Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q1 2022 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Apr 27, 2022
Slide 1: Supplemental Operating & Financial Data First Quarter Ended March 31, 2022
Supplemental Operating & Financial Data First Quarter Ended March 31, 2022
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of March 31, 20221 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, 20222 l t l i ci l r ti I f r ti | s f rc , 2 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $156 and $169 for the three months ended March 31, 2022 and 2021, respectively. 2
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of March 31, 20223 l t l i ci l r ti I f r ti | s f rc , 3 1. During the three months ended March 31, 2022, includes fees and the write-off of deferred financing costs associated with the Company’s amendment to the credit and term loan facilities
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of March 31, 20224 l t l i ci l r ti I f r ti | s f rc , 4 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) March 31, 2022 December 31, 2021 ASSETS (unaudited) (audited) Investments: Real estate inv
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI and Cash NOI
Supplemental Financial and Operating Information | As of March 31, 20225 l t l i ci l r ti I f r ti | s f rc , 5 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 investm
Slide 7: Market Capitalization, Debt Summary and Leverage Metrics
Supplemental Financial and Operating Information | As of March 31, 20226 l t l i ci l r ti I f r ti | s f rc , 6 Financial Summary Market Capitalization, Debt Summary and Leverage Metrics 1. The Company’s revolving credit facility provides a maximum aggregate initial original principal amount of up
Slide 8: Net Investment Activity: Investment Summary
Supplemental Financial and Operating Information | As of March 31, 20227 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 investment in the property plus transaction costs.
Slide 9: Net Investment Activity: Disposition Summary
Supplemental Financial and Operating Information | As of March 31, 20228 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 Summary: Portfolio Highlights
Supplemental Financial and Operating Information | As of March 31, 20229 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,545 Square Footage (mm) 14.3 Tenants (#) 323 Concepts (#) 461 Industries (#) 16 States (#) 46 Weighted Average Remaining Lease Term (Years) 13.9 Triple-Net Lea
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of March 31, 202210 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants1 Properties2 % of Cash ABR 28 3.3% 75 2.0% 16 1.9% 23 1.9% 5 1.8% 17 1.7% 13 1.7% 6 1.7% 9 1.6% 17 1.5% Top 10 Tenants 209 19.2% Total 1,545 100.0% Top 10 Te
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of March 31, 202211 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 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% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2 0 2 2 2
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Financial and Operating Information | As of March 31, 202212 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 2022 492 0.2% 5 3.0x Prior Cash ABR $ 212 $ 404 2,770 $ 3,386 202
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of March 31, 202213 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, 2020, through March 31, 2022. The same
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of March 31, 202214 Leasing Summary Lease Escalations 1. Based on cash ABR as of March 31, 2022. 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, 202215 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 (EBITDA and EBITDAre)
Supplemental Financial and Operating Information | As of March 31, 202216 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, 202217 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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