NETSTREIT Corp. (NYSE:NTST), a real estate investment trust with a market capitalization of $1.13 billion, announced the appointment of Sofia Chernylo as its new Senior Vice President and Chief Accounting Officer, effective January 13, 2025. The Board of Directors confirmed Chernylo's appointment on December 31, 2024, filling a key financial leadership position within the company. According to InvestingPro analysis, NETSTREIT is currently trading near its Fair Value, with the stock price hovering near its 52-week low of $13.72.
Chernylo brings a wealth of experience to NETSTREIT, having served as Vice President, Corporate Controller at Tupperware (OTC:TUPBQ) Brands Corporation before joining the company. Her career spans over two decades with significant roles in finance and accounting, including positions at Green Brick Partners, Inc. (NYSE:NYSE:GRBK), Colgate-Palmolive Company (NYSE:NYSE:CL), KPMG Advisory, and PricewaterhouseCoopers.
She is also a licensed Certified Public Accountant. She joins at a crucial time, as InvestingPro data shows the company achieved impressive revenue growth of 27.7% over the last twelve months, despite temporary profitability challenges.
As part of her employment agreement, Chernylo will receive an annual base salary of $275,000, along with the opportunity to earn an annual cash incentive bonus. The target bonus is set at 50% of her base salary, with the potential to earn anywhere from 0% to 200% of that target based on the company's performance. Additionally, she will receive an initial equity grant valued at $250,000, which is set to vest over three years, and will be eligible for annual long-term incentive awards.
NETSTREIT's employment agreement with Chernylo also outlines severance terms, including a cash severance equal to her base salary and other benefits, should she be terminated without cause.
In other recent news, Netstreit Corp. reported mixed results for the third quarter of 2024, with a net loss of $5.3 million but a 3% year-over-year increase in Core Funds From Operations (Core FFO) reaching $24.9 million. Despite the net loss, the company maintains its guidance for the year. Gross investments for the quarter hit a record $152 million, and the company declared a quarterly cash dividend of $0.21 per share.
Furthermore, Netstreit shares received an upgrade from Scotiabank (TSX:BNS), shifting its stance from Sector Perform to Sector Outperform based on a positive outlook. Scotiabank analysts projected a 2-year compound annual growth rate (CAGR) for adjusted funds from operations per share (AFFOPS) at 4.5% from 2024E to 2026E.
The bank also emphasized Netstreit's solid investment grade exposure, which stands at 61%. In other recent developments, rent payments from Big Lots (NYSE:BIG) are expected to resume in January 2024, and the company plans to maintain an accretive acquisition spread and reduce tenant concentrations below 5%.
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