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Mar 31, 2021
Netstreit Q1 2021 Earnings Report
Reported a net income of $0.02 and adjusted funds from operations (AFFO) of $0.23 per diluted share.
Key Takeaways
NETSTREIT reported strong first quarter results with 100% rent collections, $89.5 million in net investment activity, and initiated full-year AFFO guidance of $0.95 - $0.99 per share. Subsequent to quarter end, the company raised $203.6 million through a follow-on offering.
Reported net income per share of $0.02, Core Funds from Operations (“Core FFO”) per share of $0.22 and AFFO per share of $0.23 per share.
Collected 100% of rent payments for the first quarter and for the month of April 2021, resulting in eight consecutive months of 100% rent collections.
Total net investment activity of $89.5 million, which includes acquisitions and development.
Completed a follow on offering of 10,915,688 shares of common stock, which includes the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $18.65 per share for gross proceeds of approximately $203.6 million.
Forward Guidance
The Company is initiating its full year 2021 AFFO per share guidance in the range of $0.95 to $0.99 per share.
Positive Outlook
- Increased external growth target for full year 2021 and now expects net acquisition activity, inclusive of dispositions, to total $360 million, from its previously provided target of $320 million
- Cash G&A to be in the range of $11.0 to $12.0 million, with additional non-cash compensation expense of $3.0 to $4.0 million
- Cash interest expense, including unused line of credit facility fees, of $3.0 to $3.5 million, and an additional $0.6 million of non-cash deferred financing fee amortization
- Incur state and franchise taxes in the range of $0.2 to $0.3 million which will be reported as “income taxes” in the Company’s financial statements for 2021
- Full year 2021 diluted weighted average shares outstanding, which includes the impact of OP units, as well as the potential usage of the ATM beginning in August 2021, are expected to be in the range of 38 to 39 million
Historical Earnings Impact
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