Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q1 2021 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, May 3, 2021
Slide 1: Supplemental Operating & Financial Data First Quarter Ended March 31, 2021
Supplemental Operating & Financial Data First Quarter Ended March 31, 2021
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of March 31, 20211 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 Mark
Slide 3: Consolidated Statements of Operations
Supplemental Financial and Operating Information | As of March 31, 20212 Financial Summary Consolidated Statements of Operations Three Months Ended March 31, (in thousands, except share and per share data) 2021 2020 (Unaudited) (Unaudited) Revenues: Rental revenue1,2 $ 45,432 $ 39,542 Interest on lo
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of March 31, 20213 Financial Summary Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) Three months ended March 31, (unaudited, in thousands except per share amounts) 2021 2020 Net income $ 15,375 $ 14,043 Depreciation and amo
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of March 31, 20214 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) March 31, 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 March 31, 20215 Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics Three Months Ended (unaudited, in thousands) March 31, 2021 Net income $ 15,375 Depreciation and amortization 15,646 Interest
Slide 7: Market Capitalization, Debt Summary and Leverage Metrics
Supplemental Financial and Operating Information | As of March 31, 20216 Financial Summary Market Capitalization, Debt Summary and Leverage Metrics (dollars in thousands, except share and per share amounts) March 31, 2021 Rate1 Maturity2 Secured debt: Series 2017-1, Class A $ 156,522 4.10% 3.2 years
Slide 8: Investment Summary
Supplemental Financial and Operating Information | As of March 31, 20217 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 co
Slide 9: Disposition Summary
Supplemental Financial and Operating Information | As of March 31, 20218 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 cost
Slide 10: Portfolio Highlights
Supplemental Financial and Operating Information | As of March 31, 20219 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,240 Square Footage (mm) 10.8 Tenants (#) 259 Concepts (#) 367 Industries (#) 17 States (#) 43 Weighted Average Remaining Lease Term (Years) 14.3 Triple-Net Lea
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of March 31, 202110 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants1,2 Properties % of Cash ABR 74 2.6% 23 2.5% 16 2.4% 13 2.3% 34 2.0% 5 1.8% 19 1.8% 13 1.7% 20 1.6% 13 1.5% Top 10 Tenants 230 20.2% Total 1,240 100.0% Top 10
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of March 31, 202111 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% C C C + B - B B + B B - B B B B + B B B - B B B B B B + A - A A + A A - % o f C a s h A B R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2.00x NR 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 1
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Financial and Operating Information | As of March 31, 202112 Cash % of # of Wgt. Avg. Lease Terminated Leases Re-Leased Total Year1 ABR Cash ABR Properties2 Coverage3 $(000)s Renewals Without Vacancy After Vacancy Leasing 2021 $ 76 0.0% 1 -0.9x Prior Cash ABR $ 72 $ 10,156 3,659 $ 13,88
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of March 31, 202113 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 December 31, 2019 through March 31, 2021. The same-
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of March 31, 202114 Leasing Summary Lease Escalations 1. Based on cash ABR as of March 31, 2021. 2. Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occur annually. For leases in which rent esca
Slide 16: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of March 31, 202115 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: EBITDA and EBITDAre
Supplemental Financial and Operating Information | As of March 31, 202116 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 deprec
Slide 18: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Supplemental Financial and Operating Information | As of March 31, 202117 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 act
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