2) The annual interest rate of the New Revolver assumes daily SOFR as of March 31, 2023 of 4.84% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of March 31, 2023. The New Revolver may be extended up to one year. (3) Loan is a floating-rate loan which resets monthly at one-month term SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of March 31, 2023. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate. (4) The Company records deferred financing costs for the New Revolver in other assets, net on its condensed consolidated balance sheets. New Credit Facility On August 11, 2022, the Company entered into a sustainability-linked senior unsecured credit facility consisting of (i) a $200.0 million senior unsecured term loan (the “2028 Term Loan”) and (ii) a $400.0 million senior unsecured revolving credit facility (the “New Revolver”, and together with the 2028 Term Loan, the “New Credit Facility”). The New Credit Facility may be increased by $400.0 million in the aggregate. The New Revolver refinanced and increased the available borrowing capacity under the Company’s $250.0 million senior unsecured revolving credit facility (the “Prior Revolver”) pursuant to the credit agreement, dated as of December 23, 2019, governing such facility (the “Prior Credit Agreement”). The Company used the proceeds from the borrowings made on the closing date to repay the Prior Revolver. Remaining and future borrowings under the New Revolver will be used by the Company for general corporate purposes of the Company and its subsidiaries, including acquisitions. The Company’s $175.0 million senior unsecured term loan (“2024 Term Loan”) under the Prior Credit Agreement, which matures in December 2024, remained outstanding upon the closing of the New Credit Facility. The 2028 Term Loan matures on February 11, 2028 and the New Revolver matures on August 11, 2026, subject to extension of up to one year. Borrowings under the New Credit Facility are repayable at the Company’s option in whole or in part without premium or penalty. Borrowings under the New Revolver may be repaid and reborrowed from time to time prior to the maturity date. Prior to the date the Company obtains an investment grade rating, interest rates are based on the Company’s consolidated total leverage ratio, and are determined by (A) in the case of the 2028 Term Loan either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 1.15% to 1.60%, based on the Company’s consolidated total leverage ratio, or (ii) a Base Rate (as defined in the credit agreement governing the New Credit Facility (the “New Credit Agreement”)), plus a margin ranging from 0.15% to 0.60%, based on the Company’s consolidated total leverage ratio and (B) in the case of the New Revolver either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 1.00% to 1.45%, based on the Company’s consolidated total leverage ratio, or (ii) a Base Rate (as defined in the New Credit Agreement), plus a margin ranging from 0.00% to 0.45%, based on the Company’s consolidated total leverage ratio. After the date the Company obtains an investment grade rating, interest rates are based on the Company’s investment grade rating, and are determined by (A) in the case of the 2028 Term Loan either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 0.80% to 1.60%, based on the Company’s investment grade rating, or (ii) a Base Rate (as defined in the New Credit Agreement), plus a margin ranging from 0.00% to 0.60%, based on the Company’s investment grade rating and (B) in the case of the New Revolver either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 0.725% to 1.40%, based on the Company’s investment grade rating, or (ii) a Base Rate (as defined in the New Credit Agreement), plus a margin ranging from 0.00% to 0.40%, based on the Company’s investment grade rating. Additionally, the Company will incur a facility fee based on the total commitment amount of $400.0 million under the New Revolver. Prior to the date the Company obtains an investment grade rating, the applicable facility fee will range from 0.15% to 0.30% based on the Company’s consolidated total leverage ratio. After the date the Company obtains an investment grade rating, the applicable facility fee will range from 0.125% to 0.30% based on the Company’s investment grade rating. The New Credit Facility also contains a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions up to 0.025% based on its performance against a sustainability performance target focused on the portion of the Company’s annualized base rent attributable to tenants with commitments or quantifiable targets for reduced greenhouse gas emission in accordance with the standards of the Science Based Targets initiative (“SBTi”). The Company has fully hedged the 2028 Term Loan with an all-in interest rate of 3.88%. Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings. The interest rate hedge is further described in “Note 7 – Derivative Financial Instruments.” In connection with the New Credit Facility, the Company incurred $3.8 million of deferred financing costs which were allocated between the New Revolver and 2028 Term Loan in the amounts of $2.4 million and $1.3 million, respectively. Additionally, $0.5 million of unamortized deferred financing costs associated with the Prior Revolver were reclassed to the New Revolver. Deferred financing costs are amortized over the remaining terms of each respective borrowing and are included in interest expense, net in the Company’s consolidated statements of operations and comprehensive income. Prior Credit Facility In December 2019, the Company entered into the Prior Credit Agreement for a senior credit facility consisting of the Prior Revolver and the 2024 Term Loan (collectively, the “Prior Credit Facility”). Effective September 28, 2020, the Company entered into an interest rate derivative contract to fix the base interest rate (one-month LIBOR) on the 2024 Term Loan. The total interest rate includes the fixed base interest rate of 0.21% plus a leverage-based margin of 1.15%. The interest rate hedge is further described in “Note 7 - Derivative Financial Instruments.” On January 27, 2023, the Company executed an amendment to the Prior Credit Agreement that replaced the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”). Additionally, on January 30, 2023 and effective through the maturity date of December 31, 2024, the Company converted its four existing LIBOR swap agreements associated with 2024 Term Loan into four new SOFR swaps that convert the SOFR variable rate to a fixed rate of 0.12%. The Company has fully hedged the 2024 Term Loan with an all-in interest rate of 1.37%. The interest rate hedge is further described in “Note 7 - Derivative Financial Instruments.” Mortgage Note Payable As of March 31, 2023, the Company had total gross mortgage indebtedness of $8.5 million, which was collateralized by related real estate and a tenant’s lease with an aggregate net book value of $13.0 million. The Company incurred debt issuance costs of less than $0.1 million and recorded a debt discount of $0.6 million, both of which are recorded as a reduction of the principal balance in mortgage note payable, net in the Company’s condensed consolidated balance sheets. The mortgage note matures on November 1, 2027, but may be repaid in full beginning August 2027. Debt Maturities Payments on the 2024 Term Loan and 2028 Term Loan are interest only through maturity. As of March 31, 2023, scheduled debt maturities, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2023 $ 117 $ — $ 117 2024 162 175,000 175,162 2025 170 — 170 2026 178 96,000 96,178 2027 170 7,663 7,833 Thereafter — 200,000 200,000 Total $ 797 $ 478,663 $ 479,460 Interest Expense The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands): Three Months Ended March 31, 2023 2022 Revolving credit facilities (1) $ 1,150 $ 478 Term loans (2) 2,499 590 Mortgage note payable 93 — Non-cash: Amortization of deferred financing costs 185 101 Amortization of debt discount, net 151 56 Capitalized interest (134) (56) Total interest expense, net $ 3,944 $ 1,169 (1) Includes facility fees and non-utilization fees of approximately $0.2 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively. (2) Includes the effects of interest rate hedges. Deferred financing, discount, and debt issuance costs are amortized over the remaining terms of each respective borrowing and are included in interest expense, net in the Company’s condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2023 and 2022, term loans had a weighted average interest rate, exclusive of amortization of deferred financing costs and the effects of interest rate hedges, of 5.77% and 1.32%, respectively. During the three months ended March 31, 2023 and 2022, the Company incurred interest expense on revolving credit facilities with a weighted average interest rate, exclusive of amortization of deferred financing costs and facility fees, of 5.86% and 1.39%, respectively. The estimated fair values of the Company’s term loans have been derived based on market observable inputs such as interest rates and discounted cash flow analysis using estimates of the amount and timing of future cash flows. These measurements are classified as Level 2 within the fair value hierarchy. Refer to “Note 2 - Summary of Significant Accounting Policies” for additional detail on fair value measurements. The Company was in compliance with all of its debt covenants as of March 31, 2023 and expects to be in compliance for the twelve-month period ending December 31, 2023.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in Accumulated Other Comprehensive Income (“AOCI”) and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of non-cash investing and financing activities in the condensed consolidated statement of cash flows. Effective September 28, 2020 and September 1, 2022, such derivatives were initiated to hedge the variable cash flows associated with the 2024 Term Loan and 2028 Term Loan, respectively. Additionally, the Company converted its existing LIBOR swap agreements associated with the 2024 Term Loan into new SOFR swaps effective January 30, 2023. The interest rate for the variable rate 2024 Term Loan is based on the hedged fixed rate of 0.12% compared to the variable 2024 Term Loan SOFR rate as of March 31, 2023 of 4.80%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. The interest rate for the variable rate 2028 Term Loan is based on the hedged fixed rate of 2.63% compared to the variable 2028 Term Loan one-month SOFR rate as of March 31, 2023 of 4.67%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. The maturity dates of the interest rate swaps coincide with the respective maturity dates of the 2024 and 2028 Term Loans. Amounts will subsequently be reclassified to earnings when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes and does not have derivative netting arrangements. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings. The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands, except number of instruments): Number of Instruments Notional Interest Rate Derivatives March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Interest rate swaps 7 7 $ 375,000 $ 375,000 The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 (in thousands): Derivative Assets Fair Value at Derivatives Designated as Hedging Instruments: Balance Sheet Location March 31, 2023 December 31, 2022 Interest rate swaps Other assets, net $ 18,088 $ 24,067 The following table presents the effect of the Company's interest rate swaps on the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2023 and 2022 (in thousands): Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships 2023 2022 2023 2022 Interest Rate Products $ (3,141) $ 6,188 Interest expense, net $ 2,837 $ (23) The Company did not exclude any amounts from the assessment of hedge effectiveness for the three months ended March 31, 2023 and 2022. During the next twelve months, the Company estimates that an additional $11.7 million will be reclassified as a decrease to interest expense. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The table below presents the Company’s derivative assets measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Fair Value Hierarchy Level Description Level 1 Level 2 Level 3 Total Fair Value March 31, 2023 Derivative assets $ — $ 18,088 $ — $ 18,088 December 31, 2022 Derivative assets $ — $ 24,067 $ — $ 24,067

