Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q2 2021 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Jul 28, 2021
Slide 1: Supplemental Operating & Financial Data Second Quarter Ended June 30, 2021
Supplemental Operating & Financial Data Second Quarter Ended June 30, 2021
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of June 30, 20212 Table of Contents Financial Summary Consolidated Statements of Operations 2 Funds from Operations and Adjusted Funds from Operations 3 Consolidated Balance Sheets 4 GAAP Reconciliations to EBITDAre, GAAP NOI and Cash NOI 5 Marke
Slide 3: Consolidated Statements of Operations
Supplemental Financial and Operating Information | As of June 30, 20213 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $62, $56,,$231 and $257 for the three and six months ended June 30, 2021 and 2020, respectively. 2. Includes reimbursable
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of June 30, 20214 1. During the three and six months ended June 30, 2021, includes a make-whole payment of $2,543 and the write-off of $1,873 of deferred financing costs. 2. Includes non-recurring expenses of $441 and $1,093 for accruals of sever
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of June 30, 20215 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) June 30, 2021 December 31, 2020 ASSETS (unaudited) (audited) Investments: Real estate investments, at cost: Land and improvements $
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI and Cash NOI
Supplemental Financial and Operating Information | As of June 30, 20216 Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics 1. These adjustments are made to reflect EBITDAre, NOI and Cash NOI as if all re-leasing activity, investments in and disposit
Slide 7: Market Capitalization, Debt Summary and Leverage Metrics
Supplemental Financial and Operating Information | As of June 30, 20217 Financial Summary Market Capitalization, Debt Summary and Leverage Metrics 1. Our revolving credit facility provides a maximum aggregate initial original principal amount of up to $400 million and includes an accordion feature t
Slide 8: Investment Summary
Supplemental Financial and Operating Information | As of June 30, 20218 Net Investment Activity Investment Summary 1. Includes investments in mortgage loans receivable. 2. Cash ABR for the first full month after the investment divided by the gross purchase price for the property plus transaction cos
Slide 9: Disposition Summary
Supplemental Financial and Operating Information | As of June 30, 20219 Net Investment Activity Disposition Summary 1. Includes the impact of transaction costs. 2. Gains/(losses) based on our initial purchase price. 3. Cash ABR at time of sale divided by gross sale price (excluding transaction costs
Slide 10: Portfolio Highlights
Supplemental Financial and Operating Information | As of June 30, 202110 Portfolio Summary Portfolio Highlights 1. Includes 159 properties that secure mortgage loans receivable. 2. Exclusive of our Initial Portfolio. 3. Includes investments in mortgage loans receivable made in support of sale-leaseb
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of June 30, 202111 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants Diversification by Industry 1. Represents tenant, guarantor or parent company. 2. Property count includes 159 properties that secure mortgage loans receivable
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of June 30, 202112 Portfolio Summary Portfolio Health Tenant Financial Reporting Requirements % of Cash ABR by Unit-Level Coverage Tranche1 Unit-Level Coverage by Lease ExpirationUnit-Level Coverage by Tenant Credit2 Note: ‘NR’ means not reported
Slide 13: Leasing Expiration Schedule, Lease Renewal Activity and Statistics
Supplemental Financial and Operating Information | As of June 30, 202113 Leasing Summary Leasing Expiration Schedule, Lease Renewal Activity and Statistics 1. Expiration year of contracts in place as of June 30, 2021 and excludes any tenant option renewal periods that have not been exercised. 2. Pro
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of June 30, 202114 Leasing Summary Same-Store Analysis Same-Store Portfolio: All properties owned, excluding new sites under construction, for the entire same-store measurement period, which is April 1, 2020 through June 30, 2021. The same-store
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of June 30, 202115 Leasing Summary Lease Escalations 1. Based on cash ABR as of June 30, 2021. 2. Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occur annually. For leases in which rent escala
Slide 16: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of June 30, 202116 Glossary Supplemental Reporting Measures FFO, Core FFO and AFFO Our reported results are presented in accordance with U.S. generally accepted accounting principles ("GAAP"). We also disclose funds from operations (“FFO”), core
Slide 17: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of June 30, 202117 Glossary Supplemental Reporting Measures We also present our earnings before interest, taxes and depreciation and amortization for real estate (“EBITDA”), EBITDA further adjusted to exclude gains (or losses) on sales of depreci
Slide 18: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Supplemental Financial and Operating Information | As of June 30, 202118 Glossary Supplemental Reporting Measures Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI We further adjust EBITDAre, NOI and Cash NOI i) based on an estimate calculated as if all re-leasing, investment and disposition acti
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