SerpApi.Org
Essential Properties Realty Trust (EPRT) nudged up the lower end of its full-year guidance ranges for earnings and investment volume after it posted mixed Q2 results on Wednesday — with core FFO beating, but revenue missing consensus estimates.
The diversified REIT now expects full-year adjusted FFO per share of $2.01-$2.05 vs. its previous guidance of $2.00-$2.05 and the Visible Alpha consensus of $2.04. Its investment volume guidance increased to $1.2B-$1.5B from its previous range of $1.1B-$1.5B.
"With continued strong portfolio performance and our debt and equity capital needs largely addressed for the remainder of the year and well into 2027, we are able to increase our AFFO per share guidance for the year," said CEO Pete Mavoides.
Q2 core FFO per share of $0.53, topping the average analyst estimate of $0.50 (Visible Alpha), fell from $0.54 in Q1 and increased from $0.50 in last year’s Q2.
Revenue of $161.9M, missing the $163.6M consensus, increased from $158.8M in the previous quarter and $137.1M a year ago.
Investment volume of $332.4M brought H1 volume to $721.1M. The weighted average cash cap rate for the Q2 investments was 7.8% with the GAAP cap rate at 9.1%. The weighted average lease escalation on those investments was 1.9%.
Crown Castle (CCI) received net proceeds of $54.3M for dispositions in Q2, bringing the H1 total to $64.4M. It recorded a net gain of $4.7M in Q2 and $10.0M for the first half of the year.
Conference call on July 23 at 10:00 AM ET.
