Essential Properties Realty Trust (NYSE:EPRT) stock has soared to a 52-week high, reaching a price level of $31.26. This peak reflects a significant uptrend for the real estate investment trust, which has experienced a substantial 1-year change with an impressive 31.48% increase. Investors have shown increased confidence in the company's portfolio and strategic acquisitions, propelling the stock to new heights over the past year. The 52-week high milestone underscores the robust performance of EPRT in a competitive market, marking a period of strong growth and investor optimism.
In other recent news, Essential Properties Realty Trust (EPRT) reported a robust second quarter in 2024. The company's investments reached $334 million, driving a 5% increase in Adjusted Funds from Operations (AFFO) per share. EPRT maintained a high occupancy rate of 99.8% and a weighted average lease term of 14.1 years. Despite this growth, the company's AFFO per share guidance for 2024 remains unchanged, ranging from $1.72 to $1.75.
Simultaneously, EPRT secured a $450 million term loan, bolstering its financial standing. The company's liquidity currently exceeds $1.1 billion. EPRT's CEO, Pete Mavoides, anticipates increased M&A activity in the latter part of the year as capital markets stabilize. These are among the recent developments in the company's operations.
InvestingPro Insights
Essential Properties Realty Trust (EPRT) has not only hit its 52-week high but also exhibits a promising financial outlook based on InvestingPro data. With a market capitalization of $5.49 billion, EPRT's substantial revenue growth of 27.61% over the last twelve months as of Q2 2024 underscores its expanding market presence. The company's gross profit margin impressively stands at 98.82%, reflecting efficient operations and strong profitability.
InvestingPro Tips highlight that EPRT has raised its dividend for six consecutive years, signaling a commitment to shareholder returns. This is further reinforced by a healthy dividend yield of 3.72% as of the latest data. Additionally, analysts predict that the company will remain profitable this year, which is consistent with EPRT's performance over the last twelve months.
Investors interested in deeper analysis will find additional insights on EPRT, including more InvestingPro Tips, by visiting https://www.investing.com/pro/EPRT. With a total of 10 InvestingPro Tips available, individuals can gain a more comprehensive understanding of EPRT's financial health and market position.
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