Essential Properties Realty Trust Stock Price, News & Analysis

Essential Properties Realty Trust (EPRT) reported third quarter 2024 results with net income per share of $0.27 (down 7%) and AFFO per share of $0.43 (up 2%). The company closed $307.6 million in investments at an 8.1% weighted average cash cap rate. Key highlights include:

- Completed 57 property investments totaling $307.6 million
- Raised $312.4 million through ATM program at $31.04/share
- Secured new $450 million term loan at 4.9% rate
- Portfolio includes 2,053 properties with 99.9% occupancy
- Issued 2025 AFFO guidance of $1.84-$1.89 per share

Essential Properties Realty Trust, Inc. (NYSE: EPRT) has announced the release date for its third quarter 2024 operating results. The company will disclose its financial performance for the quarter ending September 30, 2024, after the market closes on Wednesday, October 23, 2024. Following this, Essential Properties will host an earnings conference call and audio webcast on Thursday, October 24, 2024, at 10:00 a.m. Eastern Time to discuss the results.

Investors and interested parties can access the webcast through the company's website at www.essentialproperties.com. For those participating via telephone, the domestic dial-in number is 877-407-9208, while international callers can use 201-493-6784. A playback of the conference call will be available using the numbers 844-512-2921 (domestic) and 412-317-6671 (international) with the replay pin 13749125.

Essential Properties Realty Trust (NYSE: EPRT) has declared a quarterly cash dividend of $0.29 per share for the third quarter of 2024. This equates to an annualized dividend of $1.16 per share of common stock. The dividend will be paid on October 11, 2024, to stockholders of record as of the close of business on September 30, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders, which is particularly relevant for income-focused investors in the real estate investment trust (REIT) sector.

Essential Properties (NYSE: EPRT) released its Q2 2024 results, reporting a net income per share of $0.29 and AFFO per share of $0.43. Investments amounted to $333.9 million at an 8.0% cap rate. The company reiterated its 2024 AFFO guidance range of $1.72 to $1.75 per share.

Key highlights include a 17% decrease in net income per share, 9% increase in FFO per share, and core FFO per share rising by 7%. Essential Properties raised $137 million through its ATM program, with a pro forma net debt to annualized adjusted EBITDAre ratio of 3.8x at quarter-end.

YTD, investments totaled $582.7 million, while net income per share decreased by 11%. The company also raised $256.2 million through a follow-on offering and $190.4 million via its ATM program. In July, it secured a $450 million term loan with a 4.99% interest rate.

Essential Properties Realty Trust (NYSE: EPRT) announced the closing of an amended credit agreement, creating a new $450 million unsecured term loan facility with a 5.5-year term. The 2030 Term Loan initially bears interest at term SOFR plus a margin. The initial funding of $320 million was drawn, partly used to pay off the revolving credit facility. The remaining $130 million can be borrowed through January 2025. Swap agreements fix the initial funding's effective rate at approximately 4.99%. The loan aims to address EPRT's near-term debt needs, with strong bank support indicated.

Essential Properties Realty Trust (NYSE: EPRT) announced it will release its second quarter 2024 operating results on July 24, 2024, after market close. The company will hold an earnings conference call and audio webcast on July 25, 2024, at 10:00 a.m. ET to discuss the results.

Investors can access the webcast via the company's website. Domestic participants can dial 877-407-9208, and international participants can dial 201-493-6784 for the live call. A replay will be available, with domestic playback at 844-512-2921 and international playback at 412-317-6671, using PIN 13747626.

Essential Properties Realty Trust (NYSE: EPRT) announced a 1.8% increase in its quarterly cash dividend, now set at $0.29 per share for the second quarter of 2024. This brings the annualized dividend to $1.16 per share, reflecting a $0.02 increase from the previous rate. The dividend will be payable on July 12, 2024, to shareholders on record as of June 28, 2024.

Red Robin Gourmet Burgers (NASDAQ: RRGB) reported its fiscal first-quarter results ending April 21, 2024. Total revenue was $388.5 million, down $29.3 million from the previous year. Comparable restaurant revenue fell by 6.5%. Net loss widened to $9.5 million from $3.3 million last year. Adjusted EBITDA dropped to $12.2 million from $35.9 million.

Despite early second-quarter improvements, the company initiated a $21.2 million debt repayment and launched a new loyalty program on May 22. In a sale-leaseback transaction, Red Robin generated net proceeds of $23.4 million from ten restaurant properties.

Guidance for fiscal 2024 includes total revenue between $1.250 billion and $1.275 billion, with a slight decline in comparable restaurant revenue. Adjusted EBITDA is projected at $60-$70 million.