Essential Properties Realty Trust (EPRT) Tops Q3 EPS by 5c

Essential Properties Realty Trust (NYSE: EPRT) reported Q3 EPS of $0.18, $0.05 better than the analyst estimate of $0.13.

• Ended the third quarter at 100.0% leased with a weighted average lease term (“WALT”) of 14.4 years and a weighted average rent coverage ratio of 2.9x
• Grew Same-Store Contractual Cash Rents by 1.7%
• Reduced top 10 tenant concentration to 25.5%, a 250 bps sequential decline
• Invested $173.6 million in 139 properties at a 7.5% weighted average cash cap rate
• Net income per fully diluted share increased 50% to $0.18 per share
• Increased Funds from Operations (“FFO”) per fully diluted share 8% to $0.18 per share
• Grew Core Funds from Operations (“Core FFO”) per fully diluted share by 24% to $0.31
• Grew Adjusted Funds from Operations (“AFFO”) per fully diluted share by 16% to $0.29
• Raised $75.0 million in gross proceeds from the sale of 3,344,805 shares of common stock through the Company’s at-the-market equity program (“ATM Program”)
• Net Debt to Annualized Adjusted EBITDAre was 4.8x at quarter end

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

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