Essential Properties Realty Trust (EPRT) Tops Q1 EPS by 1c

Essential Properties Realty Trust (NYSE: EPRT) reported Q1 EPS of $0.13, $0.01 better than the analyst estimate of $0.12.

• Completed first follow-on offering in March of 14,030,000 shares at $17.50 raising $234.6 million in net proceeds
• Ended the first quarter at 99.9% leased with a weighted average lease term (“WALT”) of 14.5 years and a weighted average rent coverage ratio of 2.8x
• Grew Same-Store Contractual Cash Rents by 1.8%
• Reduced top 10 tenant concentration to 30.7%, a 240 bps sequential decline
• Invested $118.2 million in 51 properties at a 7.5% weighted average cash cap rate
• Net income increased to $8.7 million, or $0.13 per share on a fully diluted basis
• Increased Funds from Operations (“FFO”) to $18.6 million, or $0.29 per share on a fully diluted basis
• Increased Adjusted Funds from Operations (“AFFO”) to $17.9 million, or $0.27 per share on a fully diluted basis
• Net debt to Annualized Adjusted EBITDAre was 3.7x at quarter end

For earnings history and earnings-related data on Essential Properties Realty Trust (EPRT) click here.

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