Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q4 2021 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Feb 16, 2022
Slide 1: Supplemental Operating & Financial Data Fourth Quarter Ended December 31, 2021
Supplemental Operating & Financial Data Fourth Quarter Ended December 31, 2021
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of December 31, 20211 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, 20212 l t l i ci l r ti I f r ti | s f c r , 2 Financial Summary Consolidated Statements of Operations 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $257, $88, $721 and $
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of December 31, 20213 l t l i ci l r ti I f r ti | s f c r , 3 Financial Summary Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) 1. During the year ended December 31, 2021, includes a make-whole payment of $2,543 and the wri
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of December 31, 20214 l t l i ci l r ti I f r ti | s f c r , 4 Financial Summary Consolidated Balance Sheets December 31, 2021 December 31, 2020 (in thousands, except share and per share amounts) (unaudited) (audited) ASSETS Investments: Real est
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI and Cash NOI
Supplemental Financial and Operating Information | As of December 31, 20215 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. 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 December 31, 20216 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. Prior to its amendment in February 2022, our revolving credit facility provided a maximum aggregate initi
Slide 8: Investment Summary
Supplemental Financial and Operating Information | As of December 31, 20217 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 cost
Slide 9: Disposition Summary
Supplemental Financial and Operating Information | As of December 31, 20218 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, 20219 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,451 Square Footage (mm) 13.5 Tenants (#) 311 Concepts (#) 433 Industries (#) 16 States (#) 46 Weighted Average Remaining Lease Term (Years) 14.0 Triple-Net
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of December 31, 202110 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants1 Properties2 % of Cash ABR 26 3.3% 75 2.2% 16 2.0% 23 2.0% 17 1.8% 13 1.8% 6 1.8% 17 1.6% 19 1.6% 34 1.6% Top 10 Tenants 246 19.7% Total 1,451 100.0% Top
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of December 31, 202111 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2 0 2 1 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 < 1.00
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Financial and Operating Information | As of December 31, 202112 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 $ 490 0.2% 5 3.0x Prior Cash ABR $ 72 $ 3,346 1,760 $ 5,1
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of December 31, 202113 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, 2020, through December 31, 2021. T
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of December 31, 202114 Leasing Summary Lease Escalations 1. Based on cash ABR as of December 31, 2021. 2. Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occur annually. For leases in which ren
Slide 16: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of December 31, 202115 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, 202116 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: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of December 31, 202117 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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