Essential Properties Realty Trust, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 14, 2024 at 04:05 pm EST
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Essential Properties Realty Trust, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 92.94 million compared to USD 70.1 million a year ago. Revenue was USD 97.73 million compared to USD 74.28 million a year ago. Net income was USD 49.1 million compared to USD 35.35 million a year ago. Basic earnings per share from continuing operations was USD 0.31 compared to USD 0.25 a year ago. Diluted earnings per share from continuing operations was USD 0.31 compared to USD 0.25 a year ago.
For the full year, sales was USD 339.9 million compared to USD 269.83 million a year ago. Revenue was USD 359.6 million compared to USD 286.51 million a year ago. Net income was USD 190.71 million compared to USD 134.13 million a year ago. Basic earnings per share from continuing operations was USD 1.25 compared to USD 0.99 a year ago. Diluted earnings per share from continuing operations was USD 1.24 compared to USD 0.99 a year ago.
Essential Properties Realty Trust, Inc. is an internally managed real estate investment trust (REIT). The Company 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. The Company has a diversified portfolio that focuses on properties leased to tenants in businesses, including car washes, restaurants (primarily quick service restaurants and casual dining), early childhood education, medical and dental services, convenience stores, automotive services, equipment rental and sales, grocery, entertainment, industrial, and health and fitness. The Companyâs portfolio consists of about 1,873 freestanding net lease properties with a weighted average lease term of 14 years and a weighted average rent coverage ratio of 3.8x. In addition, the Companyâs portfolio is leased to about 374 tenants operating 588 different concepts in 16 industries across 48 states.
ESSENTIAL PROPERTIES REALTY TRUST, INC. 
