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Sep 30, 2022
Netstreit Q3 2022 Earnings Report
Reported strong portfolio performance and investment activity, strengthened balance sheet, and narrowed full-year AFFO guidance.
Key Takeaways
NETSTREIT reported a strong third quarter with significant investment activity and portfolio performance. The company completed $129.6 million in net investment activity, including the acquisition of 26 properties for $131.3 million. They also completed a forward equity offering and closed a sustainability-linked credit facility. The company is narrowing its AFFO per share guidance for the full year 2022 to $1.15 to $1.17.
Net income per share decreased to $0.03 compared to $0.07 from the prior year period.
Core Funds from Operations (FFO) per share increased to $0.28, compared to $0.22 from the prior year period.
AFFO per share increased to $0.30, compared to $0.24 from the prior year period.
Completed $129.6 million of net investment activity.
Forward Guidance
The Company is narrowing its AFFO per share guidance range to $1.15 to $1.17 per share, resulting in an increase to the midpoint of the range.
Positive Outlook
- Cash G&A to remain in the range of $14.5 million to $15.0 million (inclusive of transaction costs).
- Non-cash compensation expense to be in the range of $5.0 million to $5.5 million.
- Cash interest expense narrowed to a range of $8.0 million to $9.0 million.
- Non-cash deferred financing fee amortization remaining at a range of $0.8 million to $0.9 million.
- Full year 2022 diluted weighted average shares outstanding is being narrowed to a range of 50.0 million to 51.0 million shares.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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