Peter M. Mavoides, the President and CEO of Essential Properties Realty Trust , Inc. (NYSE:EPRT), has sold a significant number of shares in the company. According to the latest regulatory filings, Mavoides disposed of 27,817 shares of common stock at an average price of $32.33 per share, totaling approximately $899,323.
The transactions took place on September 5, 2024, and were carried out through a series of multiple trades at prices ranging from $32.04 to $32.53. The reported average price is a weighted figure, reflecting the various prices at which the stock was sold. Following the sale, Mavoides still owns 446,076 shares of Essential Properties Realty Trust, indicating a continued investment in the company's future.
This move was made in accordance with a pre-arranged trading plan, known as a Rule 10b5-1 plan, which Mavoides had adopted on March 14, 2024. Such plans allow company insiders to sell a predetermined number of shares at a predetermined time, providing a defense against potential claims of insider trading.
Investors and potential security holders can request detailed information about the exact number of shares sold at each price point within the stated range from Essential Properties Realty Trust, Inc., if needed.
Essential Properties Realty Trust, Inc. is a real estate investment trust that primarily invests in single-tenant, net-leased properties. The company's portfolio includes a variety of service-oriented and experience-based properties across the United States.
In other recent news, Essential Properties Realty Trust (EPRT) demonstrated a strong performance in the second quarter of 2024. The company reported $334 million in investments, leading to a 5% growth in Adjusted Funds from Operations (AFFO) per share. EPRT also maintained a high occupancy rate of 99.8% with a weighted average lease term of 14.1 years. Despite these positive indicators, the company's AFFO per share guidance for 2024 remains unchanged at $1.72 to $1.75.
On the financial front, EPRT secured a $450 million term loan, enhancing its financial position. The company emphasized its conservative leverage and substantial liquidity, which stands at over $1.1 billion. Additionally, EPRT is planning to reposition vacant assets, including Red Lobster properties, through lease or sale.
In terms of future expectations, the company anticipates increased mergers and acquisitions activity in the latter half of the year as capital markets stabilize. These recent developments underscore EPRT's commitment to growth and efficiency, positioning the company to navigate the evolving market landscape effectively.
InvestingPro Insights
In light of the recent share sale by Essential Properties Realty Trust's (NYSE:EPRT) President and CEO, Peter M. Mavoides, investors may be curious about the company's current financial health and market performance. According to InvestingPro data, Essential Properties Realty Trust has a market capitalization of approximately $5.69 billion and is trading at a P/E ratio of 27.36. This valuation suggests a relatively high price for the company's earnings, which is further underscored by an adjusted P/E ratio over the last twelve months as of Q2 2024 of 29.51.
Despite the CEO's sale of shares, InvestingPro Tips indicate that the company has a history of raising its dividend, with six consecutive years of increases, a sign of potential confidence in its financial stability and future prospects. This is complemented by analysts' anticipation of sales growth in the current year. Additionally, the company's liquid assets exceed its short-term obligations, providing it with a sound liquidity position.
The stock's recent performance has also been noteworthy, trading near its 52-week high and experiencing a large price uptick over the last six months, with a 31.48% total return. This positive momentum is reflected in the company's revenue growth of 27.61% over the last twelve months as of Q2 2024, showcasing its robust top-line expansion.
For those interested in a deeper dive into the company's performance and potential investment opportunities, there are numerous additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/EPRT. These tips provide valuable insights that can help investors make informed decisions regarding Essential Properties Realty Trust.
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