Q2 2024 Netstreit Corp Earnings Call Transcript
Key Points
- Netstreit Corp (NTST) completed over $116 million of gross investment activity at a blended cash yield of 7.5% in Q2 2024.
- The company added Life Time Fitness as a new top 10 tenant, acquiring two high-performing properties.
- Netstreit Corp (NTST) commenced rent on 6 development projects totaling $12 million, with a development pipeline of 12 projects.
- The portfolio consists of 649 investments with an ABR of $148 million, and 83% of the portfolio is leased to investment grade or investment grade profile tenants.
- The company reported a 6% increase in AFFO to $23.8 million or $0.32 per diluted share compared to last year.
- Netstreit Corp (NTST) reported a net loss of $2.3 million or $0.03 per diluted share for Q2 2024.
- The company experienced a $2.8 million loss due to a fraud incident involving a business email compromise.
- Total recurring G&A expenses, while declining, still represent 12% of total revenues.
- The weighted average debt maturity is relatively short at 3.6 years, with a weighted average interest rate of 4.43%.
- Concerns about tenant performance, particularly with Walgreens and Big Lots, which have been in the news for store closures and financial struggles.
Greetings, and welcome to the NETSTREIT Corp., second-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Amy An. Thank you. You may begin.
Thank you for joining us for NETSTREIT's second-quarter 2024 earnings conference call.
In addition to the press release distributed yesterday after market close, we posted a supplemental package and an updated investor presentation. Both can be found in the Investor Relations section of the company's website at www.netstreit.com.
On today's call, management's remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. For more information about these risk factors, we
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