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Jun 30, 2023
Netstreit Q2 2023 Earnings Report
NETSTREIT reported a net loss and Adjusted Funds from Operations (AFFO). The company completed investment activity and extended the maturity of an existing term loan. Subsequent to the quarter end, they closed a new term loan and increased the AFFO per share guidance midpoint, raised net investment guidance, and increased the quarterly dividend.
Key Takeaways
NETSTREIT Corp. announced a net loss of $(0.01) per diluted share and an Adjusted Funds from Operations (AFFO) of $0.30 per diluted share for Q2 2023. The company completed $119 million in investment activity and increased its quarterly dividend by 2.5% to $0.205 per share. They also extended the maturity of an existing term loan and closed a new term loan facility.
Completed $119 million of investment activity.
Extended maturity of existing $175 million term loan to 2027.
Closed new $250 million term loan due 2029 subsequent to quarter end.
Increased 2023 AFFO per share guidance midpoint and raised net investment guidance to at least $450 million.
Forward Guidance
The Company is updating its full year 2023 AFFO per share guidance range to $1.20 to $1.23 from the prior range of $1.17 to $1.23. The Company is also increasing its 2023 net investment activity guidance to at least $450.0 million, from $400.0 million as previously announced.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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