Essential Properties Realty dips on upsized stock offering

Essential Properties Realty Trust

17/02/2023 13:32

** Essential Properties Realty Trust Inc's  EPRT.N  shares
down 1.2% at $25.10 premarket after overnight follow-on prices
    ** Commercial net-lease REIT late Thurs sold 7.7 mln shares
at $24.60 for ~$189 mln raise  urn:newsml:reuters.com:*:nBw3tGKsca
    ** Offering size increased from 7 mln shares, prices at 3.2%
discount to last sale
    ** Co enters into 1-yr forward sales agreements with jt
bookrunners BofA, Citi and Wells Fargo
    ** Upon settlement of such agreements, co to use net
proceeds for general purposes, including future investments
    ** Offering represents ~5% of co's shares outstanding, per
prospectus filing
    ** Late Weds, EPRT posted in-line adj FFO/sh of 39 cents in
Q4 and reiterated FY2023 FFO/sh of $1.58-$1.64 compared to
Refinitiv consensus of $1.65
    ** EPRT shares up ~8% YTD through Thurs close following ~19%
drop in 2022
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))