1/10/2019 | By Nareit Staff
Peter Mavoides, president and CEO of Essential Properties Realty Trust (NYSE: EPRT), participated in a video interview at Nareit’s REITworld: 2018 Annual Conference in San Francisco.
Following Essential Properties’ initial public offering (IPO) in mid-2018, Mavoides said the REIT’s first priority is to execute its business plan.
“That involves deploying the capital that we raised into quality, single tenant, net lease assets that are leased to our tenants on a long-term basis,” Mavoides said. He added that managing Essential Properties’ portfolio, creating same-store sales growth, and selling assets were also priorities.
“We’re disposing some of our properties and recycling that capital … all with an eye toward creating AFFO-per share growth,” he said.
Mavoides said the market for high-quality net lease properties is competitive, but he and his business partner “have a lot of relationships that allow us to compete.”
He also said that industry, tenant, and geographic diversity are important to Essential Properties. “We’re in 15 targeted industries, and no industry represents more than 15 percent of our ABR,” Mavoides said.