Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Investor Presentation (May 2025)
35 slides from Essential Properties Realty Trust's investor presentation, May 5, 2025
Slide 1: Investor Presentation and Supplemental Information May 2025
Investor Presentation and Supplemental Information May 2025 Exhibit 99.1
Slide 2: Disclaimer
Investor Presentation and Supplemental Information | May 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 othe
Slide 3: Table of Contents
Investor Presentation and Supplemental Information | May 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 Finan
Slide 4: Business Update
Investor Presentation and Supplemental Information | May 20252 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. As of March 31, 2025. 2. Pro forma adjustments made to reflect the unsettled portion of shares sold on a forward basis as if they had been physically settled o
Slide 5: Investment Highlights
Investor Presentation and Supplemental Information | May 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 | May 20254 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 BBB/BBB- Investment Grade Rated • Originating bespoke capital solutions, 90% structured as Sale-Leasebacks in 1Q'25 • 16 core industries in the net lease sector,
Slide 7: Disciplined Underwriting Approach
Investor Presentation and Supplemental Information | May 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 Protection
Slide 8: Portfolio Review
Investor Presentation and Supplemental Information | May 20256 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Portfolio Review
Slide 9: New Vintage Portfolio Focused on Targeted Industries
Investor Presentation and Supplemental Information | May 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 March 31, 2025 2. Includes 148 properties that secure mortgage loans receivable. 3. Includes investments in mortgage loans receivable made
Slide 10: Top Tenants and Diversification by Industry
Investor Presentation and Supplemental Information | May 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 57 3.9% 8 1.8% 5 1.7% 13 1.7% 32 1.4% 12 1.4% 20 1.4% 26 1.4% 16 1.4% 7 1.2% Top 10 Tenants 196 17.3% Total 2,132 100% P
Slide 11: Diversified Portfolio by Geography
Investor Presentation and Supplemental Information | May 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 ~75% of Tot
Slide 12: Net Investment Activity: Investment Summary
Investor Presentation and Supplemental Information | May 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 inv
Slide 13: Net Investment Activity: Disposition Summary
Investor Presentation and Supplemental Information | May 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 | May 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 March 31, 2025. 2. Represents the weighted average annual escalation rate of the entir
Slide 15: Leasing Summary: Same-Store Analysis
Investor Presentation and Supplemental Information | May 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 ($000s)² % Type of Business 1Q'24 1Q'25 Change Service
Slide 16: Portfolio Health: Unit-Level Coverage
Investor Presentation and Supplemental Information | May 202514 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 % o f C as h A B R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2.00x NR C C C + B - B B + B B - B B B B + B B B - B B B B B B + A - A A + A A - —% 2.0% 4.0% 6.0% 8.0%
Slide 17: Leasing Expiration Schedule and Renewal Activity
Investor Presentation and Supplemental Information | May 202515 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Leasing Expiration Schedule, Lease Renewal Activity and Statistics 242, 242, 242 1. Expiration year of contracts in place as of March 31, 2025 an
Slide 18: Leverage & Liquidity
Investor Presentation and Supplemental Information | May 202516 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leverage & Liquidity
Slide 19: Conservative and Flexible Debt Structure
Investor Presentation and Supplemental Information | May 202517 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 4.2x 3.7x 4.0x 3.6x 3.8x 3.5x 3.8x 3.4x 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x Conservative and Flexible Debt Structu
Slide 20: Consistently Strong Liquidity to Fund Growth
Investor Presentation and Supplemental Information | May 202518 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Consistently Strong Liquidity to Fund Growth ($mm) Strong Liquidity to Drive Leading AFFO/sh Growth $1.5B of Liquidity and Balance Sheet Capacity to Support Exte
Slide 21: Peer Comparison
Investor Presentation and Supplemental Information | May 202519 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Peer Comparison
Slide 22: Peer Portfolio Comparison
Investor Presentation and Supplemental Information | May 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 March 31, 2025, except for BNL, FCPT, NNN, and O capitalization
Slide 23: Relative Valuation, Growth and Leverage
Investor Presentation and Supplemental Information | May 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 April 30, 2025. Data based on reported filings for period ending March 31, 2025, exce
Slide 24: Commitment to ESG
Investor Presentation and Supplemental Information | May 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 | May 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 policy
Slide 26: Financials
Investor Presentation and Supplemental Information | May 202524 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financials
Slide 27: Financial Summary: Consolidated Statements of Income
Investor Presentation and Supplemental Information | May 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 $207 and $238 for the three months ended March 31, 2025
Slide 28: Financial Summary: FFO and AFFO
Investor Presentation and Supplemental Information | May 202526 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Calculations exclude $226 and $116 from the numerator for the three months ended March 31, 2025 and 2024, respectively, related to dividends paid on unvested
Slide 29: Financial Summary: Consolidated Balance Sheets
Investor Presentation and Supplemental Information | May 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) March 31, 2025 December 31, 2024 ASSETS (Unaudited
Slide 30: GAAP Reconciliations to EBITDAre, NOI and Run Rate Metrics
Investor Presentation and Supplemental Information | May 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, NO
Slide 31: Capitalization and Debt Summary
Investor Presentation and Supplemental Information | May 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 95b
Slide 32: Glossary
Investor Presentation and Supplemental Information | May 202530 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary
Slide 33: Glossary: Supplemental Reporting Measures
Investor Presentation and Supplemental Information | May 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 accou
Slide 34: Glossary: EBITDA and EBITDAre
Investor Presentation and Supplemental Information | May 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 (“EB
Slide 35: Glossary: Adjusted EBITDAre / Adjusted NOI
Investor Presentation and Supplemental Information | May 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) based
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