NETSTREIT Corp. (NYSE:NTST) Q2 2024 Earnings Call Transcript July 30, 2024 11:00 AM ET
Company Participants
Amy An - IR
Mark Manheimer - CEO
Dan Donlan - CFO
Conference Call Participants
Wes Golladay - Baird
Smedes Rose - Citi
Ravi Vaidya - Mizuho
Greg McGinniss - Scotiabank
Upal Rana - KeyBanc Capital Markets
Farrell Granath - Bank of America
Ki Bin Kim - Truist Securities
Operator
Greetings and welcome to the NETSTREIT Corp. Second Quarter 2024 Earnings Call. At this time, all participants are in the listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Amy An. Thank you. You may begin.
Amy An
Thank you for joining us for NETSTREIT's second 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 risks and uncertainties that may cause actual results to differ from those discussed today. For more information about these risk factors, we encourage you to review our Form 10-K for the year ended December 31, 2023, and our other SEC filings. All forward-looking statements are made as of the date hereof, and NETSTREIT assumes no obligation to update any forward-looking statements in the future.
In addition, certain financial information presented on this call includes non-GAAP financial measures. Please refer to our earnings release and supplemental package for definitions of our non-GAAP measures, reconciliations to the most comparable GAAP measure, and an explanation of why we believe such non-GAAP financial measures are useful to investors.
Today's conference call is hosted by NETSTREIT's Chief Executive Officer, Mark Manheimer, and Chief Financial Officer, Dan Donlan. They will make some prepared remarks and then we will open the call for your questions.
Now I'll turn the call over to Mark. Mark?
Mark Manheimer
Thank you, Amy, and thank you all for joining us this morning on our second quarter 2024 earnings call. We had a steady second quarter, completing over $116 million of gross investment activity at a blended cash yield of 7.5%. A larger portion of our acquisitions this quarter were sale-leaseback transactions, as we have seen more attractive risk-adjusted returns from our opportunity set in that area. Due to the difference in sourcing channels this quarter, our acquisitions had an attractive rent growth profile with longer lease terms at 16.7 years average remaining lease term.