Observer Lite: 4/29/2025

It’s a double dip of Issue 9 and a short Observer Lite today!

First quarter at NETSTREIT
Retail-focused NETSTREIT (NYSE: NTST) reported earnings for the quarter ended March 31, 2025 after the bell. Key points include:
-Invested $90.7 million into 25 properties at a 7.7% cash yield (39% of ABR from investment grade rated tenants; 9.2-year WALT)
-Sold 16 properties for $40.3 million
-$4.7 million of proceeds received from partial repayment of a mortgage loan receivable
-Portfolio now includes 695 properties generating $169 million of ABR across 12.8 million square feet via 101 tenants with 99.9% occupancy, a 9.7-year WALT, and 55% of ABR sourced from investment grade rated tenants
-Number of investments increased for the following tenants: Tractor Supply (up 2); Ahold Delhaize (up 1); and Speedway (up 1)
-Number of investments decreased for the following tenants: Dollar General (down 5); Dollar Tree (down 2); and Advance Auto Parts (down 1)
-Recorded provisions for impairment of $3.6 million on 13 properties
-Maintained net investment activity guidance at $75-125 million.

The REIT will host its conference call Tuesday at 11am ET.

-Sean Hostert