NTST · NETSTREIT CORP Q2 FY2026 earnings call record财报电话会记录

“We have now grown the portfolio to over $3 billion in assets, we continue to see an elevated number of high-quality opportunities at accretive pricing, which should provide for an increasingly attractive growth backdrop as we head into 2027 and beyond.”

“Turning to guidance, given the aforementioned strength of our balance sheet and continued momentum in our investment pipeline, we are increasing our full year 2026 net investment activity guidance range to $700 million-$800 million.”

“Looking at our second quarter earnings, we reported net income of $6.3 million, or $0.06 per diluted share.”

“Turning to the balance sheet, our adjusted net debt, which includes the impact of all forward equity, was $672.2 million.”

“Our weighted average debt maturity was 3.6 years, and our weighted average interest rate was 4.3%.”

“From a leverage perspective, our adjusted net debt to annualized adjusted EBITDARE was 3.2 times at quarter end, which remains comfortably below our targeted leverage range of four and a half to five and a half times.”

“In addition, the company's AFFO per share guidance range now includes $0.05-$0.08 per share of estimated dilution, or 3.6 million-5.9 million shares for the full year, due to the impact of the company's outstanding forward equity calculated in accordance with the treasury stock method.”

“First one is just on the implied volume for acquisitions into the back half of the year.”

“We have not yet seen that have much of an impact on cap rates, but I would imagine if that sustains, and we continue to see upward pressure on the 5-year and the 10-year, that could potentially move up cap rates, but we just have not seen that yet.”

“Obviously we pay attention to what's going on with the consumer, and what the margins we see across the board, with grocery.”

“Most of that's going to be with investment-grade tenants, locations that we know that they're committed to long term, that are generating very strong cash flows where we have some cushion, because the lower-income consumer is certainly under pressure.”

“Certainly we saw in 2021 and even early 2022, a lot of players kind of coming out of the woodwork, buying very high-quality properties and levering it up with very cheap debt.”