Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q3 2021 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Nov 1, 2021
Slide 1: Supplemental Operating & Financial Data Third Quarter Ended September 30, 2021
Supplemental Operating & Financial Data Third Quarter Ended September 30, 2021
Slide 2: Table of Contents
Supplemental Financial and Operating Information | As of September 30, 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
Slide 3: Consolidated Statements of Operations
Supplemental Financial and Operating Information | As of September 30, 20212 l t l i ci l r ti I f r ti | s f t r , 2 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $233, $99, $464 and $356 for the three and nine months ended September 30, 2
Slide 4: Funds from Operations and Adjusted Funds from Operations
Supplemental Financial and Operating Information | As of September 30, 20213 l t l i ci l r ti I f r ti | s f t r , 3 1. During the nine months ended September 30, 2021, includes a make-whole payment of $2,543 and the write-off of $1,873 of deferred financing costs. 2. Includes non-recurring expense
Slide 5: Consolidated Balance Sheets
Supplemental Financial and Operating Information | As of September 30, 20214 l t l i ci l r ti I f r ti | s f t r , 4 Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) September 30, 2021 December 31, 2020 ASSETS (unaudited) (audited) Investments: Real e
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI and Cash NOI
Supplemental Financial and Operating Information | As of September 30, 20215 l t l i ci l r ti I f r ti | s f t 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 September 30, 20216 l t l i ci l r ti I f r ti | s f t r , 6 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 $4
Slide 8: Net Investment Activity: Investment Summary
Supplemental Financial and Operating Information | As of September 30, 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 cos
Slide 9: Net Investment Activity: Disposition Summary
Supplemental Financial and Operating Information | As of September 30, 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
Slide 10: Portfolio Highlights
Supplemental Financial and Operating Information | As of September 30, 20219 Portfolio Summary Portfolio Highlights Investment Properties (#)1 1,397 Square Footage (mm) 12.4 Tenants (#) 297 Concepts (#) 423 Industries (#) 17 States (#) 45 Weighted Average Remaining Lease Term (Years) 13.9 Triple-Net
Slide 11: Tenant and Industry Diversification
Supplemental Financial and Operating Information | As of September 30, 202110 Portfolio Summary Tenant and Industry Diversification Top 10 Tenants1,2 Properties % of Cash ABR 21 2.7% 74 2.3% 23 2.1% 13 1.9% 6 1.9% 16 1.7% 34 1.7% 19 1.6% 5 1.6% 19 1.5% Top 10 Tenants 230 19.0% Total 1,397 100.0% Top
Slide 12: Portfolio Health
Supplemental Financial and Operating Information | As of September 30, 202111 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20 21 20 22 20 23 20 24 20 25 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 T he re a fte r % o f C a sh A B R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2.00x
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Supplemental Financial and Operating Information | As of September 30, 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 2021 $ — 0.0% — — Prior Cash ABR $ 72 $ 6,247 4,673 $ 10,991
Slide 14: Same-Store Analysis
Supplemental Financial and Operating Information | As of September 30, 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 June 30, 2020 through September 30, 2021. The s
Slide 15: Lease Escalations
Supplemental Financial and Operating Information | As of September 30, 202114 Leasing Summary Lease Escalations 1. Based on cash ABR as of September 31, 2021. 2. Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occur annually. For leases in which r
Slide 16: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of September 30, 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”),
Slide 17: Glossary: Supplemental Reporting Measures
Supplemental Financial and Operating Information | As of September 30, 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 de
Slide 18: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Supplemental Financial and Operating Information | As of September 30, 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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