Essential Properties Realty Trust: Great Business At Wrong Price (Rating Downgrade)

IvelinRadkov My initial bull thesis on Essential Properties Realty Trust, Inc. (NYSE:EPRT) was circulated back in September 2023. At the time, the P/FFO multiple of 13x seemed just too low given the robust balance sheet, ample liquidity, and conservative cash flows. My view was that by opening a position in EPRT, investors would access sizeable returns from price appreciation on top of an attractive and well-supported dividend of ~5%. In the total return performance chart below, we can see how EPRT has deli ...