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EX - 99.12 netstreitearningsrelease 1q.htm EX - 99.1 N NETSTREIT NETSTREIT REPORTS FIRST QUARTER 2021 FINANCIAL AND OPERATING RESULTS - Reports Net Income of $ 0.02 and Adjusted Funds from Operations ( " AFFO " ) of $ 0.23 per diluted share - - Completed $ 89.5 Million of Net Investment Activity – - Initiates Full Year 2021 AFFO Guidance in Range of $ 0.95 - $ 0.99 Per Share - - Subsequent to Quarter End , Raised Gross Proceeds of $ 203.6 million through Follow On Offering - - Dallas TX - April 29 , 2021 NETSTREIT ( NYSE : NTST ) ( the “ Company ” ) , today announced financial and operating results for the first quarter ended March 31 , 2021 . " We are very pleased to have a strong start to 2021. Our portfolio's steady operational performance , with 100 % rent collections for the past eight months , has allowed us to accelerate our focus on growth . With $ 89.5 million of acquisition and development activity completed in the first quarter , we continue to uncover highly accretive opportunities and have built an attractive pipeline . Given this level of confidence , we increased our external growth target and reloaded our balance sheet through a transformational equity offering in early April . We are now tasked with effectively deploying that capital and in doing so , believe we can drive attractive per share earnings growth and value accretion for shareholders , ” said Mark Manheimer , Chief Executive Officer of NETSTREIT . FIRST QUARTER 2021 HIGHLIGHTS • • Reported net income per share of $ 0.02 , Core Funds from Operations ( " Core FFO " ) per share of $ 0.221 and AFFO per share of $ 0.231 per share ( see non - GAAP reconciliation attached ) The Company collected 100 % of rent payments for the first quarter and for the month of April 2021 , resulting in eight consecutive months of 100 % rent collections PORTFOLIO UPDATE As of March 31 , 2021 , the NETSTREIT portfolio was comprised of 235 leases² , contributing $ 48.0 million of annualized base rent³ , with a weighted - average remaining lease term of 10.1 years , of which 69.6 % were occupied by investment grade rated tenants and 11.2 % were occupied by tenants with investment grade profiles ( unrated tenants with more than $ 1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x ) . The portfolio was 100.0 % occupied as of March 31 , 2021 . INVESTMENT ACTIVITY During the quarter ended March 31 , 2021 , the Company had total net investment activity of $ 89.5 million , which includes acquisitions and development . The Company invested approximately $ 88.2 million in 31 properties at an initial cash capitalization rate of 6.7 % . Acquisitions completed during the quarter had a weighted - average remaining lease term of 8.8 years , and 65.7 % of the properties are occupied by investment grade rated tenants . The Company also provided $ 1.3 million of funding in the first quarter to support an estimated $ 4.4 million development project for an investment grade tenant that is expected to be completed in the next 12 months .