Financial Performance - Fourth Quarter Net Income per Share was $0.30, a decrease of 3% compared to the same quarter in 2023[2] - Fourth Quarter Adjusted Funds from Operations (AFFO) per Share increased by 7% to $0.45[2] - Net income attributable to stockholders for Q4 2024 was $55,374,000, compared to $49,095,000 in Q4 2023, reflecting a 12.3% increase[28] - Funds from Operations (FFO) for the year ended December 31, 2024, were $334,503,000, a 22.6% increase from $272,899,000 in 2023[33] - Adjusted Funds from Operations (AFFO) for Q4 2024 were $81,750,000, compared to $66,959,000 in Q4 2023, marking a 22.1% increase[33] - Total revenues for the year ended December 31, 2024, reached $449,610,000, up 25% from $359,595,000 in 2023[28] - Basic net income per share for the year ended December 31, 2024, was $1.16, down from $1.25 in 2023[33] Investment and Portfolio - Total investments for the year 2024 amounted to $1.2 billion across 297 properties, with a weighted average cash cap rate of 8.0%[3] - As of December 31, 2024, the portfolio consisted of 2,104 properties with a weighted average lease term of 14.0 years and a 99.7% occupancy rate[6][22] - The Company disposed of 24 properties in Q4 2024, generating net proceeds of $60.4 million at a weighted average cash cap rate of 7.0%[2][8] - The company reported a total of $5,552,606,000 in net investments as of December 31, 2024, compared to $4,548,113,000 in 2023, indicating a 22% growth[31] Liquidity and Capital Structure - The Company raised $78.9 million through its ATM program at an average price of $33.06 per share[2] - The total available liquidity as of December 31, 2024, was $1.0 billion, including cash and cash equivalents of $45.0 million[12] - The Company amended its Revolving Credit Facility, increasing its capacity to $1.0 billion with a maturity extended to February 2030[10] - Total unsecured debt amounts to $2,130,000, with a weighted average interest rate of 4.1% and a maturity of 4.2 years[42] - The company’s total liabilities increased to $2,226,555,000 as of December 31, 2024, from $1,781,259,000 in 2023, reflecting a 24.9% rise[31] Operational Performance - Annualized Adjusted EBITDAre for Q4 2024 was $451,696,000, indicating strong operational performance[37] - The annualized adjusted EBITDAre is used to assess the company's operating performance, with a Net Debt to Annualized Adjusted EBITDAre ratio of 4.6x[42] - Cash NOI is calculated by excluding non-cash items from total revenues and property expenses, providing insight into property-level performance[57] Non-GAAP Measures - The company computes FFO, Core FFO, and AFFO as key non-GAAP financial measures to evaluate operating performance[48] - The company emphasizes that its non-GAAP measures may differ from those used by other equity REITs, which could affect comparability[52] Dividends - A cash dividend of $0.295 per share was declared for the quarter ended December 31, 2024, representing an annualized dividend of $1.18 per share[18]

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Group 1 - The commercial real estate sector is experiencing volatility, with various asset classes facing challenges over the past two years due to rising interest rates [1] - The impacts of these challenges are significant, affecting the performance and stability of the sector [1]

Group 1 - The article discusses the simplicity of dividend investing combined with a buy and hold strategy, emphasizing the need to identify durable businesses at reasonable prices and the importance of holding securities [1] - Roberts Berzins has over a decade of experience in financial management, focusing on helping top-tier corporates shape financial strategies and execute large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets and has worked on developing national SOE financing guidelines [1] Group 2 - The article highlights Berzins' qualifications, including being a CFA Charterholder and holding an ESG investing certificate, along with his involvement in thought-leadership activities to support capital market development [1]

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For the quarter ended September 2024, Essential Properties (EPRT) reported revenue of $117.13 million, up 27.8% over the same period last year. EPS came in at $0.43, compared to $0.29 in the year-ago quarter.The reported revenue represents a surprise of +2.28% over the Zacks Consensus Estimate of $114.52 million. With the consensus EPS estimate being $0.44, the EPS surprise was -2.27%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to ...

Essential Properties (EPRT) came out with quarterly funds from operations (FFO) of $0.43 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to FFO of $0.42 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -2.27%. A quarter ago, it was expected that this company would post FFO of $0.43 per share when it actually produced FFO of $0.43, delivering no surprise.Over the last four quarters, the company has n ...

