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EX - 99.1 2 netstreitearningsrelease - 2.htm EX - 99.1 - N NETSTREIT NETSTREIT REPORTS SECOND QUARTER 2021 FINANCIAL AND OPERATING RESULTS – Completed $ 107.7 Million of Net Investment Activity – - – Reaffirms Full Year 2021 AFFO Guidance in Range of $ 0.95 - $ 0.99 Per Share - - During the Quarter , Raised Gross Proceeds of $ 203.6 Million through Follow On Offering – - Dallas TX - July 29 , 2021 - NETSTREIT ( NYSE : NTST ) ( the “ Company ” ) , today announced financial and operating results for the second quarter ended June 30 , 2021 . " During the second quarter , we again generated strong results while benefiting from our strategic focus . Our portfolio remains 100 % occupied , and through July , we have collected 100 % of rents for eleven straight months . Importantly , we accomplished a significant milestone during the second quarter , completing a $ 200 - plus million follow - on common equity offering and demonstrating our access to well- priced capital . With more than $ 200 million of high quality acquisitions completed in the first half of the year , and significant capacity on our balance sheet , we will continue to take advantage of attractive opportunities to deploy capital . As we look to the balance of the year , we believe NETSTREIT's unique focus on the highest quality net lease assets and our demonstrated sourcing methodologies , positions us well to continue to grow in 2021 , and beyond , " said Mark Manheimer , Chief Executive Officer of NETSTREIT . SECOND QUARTER 2021 HIGHLIGHTS • Reported net loss per share of $ ( 0.07 ) , Core Funds from Operations ( " Core FFO " ) per share of $ 0.181 and AFFO per share of $ 0.201 ( see non - GAAP reconciliation attached ) The Company collected 100 % of the second quarter rent payments and for the month of July 2021 , resulting in eleven consecutive months of 100 % rent collections PORTFOLIO UPDATE As of June 30 , 2021 , the NETSTREIT portfolio was comprised of 267 leases² , contributing $ 55.3 million of annualized base rent³ , with a weighted - average remaining lease term of 9.9 years , of which 69.9 % were investment grade rated tenants and 13.5 % were 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 June 30 , 2021 . INVESTMENT ACTIVITY During the quarter ended June 30 , 2021 , the Company had total net investment activity of $ 107.7 million . The Company acquired 35 properties for approximately $ 116.7 million at an initial cash capitalization rate of 6.5 % , inclusive of closing costs . A majority of the acquisitions closed late in the last month of the quarter resulting in the Company owning the assets for an average of approximately 19 days . Acquisitions completed during the quarter had a weighted - average remaining lease term of 9.7 years , and 72.8 % of the properties are occupied by investment grade rated tenants and 20.5 % occupied by tenants with investment grade profiles . The Company also provided $ 4.0 million of development funding