Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Investor Presentation (April 2025)
35 slides from Essential Properties Realty Trust's investor presentation, Apr 8, 2025
Slide 1: Investor Presentation and Supplemental Information April 2025
Investor Presentation and Supplemental Information April 2025 Exhibit 99.1
Slide 2: Disclaimer
Investor Presentation and Supplemental Information | April 20251 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Disclaimer 242, 242, 242 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and ot
Slide 3: Table of Contents
Investor Presentation and Supplemental Information | April 20251 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Table of Contents 242, 242, 242 Business Update 2 Investment Highlights 3 Portfolio Review 6 Leverage & Liquidity 16 Peer Comparison 19 Commitment to ESG 22 Fin
Slide 4: Business Update
Investor Presentation and Supplemental Information | April 20252 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. As of December 31, 2024. 2. Adjusted to reflect, on a pro forma basis, i) the $278.6mm of net proceeds received from the 1Q'25 settlement of 9,732,006 shares
Slide 5: Investment Highlights
Investor Presentation and Supplemental Information | April 20253 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 EPRT Board Meeting Management Presentation First Quarter Ended March 31, 2023 Investment Highlights
Slide 6: Investment Highlights
Investor Presentation and Supplemental Information | April 20254 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. AFFO growth calculated from 2019 to 2024 2. As of December 31, 2024. 3. Based on Cash ABR as of December 31, 2024. 4. Adjusted to reflect, on a pro forma bas
Slide 7: Disciplined Underwriting Approach and Historical Credit Performance
Investor Presentation and Supplemental Information | April 20255 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Historical Credit Performance Comparable to Investment Grade (BBB-) Bonds1 Disciplined Underwriting Approach — Four Key Risk Mitigants Provide Downside Protecti
Slide 8: Portfolio Review
Investor Presentation and Supplemental Information | April 20256 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Portfolio Review
Slide 9: Portfolio Highlights
Investor Presentation and Supplemental Information | April 20257 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 242, 242, 242 1. As of December 31, 2024 2. Includes 150 properties that secure mortgage loans receivable. 3. Includes investments in mortgage loans receivable
Slide 10: Top Tenants and Diversification by Industry
Investor Presentation and Supplemental Information | April 20258 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Top 10 Tenants1 Properties2 % of Cash ABR 59 4.2% 8 1.9% 13 1.6% 32 1.6% 12 1.5% 20 1.4% 26 1.4% 16 1.4% 7 1.3% 40 1.3% Top 10 Tenants 233 17.6% Total 2,097 100
Slide 11: Diversified Portfolio - Geographic Diversity
Investor Presentation and Supplemental Information | April 20259 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Diversified Portfolio – Our Tenants Identify the Location of Opportunities Geographical Diversity is an Output of our Strategy • Geographic Diversity1 ~77% of T
Slide 12: Net Investment Activity - Investment Summary
Investor Presentation and Supplemental Information | April 202510 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Net Investment Activity Investment Summary 242, 242, 242 1. Includes investments in mortgage loans receivable. 2. Cash ABR for the first full month after the i
Slide 13: Net Investment Activity - Disposition Summary
Investor Presentation and Supplemental Information | April 202511 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Net Investment Activity Disposition Summary 242, 242, 242 1. Includes the impact of transaction costs. 2. Gains/(losses) based on our initial purchase price. 3
Slide 14: Leasing Summary - Lease Escalations
Investor Presentation and Supplemental Information | April 202512 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Lease Escalations 242, 242, 242 1. Based on cash ABR as of December 31, 2024. 2. Represents the weighted average annual escalation rate of the
Slide 15: Leasing Summary - Same-Store Analysis
Investor Presentation and Supplemental Information | April 202513 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Same-Store Analysis 242, 242, 242 Same-Store Portfolio Performance ¹ Contractual Cash Rent ($000s)² % Type of Business 4Q'23 4Q'24 Change Servi
Slide 16: Portfolio Health - Unit-Level Coverage
Investor Presentation and Supplemental Information | April 202514 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 % o f C as h A B R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2.00x NR 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 - —% 2% 4% 6% 8% 10% 12
Slide 17: Leasing Expiration Schedule and Renewal Activity