Supplemental Detail for Certain

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets	Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets Other assets, net consist of the following (in thousands): March 31, 2023 December 31, 2022 Accounts receivable, net $ 8,600 $ 7,167 Deferred rent receivable 6,335 5,629 Prepaid assets 4,048 3,864 Earnest money deposits 1,958 185 Fair value of interest rate swaps 18,088 24,067 Deferred offering costs 825 796 Deferred financing costs, net 2,499 2,685 Right-of-use asset 4,144 4,235 Leasehold improvements and other corporate assets, net 1,907 1,969 Interest receivable 600 256 Other assets, net 1,238 1,204 $ 50,242 $ 52,057 Accounts payable, accrued expenses and other liabilities consists of the following (in thousands): March 31, 2023 December 31, 2022 Accrued expenses $ 6,815 $ 5,745 Accrued bonus 352 1,305 Prepaid rent 4,038 2,937 Operating lease liability 5,387 5,464 Accrued interest 2,020 1,782 Deferred rent 2,134 1,756 Accounts payable 2,050 1,394 Other liabilities 2,266 2,157 $ 25,062 $ 22,540

Shareholders_ Equity, Partners_

Shareholders’ Equity, Partners’ Capital and Preferred Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Shareholders’ Equity, Partners’ Capital and Preferred Equity	Shareholders’ Equity, Partners’ Capital and Preferred Equity ATM Program On September 1, 2021, the Company entered into a $250.0 million at-the-market equity program (the “ATM Program”) through which, from time to time, it may sell shares of its common stock in registered transactions. The Company has issued shares of common stock in connection with the ATM Program for the periods presented as follows: • In March 2023, the Company issued 146,745 shares of common stock at a weighted average price of $20.22 per share for net proceeds of approximately $2.9 million, net of sales commissions and offering costs of less than $0.1 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 146,745 Class A OP Units. • In March 2022, the Company issued 163,774 shares of common stock at a weighted average price of $22.08 per share for net proceeds of approximately $3.5 million, net of sales commissions and offering costs of less than $0.1 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 163,774 Class A OP Units. August 2022 Follow-On Offering On August 8, 2022, the Company completed a registered public offering of 9,000,000 shares of its common stock at a public offering price of $20.20 per share, which excluded an over-allotment option to the underwriters to purchase up to an additional 1,350,000 shares, which was exercised in full on August 10, 2022. In connection with the offering, the Company entered into forward sale agreements for 10,350,000 shares of its common stock. The Company did not initially receive any proceeds from the sales of shares of common stock by the forward purchasers upon registration of the offering. 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 upon one or more forward settlement dates, which shall occur no later than August 3, 2023. The Company may, at its election, cash settle or net share settle all or a portion of its obligations under a forward sale agreement if it concludes it is in its best interest to do so over the prescribed offering period. If the Company elects to cash settle a forward sale agreement, it may not receive any proceeds and may owe cash to the relevant forward counterparty in certain circumstances. On March 30, 2023, the Company partially physically settled 2,612,736 shares of common stock at a price of $20.20 per share in accordance with the forward sale agreements. The Company received net proceeds from the settlement of $50.0 million, net of underwriting discounts and offering costs of $2.8 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 2,612,736 Class A OP Units. As of March 31, 2023, 4,763,320 shares remained unsettled under the August 8, 2022 forward sale agreements. January 2022 Follow-On Offering On January 13, 2022, the Company completed a registered public offering of 10,350,000 shares of its common stock at a public offering price of $22.25 per share. In connection with the offering, the Company entered into forward sale agreements for 10,350,000 shares of its common stock. On March 30, 2022, the Company settled 3,440,962 shares of common stock at a price of $22.25 per share in accordance with the forward sale agreements. The Company received net proceeds from the settlement of $72.0 million, net of underwriting discounts and offering costs of $4.6 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 3,440,962 Class A OP Units. As of December 31, 2022, the Company fully physically settled the forward sale agreements (by the delivery of shares of common stock). Surrendered Shares on Vested Stock Unit Awards During the three months ended March 31, 2023 and 2022, 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. 2019 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), resulted in federal and state income tax liabilities for the recipients. During the three months ended March 31, 2023 and 2022, as permitted by the terms of the Omnibus Incentive Plan and the award grants, certain executive officers and employees elected to surrender a total of 18 thousand and 17 thousand RSUs, respectively both valued at approximately $0.4 million, solely to pay the associated statutory tax withholding. The surrendered RSUs are included in the row entitled “repurchase of shares of common stock” on the condensed consolidated statements of cash flows. Dividends During the three months ended March 31, 2023, the Company declared and paid the following common stock dividends (in thousands, except per share data): Three Months Ended March 31, 2023 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 21, 2023 $ 0.20 March 15, 2023 $ 11,650 March 30, 2023 Three Months Ended March 31, 2022 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 22, 2022 $ 0.20 March 15, 2022 $ 8,888 March 30, 2022 The holders of OP Units are entitled to an equal distribution per each OP Unit held as of each record date. Accordingly, during the three months ended March 31, 2023 and 2022, the Operating Partnership paid distributions of $0.1 million to holders of OP Units. Noncontrolling Interests Noncontrolling interests represent noncontrolling holders of OP Units in the Operating Partnership. OP Units are convertible into common stock as the 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. As of March 31, 2023 and December 31, 2022, noncontrolling interests represented 0.8% and 0.9%, respectively, of OP Units. During the three months ended March 31, 2023 and 2022, OP Unit holders redeemed 5,694 and 25,629 OP units, respectively, into shares of common stock on a one-for-one basis.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock-Based Compensation Under the Omnibus Incentive Plan, 2,094,976 shares of common stock are reserved for issuance. The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted shares, RSUs, long-term incentive plan units, dividend equivalent rights, and other share-based, share-related or cash-based awards, including performance-based awards, to employees, directors and consultants, with each grant evidenced by an award agreement providing the terms of the award. The Omnibus Incentive Plan is administered by the Compensation Committee of the Board of Directors. As of March 31, 2023, the only stock-based compensation granted by the Company were restricted stock units. The total amount of stock-based compensation costs recognized in general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) was $1.0 million for both the three months ended March 31, 2023 and 2022. All awards of unvested restricted stock units are expected to fully vest over the next one Performance-Based RSUs (effectiveness of Initial Public Offering) Pursuant to the Omnibus Incentive Plan, the Company made performance-based RSUs to certain employees and non-employee directors. The performance condition required the Company to effectively file a shelf registration statement. Up until the point of filing the registration statement, performance was not deemed probable and accordingly, no RSUs had the capability of vesting and no stock-based compensation expense was recorded. As a result of the Company's initial public offering in August 2020, the performance condition was satisfied and the Company recorded a stock-based compensation expense catch-up adjustment of $1.4 million. The vesting terms of these grants are specific to the individual grant and vest in equal annual installments over the next two years. The following table summarizes performance-based RSU activity for the period ended March 31, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 61,391 $ 19.75 Granted during the period — — Forfeited during the period — — Vested during the period — 19.75 Unvested RSU grants outstanding as of March 31, 2023 61,391 $ 19.75 For the three months ended March 31, 2023, the Company recognized $0.1 million in stock-based compensation expense associated with performance-based RSUs. As of March 31, 2023 and December 31, 2022, the remaining unamortized stock-based compensation expense totaled $0.3 million and $0.4 million, respectively, and as of March 31, 2023, these awards are expected to be recognized over a remaining weighted average period of 1.4 years. These units are subject to graded vesting and stock-based compensation expense is recognized ratably over the requisite service period for each vesting tranche in the award. The grant date fair value of unvested RSUs is calculated as the per share price in the private offering that closed on December 23, 2019. Service-Based RSUs Pursuant to the Omnibus Incentive Plan, the Company has made service-based RSU grants to certain employees and non-employee directors. The vesting terms of these grants are specific to the individual grant and vest in equal annual installments over the next one The following table summarizes service-based RSU activity for the period ended March 31, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 247,079 $ 19.86 Granted during the period 125,112 20.19 Forfeited during the period — — Vested during the period (83,428) 20.39 Unvested RSU grants outstanding as of March 31, 2023 288,763 $ 19.85 For the three months ended March 31, 2023, the Company recognized $0.6 million in stock-based compensation expense associated with service-based RSUs. As of March 31, 2023 and December 31, 2022, the remaining unamortized stock-based compensation expense totaled $4.8 million and $3.0 million, respectively, and as of March 31, 2023, these awards are expected to be recognized over a remaining weighted average period of 2.3 years. