Essential Properties: Q1 Earnings Snapshot
PRINCETON, N.J. (AP) _ Essential Properties Realty Trust, Inc. (EPRT) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Princeton, New Jersey, said it had funds from operations of $48.9 million, or 38 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 37 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $26.7 million, or 21 cents per share.
Essential Properties, based in Princeton, New Jersey, posted revenue of $70.1 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $65.8 million.
Essential Properties expects full-year funds from operations in the range of $1.50 to $1.53 per share.