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Sep 30, 2021
Netstreit Q3 2021 Earnings Report
Announced financial and operating results, completed gross investment activity, strengthened portfolio foundation through dispositions, and increased net acquisition guidance.
Key Takeaways
NETSTREIT reported its Q3 2021 results, featuring $94.3 million in gross investment activity and $18.8 million in dispositions. The company acquired 26 properties for approximately $90.1 million with a 6.2% initial cash capitalization rate. Net income per share was $0.07, and AFFO per share was $0.24. The company also revised its full year 2021 AFFO per share guidance to $0.93 to $0.95.
Completed $94.3 million of gross investment activity.
Executed $18.8 million in dispositions, strengthening the portfolio.
Acquired 26 properties for approximately $90.1 million at a 6.2% initial cash capitalization rate.
Reported net income per share of $0.07 and AFFO per share of $0.24.
Forward Guidance
The Company is revising its full year 2021 AFFO per share guidance in the range of $0.93 to $0.95 per share, primarily as a result of higher than anticipated disposition activity, as well as acquisition timing, in the third quarter.
Positive Outlook
- Increasing net acquisition activity to be at least $400 million.
- Cash G&A expected to be at the top end of the previously provided range of $11.0 to $12.0 million.
- Non-cash compensation expense expected to be at the midpoint of the previously provided range of $3.0 to $4.0 million.
- Cash interest expense expected to be at the lower end of the previously provided range of $3.0 to $3.5 million.
- Taxes expected to be at the top end of the previously provided range of $0.2 to $0.3 million.
Challenges Ahead
- Higher than anticipated disposition activity.
- Acquisition timing in the third quarter.
- Revised AFFO per share guidance in the range of $0.93 to $0.95.
Historical Earnings Impact
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