Berenberg Starts Essential Properties Realty Trust (EPRT) at Buy

Berenberg analyst Kai Klose initiates coverage on Essential Properties Realty Trust (NYSE: EPRT) with a Buy rating and a price target of $36.00.

The analyst comments: "Around 93% of EPRT’s ABR comes from service- and experience-oriented tenants, whose businesses are partly characterised by a low level of e-commerce. The tenants in EPRT’s portfolio operate more than 600 different business concepts across 48 states in the US, with no single tenant currently contributing more than 3.7% of the ABR. Strategically, the company aims to minimise concentration risk in the portfolio, with the aim that no single tenant should contribute more than 5% to the ABR, and no more than 1% of the ABR should come from any single property. Overall, the fact that the annualised credit loss has been just 30bp of EPRT’s ABR since the inception of the company in 2016 clearly indicates that EPRT has been selective in its investments, ensuring high levels of tenant solvency, also reflected in its strong unit-level rent coverage of 3.4x."

For an analyst ratings summary and ratings history on Essential Properties Realty Trust click here. For more ratings news on Essential Properties Realty Trust click here.

Shares of Essential Properties Realty Trust closed at $29.20 yesterday.

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