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Sep 30, 2024
Essential Properties Q3 2024 Earnings Report
Announced third quarter results, featuring net income per share of $0.27 and AFFO per share of $0.43.
Key Takeaways
Essential Properties Realty Trust announced strong third-quarter results, highlighting a healthy middle-market tenancy and strategic capital market activities, including raising over $700 million in debt and equity.
Net income per share decreased by 7% to $0.27.
Adjusted Funds from Operations (AFFO) per Share increased by 2% to $0.43.
Invested $307.6 million in 57 properties with a weighted average cash cap rate of 8.1%.
Issued 2025 AFFO guidance of $1.84 to $1.89 per share.
Revenue by Segment
Forward Guidance
The Company currently expects 2025 AFFO per share on a fully diluted basis to be within a range of $1.84 to $1.89. The guidance range includes an estimate for investment volume of $900 million to $1.1 billion, and Cash G&A expense of $28 million to $31 million. Additionally, the guidance range includes an estimate for the dilutive effect of unsettled shares under the Company's outstanding forward sale agreements as calculated under the treasury stock method.
Positive Outlook
- Investment volume estimated between $900 million and $1.1 billion.
- Cash G&A expense projected between $28 million and $31 million.
- Strong balance sheet.
- Differentiated investment strategy.
- Continued execution of business plan.
Challenges Ahead
- Normalization of capital markets could bring increased competition on investments.
- AFFO per share guidance reflects market dynamics.
- Potential impairments of real estate assets.
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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