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award. The grant date fair value of service-based unvested RSUs is calculated as the per share price determined in the initial public offering for awards granted in 2020 and as the per share price of the Company’s stock on the date of grant for those granted in years subsequent to 2020. Performance-Based RSUs (total shareholder return) Pursuant to the Omnibus Incentive Plan, the Company has made market-based RSU grants to certain employees. These grants are subject to the participant’s continued service over a three year period with 40% of the award based on the Company’s total shareholder return (“TSR”) as compared to the TSR of identified peer companies and 60% of the award based on total absolute TSR over the cumulative three-year period. The performance period of these grants runs through March 8, 2024, February 28, 2025, and February 28, 2026. Grant date fair value of the market-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the performance period. Significant inputs for the current period calculation were expected volatility of the Company of 29.0% and expected volatility of the Company's peers, ranging from 32.2% to 102.8%, with an average volatility of 46.7% and a risk-free interest rate of 4.46%. The fair value per share on the grant date specific to the target TSR relative to the Company’s peers was $24.13 and the target absolute TSR was $20.15 for a weighted average grant date fair value of $21.57 per share. Stock-based compensation expense associated with unvested market-based share awards is recognized on a straight-line basis over the minimum required service period, which is three years. The following table summarizes market-based RSU activity for the period ended March 31, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 177,350 $ 19.83 Granted during the period 81,751 21.57 Forfeited during the period — — Unvested RSU grants outstanding as of March 31, 2023 259,101 $ 20.38 For the three months ended March 31, 2023, the Company recognized $0.3 million in stock-based compensation expense associated with market-based RSUs. As of March 31, 2023, the remaining unamortized stock-based compensation expense totaled $3.4 million and as of March 31, 2023, these awards are expected to be recognized over a remaining weighted average period of 2.3 years. Alignment of Interest Program During March 2021, the Company adopted the Alignment of Interest Program (the “Program”), which allows employees to elect to receive a portion of their annual bonus in unvested RSUs in the first quarter of the following year that would then vest over a four-year service period beginning in the period that the bonus relates. The Program is deemed to be a liability-classified award (accounted for as an equity-classified award as the service date precedes the grant date and the award would otherwise be classified as equity on grant date), which will be fair-valued and accrued over the applicable service period. The total estimated fair value of the elections made for 2023 under the Program was approximately $0.4 million. The award will be remeasured to fair value each reporting period until the unvested RSUs are granted. For the three months ended March 31, 2023, the Company recognized approximately $0.1 million in stock-based compensation expense associated with these awards. Previous awards under the Program that have been granted are included within service based RSUs above.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is similarly calculated except that the denominator is increased by using the treasury stock method to determine the potential dilutive effect of the Company’s outstanding unvested RSUs and unsettled shares under open forward equity contracts and using the if-converted method to determine the potential dilutive effect of the OP Units. The Company has noncontrolling interests in the form of OP Units which are convertible into common stock and represent potentially dilutive securities, as the 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. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, (In thousands, except share and per share data) 2023 2022 Numerator: Net income $ 1,481 $ 1,966 Net (income) attributable to noncontrolling interest (9) (24) Net income attributable to common shares, basic 1,472 1,942 Net income attributable to noncontrolling interest 9 24 Net income attributable to common shares, diluted $ 1,481 $ 1,966 Denominator: Weighted average common shares outstanding, basic 58,155,738 44,415,807 Effect of dilutive shares for diluted net income per common share: OP Units 511,402 550,673 Unvested RSUs 175,859 294,272 Unsettled shares under open forward equity contracts 40,387 340,058 Weighted average common shares outstanding, diluted 58,883,386 45,600,810 Net income available to common stockholders per common share, basic $ 0.03 $ 0.04 Net income available to common stockholders per common share, diluted $ 0.03 $ 0.04 As of March 31, 2023 and December 31, 2022, there were 507,773 and 513,467 of OP Units outstanding, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory Matters In the ordinary course of business, from time to time, the Company may be subject to litigation, claims and regulatory matters, none of which are currently outstanding, which the Company believes could have, individually or in the aggregate, a material adverse effect on its business, financial condition or results of operations, liquidity or cash flows. Environmental Matters The Company is subject to environmental regulations related to the ownership of real estate. The cost of complying with the environmental regulations was not material to the Company’s results of operations for any of the periods presented. The Company is not aware of any environmental condition on any of its properties that is likely to have a material adverse effect on the condensed consolidated financial statements when the fair value of such liability can be reasonably estimated and is required to be recognized. Commitments In the normal course of business, the Company enters into various types of commitments to purchase real estate properties or fund development projects. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated or receives an option to purchase the properties. As of March 31, 2023, the Company had tenant improvement allowance commitments totaling approximately $4.1 million, all of which is expected to be funded over the next two years. Additionally, as of March 31, 2023, the Company had commitments to fund three properties under development totaling $6.0 million which is expected to be funded over the next two years. In August 2021, the Company entered into a lease agreement on a new corporate office space, which is classified as an operating lease. The Company began operating out of the new office in February 2022. The lease has an remaining noncancellable term of 9.3 years that expires on July 31, 2032 and is renewable at the Company’s option for two additional periods of 5 years. Future minimum base rental payments under the lease are outlined in “Note - 3 - Leases.” Annual rent expense, excluding operating expenses, is approximately $0.5 million during the initial term. As of March 31, 2023, the Company did not have any other material commitments for re-leasing costs, recurring capital expenditures, non-recurring building improvements, or similar types of costs.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all events that occurred subsequent to March 31, 2023 through the date on which these condensed consolidated financial statements were issued to determine whether any of these events required disclosure in the financial statements. Common Stock Dividend On April 25, 2023, the Company's Board of Directors declared a cash dividend of $0.20 per share for the second quarter of 2023. The dividend will be paid on June 15, 2023 to stockholders of record on June 1, 2023. Revolver Activity In April 2023, the Company borrowed $72.0 million on the 2026 Revolver which will be used for general corporate purposes, including the acquisition of properties in the Company’s pipeline.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Interim Unaudited Financial Information	Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation and the Company’s net income is reduced by the portion of net income attributable to noncontrolling interests. Interim Unaudited Financial Information
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant assumptions and estimates relate to the useful lives of real estate assets, lease accounting, real estate impairment assessments, and allocation of fair value of purchase consideration. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all cash balances, money market accounts and highly liquid investments with original maturities of three months or less to be cash and cash equivalents. Restricted cash includes cash restricted for property tenant improvements and cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code. Restricted cash is included in cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets. The Company had no restricted cash as of March 31, 2023, and $4.7 million of restricted cash as of December 31, 2022. The Company’s bank balances as of March 31, 2023 and December 31, 2022 included certain amounts over the Federal Deposit Insurance Corporation limits.
Fair Value Measurement	Fair Value Measurement Companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks as of March 31, 2023 and December 31, 2022. These estimates require management’s judgement and may not be indicative of the future fair values of the assets and liabilities. The fair value of the Company’s cash, cash equivalents and restricted cash (including money market accounts), other assets and accounts payable, accrued expenses and other liabilities approximate their carrying value because of the short-term nature of these instruments. Additionally, the Company believes the following financial instruments have carrying values that approximate their fair values as of March 31, 2023: • Borrowings under the Company’s New Revolver (as defined in “Note 6 - Debt”) approximate fair value based on their nature, terms and variable interest rates. • Carrying values of the Company’s fixed rate mortgage loans receivable approximate fair values based on a number of factors, including either their short-term nature, the availability of market quotes for comparable instruments, and a discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company is exposed to credit risk with respect to cash held at various financial institutions, access to its credit facilities, amounts due under mortgage loans receivable, and amounts due or payable under derivative contracts. The credit risk exposure with regard to the Company’s cash, credit facilities, and derivative instruments is spread among a diversified group of investment grade financial institutions.
Segment Reporting	Segment Reporting ASC Topic 280, Segment Reporting, establishes standards for the manner in which companies report information about operating segments. Substantially all of the Company’s investments, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis or real estate that secures the Company's investment in mortgage loans receivable. The Company allocates resources and assesses operating performance based on individual investment and property needs. Therefore, the Company aggregates these investments for reporting purposes and operates in one reportable segment.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	The following table discloses fair value information for the Company’s 2024 Term Loan and 2028 Term Loan (each as defined in “Note 6 - Debt”) (in thousands): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 2024 Term Loan (1) $ 174,591 $ 175,471 $ 174,532 $ 175,382 2028 Term Loan (1) 198,824 201,324 198,764 201,108 (1)

