Essential Properties Q1 net income $0.29/share, AFFO $0.40; raises 2023 AFFO guidance

ESSENTIAL PROPERTIES REALTY TRUST, INC.

2023-Q1 EPS reported $0.29 revenue$83,687,000

Net income per share $0.29 (up 38% YoY), AFFO per share $0.40 (up 5% YoY).
Invested $207.1M in 57 properties at 7.6% weighted avg cash cap rate.
Portfolio occupancy 99.8%, same-store rent growth 1.6%, rent coverage 3.9x.
Updated 2023 AFFO guidance to $1.60-$1.64 per share (from $1.58-$1.64).
Raised $217.8M in follow-on offering at $24.60/share in Feb 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ESSENTIAL PROPERTIES REALTY TRUST, INC. reported three months ended March 31, 2023 results: EPS $0.29.

Period: three months ended March 31, 2023
EPS: $0.29
Result: reported results

Exact text from the filing

First Quarter 2023 Financial and Operating Highlights: Operating Results (compared to First Quarter 2022): • Investments (57 properties) $ Invested $207.1 million Weighted Avg Cash Cap Rate 7.6% • Dispositions (17 properties) Net Proceeds $37.2 million Weighted Avg Cash Cap Rate 6.1% • Net Income per Share Increased by 38% $0.29 • Funds from Operations ("FFO") per Share Increased by 10% $0.43 • Core Funds from Operations ("Core FFO") per Share Increased by 5% $0.42 • Adjusted Funds from Operations ("AFFO") per Share Increased by 5% $0.40

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ESSENTIAL PROPERTIES REALTY TRUST, INC. updated its 2023 guidance (raised).

Period: 2023
Guidance: raised
Result: guidance update

Exact text from the filing

The Company is updating its range for expected 2023 AFFO per share on a fully diluted basis to $1.60 to $1.64 from its previously announced range of $1.58 to 1.64.

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Source: SEC EDGAR

accession 0001728951-23-000045

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