Essential Properties(US:EPRT)2025-04-24 17:56Portfolio & Leasing - The portfolio is 99.7% leased, demonstrating stability[11] - Same-store rent growth has averaged 1.4% over the last four quarters, indicating consistent performance[11] - Only 5.8% of ABR is expiring through 2029, with a strong 3.8x coverage ratio, minimizing near-term risk[11] - Top 10 tenants represent just 17.6% of ABR, showcasing diversification[11, 26] - 93% of cash ABR comes from service-oriented and experience-based tenants[30] Financials & Capital - Proforma Net Debt / Annualized Adjusted EBITDAre is 3.1x at 4Q'24-end, indicating low leverage[11] - The company has ~$1.5 billion of pro forma liquidity, providing excellent financial flexibility[11] - Weighted average debt maturity is 4.2 years, and the weighted average interest rate is 4.1%, reflecting well-laddered, low-cost debt[11, 84] - The company raised ~$309 million of common equity in 1Q'25, including ~$288 million through an overnight forward offering[11] Investment Activity - The company closed investments of ~$329 million in 2025 to date at ~7.7% cash yield[11] - ~$247 million of investments are under PSA or LOI, with a 2Q'25 expected cash yield of ~7.8%[11] - ~$24 million of dispositions closed in 2025 to date at 7.0% cash yield, with ~$26 million under PSA at 7.1% yield, demonstrating accretive capital recycling[11]