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Disaggregation of Lease Income	The following table provides a disaggregation of lease income recognized under ASC 842 (in thousands): Three Months Ended March 31, 2023 2022 Rental revenue Fixed lease income (1) $ 24,723 $ 18,067 Variable lease income (2) 3,538 2,689 Other rental revenue: Above/below market lease amortization, net 412 283 Lease incentives (199) (118) Rental revenue (including reimbursable) $ 28,474 $ 20,921 (1) Fixed lease income includes contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term. (2) Variable lease income primarily includes tenant reimbursements for real estate taxes, insurance, common area maintenance, and lease termination fees, and the write-off of uncollectible amounts. There were immaterial write-offs of uncollectible amounts during the three months ended March 31, 2023 with no write-offs during the three months ended March 31, 2022.
Schedule of Future Minimum Base Rental Receipts	Scheduled future minimum base rental payments (excluding base rental payments from properties classified as held for sale and straight line rent adjustments for all properties) due to be received under the remaining non-cancelable term of the operating leases in place as of March 31, 2023 are as follows (in thousands): Future Minimum Base Remainder of 2023 $ 77,012 2024 101,804 2025 101,209 2026 98,383 2027 94,112 Thereafter 488,870 Total $ 961,390
Schedule of Lease Expense Components	The following table presents the lease expense components for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Operating lease cost $ 135 $ 135 Variable lease cost $ 67 $ 3
Schedule of Future Minimum Base Rental Payments	The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for the corporate office lease obligation as of March 31, 2023 (in thousands): Future Minimum Lease Payments Remainder of 2023 $ 412 2024 617 2025 636 2026 653 2027 670 Thereafter 3,311 Total lease payments 6,299 Less: amount representing interest (1) (912) Present value of operating lease liabilities $ 5,387 (1) Imputed interest was calculated using a discount rate of 3.25%. The discount rate is based on the estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including REIT industry performance.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Allocation of Purchase Price Paid for Completed Acquisitions	An allocation of the purchase price and acquisition costs paid for the completed acquisitions is as follows (in thousands): Three Months Ended March 31, 2023 2022 Land $ 14,304 $ 14,654 Buildings 43,133 60,088 Site improvements 3,479 6,538 Tenant improvements 391 1,160 In-place lease intangible assets 6,410 8,872 Above-market lease intangible assets — 108 67,717 91,420 Liabilities assumed Below-market lease intangible liabilities — (1,423) Accounts payable, accrued expense and other liabilities — (24) Purchase price (including acquisition costs) $ 67,717 $ 89,973
Schedule of Mortgage Loans Receivable	The Company’s mortgage loans receivable portfolio as of March 31, 2023 and December 31, 2022 is summarized below (in thousands): Loan Type Number of Secured Properties Effective Interest Rate (3) Stated Interest Rate Maturity Date March 31, 2023 December 31, 2022 Mortgage (1) 1 5.69% 6.00% 7/26/2023 $ 40,316 $ 40,316 Mortgage (1) 2 5.83% 6.50% 6/30/2023 6,000 6,000 Mortgage 46 9.55% 9.55% 3/10/2026 41,940 — Mortgage (2) 3 6.99% 6.89% 4/10/2026 4,132 — Total 92,388 46,316 Unamortized loan origination costs 34 62 Unamortized discount (155) — Total mortgage loans receivable, net $ 92,267 $ 46,378 (1) The Company has the right, subject to certain terms and conditions, to purchase all or a portion of the underlying collateralized property. (2) The stated interest rate is variable up to 15.0% and is calculated based on contractual rent for existing collateralized properties subject to the loan agreement.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following (in thousands): March 31, 2023 December 31, 2022 Gross Accumulated Amortization Net Carrying Amount Gross Accumulated Amortization Net Carrying Amount Assets: In-place leases $ 162,784 $ (33,103) $ 129,681 $ 154,876 $ (28,472) $ 126,404 Above-market leases 20,091 (3,263) 16,828 20,091 (2,892) 17,199 Assembled workforce 873 (873) — 873 (873) — Lease incentives 8,521 (817) 7,704 8,021 (618) 7,403 Total intangible assets $ 192,269 $ (38,056) $ 154,213 $ 183,861 $ (32,855) $ 151,006 Liabilities: Below-market leases $ 35,596 $ (6,248) $ 29,348 $ 35,596 $ (5,465) $ 30,131
Weighted Average Amortization Period for Intangible Assets and Liabilities	The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of March 31, 2023 and as of December 31, 2022 by category were as follows: Years Remaining March 31, 2023 December 31, 2022 In-place leases 9.2 9.4 Above-market leases 12.8 13.0 Below-market leases 11.4 11.6 Lease incentives 11.4 11.8
Amortization of Intangible Assets and Liabilities	The following amounts in the accompanying condensed consolidated statements of operations and comprehensive income (loss) related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands): Three Months Ended March 31, 2023 2022 Amortization: Amortization of in-place leases $ 4,670 $ 3,555 Amortization of assembled workforce — 73 $ 4,670 $ 3,628 Net adjustment to rental revenue: Above-market lease assets (371) (327) Below-market lease liabilities 783 610 Lease incentives (199) (118) $ 213 $ 165
Projected Amortization of Intangible Assets and Liabilities	The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangibles to rental revenue as of March 31, 2023, for the next five years and thereafter (in thousands): Remainder of 2023 2024 2025 2026 2027 Thereafter Total In-place leases $ 13,439 $ 17,481 $ 16,907 $ 15,694 $ 13,423 $ 52,737 $ 129,681 Above-market lease assets (1,113) (1,480) (1,479) (1,478) (1,450) (9,828) (16,828) Below-market lease liabilities 2,276 3,005 2,982 2,890 2,818 15,377 29,348 Lease incentives $ (556) $ (741) $ (741) $ (741) $ (691) $ (4,234) $ (7,704) Net adjustment to rental revenue $ 607 $ 784 $ 762 $ 671 $ 677 $ 1,315 $ 4,816
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangibles to rental revenue as of March 31, 2023, for the next five years and thereafter (in thousands): Remainder of 2023 2024 2025 2026 2027 Thereafter Total In-place leases $ 13,439 $ 17,481 $ 16,907 $ 15,694 $ 13,423 $ 52,737 $ 129,681 Above-market lease assets (1,113) (1,480) (1,479) (1,478) (1,450) (9,828) (16,828) Below-market lease liabilities 2,276 3,005 2,982 2,890 2,818 15,377 29,348 Lease incentives $ (556) $ (741) $ (741) $ (741) $ (691) $ (4,234) $ (7,704) Net adjustment to rental revenue $ 607 $ 784 $ 762 $ 671 $ 677 $ 1,315 $ 4,816

