Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q4 2022 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Feb 15, 2023
Slide 1: Supplemental Operating & Financial Data Fourth Quarter Ended December 31, 2022
Supplemental Operating & Financial Data Fourth Quarter Ended December 31, 2022
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of December 31, 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 M
Slide 3: Consolidated Statements of Operations
Supplemental Financial and Operating Information | As of December 31, 20222 l t l i ci l r ti I f r ti | s f c r , 2 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $156, $257 ,$682 and $721 for the three months and year ended December 31, 20
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of December 31, 20223 l t l i ci l r ti I f r ti | s f c r , 3 1. Includes $0.2 million of fees incurred in conjunction with the August 2022 amendment to our 2027 Term Loan and our $2.1 million loss on debt extinguishment during the year ended De
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of December 31, 20224 l t l i ci l r ti I f r ti | s f c r , 4 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) December 31, 2022 December 31, 2021 ASSETS (unaudited) (audited) Investments: Real est
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI and Cash NOI
Supplemental Financial and Operating Information | As of December 31, 20225 l t l i ci l r ti I f r ti | s f c r , 5 Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics 1. Adjustment is made to reflect EBITDAre, NOI and Cash NOI as if all re-leasing
Slide 7: Market Capitalization, Debt Summary and Leverage Metrics
Supplemental Financial and Operating Information | As of December 31, 20226 l t l i ci l r ti I f r ti | s f c 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 rate
Slide 8: Investment Summary
Supplemental Financial and Operating Information | As of December 31, 20227 $197,816 $223,186 $230,755 $322,203 $237,795 $175,738 $195,454 $328,370 $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 $280,000 $320,000 $360,000 In v e s tm e n t A c ti v it y ( $ 0 0 0 s ) Net Investment Activity
Slide 9: Disposition Summary
Supplemental Financial and Operating Information | As of December 31, 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 c
Slide 10: Portfolio Highlights
Supplemental Financial and Operating Information | As of December 31, 20229 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,653 Square Footage (mm) 16.1 Tenants (#) 350 Concepts (#) 538 Industries (#) 16 States (#) 48 Weighted Average Remaining Lease Term (Years) 13.9 Triple-Net
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of December 31, 202210 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants1 Properties2 % of Cash ABR 33 3.4% 6 1.9% 75 1.8% 16 1.7% 23 1.7% 5 1.6% 9 1.6% 17 1.5% 13 1.5% 6 1.5% Top 10 Tenants 203 18.0% Total 1,651 100.0% Top 10
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of December 31, 202211 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 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 Portfolio Summary Portfolio Health Tenant Fin
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Financial and Operating Information | As of December 31, 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 2023 1,306 0.4% 14 3.1x Prior Cash ABR $ 298 $ 4,155
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of December 31, 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 September 30, 2021 through December 31, 2022. Th
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of December 31, 202214 Contractual Fixed 95.3% CPI 3.0% Flat 1.8% Leasing Summary Lease Escalations 1. Based on cash ABR as of December 31, 2022. 2. Represents the weighted average annual escalation rate of the entire portfolio as if all escalati
Slide 16: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of December 31, 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”), c
Slide 17: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of December 31, 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 dep
Slide 18: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Supplemental Financial and Operating Information | As of December 31, 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
Essential Properties Realty Trust — Q4 2022 Earnings Presentation on 6ix