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Jun 30, 2021
Netstreit Q2 2021 Earnings Report
Reported strong results driven by strategic focus and completed a follow-on common equity offering.
Key Takeaways
NETSTREIT reported strong second-quarter results, with a 100% occupied portfolio and 100% rent collection for eleven consecutive months. The company completed a $200+ million follow-on common equity offering and net investment activity of $107.7 million.
Reported net loss per share of $(0.07), Core Funds from Operations (“Core FFO”) per share of $0.181 and AFFO per share of $0.201.
Collected 100% of the second quarter rent payments and for the month of July 2021, resulting in eleven consecutive months of 100% rent collections.
Completed total net investment activity of $107.7 million.
Reaffirms Full Year 2021 AFFO per share guidance in the range of $0.95 to $0.99.
Forward Guidance
The Company is maintaining its full year 2021 AFFO per share guidance in the range of $0.95 to $0.99 per share.
Positive Outlook
- Net acquisition activity, inclusive of dispositions, to be at least $360 million.
- Cash G&A to be in the range of $11.0 to $12.0 million, which includes recurring transaction costs.
- 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.
- Full year 2021 diluted weighted average shares outstanding, which includes the impact of OP units, are expected to be in the range of 38 to 39 million shares
Challenges Ahead
- Additional $0.6 million of non-cash deferred financing fee amortization
- 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.
- The Company expects cash G&A to be in the range of $11.0 to $12.0 million, which includes recurring transaction costs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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