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Mar 31, 2023
Netstreit Q1 2023 Earnings Report
Netstreit's financial performance for Q1 2023 was reported, featuring a net income of $0.03 per share and an AFFO of $0.30 per diluted share.
Key Takeaways
NETSTREIT Corp. reported solid financial and operating results for the first quarter ended March 31, 2023, with a net income of $0.03 per share and an AFFO of $0.30 per diluted share. The company completed $112.7 million of net investment activity and maintains its AFFO guidance and net investment target for 2023.
Net income per share was $0.03, compared to $0.04 in the prior year period.
Core Funds from Operations (Core FFO) per share was $0.28, consistent with the prior year period.
Adjusted Funds from Operations (AFFO) per share was $0.30, compared to $0.29 in the prior year period.
The portfolio remained 100.0% occupied as of March 31, 2023.
Revenue by Geographic Location
Forward Guidance
The Company is maintaining its full year 2023 AFFO per share guidance of $1.17 to $1.23 per share and expects net investment activity to be at least $400.0 million in 2023.
Positive Outlook
- Maintaining full year 2023 AFFO per share guidance of $1.17 to $1.23.
- Expecting net investment activity to be at least $400.0 million in 2023.
- Focus on acquisitions.
- Focus on developments where rent commenced.
- Focus on mortgage loans receivable, net of dispositions.
Challenges Ahead
- Forward-looking financial measures are provided on a non-GAAP basis.
- Reconciliation of forward-looking measures to GAAP is not provided.
- Difficulty of projecting event-driven transactional and other non-core operating items.
- Magnitude of these items may be significant.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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