Essential Properties Realty Trust, Inc. Increases 2021 AFFO Per Share Guidance to $1.24 to $1.28 Per Share and Raises Second Quarter Dividend to $0.25 Per Share, a 4.2% Increase Over Prior Quarter

Rhea-AI Summary

Essential Properties Realty Trust (NYSE: EPRT) projects its 2021 Adjusted Funds from Operations (AFFO) at $1.24 to $1.28 per share. The company declared a quarterly cash dividend of $0.25 per share for Q2 2021, marking a 4.2% increase from Q1. The dividend is payable on July 15, 2021, to shareholders on record as of June 30, 2021. CEO Pete Mavoides expressed confidence in the company's investment pipeline and portfolio performance, leading to an increase in AFFO guidance and dividend payout, reflecting a solid foundation for shareholder growth.

Positive

• Increased AFFO guidance for 2021 to $1.24 - $1.28 per share.
• Quarterly dividend raised to $0.25 per share, a 4.2% increase from Q1.
• Strong portfolio performance with 99.1% lease occupancy.
• Well-positioned balance sheet indicating potential growth for shareholders.

Negative

• None.

Essential Properties Realty Trust, Inc. (NYSE: EPRT; the “Company”) announced today that it expects its 2021 Adjusted Funds from Operations (“AFFO”) on a fully diluted basis to be between $1.24 and $1.28 per share. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share of common stock for the second quarter of 2021. The second quarter 2021 dividend represents an annualized dividend of $1.00 per share of common stock and a 4.2% increase over the first quarter 2021 dividend. The dividend is payable on July 15, 2021, to stockholders of record as of the close of business on June 30, 2021.

Commenting on the recent announcements, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “With increased clarity on our investment pipeline and portfolio performance, we are increasing our 2021 AFFO per share guidance. Additionally, given this strengthened outlook, our board of directors raised our quarterly dividend to $0.25 per share. Looking ahead, our well-positioned balance sheet, proven portfolio durability and long-standing industry relationships continue to provide a solid foundation for generating compelling growth for shareholders.”

About Essential Properties Realty Trust, Inc.

Essential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of March 31, 2021, the Company’s portfolio consisted of 1,240 freestanding net lease properties with a weighted average lease term of 14.3 years and a weighted average rent coverage ratio of 3.0x. As of the same date, the Company’s portfolio was 99.1% leased to 259 tenants operating 367 different concepts in 17 industries across 43 states.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210603005239/en/

FAQ

What is the projected AFFO for EPRT in 2021?

Essential Properties Realty Trust projects its 2021 Adjusted Funds from Operations (AFFO) to be between $1.24 and $1.28 per share.

What is the dividend amount declared by EPRT for Q2 2021?

EPRT declared a quarterly cash dividend of $0.25 per share for the second quarter of 2021.

When is the dividend for EPRT payable?

The dividend is payable on July 15, 2021, to stockholders of record as of June 30, 2021.

How much is EPRT's annualized dividend?

The annualized dividend for EPRT is $1.00 per share, reflecting the recently declared quarterly dividend.

What factors contributed to EPRT's increased dividend?

The increase in EPRT's dividend was attributed to improved clarity on investment pipeline and positive portfolio performance.