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following (in thousands): Maturity Date Interest Rate March 31, 2023 December 31, 2022 Debt: 2024 Term Loan (1) December 23, 2024 1.37% $ 175,000 $ 175,000 New Revolver (2) August 11, 2026 5.94% 96,000 113,000 2028 Term Loan (3) February 11, 2028 3.88% 200,000 200,000 Mortgage Note November 1, 2027 4.53% 8,472 8,498 Total debt 479,472 496,498 Unamortized discount and debt issuance costs (2,156) (2,306) Unamortized deferred financing costs, net (4) (2,499) (2,684) Total debt, net $ 474,817 $ 491,508 (1) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of March 31, 2023. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate. (2) The annual interest rate of the New Revolver assumes daily SOFR as of March 31, 2023 of 4.84% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of March 31, 2023. The New Revolver may be extended up to one year. (3) Loan is a floating-rate loan which resets monthly at one-month term SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of March 31, 2023. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate. (4) The Company records deferred financing costs for the New Revolver in other assets, net on its condensed consolidated balance sheets.
Interest Income and Interest Expense Disclosure	The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands): Three Months Ended March 31, 2023 2022 Revolving credit facilities (1) $ 1,150 $ 478 Term loans (2) 2,499 590 Mortgage note payable 93 — Non-cash: Amortization of deferred financing costs 185 101 Amortization of debt discount, net 151 56 Capitalized interest (134) (56) Total interest expense, net $ 3,944 $ 1,169 (1) Includes facility fees and non-utilization fees of approximately $0.2 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively.
Schedule of Maturities of Long-term Debt	Payments on the 2024 Term Loan and 2028 Term Loan are interest only through maturity. As of March 31, 2023, scheduled debt maturities, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2023 $ 117 $ — $ 117 2024 162 175,000 175,162 2025 170 — 170 2026 178 96,000 96,178 2027 170 7,663 7,833 Thereafter — 200,000 200,000 Total $ 797 $ 478,663 $ 479,460

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands, except number of instruments): Number of Instruments Notional Interest Rate Derivatives March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Interest rate swaps 7 7 $ 375,000 $ 375,000
Fair Value of Derivative Financial Instruments	The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 (in thousands): Derivative Assets Fair Value at Derivatives Designated as Hedging Instruments: Balance Sheet Location March 31, 2023 December 31, 2022 Interest rate swaps Other assets, net $ 18,088 $ 24,067
Effect of Interest Rate Swaps	The following table presents the effect of the Company's interest rate swaps on the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2023 and 2022 (in thousands): Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships 2023 2022 2023 2022 Interest Rate Products $ (3,141) $ 6,188 Interest expense, net $ 2,837 $ (23)
Schedule of Derivative Liabilities at Fair Value	The table below presents the Company’s derivative assets measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Fair Value Hierarchy Level Description Level 1 Level 2 Level 3 Total Fair Value March 31, 2023 Derivative assets $ — $ 18,088 $ — $ 18,088 December 31, 2022 Derivative assets $ — $ 24,067 $ — $ 24,067

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets, net	Other assets, net consist of the following (in thousands): March 31, 2023 December 31, 2022 Accounts receivable, net $ 8,600 $ 7,167 Deferred rent receivable 6,335 5,629 Prepaid assets 4,048 3,864 Earnest money deposits 1,958 185 Fair value of interest rate swaps 18,088 24,067 Deferred offering costs 825 796 Deferred financing costs, net 2,499 2,685 Right-of-use asset 4,144 4,235 Leasehold improvements and other corporate assets, net 1,907 1,969 Interest receivable 600 256 Other assets, net 1,238 1,204 $ 50,242 $ 52,057
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities	Accounts payable, accrued expenses and other liabilities consists of the following (in thousands): March 31, 2023 December 31, 2022 Accrued expenses $ 6,815 $ 5,745 Accrued bonus 352 1,305 Prepaid rent 4,038 2,937 Operating lease liability 5,387 5,464 Accrued interest 2,020 1,782 Deferred rent 2,134 1,756 Accounts payable 2,050 1,394 Other liabilities 2,266 2,157 $ 25,062 $ 22,540

Shareholders_ Equity, Partner_2

Shareholders’ Equity, Partners’ Capital and Preferred Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Common Stock Dividends Declared and Paid	During the three months ended March 31, 2023, the Company declared and paid the following common stock dividends (in thousands, except per share data): Three Months Ended March 31, 2023 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 21, 2023 $ 0.20 March 15, 2023 $ 11,650 March 30, 2023 Three Months Ended March 31, 2022 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 22, 2022 $ 0.20 March 15, 2022 $ 8,888 March 30, 2022

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Unit Activity	The following table summarizes performance-based RSU activity for the period ended March 31, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 61,391 $ 19.75 Granted during the period — — Forfeited during the period — — Vested during the period — 19.75 Unvested RSU grants outstanding as of March 31, 2023 61,391 $ 19.75 The following table summarizes service-based RSU activity for the period ended March 31, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 247,079 $ 19.86 Granted during the period 125,112 20.19 Forfeited during the period — — Vested during the period (83,428) 20.39 Unvested RSU grants outstanding as of March 31, 2023 288,763 $ 19.85 The following table summarizes market-based RSU activity for the period ended March 31, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 177,350 $ 19.83 Granted during the period 81,751 21.57 Forfeited during the period — — Unvested RSU grants outstanding as of March 31, 2023 259,101 $ 20.38

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Loss Attributable to Common Shares, Weighted Average Common Shares and Effect of Dilutive Securities	The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, (In thousands, except share and per share data) 2023 2022 Numerator: Net income $ 1,481 $ 1,966 Net (income) attributable to noncontrolling interest (9) (24) Net income attributable to common shares, basic 1,472 1,942 Net income attributable to noncontrolling interest 9 24 Net income attributable to common shares, diluted $ 1,481 $ 1,966 Denominator: Weighted average common shares outstanding, basic 58,155,738 44,415,807 Effect of dilutive shares for diluted net income per common share: OP Units 511,402 550,673 Unvested RSUs 175,859 294,272 Unsettled shares under open forward equity contracts 40,387 340,058 Weighted average common shares outstanding, diluted 58,883,386 45,600,810 Net income available to common stockholders per common share, basic $ 0.03 $ 0.04 Net income available to common stockholders per common share, diluted $ 0.03 $ 0.04

Organization and Description _2

Organization and Description of Business (Details)	Mar. 31, 2023 property state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of single-tenant retail net leased properties owned	488
Number of states in which entity operates | state	45
Property developments where rent has yet to commence	4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Product Information [Line Items]
Restricted cash | $	$ 0	$ 4,700,000
Number of reportable segments | segment	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Fair Value Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 474,817	$ 491,508
Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	479,460
Term loans | Line of Credit | 2024 Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	174,591	174,532
Estimated Fair Value	175,471	175,382
Term loans | Line of Credit | 2028 Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	198,824	198,764
Estimated Fair Value	$ 201,324	$ 201,108

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands		3 Months Ended
	Aug. 01, 2021 renewalOption	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Remaining term of leases		9 years 4 months 24 days
Right-of-use asset		$ 4,144	$ 4,235
Operating lease liability		5,387	$ 5,464
Remaining terms of leases (in years)				9 years 3 months 18 days
Corporate Office Space
Lessor, Lease, Description [Line Items]
Renewal options | renewalOption	2
Lease extension term	5 years
Right-of-use asset		4,100		$ 4,500
Operating lease liability		$ 5,400		$ 4,500

Leases - Disaggregation of Leas

Leases - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Rental revenue
Fixed lease income	$ 24,723	$ 18,067
Variable lease income	3,538	2,689
Other rental revenue:
Above/below market lease amortization, net	412	283
Lease incentives	(199)	(118)
Rental revenue (including reimbursable)	$ 28,474	$ 20,921

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Base Rental Receipts (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 77,012
2024	101,804
2025	101,209
2026	98,383
2027	94,112
Thereafter	488,870
Total Future Minimum Base Rental Receipts	$ 961,390

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expense Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 135	$ 135
Variable lease cost	$ 67	$ 3

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Base Rental Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	$ 412
2024	617
2025	636
2026	653
2027	670
Thereafter	3,311
Total lease payments	6,299
Less: amount representing interest	(912)
Present value of operating lease liabilities	$ 5,387	$ 5,464
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities related to assets held for sale	Liabilities related to assets held for sale
Lease discount rate	3.25%

