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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
NETSTREIT Corp.
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2025
(Dollars in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to Acquisition(1)
Gross Amount as of December 31, 2025(2), (3)
StateNumber of PropertiesEncumbrancesLandBuilding and ImprovementsLandBuilding and ImprovementsLandBuilding and ImprovementsTotal
Accumulated Depreciation(3), (4)
Year of Construction
Year Acquired(5)
Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed
Alabama48$— $31,045 $70,271 $(115)$(603)$30,930 $69,668 $100,598 $(8,121)1968–20252019–20252to35Years
Alaska1— 1,376 1,584 — — 1,376 1,584 2,960 (57)1996–19962025–20255to34Years
Arizona7— 14,245 24,410 — 94 14,245 24,504 38,749 (1,959)1979–20232021–20255to35Years
Arkansas11— 7,304 17,079 — 2,417 7,304 19,496 26,800 (2,278)1962–20242019–20255to35Years
California8— 17,720 36,550 — 276 17,720 36,826 54,546 (5,282)1968–20092020–20253to35Years
Colorado5— 8,423 5,502 — 225 8,423 5,727 14,150 (757)1978–20242019–20258to35Years
Connecticut4— 9,577 13,188 — — 9,577 13,188 22,765 (981)1972–20122021–20254to35Years
Florida16— 22,766 58,307 — 43 22,766 58,350 81,116 (4,734)1948–20242019–20254to35Years
Georgia35— 36,715 95,315 — (68)36,715 95,247 131,962 (12,789)1968–20252019–20250to35Years
Idaho2— 647 2,915 — — 647 2,915 3,562 (269)2007–20162019–20257to31Years
Illinois43— 71,109 134,363 (169)191 70,940 134,554 205,494 (16,933)1944–20242020–20250to35Years
Indiana26— 28,366 62,562 (465)(642)27,901 61,920 89,821 (8,815)1961–20252019–20250to35Years
Iowa12— 6,410 18,340 — 558 6,410 18,898 25,308 (3,068)1975–20242019–20253to35Years
Kansas6— 2,413 12,732 — 54 2,413 12,786 15,199 (1,648)1973–20242019–20253to35Years
Kentucky5— 12,014 9,542 (358)(1,102)11,656 8,440 20,096 (867)1985–20242020–20240to35Years
Louisiana17(8,042)21,078 55,695 (42)(202)21,036 55,493 76,529 (6,762)1986–20242020–20255to35Years
Maryland4— 3,012 8,504 (317)(935)2,695 7,569 10,264 (1,032)1945–20162020–20215to35Years
Massachusetts3— 8,136 970 (396)(364)7,740 606 8,346 (28)2002–20122020–20230to35Years
Michigan15— 11,545 41,763 (30)77 11,515 41,840 53,355 (6,027)1956–20242019–20244to35Years
Minnesota9— 3,784 16,506 — 98 3,784 16,604 20,388 (1,778)1981–20242019–20254to35Years
Mississippi17— 14,390 40,554 — 465 14,390 41,019 55,409 (8,096)1962–20232019–20256to35Years
Missouri13— 16,130 15,479 — 26 16,130 15,505 31,635 (944)1930–20252019–20254to35Years
Montana2— 3,056 14,112 — 244 3,056 14,356 17,412 (1,023)2007–20242023–20235to35Years
Nebraska4— 5,303 16,686 — 260 5,303 16,946 22,249 (1,546)1990–20152021–20255to35Years
Nevada5— 5,286 11,798 — 55 5,286 11,853 17,139 (2,209)1980–20142022–20225to35Years
New Hampshire3— 493 1,289 — 52 493 1,341 1,834 (484)1970–19842020–20206to21Years
New Jersey6— 10,048 16,760 (376)(1,290)9,672 15,470 25,142 (828)1920–20242019–20250to35Years
New Mexico11— 7,780 14,061 — 442 7,780 14,503 22,283 (1,224)1980–20242021–20254to35Years
New York38— 53,260 122,178 (506)(549)52,754 121,629 174,383 (14,734)1896–20252020–20253to35Years
North Carolina20— 15,499 31,936 (716)(1,066)14,783 30,870 45,653 (5,623)1956–20242019–20250to35Years
North Dakota5— 3,309 9,181 — — 3,309 9,181 12,490 (972)2009–20242020–20248to35Years
Ohio36— 20,957 76,901 (29)710 20,928 77,611 98,539 (11,124)1922–20252019–20253to35Years
Oklahoma13— 7,566 23,703 — 171 7,566 23,874 31,440 (1,483)1979–20242019–20250to35Years
Oregon2— 3,991 — — — 3,991 — 3,991 — 2000–20032023–20230to0Years
Pennsylvania29— 23,273 60,715 (598)(102)22,675 60,613 83,288 (7,883)1916–20252019–20250to35Years
South Carolina15— 7,879 30,675 — 364 7,879 31,039 38,918 (3,248)1967–20232019–20252to35Years
South Dakota1— 848 4,083 — — 848 4,083 4,931 (572)2022–20222021–202112to35Years
Tennessee7— 7,682 12,822 (90)(474)7,592 12,348 19,940 (1,999)1963–20252019–20257to35Years
Texas95— 185,194 223,856 (587)(810)184,607 223,046 407,653 (15,055)1962–20252019–20254to35Years
Utah1— 519 2,609 — 9 519 2,618 3,137 (592)2015–20152019–201910to32Years
Vermont10— 1,473 6,181 (84)416 1,389 6,597 7,986 (1,442)1890–19992020–20224to31Years
Virginia15— 32,265 51,130 — 704 32,265 51,834 84,099 (6,845)1978–20252019–20253to35Years
Washington3— 5,659 12,321 — 33 5,659 12,354 18,013 (2,790)1978–19972020–20216to30Years
West Virginia4— 1,384 4,402 — 177 1,384 4,579 5,963 (996)1996–20172019–20224to26Years
Wisconsin23— 27,139 101,935 (773)(705)26,366 101,230 127,596 (12,961)1970–20252019–20250to35Years
655$(8,042)$778,068 $1,591,465 $(5,651)$(751)$772,417 $1,590,714 $2,363,131 $(188,858)

