Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information for Common Stock, Holders of Record, and Distribution Policy
Our common stock is traded on the NYSE under the symbol “NTST.” As of February 22, 2022 there were 44,244,742 shares of our common stock issued and outstanding which were held by approximately 57 stockholders of record. In addition, as of February 22, 2022 there were 551,393 outstanding units of limited partnership of the operating partnership (“Class A OP Units”) which are convertible into shares of our common stock on a one-for-one basis. During 2021, all Class B units of limited partnership of the operating partnership (“Class B OP Units”) were converted into shares of our common stock, and therefore as of December 31, 2021, there were no remaining Class B OP Units in the operating partnership.
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We intend to pay regular quarterly dividends to our stockholders, although all future distributions will be declared and paid at the discretion of our board of directors, and their form, timing and amount, if any, will depend upon a number of factors, including our actual and projected results of operations, liquidity, cash flows and financial condition, our REIT taxable income, the annual REIT distribution requirements, applicable law, including restrictions on distributions under Maryland law, and such other factors as our board of directors deems relevant.
Recent Sales of Unregistered Securities
None.
Performance Graph
The following graph compares our cumulative total stockholder return based on the market price of our common stock, assuming dividends are reinvested, with the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) and the NAREIT US Equity REIT Index for the period beginning August 13, 2020 (the date our common stock began trading on the NYSE exchange) and ending December 31, 2021. The graph assumes an investment of $100 on August 13, 2020.
Period Ending
Index 8/13/2020 12/31/2020 12/31/2021
NETSTREIT Corp. $ 100.00 $ 111.58 $ 136.05
S&P 500 $ 100.00 $ 112.05 $ 144.21
NAREIT US EQUITY REIT Index $ 100.00 $ 106.04 $ 149.84
The information above shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, other than as provided in Item 201 of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act, except to the extent we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act.
Issuer Purchases of Equity Securities
Effective September 1, 2021, our board of directors authorized a repurchase program for up to $150.0 million of our common stock. Repurchases of common stock may be made at management’s discretion from time to time in open market transactions, privately negotiated transactions or by other means (including through Rule 10b5-1 trading plans or one or more accelerated stock repurchase programs). There have been no repurchases under the program to date. The timing of share repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors and there can be no assurances that the Company will make any purchases under the common stock repurchase program.
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Item 6. Reserved