Essential Properties Realty Trust, Inc. (NYSE: EPRT) has announced an increase in its quarterly cash dividend for the second quarter of 2024. The Board of Directors declared a dividend of $0.29 per share of common stock, representing a 1.8% increase over the prior quarter. On an annualized basis, this equates to a dividend of $1.16 per share, marking a $0.02 per share increase compared to the previous annualized dividend.
As of March 31, 2024, Essential Properties Realty Trust's portfolio consisted of 1,937 freestanding net lease properties with a weighted average lease term of 14.1 years and a weighted average rent coverage ratio of 3.9x. Additionally, the company's portfolio was 99.9% leased to 383 tenants operating 548 different concepts in 16 industries across 48 states.
The dividend is scheduled to be paid on July 12, 2024, to stockholders of record as of the close of business on June 28, 2024.
Investors and analysts will likely be interested in how the company's financial metrics have evolved since the prior period, particularly in relation to its dividend growth and the performance of its real estate portfolio. As a result of these announcements, the company's shares have moved 2.3% on the market, and are now trading at a price of $27.45. For more information, read the company's full 8-K submission here.
