Wed, Jul 24, 9:30 PM (45 days ago)
Essential Properties Realty Trust, Inc. (EPRT) reported strong financial performance for the quarter ended June 30, 2024. Key highlights include: - **Revenue Growth**: Rental revenue increased to $104.4 million, up from $81.8 million in Q2 2023. Total revenue for the first half of 2024 reached $212.8 million. - **Profitability**: Net income was $51.7 million for Q2 2024, slightly down from $53.0 million in Q2 2023. For the first half of 2024, net income was $98.8 million. - **Cash Flow**: Operating activities generated $147.9 million in cash. Investing activities used $560.9 million, primarily for real estate investments, while financing activities provided $388.5 million, including $255.0 million in new borrowings. - **Portfolio Growth**: The company added 141 properties, increasing the total to 2,009 properties with annualized base rent of $412.2 million. - **Debt Management**: Total debt stood at $1.93 billion, with a weighted average interest rate of 5.6% and an average maturity of 4.1 years. - **Dividends**: Declared dividends totaled $101.4 million for the first half of 2024. EPRT remains focused on long-term, triple-net leases with middle-market companies, maintaining a diversified portfolio to mitigate risks. The company continues to leverage its scalable platform for growth, supported by strong tenant relationships and disciplined financial management.