Essential Properties Realty Trust Inc (NYSE:EPRT)
$ 30.48 -0.1 (-0.33%) Market Cap: 5.34 Bil Enterprise Value: 7.55 Bil PE Ratio: 26.50 PB Ratio: 1.67 GF Score: 86/100
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Q2 2024 Essential Properties Realty Trust Inc Earnings Call Transcript

Jul 25, 2024 / 02:00PM GMT
Release Date Price: $29.94 (-1.42%)

Key Points

Positve
  • Essential Properties Realty Trust Inc (EPRT) reported a 5% growth in FFO per share for the second quarter.
  • The company made $334 million in investments through 35 transactions, with a weighted average cash yield of 8%.
  • 82% of investments were generated from existing relationships, highlighting strong tenant relationships.
  • The company has a well-capitalized balance sheet with liquidity of over $1.1 billion.
  • AFFO per share guidance for 2024 was reiterated at $1.72 to $1.75, indicating strong portfolio performance.
Negative
  • Same-store rent growth was 1.4%, down slightly from the previous quarter.
  • The company faced headwinds from the conservative posture on leverage due to capital markets volatility.
  • Unit level rent coverage ratio decreased slightly to 3.7 times.
  • The company experienced a slight increase in exposure to tenants with under one times rent coverage.
  • Dispositions were below the trailing eight-quarter average, reflecting a wide bid-ask spread in the market.
Operator

Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust second quarter 2024 earnings conference call. (Operator Instructions) This conference is being recorded and a replay of the call will be available two hours after the completion of the call for the next few weeks. The dial-in details for the replay can be found in yesterday's press release. Additionally, there will be an audio webcast available on Essential Properties on website at www.essentialproperties.com, an archive of which will be available for 90 days.

On the call this morning are Pete Mavoides, President and Chief Executive Officer; Mark Patten, Chief Financial Officer, Rob Salisbury, or Head of Capital Markets, Max Jenkins, Head of Investments, and AJ Peil, Head of Asset Management.

It is now my pleasure to turn the call over to Rob Salisbury.

Rob Salisbury
Essential Properties Realty Trust Inc - SVP & Head of Capital Markets

Thank you, operator. Good morning, everyone,

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