0001104659-20-092880.txt : 20200910 0001104659-20-092880.hdr.sgml : 20200910 20200810191655 ACCESSION NUMBER: 0001104659-20-092880 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NETSTREIT Corp. CENTRAL INDEX KEY: 0001798100 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 843356606 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 5910 N. CENTRAL EXPRESSWAY STREET 2: SUITE 1600 CITY: DALLAS STATE: TX ZIP: 75206 BUSINESS PHONE: 972-200-7100 MAIL ADDRESS: STREET 1: 5910 N. CENTRAL EXPRESSWAY STREET 2: SUITE 1600 CITY: DALLAS STATE: TX ZIP: 75206 FORMER COMPANY: FORMER CONFORMED NAME: NetSTREIT Corp. DATE OF NAME CHANGE: 20191227 CORRESP 1 filename1.htm

 

 

August 10, 2020

 

CONFIDENTIAL

VIA EDGAR

 

U.S. Securities and Exchange Commission

Division of Corporation Finance

Office of Real Estate & Construction

100 F Street, N.E.

Washington, DC  20549-3628

Attn:                    Shannon Menjivar

 

Re:                             NETSTREIT Corp.

Amendment No. 1 to Form S-11

Filed August 5, 2020

File No. 333-239911

 

Dear Ms. Menjivar:

 

On behalf of NETSTREIT Corp. (the “Company”), as a follow-up to our telephone conversation on August 10, 2020, set forth below is the revised response of the Company to Comment No. 2 from the staff (the “Staff”) of the Securities and Exchange Commission received by letter dated August 7, 2020, regarding the first amendment to the Company’s Registration Statement on Form S-11 filed on August 5, 2020 (File No. 333-239911) (the “Registration Statement”).  For convenience of reference, the text of the comment in the Staff’s letter has been reproduced in italicized type herein. Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Registration Statement.

 

Distribution Policy, page 65

 

2.              We note that your estimated annual distribution of $0.80 per share of common stock as disclosed on page 65, based on an initial distribution rate of $0.20 per share of common stock for a full quarter, is not consistent to the estimated initial annual distribution rate per share of common stock and OP unit of $0.70 as disclosed in your table on page 67. Please reconcile this discrepancy.

 

The Company has revised its disclosure in the “Distribution Policy” section of the Registration Statement to reflect payment of an annualized dividend of $0.80.

 

If you have any questions regarding the response in this letter, please contact me by phone at (312) 558-3722 or via e-mail at croupas@winston.com.

 

 

Respectfully submitted,

 

 

 

/s/ Christina T. Roupas

 

 

 

Christina T. Roupas

 

Partner

 

Winston & Strawn LLP

 

 

cc:

Courtney M.W. Tygesson

 

 

Winston & Strawn LLP

 

 


GRAPHIC 2 g1833420bgi001.jpg GRAPHIC begin 644 g1833420bgi001.jpg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