The following is a summary of the Essential Properties Realty Trust, Inc. (EPRT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Essential Properties reported a strong quarter with AFFO per share of $0.43, a year-over-year increase of 2%.

• Net income total of $77.9 million for the quarter, up $11.6 million from the same period in 2023, marking a 17% increase.

Business Progress:

• The company successfully completed investments totaling $308 million through 37 transactions, maintaining a balance of liquidity at $1.2 billion.

• Announced investments in various core industries yielding a weighted average cash yield of 8.1%.

• Pro forma leverage remained conservative at 3.5x.

• Ended the quarter with investments in 2,053 properties which were 99.9% leased.

• Set AFFO per share guidance for 2025 ranging between $1.84 to $1.89, reflecting confidence in sustained growth.

Opportunities:

• 79% of Q3 investments were generated from existing relationships, indicating strong repeat business and deepening ties with existing tenants.

• Capital allocation for 2025 expected between $900 million and $1.1 billion in new investments, underlining the company's growth trajectory.

Risks:

• The possibility of cap rate compression due to reemerging competitions as capital markets normalize could impact investment yields.

• Five properties reported substantial damage due to hurricanes, underscoring ongoing operational risks from natural disasters, despite insurance mitigation.

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