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Essential Properties Realty Trust Inc. (EPRT+0.28%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements indicating total revenue of $449.6 million, a 25% increase from the previous year. This growth was primarily driven by an increase in rental revenue due to the expansion of their real estate investment portfolio.
The company reported a net income of $203.6 million, up from $191.4 million in the prior year. This increase was attributed to higher rental revenues and interest income from loans and direct financing lease receivables.
Essential Properties Realty Trust Inc. completed $1.2 billion of investments in 297 properties during 2024, including $138.5 million in newly originated mortgage loans receivable secured by 31 properties.
The company’s portfolio consisted of 2,104 properties across 49 states, with a total gross investment in real estate of $6.0 billion as of December 31, 2024.
The company declared quarterly distributions totaling $1.16 per share for the year ended December 31, 2024.
As of December 31, 2024, Essential Properties Realty Trust Inc. had total debt of $2.1 billion and liquidity of $1.0 billion, which includes cash and cash equivalents, restricted cash, and availability under its revolving credit facility.
The company continues to focus on acquiring single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses.
The filing also highlights the company's use of interest rate swaps to manage exposure to interest rate fluctuations and its commitment to maintaining a prudent balance between debt and equity financing.
Essential Properties Realty Trust Inc. does not anticipate any significant changes to its business strategies and intends to continue its growth through additional investments in stand-alone single-tenant properties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Essential Properties Realty Trust Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.