Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q2 2022 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Jul 28, 2022
Slide 1: Supplemental Operating & Financial Data Second Quarter Ended June 30, 2022
Supplemental Operating & Financial Data Second Quarter Ended June 30, 2022 Exhibit 99.2
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of June 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 Marke
Slide 3: Consolidated Statements of Operations
Supplemental Financial and Operating Information | As of June 30, 20222 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $159, $62, $315 and $231 for the three and six months ended June 30, 2022 and 2021, respectively. 2. Includes reimbursable
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of June 30, 20223 1. During the six months ended June 30, 2022, includes debt extinguishment costs associated with the Company's restructuring of its credit and term loan facilities and, during the three and six months ended June 30, 2021, includ
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of June 30, 20224 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) June 30, 2022 December 31, 2021 ASSETS (unaudited) (audited) Investments: Real estate investments, at cost: Land and improvements $
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics
Supplemental Financial and Operating Information | As of June 30, 20225 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, 20226 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 $600 million and includes an accordion feature t
Slide 8: Net Investment Activity: Investment Summary
Supplemental Financial and Operating Information | As of June 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 costs. 3
Slide 9: Net Investment Activity: Disposition Summary
Supplemental Financial and Operating Information | As of June 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 costs
Slide 10: Portfolio Highlights
Supplemental Financial and Operating Information | As of June 30, 20229 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,561 Square Footage (mm) 14.4 Tenants (#) 322 Concepts (#) 469 Industries (#) 16 States (#) 46 Weighted Average Remaining Lease Term (Years) 13.8 Triple-Net Leas
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of June 30, 202210 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants1 Properties2 % of Cash ABR 28 3.2% 75 2.0% 16 1.8% 23 1.8% 9 1.7% 5 1.7% 17 1.7% 6 1.7% 13 1.7% 5 1.7% Top 10 Tenants 197 19.0% Total 1,559 100.0% Top 10 Tena
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of June 30, 202211 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 0 2 0 3 1 2 0 3 2 2 0 3 3 2 0 3 4 2 0 3 5 2 0 3 6 2 0 3 7 2 0 3 8 T h e re a ft e r % o f C a s h A B R < 1.00x 1.00 t
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Financial and Operating Information | As of June 30, 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 $ 693 1,548 $ 2,452 2023
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of June 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 March 31, 2021, through June 30, 2022. The same- sto
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of June 30, 202214 Leasing Summary Lease Escalations 1. Based on cash ABR as of June 30, 2022. 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, 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
Supplemental Financial and Operating Information | As of June 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 depreci
Slide 18: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Supplemental Financial and Operating Information | As of June 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 acti
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