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Mar 31, 2020
Essential Properties Q1 2020 Earnings Report
Essential Properties' first quarter results were consistent with past quarters, but focus shifted to portfolio stabilization due to the Covid-19 pandemic.
Key Takeaways
Essential Properties Realty Trust reported first quarter results with net income per share increasing by 15.4% and AFFO per share increasing by 7.4%. The company invested $167.5 million in properties and ended the quarter with a 99.5% leased portfolio. Due to the economic uncertainty related to COVID-19, the company has withdrawn its 2020 AFFO per share guidance.
Ended the quarter with a 99.5% leased portfolio with a weighted average lease term of 14.6 years and a weighted average rent coverage ratio of 2.9x.
Reduced top 10 tenant concentration to 23.1%, a 30 bps sequential decline.
Invested $167.5 million in 63 properties at a 7.1% weighted average cash cap rate.
Net income per fully diluted share increased 15% to $0.15 per share.
Revenue by Segment
Forward Guidance
The Company has withdrawn its previously issued 2020 AFFO guidance due to the significant volatility in the capital markets and the unprecedented economic uncertainty related to the impact of COVID-19.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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