Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q3 2019 Earnings Presentation
18 slides from Essential Properties Realty Trust's earnings presentation, Nov 6, 2019
Slide 1: Supplemental Operating & Financial Data Third Quarter Ended September 30, 2019
Supplemental Operating & Financial Data Third Quarter Ended September 30, 2019 Exhibit 99.2
Slide 2: Table of Contents
Table of Contents 242, 242, 242 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 Market Capitalization, Debt Summary and Leverage Metrics 6 Net
Slide 3: Consolidated Statements of Operations
Financial Summary Consolidated Statements of Operations 242, 242, 242 Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $142, $194, $717 and $877 for the three and nine months ended September 30, 2019 and 2018, respectively. Includes reimbursable
Slide 4: Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
Financial Summary Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) 242, 242, 242 Includes non-recurring expenses of $2,473 for costs and charges incurred in connection with the Eldridge secondary offering and $275 for a provision for potential settlement of litigation during the
Slide 5: Consolidated Balance Sheets
Financial Summary Consolidated Balance Sheets 242, 242, 242 September 30, 2019 December 31, 2018 (in thousands, except share and per share amounts) (unaudited) (audited) ASSETS Investments: Real estate investments, at cost: Land and improvements $ 547,549 $ 420,848 Building and improvements 1,117,70
Slide 6: GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Run Rate Metrics
Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics 242, 242, 242 These adjustments are made to reflect EBITDAre, NOI and Cash NOI as if all investments in and dispositions of real estate made during the three months ended September 30, 2019 had occu
Slide 7: Market Capitalization, Debt Summary and Leverage Metrics
Financial Summary Market Capitalization, Debt Summary and Leverage Metrics 242, 242, 242 Maturity figures for our secured debt are based off of our anticipated repayment schedule. The Series 2016-1 notes mature in November 2046 but have an anticipated repayment date of November 2021. The Series 2017
Slide 8: Net Investment Activity: Investment Summary
Net Investment Activity Investment Summary 242, 242, 242 Cash ABR for the first full month after the investment divided by the purchase price for the property. GAAP rent for the first twelve months after the investment divided by the purchase price for the property. As a percentage of cash ABR for t
Slide 9: Net Investment Activity: Disposition Summary
Net Investment Activity Disposition Summary 242, 242, 242 Net of transaction costs. Gains/(losses) based on our aggregate allocated purchase price. Cash ABR at time of sale divided by gross sale price (excluding transaction costs) for the property. Property count excludes dispositions in which only
Slide 10: Portfolio Highlights
Portfolio Summary Portfolio Highlights 242, 242, 242 Investment Properties (#)1 917 Square Footage (mm) 7.5 Tenants (#) 199 Concepts (#) 233 Industries (#) 16 States (#) 45 Weighted Average Remaining Lease Term (Years) 14.4 Triple-Net Leases (% of Cash ABR) 93.0% Master Leases (% of Cash ABR) 61.7%
Slide 11: Tenant and Industry Diversification
Portfolio Summary Tenant and Industry Diversification 242, 242, 242 Top 10 Tenants1 Properties % of Cash ABR 74 3.7% 13 3.0% 4 2.8% 5 2.7% 34 2.7% 12 2.3% 13 2.3% 5 2.1% 25 2.1% 7 2.0% Top 10 Tenants 192 25.5% Total 917 100.0% Top 10 Tenant Exposure Diversification by Industry Represents tenant, gua
Slide 12: Portfolio Health
Portfolio Summary Portfolio Health 242, 242, 242 Tenant Financial Reporting % of Cash ABR by Unit-Level Coverage Tranche1 Unit-Level Coverage by Lease Expiration Unit-Level Coverage by Tenant Credit2 Note: ‘NR’ means not reported. Certain tenants, whose leases do not require unit-level financial rep
Slide 13: Leasing Expiration Schedule, Leasing Activity and Statistics
Cash % of # of Wgt. Avg. Renewed Per Re-Leased to New Tenant Total Year1 ABR Cash ABR Properties2 Coverage3 $(000)s Terms of Lease Without Vacancy After Vacancy Leasing 2019 $ 100 0.1% 2 6.9x Prior Cash ABR $ 229 $ 1,448 -- $ 1,677 2020 703 0.5% 7 2.2x New Cash ABR 229 1,500 -- 1,729 2021 510 0.4% 5
Slide 14: Same-Store Analysis
Leasing Summary Same-Store Analysis 242, 242, 242 Same-Store Portfolio: All properties owned, excluding new sites under construction, for the entire same-store measurement period, which is July 1, 2018 through September 30, 2019. The same-store portfolio for 3Q 2019 is comprised of 538 properties an
Slide 15: Lease Escalations
Leasing Summary Lease Escalations 242, 242, 242 Leases contributing 98% of cash ABR provided for base rent escalation, generally ranging from 1.0% to 4.0% annually, with a weighted average annual escalation rate of 1.6%, which assumes 0.0% change in annual CPI 7% of contractual rent escalations by c
Slide 16: Glossary: Supplemental Reporting Measures
Glossary Supplemental Reporting Measures 242, 242, 242 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”), core funds from operations (“Core FFO”) and adjusted funds from
Slide 17: Glossary: EBITDA and EBITDAre
Glossary Supplemental Reporting Measures 242, 242, 242 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 depreciable property and real estate impairment losses (“EBITDAre”
Slide 18: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Glossary Supplemental Reporting Measures and Other Terms 242, 242, 242 Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI We further adjust EBITDAre, NOI and Cash NOI i) based on an estimate calculated as if all investment and disposition activity that took place during the quarter had been made o
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