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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.
Essential Properties
Essential Properties
Essential Properties Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comInterest on loans and lease receivables Revenue
CapyFin.comOther Revenue
CapyFin.com 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.
- Net gain/loss on dispositions of real estate assets.
- Changes in allowance for credit losses and stock-based compensation expense.
Revenue & Expenses
Visualization of income flow from segment revenue to net income