Q3 2024 Netstreit Corp Earnings Call Transcript
Key Points
- Netstreit Corp (NTST) completed $152 million of gross investments, marking their highest quarter on record.
- The company achieved a blended cash yield of 7.5% or 8% on a straight-line basis for the quarter.
- Netstreit Corp's portfolio remains 100% leased with a weighted average lease term of 9.5 years.
- Over 75% of Netstreit Corp's total ABR is leased to investment-grade or investment-grade profile tenants.
- The company successfully reduced its Walgreens concentration from 5.9% to 4.8% and plans further reductions.
- Netstreit Corp reported a net loss of $5.3 million or 7 cents per diluted share for the quarter.
- The percentage of investments leased to investment-grade tenants was below the portfolio average this quarter.
- The company provided short-term rent relief to Big Lots during its bankruptcy process, impacting cash flow.
- Netstreit Corp's weighted average debt maturity is relatively short at 3.3 years.
- The company faces challenges with tenant concentrations in industries like pharmacies and dollar stores, which have been under scrutiny.
Greetings and welcome to Netstreit Corp third quarter, 2024 earnings conference call. (Operator Instructions).
It is now my pleasure to introduce your host, Miss Amy An, Investor relations. Thank you, Miss An. You may begin.
We thank you for joining us for Netstreit third 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 risk and uncertainties that may cause actual results to differ from those discussed today.
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