Welcome to our dedicated page for Essential Properties Realty Trust news (Ticker: EPRT), a resource for investors and traders seeking the latest updates and insights on Essential Properties Realty Trust stock.
Essential Properties Realty Trust, Inc. (NYSE: EPRT) is an internally managed REIT that acquires, owns and manages primarily single-tenant, freestanding commercial properties under long-term net leases. Its tenants operate service-oriented or experience-based businesses, and the company reports a large, highly leased portfolio with a long weighted average remaining lease term and a broad mix of tenant concepts across many U.S. states.
This news page aggregates company announcements, earnings releases and other updates related to EPRT. Readers can follow Essential Properties’ quarterly and annual operating results, including disclosures on net income, Funds from Operations (FFO), Adjusted Funds from Operations (AFFO), investment and disposition activity, capitalization rates, and leverage and liquidity metrics. The company’s releases also describe portfolio statistics such as property counts, occupancy, rent coverage ratios and the share of properties subject to master leases.
In addition to financial results, Essential Properties issues news about capital markets activity, such as public debt offerings, at-the-market equity program usage, follow-on equity offerings and changes to its revolving credit facility. The company also announces board and management changes, including the election of new independent directors and the appointment of senior executives, along with related governance details and indemnification arrangements.
Dividend declarations are another recurring theme in EPRT’s news flow, with the board of directors announcing quarterly cash dividends on common stock and any changes to the dividend rate. Investors and researchers can use this page to review Essential Properties’ press releases and related disclosures over time, providing context on how the company manages its net lease portfolio, finances growth and communicates with the market.
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.
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