Essential Properties Trust Q1: Crushing Net Lease

Essential Properties Realty Trust delivered a strong first quarter, investing $389M in 126 properties and raising $419M in equity. They increased AFFO per share by 11% to $0.50, surpassing expectations due to strategic investments and cost management. Despite market volatility, cap rates remained stable at 7.7%, with GAAP yields at 8.8%. They raised full-year AFFO guidance to $2.00-$2.25 per share and increased investment guidance by $100M to $1.1B-$1.5B. The portfolio boasts 2,417 properties, 99.7% occupancy, 15-year lease terms, and rent coverage of 3.5x. Same-store rents grew 1.4%, and dispositions totaled $10.2M at 6.9% cap rates. Despite macro pressures, leadership remains optimistic about their middle-market operators. They closed a $147M Dennys sale-leaseback and are considering an unsecured debt raise for growth. With a small watch list and minimal impairments, theyre well-positioned for continued success in net lease. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/65c991920f615152