Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q3 2022 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Oct 27, 2022
Slide 1: Supplemental Operating & Financial Data Third Quarter Ended September 30, 2022
Supplemental Operating & Financial Data Third Quarter Ended September 30, 2022
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of September 30, 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
Slide 3: Consolidated Statements of Operations
Supplemental Financial and Operating Information | As of September 30, 20222 l t l i ci l r ti I f r ti | s f t r , 2 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $210, $233, $526 and $464 for the three and nine months ended September 30,
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of September 30, 20223 l t l i ci l r ti I f r ti | s f t r , 3 1. During the nine months ended September 30, 2022, includes debt extinguishment costs associated with the Company's restructuring of its credit and term loan facilities and, during
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of September 30, 20224 l t l i ci l r ti I f r ti | s f t r , 4 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) September 30, 2022 December 31, 2021 ASSETS (unaudited) (audited) Investments: Real e
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI and Cash NOI
Supplemental Financial and Operating Information | As of September 30, 20225 l t l i ci l r ti I f r ti | s f t r , 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 re
Slide 7: Market Capitalization, Debt Summary and Leverage Metrics
Supplemental Financial and Operating Information | As of September 30, 20226 l t l i ci l r ti I f r ti | s f t r , 6 Financial Summary Market Capitalization, Debt Summary and Leverage Metrics 1. Rates presented for our term loans are fixed at the stated rates after giving effect to our interest rat
Slide 8: Net Investment Activity: Investment Summary
Supplemental Financial and Operating Information | As of September 30, 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 cos
Slide 9: Net Investment Activity: Disposition Summary
Supplemental Financial and Operating Information | As of September 30, 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
Slide 10: Portfolio Highlights
Supplemental Financial and Operating Information | As of September 30, 20229 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,572 Square Footage (mm) 14.8 Tenants (#) 329 Concepts (#) 486 Industries (#) 16 States (#) 48 Weighted Average Remaining Lease Term (Years) 14.0 Triple-Net
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of September 30, 202210 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants1 Properties2 % of Cash ABR 34 3.7% 6 2.0% 75 1.9% 23 1.8% 16 1.8% 5 1.7% 9 1.7% 17 1.6% 13 1.6% 6 1.6% Top 10 Tenants 204 19.4% Total 1,572 100.0% Top 10
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of September 30, 202211 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 20 22 20 23 20 24 20 25 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 Th er ea fte r % o f C as h AB R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2.00x NR 3
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Financial and Operating Information | As of September 30, 202212 Cash ABR % of # of Wgt. Avg. Lease Terminated Leases Re-Leased Total Year1 ($’000)s Cash ABR Properties2 Coverage3 $(000)s Renewals Without Vacancy After Vacancy Leasing 2022 280 0.1% 4 2.1x Prior Cash ABR $ 212 $ 2,971 $
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of September 30, 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 June 30, 2021, through September 30, 2022. The
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of September 30, 202214 Leasing Summary Lease Escalations 1. Based on cash ABR as of September 30, 2022. 2. Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occur annually. For leases in which r
Slide 16: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of September 30, 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”),
Slide 17: Glossary: Supplemental Reporting Measures (EBITDA and EBITDAre)
Supplemental Financial and Operating Information | As of September 30, 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 de
Slide 18: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Supplemental Financial and Operating Information | As of September 30, 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
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