Netstreit rises after upsized $209 mln stock offering

Retail real estate investment trust Netstreit NTST.N shares up 1.6% at $19.56 on Thurs after upsized follow-on of ~$209 mln priced

Dallas, Texas-based NTST late Weds announced 10.98 mln shares at $19 with forward sale component

Offering size increased from 8.75 mln shares; priced at 1.3% discount to stock's last close

NTST entered into 1-yr forward sale agreements with bookrunners Wells Fargo and BofA

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

Forward sale structure allows the REIT to secure current stock price and postpones new share issuance and garnering proceeds until they are needed, thus avoiding immediate dilution

With move on the session, shares up 11% YTD and up about 40% over the past 12 months

Avg rating of 18 analysts is "buy"; median PT $21, per LSEG