| Over a month ago | ||||
Stifel analyst Simon… Stifel analyst Simon Yarmak lowered the firm's price target on Essential Properties Realty Trust to $27.25 from $27.75 and keeps a Buy rating on the shares after reporting Q1 results. Essential Properties Realty Trust's AFFO and Core FFO were in line with the firm's estimates and above Street consensus, the analyst tells investors. Stifel believes the company's business model "still works." | ||||
Consensus $1.64. | ||||
Reports Q1 revenue… Reports Q1 revenue $83.687M, consensus $78.55M. Commenting on the first quarter 2023 results, the Company's President and Chief Executive Officer, Pete Mavoides, said, "We had a great quarter, highlighted by $207 million of investments at a weighted average cash cap rate of 7.6%, a weighted average lease term of 19 years and average annual rent escalations of 2.0%." Mr. Mavoides continued, "The first quarter was also a great quarter of performance from a portfolio perspective, with occupancy remaining strong at 99.8%, same-store rent growth remaining at 1.6% and average unit level rent coverage at 3.9x. These results are strong indicators of the stability of our middle market tenancy and the overall health of our portfolio." Mr. Mavoides concluded by saying, "Supported by our strong liquidity position, conservative balance sheet and a robust second quarter investment pipeline, we are refining our 2023 AFFO per share guidance range to $1.60 to $1.64." | ||||
Ladenburg analyst John… Ladenburg analyst John Massocca lowered the firm's price target on Essential Properties Realty Trust to $27 from $28 and keeps a Buy rating on the shares. The analyst says the company is well positioned for "solid" external and bottom-line growth, even if the macro and/or capital markets environment remains highly uncertain. | ||||
Mizuho analyst Haendel… Mizuho analyst Haendel St. Juste raised the firm's price target on Essential Properties Realty Trust to $27 from $26 and keeps a Buy rating on the shares. The analyst expects several macro challenges, including inflation, financing costs and tenant credit, to persist and limit transaction activity near-term. | ||||
| Over a quarter ago | ||||
Truist analyst Ki Bin Kim… Truist analyst Ki Bin Kim raised the firm's price target on Essential Properties Realty Trust to $29 from $27 and keeps a Buy rating on the shares after increasing the firm's 2023 and 2024 AFFO per share estimates to account for strong volume in Q4 and late timing on those executions. | ||||
The deal size was raised… The deal size was raised to 7.7M shares of common stock from 7M shares of common stock and the range was $24.40-$25.15. BofA, Citi and Wells Fargo acted as joint book running managers for the offering. | ||||
Essential Properties… Essential Properties Realty Trust announced that it has commenced an underwritten public offering of 7M shares of its common stock on a forward basis. In connection with the offering of the common stock, the company expects to enter into forward sale agreements with BofA Securities, Citigroup and Wells Fargo Securities, with respect to 7M shares of the company's common stock. The company will not receive any proceeds from the sale of shares of its common stock by the forward purchasers. The company intends to contribute any net proceeds from the offering upon the settlement of the forward sale agreement to the company's operating partnership in exchange for OP Units, and the operating partnership intends to use such net proceeds for general corporate purposes, including potential future investments. BofA Securities, Citigroup and Wells Fargo Securities are acting as the joint book-running managers for the offering. | ||||
Stifel analyst Simon… Stifel analyst Simon Yarmak raised the firm's price target on Essential Properties Realty Trust to $26.50 from $26.25 and keeps a Buy rating on the shares. | ||||