Investor Presentation and Supplemental Information | April 202515 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Leasing Expiration Schedule, Lease Renewal Activity and Statistics 242, 242, 242 1. Expiration year of contracts in place as of December 31, 20
Slide 18: Leverage & Liquidity
Investor Presentation and Supplemental Information | April 202516 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leverage & Liquidity
Slide 19: Conservative and Flexible Debt Structure
Investor Presentation and Supplemental Information | April 202517 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Adjusted to reflect, on a pro forma basis, i) the $278.6mm of net proceeds received from the 1Q'25 settlement of 9,732,006 shares sold on a forward basis, i
Slide 20: Consistently Strong Liquidity to Fund Growth
Investor Presentation and Supplemental Information | April 202518 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Adjusted to reflect, on a pro forma basis, i) the $278.6mm of net proceeds received from the 1Q'25 settlement of 9,732,006 shares sold on a forward basis, i
Slide 21: Peer Comparison
Investor Presentation and Supplemental Information | April 202519 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Peer Comparison
Slide 22: Peer Comparison - Portfolio Metrics
Investor Presentation and Supplemental Information | April 202520 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Source: Public filings and press releases. Note: Data based on reported filings for period ending December 31, 2024, not adjusted for post quarter-end subseque
Slide 23: Relative Valuation, Growth and Leverage
Investor Presentation and Supplemental Information | April 202521 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of March 31, 2025. Peer data based on reported filings for period ending December 31,
Slide 24: Commitment to ESG
Investor Presentation and Supplemental Information | April 202522 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Commitment to ESG
Slide 25: Environmental, Social and Governance
Investor Presentation and Supplemental Information | April 202523 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Governance • Leading governance practices, Board accountability, strong board diversity, required minimum stock ownership, published compensation clawback poli
Slide 26: Financials
Investor Presentation and Supplemental Information | April 202524 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financials
Slide 27: Consolidated Statements of Operations
Investor Presentation and Supplemental Information | April 202525 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $244, $225, $863 and $743 for the three months and ye
Slide 28: Financial Summary - FFO and AFFO
Investor Presentation and Supplemental Information | April 202526 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Includes the following during the: i) three months ended December 31, 2023 — $0.1 million of accelerated expense related to the departure of a board member;
Slide 29: Consolidated Balance Sheets
Investor Presentation and Supplemental Information | April 202527 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financial Summary Consolidated Balance Sheets 242, 242, 242 (in thousands, except share and per share amounts) December 31, 2024 December 31, 2023 ASSETS (Unau
Slide 30: GAAP Reconciliations to EBITDAre, NOI and Run Rate Metrics
Investor Presentation and Supplemental Information | April 202528 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics 242, 242, 242 1. Adjustment is made to reflect EBITDAre,
Slide 31: Debt Summary
Investor Presentation and Supplemental Information | April 202529 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Rates presented for our term loans are fixed at the stated rates after giving effect to our interest rate swaps plus applicable margin and SOFR premium of 1
Slide 32: Glossary
Investor Presentation and Supplemental Information | April 202530 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary
Slide 33: Glossary - FFO, Core FFO and AFFO
Investor Presentation and Supplemental Information | April 202531 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary Supplemental Reporting Measures 242, 242, 242 FFO, Core FFO and AFFO Our reported results are presented in accordance with U.S. generally accepted acc
Slide 34: Glossary - EBITDA, EBITDAre, Net Debt and NOI
Investor Presentation and Supplemental Information | April 202532 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary Supplemental Reporting Measures 242, 242, 242 We also present our earnings before interest, taxes and depreciation and amortization for real estate (“
Slide 35: Glossary - Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Investor Presentation and Supplemental Information | April 202533 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary Supplemental Reporting Measures 242, 242, 242 Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI We further adjust EBITDAre, NOI and Cash NOI i) bas
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