DALLAS-based NETSTREIT Corp., a real estate investment trust, has reported a significant executive change in a recent SEC filing. Patricia Gibbs, the Senior Vice President and Chief Accounting Officer, has announced her resignation effective October 11, 2024, to pursue another opportunity. The company clarified that her departure is not the result of any disagreements on financial reporting or operational practices.
Gibbs has been serving as the company’s principal accounting officer and will continue her duties until her departure date. NETSTREIT Corp. is set to initiate a national search to find a suitable replacement for Gibbs. In the interim, following Gibbs’ departure, Daniel Donlan, the Chief Financial Officer, will take on the role of principal accounting officer starting October 12, 2024.
This transition comes at a time when the company, listed on the New York Stock Exchange under the ticker NYSE:NTST, is navigating the dynamic real estate market. NETSTREIT Corp., with its headquarters at 2021 McKinney Avenue, Suite 1150, Dallas, Texas, is known for its portfolio of properties and strategic investments in the real estate sector.
Investors and stakeholders have been assured that the change in executive leadership is part of a structured process and that the company’s financial practices and policies remain steadfast. The information provided is based on the company’s latest 8-K filing with the SEC.
In other recent news, Netstreit Corp., a real estate investment trust, has been the subject of several significant developments. Raymond James recently upgraded Netstreit’s stock from Outperform to Strong Buy, expressing confidence in the company’s resilient re-tenanting potential.
This decision was based on the current valuation of the stock and the company’s tenancy relationships, despite concerns about potential financial instability of some tenants, such as Big Lots (NYSE:).
Netstreit has also initiated a new at-the-market equity offering program, allowing the company to sell up to $300 million of its common stock. The program, involving agents like Wells Fargo Securities and BofA Securities, replaces a previous agreement under which Netstreit sold approximately $108.1 million in common stock.
The proceeds from this offering are earmarked for general corporate purposes, including potential property acquisitions and development activities.
In financial developments, Netstreit reported a net loss of $2.3 million in Q2 2024 but declared a quarterly…
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