Essential Properties(EPRT) - 2024 Q4 - Annual Results

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]