Portfolio Overview - As of September 30, 2024, the company had a portfolio of 2,053 properties with an annualized base rent of $438.0 million, achieving a 99.9% occupancy rate[197]. - The occupancy level of the portfolio is high at 99.9% as of September 30, 2024, with only three properties vacant, significantly less than 1% of the portfolio[227]. - The company’s real estate investment portfolio consisted of 2,053 properties with an annualized base rent of $438.0 million as of September 30, 2024[260]. - The company operates 2,053 properties across 49 states, with Texas contributing the highest annualized base rent of $56,750,000, accounting for 13.0% of the total[269]. - The total square footage of all properties is 21,037,576 sq. ft., with an average rent per square foot of $20.92[269]. Lease and Rent Details - 93.2% of the annualized base rent was attributable to properties operated by tenants in service-oriented and experience-based businesses[197]. - The weighted average remaining lease term was 14.1 years, with only 3.9% of annualized base rent expiring before January 1, 2029[199]. - 98.6% of leases provided for future base rent increases at a weighted average rate of 1.7% per year[200]. - The portfolio's weighted average rent coverage ratio was 3.6x, with 99.0% of leases requiring periodic tenant financial reporting[202]. - 96.4% of leases were triple-net, reducing potential capital expenditures related to operating expenses[262]. - The five largest tenants had a rent coverage ratio of 6.5x, indicating strong financial health[262]. Investment Strategy - The company aims to maximize stockholder value through disciplined underwriting and risk management strategies[211]. - The management team has significant experience in the net-lease industry, supporting the company's growth and investment strategies[208]. - The company emphasizes investments in service-oriented or experience-based businesses, which are generally more insulated from e-commerce pressure[219]. - 89% of investments during the three months ended September 30, 2024, were sale-leaseback transactions[199]. - The company plans to continue disciplined growth by originating sale-leaseback transactions, with 91.8% of the portfolio's annualized base rent attributable to internally originated transactions as of September 30, 2024[217]. Financial Performance - Total revenues for the three months ended September 30, 2024, reached $117.13 million, an increase of $25.48 million compared to $91.66 million in the same period of 2023[276]. - Rental revenue increased by $23.5 million, or 27.1%, to $110.5 million for the three months ended September 30, 2024, compared to $86.97 million in the same period of 2023[276]. - Net income attributable to stockholders for the three months ended September 30, 2024, was $49.14 million, an increase of $3.23 million compared to $45.91 million in the same period of 2023[276]. - Funds from Operations (FFO) attributable to stockholders and non-controlling interests for the three months ended September 30, 2024, was $86,070,000, up from $70,580,000 in 2023, indicating a 22% growth[304]. - Cash NOI attributable to stockholders and non-controlling interests for the three months ended September 30, 2024, was $105,171,000, compared to $83,815,000 in 2023, reflecting a 25.5% increase[314]. Debt and Financing - As of September 30, 2024, total principal outstanding debt was $2.21 billion, an increase from $1.68 billion as of December 31, 2023, with a weighted average interest rate of 4.2%[239]. - The company has a Revolving Credit Facility of up to $600 million, maturing on February 10, 2026, with two six-month extension options[240]. - All long-term debt as of September 30, 2024, was fixed-rate or effectively converted to fixed-rate, with a weighted average debt maturity of 4.3 years[234]. - The company issued $400 million of senior unsecured notes due July 2031, with a fixed interest rate of 2.95%[250]. - The company is subject to customary restrictive covenants under its credit agreements, including maintaining certain leverage and cash flow ratios[244]. Impairment and Expenses - Provision for impairment of real estate surged to $5.7 million for the three months ended September 30, 2024, compared to only $165,000 in the same period of 2023, reflecting a significant increase in impairment charges[281]. - General and administrative expenses increased by $1.45 million, or 20.2%, to $8.62 million for the three months ended September 30, 2024, primarily due to higher salary expenses and professional fees[280]. - Interest expense increased by $9 million, or 71.2%, to $21.63 million for the three months ended September 30, 2024, attributed to a higher outstanding debt balance and increased interest rates[284]. Future Outlook - The company plans to manage long-term debt maturities to avoid significant amounts maturing in any single year[234]. - The company has access to various future sources of debt capital, including public issuances and mortgage financing, to diversify funding sources[236]. - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, limiting reliance on retained earnings for business needs[232].