Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q1 2023 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Apr 26, 2023
Slide 1: Supplemental Information First Quarter 2023
Supplemental Information | As of March 31, 20230 Supplemental Information First Quarter 2023 Exhibit 99.2
Slide 2: Table of Contents
Supplemental Information | As of March 31, 20231 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 Market Capitalization, Debt
Slide 3: Consolidated Statements of Operations
Supplemental Information | As of March 31, 20232 l t l 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 $176 and $156 for the three months ended March 31, 2023 and 2022, respectively. 2. Includes reimbursable income from
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Information | As of March 31, 20233 l t l I f r ti | s f rc , 3 1. During the three months ended March 31, 2023, includes $0.9 million of insurance recovery income related to two properties and, during the three months ended March 31, 2022, includes debt extinguishment costs associated
Slide 5: Consolidated Balance Sheets
Supplemental Information | As of March 31, 20234 l t l I f r ti | s f rc , 4 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) March 31, 2023 December 31, 2022 ASSETS (unaudited) (audited) Investments: Real estate investments, at cost: Land and improvem
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI
Supplemental Information | As of March 31, 20235 l t l I f r ti | s f rc , 5 Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics 1. Adjustment made to reflect EBITDAre, NOI and Cash NOI as if all re-leasing activity, investments in and dispositions o
Slide 7: Market Capitalization, Debt Summary and Leverage Metrics
Supplemental Information | As of March 31, 20236 l t l I f r ti | s f rc , 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 rate swaps, applicable margin of 85bps and S
Slide 8: Investment Summary
Supplemental Information | As of March 31, 20237 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. GAAP rent and interes
Slide 9: Disposition Summary
Supplemental Information | As of March 31, 20238 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) for the property. 4.
Slide 10: Portfolio Highlights
Supplemental Information | As of March 31, 20239 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,688 Square Footage (mm) 16.5 Tenants (#) 348 Concepts (#) 556 Industries (#) 16 States (#) 48 Weighted Average Remaining Lease Term (Years) 13.9 Triple-Net Leases (% of Cash ABR) 95.1
Slide 11: Tenant and Industry Diversification
Supplemental Information | As of March 31, 202310 Top 10 Tenants1 Properties2 % of Cash ABR 31 3.0% 6 1.8% 75 1.7% 23 1.6% 16 1.6% 9 1.5% 5 1.5% 17 1.5% 13 1.5% 6 1.4% Top 10 Tenants 201 17.1% Total 1,684 100.0% Portfolio Summary Tenant and Industry Diversification Top 10 Tenants Diversification by
Slide 12: Portfolio Health
Supplemental Information | As of March 31, 202311 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 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 to 1.49x 1.50 to 1.99x ≥ 2.00x N
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Information | As of March 31, 202312 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 2023 1,033 0.3% 12 3.1x Prior Cash ABR $ 298 $ 4,619 $ 205 $ 5,123 2024 5,028 1.
Slide 14: Same-Store Analysis
Supplemental Information | As of March 31, 202313 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, 2021 through March 31, 2023. The same- store portfolio for 1Q’
Slide 15: Lease Escalations
Supplemental Information | As of March 31, 202314 Contractual Fixed 95.5% CPI 2.8% Flat 1.7% Leasing Summary Lease Escalations 1. Based on cash ABR as of March 31, 2023. 2. Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occur annually. For leases
Slide 16: Glossary: Supplemental Reporting Measures
Supplemental Information | As of March 31, 202315 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 funds from operations (
Slide 17: Glossary: Supplemental Reporting Measures
Supplemental Information | As of March 31, 202316 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 depreciable property and real
Slide 18: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Supplemental Information | As of March 31, 202317 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 activity that took place du
Essential Properties Realty Trust — Q1 2023 Earnings Presentation on 6ix