Essential Properties issues below-consensus 2025 AFFO guidance; Q3 results mixed

seekingalpha10-24

Essential Properties Realty Trust's (NYSE:EPRT) Q3 2024 results, released Wednesday, came in mixed, with funds from operations falling short of the Wall Street consensus and revenue surpassing the ...

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The owner of single-tenant properties issued its 2025 guidance for adjusted FFO of $1.84-$1.89, trailing the $2.03 consensus. Its previously issued 2024 AFFO outlook of $1.72-$1.75 (vs. $1.90 consensus) has been reiterated. Q3 AFFO per share of $0.43, missing the $0.48 expected, was unchanged from Q2 and ticked up from $0.42 in Q3 2023. Total revenue of $117.1M, vs. $114.0M consensus, advanced from $109.3M in the prior quarter and $91.7M a year before. Expenses totaled $47.0M, up from $42.6M in Q2 and $34.8M in Q3 of last year. \"The normalization of capital markets afforded us the opportunity to stay on the front foot, raising over $700 million of debt and equity capital, taking our liquidity position to over $1 billion,\" said President and CEO Pete Mavoides. Investment volume fell to $307.6M in the quarter ended Sept. 30, 2024, from $333.9M in the three months ended June 30, 2024. Weighted average cash/GAAP cap rate was 8.1%/9.1% at Sept. 30 vs. 8.0%/9.1% at June 30. 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