Loading...
•
Mar 31, 2022
Netstreit Q1 2022 Earnings Report
Reported net income of $0.04 per share and AFFO of $0.29 per diluted share, completed $135.6 million of net investment activity, completed forward common stock offering of 10,350,000 shares, and increased AFFO guidance and net investment target for 2022.
Key Takeaways
NETSTREIT Corp. announced strong first quarter results with net income per share increasing to $0.04 and AFFO per share increasing to $0.29. The company completed $135.6 million of net investment activity and increased its AFFO guidance and net investment target for 2022.
Net income per share increased to $0.04, compared to $0.02 from prior year period.
Core Funds from Operations (“Core FFO”) per share increased to $0.28, compared to $0.22 from prior year period.
AFFO per share increased to $0.29, compared to $0.23 from prior year period.
Completed $135.6 million of net investment activity, including the acquisition of the first Publix grocery store.
Forward Guidance
The Company is increasing its full year 2022 AFFO per share guidance by improving the range to $1.14 to $1.17 per share and net investment guidance to at least $500.0 million in 2022.
Positive Outlook
- Increased investment activity, including acquisitions, developments where rent commenced, mortgage loan receivables, and net of dispositions, of at least $500.0 million in 2022
- Cash G&A to be in the range of $14.5 million to $15.0 million (inclusive of transaction costs)
- Non-cash compensation expense to be in the range of $5.0 million to $5.5 million
- Cash interest expense expectation to a range of $5.5 million to $6.5 million, with approximately $0.6 million of additional non-cash deferred financing fee amortization
- Full year 2022 diluted weighted average shares outstanding, which includes the impact of OP units, are expected to be in the range of 52.0 million to 54.0 million shares
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...