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) property state tenant	Mar. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property
Real Estate [Line Items]
Number of single-tenant retail net leased properties owned | property	488
Property developments where rent has yet to commence | property	4
Real estate investments	$ 1,500,000
Number of states in which entity operates | state	45
Payments to acquire real estate held-for-investment	$ 67,717	$ 89,973
Number of property developments under construction | property	3
Number Of Properties Completed, Rent Not Yet Commenced | property	1
Investment in real estate development project	$ 2,480	4,378
Number of properties developed | tenant	2
Property under development	$ (6,501)		$ (16,796)
Property under development to land, building, and improvements	1,384,447		$ 1,308,230
Investment	$ 4,500	$ 5,000
Properties sold | property	8	1
Proceeds from sale of real estate	$ 15,463	$ 2,294
Gain (loss) on sales of real estate, net	$ (319)	161
Number of real estate properties held for sale | property	3		11
Interest Costs Capitalized	$ 134	56
Development Property Transferred
Real Estate [Line Items]
Property under development to land, building, and improvements	$ 14,800
TEXAS
Real Estate [Line Items]
Gross real estate investments (as a percent)	8%
ILLINOIS
Real Estate [Line Items]
Gross real estate investments (as a percent)	8.60%
One Property
Real Estate [Line Items]
Investment in real estate development project		1,000
Number of properties developed | property			1
One Property | Completed Projects
Real Estate [Line Items]
Property under development to land, building, and improvements		$ 4,700
2022 Acquisitions
Real Estate [Line Items]
Number of properties acquired | property	20
Payments to acquire real estate held-for-investment	$ 67,700
Acquisition fees incurred	$ 700
2020 Acquisitions
Real Estate [Line Items]
Number of properties acquired | property		34
Payments to acquire real estate held-for-investment		$ 90,000
Acquisition fees incurred		$ 1,200

Real Estate Investments - Alloc

Real Estate Investments - Allocation of Purchase Price Paid for Completed Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
2022 Acquisitions
Real Estate [Line Items]
Asset acquisition, additions	$ 67,717
Liabilities assumed
Below-market lease intangible liabilities	0
Accounts payable, accrued expense and other liabilities	0
Purchase price (including acquisition costs)	67,717
2022 Acquisitions | Land
Real Estate [Line Items]
Property, plant and equipment, additions	14,304
2022 Acquisitions | Building [Member]
Real Estate [Line Items]
Property, plant and equipment, additions	43,133
2022 Acquisitions | Site improvements
Real Estate [Line Items]
Property, plant and equipment, additions	3,479
2022 Acquisitions | Tenant improvements
Real Estate [Line Items]
Property, plant and equipment, additions	391
2022 Acquisitions | In-place leases
Real Estate [Line Items]
Finite-lived intangible assets acquired	6,410
2022 Acquisitions | Above-market leases
Real Estate [Line Items]
Finite-lived intangible assets acquired	$ 0
2021 Acquisitions
Real Estate [Line Items]
Asset acquisition, additions		$ 91,420
Liabilities assumed
Below-market lease intangible liabilities		(1,423)
Accounts payable, accrued expense and other liabilities		(24)
Purchase price (including acquisition costs)		89,973
2021 Acquisitions | Land
Real Estate [Line Items]
Property, plant and equipment, additions		14,654
2021 Acquisitions | Building [Member]
Real Estate [Line Items]
Property, plant and equipment, additions		60,088
2021 Acquisitions | Site improvements
Real Estate [Line Items]
Property, plant and equipment, additions		6,538
2021 Acquisitions | Tenant improvements
Real Estate [Line Items]
Property, plant and equipment, additions		1,160
2021 Acquisitions | In-place leases
Real Estate [Line Items]
Finite-lived intangible assets acquired		8,872
2021 Acquisitions | Above-market leases
Real Estate [Line Items]
Finite-lived intangible assets acquired		$ 108

Real Estate Investments - Sched

Real Estate Investments - Schedule of Mortgage Loans Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) tenant	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total	$ 92,388	$ 46,316
Unamortized loan origination costs	34	62
Unamortized discount	(155)	0
Total mortgage loans receivable, net	$ 92,267	46,378
Mortgage Receivable Due July 26, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Secured Properties | tenant	1
Stated Interest Rate	6%
Total	$ 40,316	40,316
Interest Rate	5.69%
Mortgage Receivable Due June 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Secured Properties | tenant	2
Stated Interest Rate	6.50%
Total	$ 6,000	6,000
Interest Rate	5.83%
Mortgage Receivable Due March 10, 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Secured Properties | tenant	46
Stated Interest Rate	9.55%
Total	$ 41,940	0
Interest Rate	9.55%
Mortgage Receivable Due April 10, 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Secured Properties | tenant	3
Stated Interest Rate	6.89%
Total	$ 4,132	$ 0
Interest Rate	6.99%
Mortgage Receivable Due April 10, 2026 | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Stated Interest Rate	15%

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Gross Carrying Amount	$ 192,269	$ 183,861
Accumulated Amortization	(38,056)	(32,855)
Net Carrying Amount	154,213	151,006
Liabilities:
Gross Carrying Amount	35,596	35,596
Accumulated Amortization	(6,248)	(5,465)
Net Carrying Amount	29,348	30,131
In-place leases
Assets:
Gross Carrying Amount	162,784	154,876
Accumulated Amortization	(33,103)	(28,472)
Net Carrying Amount	129,681	126,404
Above-market leases
Assets:
Gross Carrying Amount	20,091	20,091
Accumulated Amortization	(3,263)	(2,892)
Net Carrying Amount	16,828	17,199
Assembled workforce
Assets:
Gross Carrying Amount	873	873
Accumulated Amortization	(873)	(873)
Net Carrying Amount	0	0
Lease incentives
Assets:
Gross Carrying Amount	8,521	8,021
Accumulated Amortization	(817)	(618)
Net Carrying Amount	$ 7,704	$ 7,403

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Weighted Average Amortization Period for Intangible Assets and Liabilities (Details) - Weighted Average	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, below-market leases	11 years 4 months 24 days	11 years 7 months 6 days
In-place leases
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	9 years 2 months 12 days	9 years 4 months 24 days
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	12 years 9 months 18 days	13 years
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	11 years 4 months 24 days	11 years 9 months 18 days

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization:	$ 4,670	$ 3,628
Net adjustment to rental revenue:
Below-market lease liabilities	783	610
Net adjustment to rental revenue	213	165
In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization:	4,670	3,555
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Amortization:	0	73
Above-market leases
Net adjustment to rental revenue:
Above-market lease assets	(371)	(327)
Lease incentives
Net adjustment to rental revenue:
Above-market lease assets	$ (199)	$ (118)

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Projected Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Below-market lease liabilities
Remainder of 2023	$ 2,276
2024	3,005
2025	2,982
2026	2,890
2027	2,818
Thereafter	15,377
Net Carrying Amount	29,348	$ 30,131
Net adjustment to rental revenue
Remainder of 2023	607
2024	784
2025	762
2026	671
2027	677
Thereafter	1,315
Total	4,816
In-place leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2023	13,439
2024	17,481
2025	16,907
2026	15,694
2027	13,423
Thereafter	52,737
Total	129,681
Above-market leases
Above-market lease assets
Remainder of 2023	(1,113)
2024	(1,480)
2025	(1,479)
2026	(1,478)
2027	(1,450)
Thereafter	(9,828)
Total	(16,828)
Lease incentives
Above-market lease assets
Remainder of 2023	(556)
2024	(741)
2025	(741)
2026	(741)
2027	(691)
Thereafter	(4,234)
Total	$ (7,704)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)		3 Months Ended
	Aug. 11, 2022 USD ($)	Mar. 31, 2023 USD ($) derivative	Jan. 30, 2023 derivative	Dec. 31, 2022 USD ($)	Aug. 10, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross		$ 479,472,000		$ 496,498,000
Unamortized discount and debt issuance costs		(2,156,000)		(2,306,000)
Unamortized deferred financing costs, net		(2,499,000)		(2,684,000)
Total		474,817,000		491,508,000
Number of derivatives | derivative			4
Term loans
Debt Instrument [Line Items]
Total		$ 479,460,000
2024 Term Loan | Line of Credit
Debt Instrument [Line Items]
Unamortized deferred financing costs, net	$ (500,000)
2024 Term Loan | Line of Credit | Term loans
Debt Instrument [Line Items]
Interest Rate		1.37%
Long-term debt, gross	$ 175,000,000	$ 175,000,000		175,000,000
Total		$ 174,591,000		174,532,000
2024 Term Loan | Line of Credit | Term loans | Interest rate swaps
Debt Instrument [Line Items]
Number of derivatives | derivative		4
2024 Term Loan | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 250,000,000
2024 Term Loan | Line of Credit | SOFR adjustment | Term loans
Debt Instrument [Line Items]
Variable rate (as a percent)		0.10%
2024 Term Loan | Line of Credit | SOFR adjustment margin | Term loans
Debt Instrument [Line Items]
Variable rate (as a percent)		1.15%
2028 Term Loan | Line of Credit | Term loans
Debt Instrument [Line Items]
Interest Rate		3.88%
Long-term debt, gross		$ 200,000,000		200,000,000
Total		$ 198,824,000		198,764,000
Variable rate (as a percent)		4.80%
Debt instrument, extension term	1 year
2028 Term Loan | Line of Credit | Term loans | Interest rate swaps
Debt Instrument [Line Items]
Number of derivatives | derivative		3
2028 Term Loan | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Interest Rate		5.94%
Long-term debt, gross		$ 96,000,000		113,000,000
Debt instrument, extension term	1 year	1 year
Line of credit facility, maximum borrowing capacity	$ 400,000,000
2028 Term Loan | Line of Credit | Daily SOFR | Revolving credit facility
Debt Instrument [Line Items]
Variable rate (as a percent)		4.84%
2028 Term Loan | Line of Credit | SOFR adjustment | Term loans
Debt Instrument [Line Items]
Variable rate (as a percent)		0.10%
2028 Term Loan | Line of Credit | SOFR adjustment | Revolving credit facility
Debt Instrument [Line Items]
Variable rate (as a percent)		0.10%
2028 Term Loan | Line of Credit | SOFR adjustment margin | Term loans
Debt Instrument [Line Items]
Variable rate (as a percent)		1.15%
2028 Term Loan | Line of Credit | SOFR adjustment margin | Revolving credit facility
Debt Instrument [Line Items]
Variable rate (as a percent)		1%
Mortgage Note Payable | Mortgages
Debt Instrument [Line Items]
Interest Rate		4.53%
Long-term debt, gross		$ 8,472,000		$ 8,498,000

