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Jun 30, 2022
Netstreit Q2 2022 Earnings Report
Reported financial and operating results for the second quarter of 2022, featuring net income of $0.04 per share and AFFO of $0.28 per diluted share.
Key Takeaways
NETSTREIT reported a strong second quarter with significant net investment activity of $122.7 million and maintains its full-year AFFO guidance of $1.14 to $1.17 per share.
Net income per share increased to $0.04, compared to $(0.07) from prior year period.
Core Funds from Operations (“Core FFO”) per share increased to $0.26, compared to $0.18 from prior year period.
AFFO per share increased to $0.28, compared to $0.20 from prior year period.
Completed $122.7 million of net investment activity.
Forward Guidance
The Company is maintaining its full year 2022 AFFO per share guidance in the range of $1.14 to $1.17 per share.
Positive Outlook
- Investment activity, including acquisitions, developments where rent commenced, and mortgage loan receivables, net of dispositions, remains at least $500.0 million
- The Company expects cash G&A to remain in the range of $14.5 million to $15.0 million (inclusive of transaction costs)
- The Company expects non-cash compensation expense to be in the range of $5.0 million to $5.5 million
- Full year 2022 diluted weighted average shares outstanding, which includes the impact of OP units, is being decreased, from a range of 52.0 million to 54.0 million shares, to a range of 50.0 million to 52.0 million shares
Challenges Ahead
- The Company is increasing cash interest expense, from a range of $5.5 million to $6.5 million, to a range of $7.0 million to $9.0 million
- Additional non-cash deferred financing fee amortization increasing, from $0.6 million, to a range of $0.8 million to $0.9 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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