Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q4 2020 Earnings Presentation
19 slides from Essential Properties Realty Trust's earnings presentation, Feb 23, 2021
Slide 1: Supplemental Operating & Financial Data Fourth Quarter Ended December 31, 2020
Supplemental Operating & Financial Data Fourth Quarter Ended December 31, 2020 Exhibit 99.2
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of December 31, 20201 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 M
Slide 3: Consolidated Statements of Operations
Supplemental Financial and Operating Information | As of December 31, 20202 Financial Summary Consolidated Statements of Operations Three Months Ended December 31, Year Ended December 31, (in thousands, except share and per share data) 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Audited
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of December 31, 20203 Financial Summary Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) Three months ended December 31, Year ended December 31, (unaudited, in thousands except per share amounts) 2020 2019 2020 2019 Net incom
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of December 31, 20204 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) December 31, 2020 December 31, 2019 ASSETS (Unaudited) (Audited) Investments: Real estate investments, at cost: Land and improv
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI
Supplemental Financial and Operating Information | As of December 31, 20205 Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics Three Months Ended (unaudited, in thousands) December 31, 2020 Net income $ 5,705 Depreciation and amortization 19,004 Int
Slide 7: Market Capitalization, Debt Summary and Leverage Metrics
Supplemental Financial and Operating Information | As of December 31, 20206 Financial Summary Market Capitalization, Debt Summary and Leverage Metrics (dollars in thousands, except share and per share amounts) December 31, 2020 Rate1 Maturity2 Secured debt: Series 2017-1, Class A $ 157,524 4.10% 3.5
Slide 8: Investment Summary
Supplemental Financial and Operating Information | As of December 31, 20207 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
Slide 9: Disposition Summary
Supplemental Financial and Operating Information | As of December 31, 20208 Net Investment Activity Disposition Summary 1. Includes the impact of transaction costs. 2. Gains/(losses) based on our aggregate allocated purchase price. 3. Cash ABR at time of sale divided by gross sale price (excluding t
Slide 10: Portfolio Highlights
Supplemental Financial and Operating Information | As of December 31, 20209 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,181 Square Footage (mm) 10.2 Tenants (#) 238 Concepts (#) 336 Industries (#) 17 States (#) 43 Weighted Average Remaining Lease Term (Years) 14.5 Triple-Net
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of December 31, 202010 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants1,2 Properties % of Cash ABR 74 2.8% 23 2.6% 16 2.6% 13 2.3% 34 2.1% 5 1.9% 19 1.8% 13 1.7% 20 1.7% 14 1.7% Top 10 Tenants 231 21.3% Total 1,181 100.0% Top
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of December 31, 202011 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
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Financial and Operating Information | As of December 31, 202012 Cash % of # of Wgt. Avg. Lease Terminated Leases Re-Leased Total Year 1 ABR Cash ABR Properties 2 Coverage 3 $(000)s Renewals Without Vacancy After Vacancy Leasing 2021 $ 133 0.1% 2 2.3x Prior Cash ABR $ 34 $ 8,472 $ 3,245
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of December 31, 202013 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 October 1, 2019 through December 31, 2020. The s
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of December 31, 202014 Leasing Summary Lease Escalations • Leases contributing 99% of cash ABR provided for base rent escalation, generally ranging from 1.0% to 3.0% annually, with a weighted average annual escalation rate of 1.5%, which assumes
Slide 16: COVID-19 Impact on Portfolio
Supplemental Financial and Operating Information | As of December 31, 202015 COVID-19 Impact on Portfolio Portfolio Rent Collection and Deferral Information Note: Ratios for 4Q’20 are based on percentage of Cash ABR as of December 31, 2020, with two exceptions. The 2Q’20 ABR for Town Sports and Love
Slide 17: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of December 31, 202016 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”), c
Slide 18: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of December 31, 202017 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 dep
Slide 19: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of December 31, 202018 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
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