Debt - Narrative (Details)

Debt - Narrative (Details)			3 Months Ended
	Aug. 11, 2022 USD ($)	Aug. 28, 2020	Mar. 31, 2023 USD ($)	Jan. 30, 2023 derivative	Dec. 31, 2022 USD ($)	Aug. 10, 2022 USD ($)	Mar. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross			$ 479,472,000		$ 496,498,000
Unamortized deferred financing costs			$ 2,499,000		2,684,000
Number of derivatives | derivative				4
Hedged fixed rate				0.12%
All-in interest rate				1.37%
Credit Facility | Term Loan
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)			5.77%				1.32%
Credit Facility | Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)			5.86%				1.39%
2028 Term Loan | Line of Credit
Debt Instrument [Line Items]
Deferred financing costs, gross (less than)	$ 3,800,000
2028 Term Loan | Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	400,000,000
Available increase	$ 400,000,000
Long-term debt, gross			$ 96,000,000		113,000,000
Debt instrument, extension term	1 year		1 year
Line of Credit Facility, Sustainability-linked Pricing, Rate Reduction Percentage	0.025%
Interest Rate			5.94%
Deferred financing costs, gross (less than)	$ 2,400,000
2028 Term Loan | Term loans | Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Long-term debt, gross			$ 200,000,000		200,000,000
Debt instrument, extension term	1 year
Variable rate (as a percent)			4.80%
Interest Rate			3.88%
Deferred financing costs, gross (less than)	$ 1,300,000
Hedged fixed rate			2.63%
2028 Term Loan | Minimum | Revolving credit facility | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)	0.15%
2028 Term Loan | Minimum | Revolving credit facility | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)	0.125%
2028 Term Loan | Maximum | Revolving credit facility | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)	0.30%
2028 Term Loan | Maximum | Revolving credit facility | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)	0.30%
2028 Term Loan | SOFR rate | Minimum | Revolving credit facility | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	1%
2028 Term Loan | SOFR rate | Minimum | Revolving credit facility | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.725%
2028 Term Loan | SOFR rate | Minimum | Term loans | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	1.15%
2028 Term Loan | SOFR rate | Minimum | Term loans | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.80%
2028 Term Loan | SOFR rate | Maximum | Revolving credit facility | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	1.45%
2028 Term Loan | SOFR rate | Maximum | Revolving credit facility | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	1.40%
2028 Term Loan | SOFR rate | Maximum | Term loans | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	1.60%
2028 Term Loan | SOFR rate | Maximum | Term loans | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	1.60%
2028 Term Loan | Base Rate | Minimum | Revolving credit facility | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0%
2028 Term Loan | Base Rate | Minimum | Revolving credit facility | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0%
2028 Term Loan | Base Rate | Minimum | Term loans | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.15%
2028 Term Loan | Base Rate | Minimum | Term loans | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0%
2028 Term Loan | Base Rate | Maximum | Revolving credit facility | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.45%
2028 Term Loan | Base Rate | Maximum | Revolving credit facility | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.40%
2028 Term Loan | Base Rate | Maximum | Term loans | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.60%
2028 Term Loan | Base Rate | Maximum | Term loans | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.60%
2028 Term Loan | SOFR adjustment rate | Revolving credit facility | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.10%
2028 Term Loan | SOFR adjustment rate | Revolving credit facility | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.10%
2028 Term Loan | SOFR adjustment rate | Term loans | Line of Credit | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.10%
2028 Term Loan | SOFR adjustment rate | Term loans | Line of Credit | After Investment Grade
Debt Instrument [Line Items]
Variable rate (as a percent)	0.10%
2024 Term Loan | Line of Credit
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 500,000
2024 Term Loan | Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 250,000,000
2024 Term Loan | Term loans | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 175,000,000		$ 175,000,000		175,000,000
Interest Rate			1.37%
Hedged fixed rate			0.12%
2024 Term Loan | Fixed base interest rate | Term loans
Debt Instrument [Line Items]
Variable rate (as a percent)		0.21%
2024 Term Loan | LIBOR | Term loans
Debt Instrument [Line Items]
Variable rate (as a percent)		1.15%
Mortgage Note Payable | Mortgages
Debt Instrument [Line Items]
Long-term debt, gross			$ 8,472,000		$ 8,498,000
Interest Rate			4.53%
Deferred financing costs, gross (less than)			$ 100,000
Mortgages Outstanding			8,500,000
Collateral aggregate net book value			13,000,000
Debt discount			$ 600,000

Debt - Schedule of Maturities (

Debt - Schedule of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 474,817	$ 491,508
Term loans
Debt Instrument [Line Items]
Remainder of 2023	117
2024	175,162
2025	170
2026	96,178
2027	7,833
Thereafter	200,000
Total	479,460
Term loans | Scheduled Principal
Debt Instrument [Line Items]
Remainder of 2023	117
2024	162
2025	170
2026	178
2027	170
Thereafter	0
Total	797
Term loans | Balloon Payment
Debt Instrument [Line Items]
Remainder of 2023	0
2024	175,000
2025	0
2026	96,000
2027	7,663
Thereafter	200,000
Total	$ 478,663

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 185	$ 101
Amortization of debt discount, net	151	56
Capitalized interest	(134)	(56)
Total interest expense, net	3,944	1,169
Mortgages
Debt Instrument [Line Items]
Interest expense	93	0
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Interest expense	1,150	478
Facility fees	200	100
Term loans | Line of Credit
Debt Instrument [Line Items]
Interest expense	$ 2,499	$ 590

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Jan. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged fixed rate		0.12%
Credit Facility | Term Loan | Applicable margin
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate (as a percent)	1.15%
2028 Term Loan | Line of Credit | Term loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged fixed rate	2.63%
Variable rate (as a percent)	4.80%
2028 Term Loan | Line of Credit | SOFR adjustment | Revolving credit facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate (as a percent)	0.10%
2028 Term Loan | Line of Credit | SOFR adjustment | Term loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate (as a percent)	0.10%
2028 Term Loan | Line of Credit | Applicable margin | Term loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate (as a percent)	1.15%
2028 Term Loan | Line of Credit | SOFR adjustment Rate | Term loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate (as a percent)	0.10%
2028 Term Loan | Line of Credit | One-month SOFR rate | Term loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate (as a percent)	4.67%
2024 Term Loan | Line of Credit | Term loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged fixed rate	0.12%
2024 Term Loan | Line of Credit | SOFR adjustment | Term loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate (as a percent)	0.10%
Interest rate swaps | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount estimated to be reclassified as increase to interest expense	$ 11.7

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - Interest rate swaps $ in Thousands	Mar. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments | instrument	7	7
Notional | $	$ 375,000	$ 375,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 18,088	$ 24,067
Interest rate swaps | Other assets, net | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 18,088	$ 24,067

Derivative Financial Instrume_6

Derivative Financial Instruments - Effect of Interest Rate Swaps (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ (3,141)	$ 6,188
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 2,837	$ (23)

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Derivative Liabilities at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities, Fair Value Disclosure [Abstract]
Derivative assets	$ 18,088	$ 24,067
Level 1
Liabilities, Fair Value Disclosure [Abstract]
Derivative assets	0	0
Level 2
Liabilities, Fair Value Disclosure [Abstract]
Derivative assets	18,088	24,067
Level 3
Liabilities, Fair Value Disclosure [Abstract]
Derivative assets	$ 0	$ 0