(1) Amounts shown as reductions to cost capitalized subsequent to acquisition represent provisions recorded for impairment of real estate.
(2) The aggregate cost for federal income tax purposes is $2.7 billion (unaudited).
(3) Properties with no building value represent a property for which the Company owns only the land, therefore depreciation and estimated life for depreciation are not applicable.
(4) Depreciation is calculated using the straight-line method over the estimated useful life of the asset, which is up to 35 years for buildings and up to 15 years for building improvements.
(5) The acquisition dates for properties acquired prior to December 23, 2019 are stated at the Company’s Private Offering and formation transactions date of December 23, 2019.
The following is a reconciliation of carrying value for land and building and improvements for the periods presented (in thousands):
Year Ended December 31,
202520242023
Balance, beginning of year$1,971,665 $1,610,705 $1,308,230 
Additions
Acquisitions556,991 443,481 306,564 
Improvements1,803 4,565 4,098 
Property under development completed and placed in service6,371 50,541 64,711 
Reclasses to held for investment15,425 23,980 — 
Deductions
Reclasses to held for sale(169,185)(133,088)(66,762)
Provisions for impairment(19,876)(26,797)(3,509)
Involuntary conversion of assets and other adjustments(63)(1,722)— 
Dispositions— — (2,627)
Balance, end of year$2,363,131 $1,971,665 $1,610,705 

The following is a reconciliation of accumulated depreciation for the periods presented (in thousands):
Year Ended December 31,
202520242023
Balance, beginning of year$143,422 $101,210 $62,526 
Additions
Depreciation expense62,774 54,739 44,104 
Deductions
Reclasses to held for sale(10,491)(7,011)(5,154)
Provisions for impairment(6,847)(5,323)(63)
Involuntary conversion of assets and other adjustments— (193)— 
Dispositions— — (203)
Balance, end of year$188,858 $143,422 $101,210 



See report of independent registered public accounting firm.