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets - Schedule of Other Assets, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, net	$ 8,600	$ 7,167
Deferred rent receivable	6,335	5,629
Prepaid assets	4,048	3,864
Earnest money deposits	1,958	185
Fair value of interest rate swaps	18,088	24,067
Deferred offering costs	825	796
Deferred financing costs, net	2,499	2,685
Right-of-use asset	4,144	4,235
Leasehold improvements and other corporate assets, net	1,907	1,969
Interest receivable	600	256
Other assets, net	1,238	1,204
Other assets, net	$ 50,242	$ 52,057
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets - Schedule of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 6,815	$ 5,745
Accrued bonus	352	1,305
Prepaid rent	4,038	2,937
Operating lease liability	5,387	5,464
Accrued interest	2,020	1,782
Deferred rent	2,134	1,756
Accounts payable	2,050	1,394
Other liabilities	2,266	2,157
Liabilities related to assets held for sale	$ 25,062	$ 22,540

Shareholders_ Equity, Partner_3

Shareholders’ Equity, Partners’ Capital and Preferred Equity - Narrative (Details)						3 Months Ended
	Mar. 30, 2023 USD ($) $ / shares shares	Aug. 10, 2022 shares	Aug. 08, 2022 $ / shares shares	Mar. 30, 2022 USD ($) shares	Jan. 13, 2022 $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022	Sep. 01, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock in public offerings, net | $						$ 52,903,000	$ 75,497,000
Payments of offering costs | $						15,000	568,000
Payment of OP unit distributions | $						$ 101,000	$ 109,000
OP unit conversion ratio						1	1
Common stock
Subsidiary, Sale of Stock [Line Items]
Units converted (in shares)						5,694	25,629
Shares withheld for restricted stock units vested (in shares)						18,016	16,651
Netstreit, L.P. (The Operating Partnership)
Subsidiary, Sale of Stock [Line Items]
Non-controlling interest holders ownership						0.80%		0.90%
Restricted Stock Units (RSUs)
Subsidiary, Sale of Stock [Line Items]
Forfeited during period (in shares)							17,000
Shares withheld for restricted stock units vested (in shares)						18,000
Value of shares withheld for restricted stock units vested | $						$ 400,000	$ 400,000
Common stock
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)				3,440,962
Issuance of common stock in public offerings, net | $				$ 72,000,000
Payments of offering costs | $				$ 4,600,000
Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)					10,350,000
Shares sold (in dollars per share) | $ / shares					$ 22.25
Common Stock, Shares Subscribed but Unissued						4,763,320
ATM Program | Common stock
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)						146,745	163,774
Shares sold (in dollars per share) | $ / shares						$ 20.22	$ 22.08
Issuance of common stock in public offerings, net | $						$ 2,900,000	$ 3,500,000
Payments of offering costs | $						$ 100,000	$ 100,000
Aggregate gross offering price | $									$ 250,000,000
OP Units converted to common stock | Common stock
Subsidiary, Sale of Stock [Line Items]
Units converted (in shares)						5,694	25,629
August 2022 Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)		10,350,000	9,000,000
Shares sold (in dollars per share) | $ / shares	$ 20.20		$ 20.20
August 2022 Follow-On Offering | Common stock
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	2,612,736
Issuance of common stock in public offerings, net | $	$ 50,000,000
Payments of offering costs | $	$ 2,800,000
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)			1,350,000

Stockholders_ Equity, Partners_

Stockholders’ Equity, Partners’ Capital and Preferred Equity - Common Stock Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
	Mar. 30, 2023	Feb. 21, 2023	Mar. 30, 2022	Feb. 22, 2022	Mar. 31, 2022
Equity [Abstract]
Cash dividend paid (in dollars per share)	$ 0.20		$ 0.20
Cash dividend declared (in dollars per share)		$ 0.20		$ 0.20
Dividends, common stock, cash	$ 11,650				$ 8,888

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2021	Aug. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 23, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance						2,094,976
Stock-based compensation expense			$ 1,000
Catch-up adjustment		$ 1,400
Stock-based compensation expense			1,027	$ 1,045
Restricted Stock Units (RSUs) | The Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			100
Award vesting period	4 years
Total unrecognized compensation cost			$ 400
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 100
Total unrecognized compensation cost			$ 300		$ 400
Weighted average remaining contractual term			1 year 4 months 24 days
Granted during the period (in dollars per share)			$ 0
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			2 years
Service-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 600
Total unrecognized compensation cost			$ 4,800		$ 3,000
Weighted average remaining contractual term			2 years 3 months 18 days
Granted during the period (in dollars per share)			$ 20.19
Service-Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Service-Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 300
Award vesting period			3 years
Total unrecognized compensation cost			$ 3,400
Weighted average remaining contractual term			2 years 3 months 18 days
Expected volatility (as a percent)			29%
Minimum expected volatility (as a percent)			32.20%
Maximum expected volatility (as a percent)			102.80%
Weighted average expected volatility (as a percent)			46.70%
Risk free interest rate (as a percent)			4.46%
Targeted TSR (in dollars per share)			$ 24.13
Absolute TSR (in dollars per share)			20.15
Granted during the period (in dollars per share)			$ 21.57
Market-Based Awards | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)			40%
Market-Based Awards | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)			60%

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Performance Shares
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) | shares	61,391
Granted during the period (in shares) | shares	0
Forfeited during the period (in shares) | shares	0
Vesting during the period (in shares) | shares	0
Ending balance (in shares) | shares	61,391
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 19.75
Granted during the period (in dollars per share) | $ / shares	0
Forfeited during the period (in dollars per share) | $ / shares	0
Vesting during the period (in dollars per share) | $ / shares	19.75
Ending balance (in dollars per share) | $ / shares	$ 19.75
Service-Based Awards
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) | shares	247,079
Granted during the period (in shares) | shares	125,112
Forfeited during the period (in shares) | shares	0
Vesting during the period (in shares) | shares	(83,428)
Ending balance (in shares) | shares	288,763
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 19.86
Granted during the period (in dollars per share) | $ / shares	20.19
Forfeited during the period (in dollars per share) | $ / shares	0
Vesting during the period (in dollars per share) | $ / shares	20.39
Ending balance (in dollars per share) | $ / shares	$ 19.85
Market-Based Awards
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) | shares	177,350
Granted during the period (in shares) | shares	81,751
Forfeited during the period (in shares) | shares	0
Ending balance (in shares) | shares	259,101
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 19.83
Granted during the period (in dollars per share) | $ / shares	21.57
Forfeited during the period (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 20.38

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Income Attributable to Common Shares, Weighted Average Common Shares and Effect of Dilutive Securities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 1,481	$ 1,966
Net (income) attributable to noncontrolling interest	(9)	(24)
Net income attributable to common shares, basic	1,472	1,942
Net (income) attributable to noncontrolling interest	9	24
Net income attributable to common shares, diluted	$ 1,481	$ 1,966
Denominator:
Weighted average common shares outstanding, basic (in shares)	58,155,738	44,415,807
Effect of dilutive shares for diluted net income per common share:
OP Units (in shares)	511,402	550,673
Unvested RSUs (in shares)	175,859	294,272
Unsettled shares under open forward equity contracts (in shares)	40,387	340,058
Weighted average common shares outstanding - diluted (in shares)	58,883,386	45,600,810
Net income available to common stockholders per common share, basic (in dollars per share)	$ 0.03	$ 0.04
Net income available to common stockholders per common share, diluted (in dollars per share)	$ 0.03	$ 0.04

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
OP Units | Netstreit, L.P. (The Operating Partnership)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Units outstanding (in shares)	507,773	513,467

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions		3 Months Ended
	Aug. 01, 2021 USD ($) renewalOption	Mar. 31, 2023 USD ($) property	Feb. 28, 2022
Other Commitments [Line Items]
Expected investment in real estate assets		$ 6
Tenant improvement allowance commitments		$ 4.1
Remaining terms of leases (in years)			9 years 3 months 18 days
2022 Acquisitions
Other Commitments [Line Items]
Number of properties invested in | property		3
Nine Properties
Other Commitments [Line Items]
Remaining funding period of real estate assets		2 years
Corporate Office Space
Other Commitments [Line Items]
Renewal options | renewalOption	2
Annual rent expense	$ 0.5
Lease extension term	5 years

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Apr. 25, 2023	Feb. 21, 2023	Feb. 22, 2022	Apr. 26, 2026	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.20	$ 0.20
Proceeds under revolving credit facilities					$ 99,000	$ 128,000
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.20
Proceeds under revolving credit facilities				$ 72,000