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Essential Properties Announces First Quarter 2021 Results

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Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential Properties” or the “Company”), today announced operating results for the three months ended March 31, 2021.

First Quarter 2021 Financial and Operating Highlights

Operating Results (as compared to First Quarter 2020):

 

 

  • Investments (74 properties)

$ Invested

$197.8 million

 

Weighted Avg Cash Cap Rate

7.0%

  • Net Income per share

Decreased by 7%

$0.14

  • Funds from Operations ("FFO") per share

Increased by 7%

$0.30

  • Core Funds from Operations ("Core FFO") per share

Remained unchanged

$0.30

  • Adjusted Funds from Operations ("AFFO") per share

Increased by 3%

$0.30

Equity Activity:

 

 

  • Equity Raised - ATM Program

$23.22/share

$64.9 million

Highlights Subsequent to First Quarter 2021

  • Investments (19 properties)

$ Invested

$45.6 million

  • Dispositions (4 properties)

$ Gross Proceeds

$4.8 million

Equity Activity:

 

 

  • Equity Raised - ATM Program

$23.45/share

$2.4 million

  • Equity Raised - Follow-On Offering (April 15th, 2021)

$23.50/share

$193.2 million

CEO Comments

Commenting on the first quarter 2021 results, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “We are pleased with our first quarter results, particularly the continuation of the key trends that drove our robust fourth quarter results, including the increased stability of our portfolio, strong investment activity, and attractively priced capital raising.” Mr. Mavoides added, “With regards to our $198 million quarterly investment activity, 81% were prior relationship transactions and 85% were direct sale-leasebacks, which speaks to the consistency of our team and our disciplined investment approach. We remain optimistic that these favorable dynamics can continue through 2021 and beyond.”

Portfolio Update

Investments

The Company’s investment activity during the three months ended March 31, 2021 is summarized as follows:

 

Quarter Ended
March 31, 2021

Investments:

 

$ Invested

$197.8 million

# of Properties

74

# of Separate Transactions

22

Weighted Average Cash and GAAP Cap Rate

7.0%/7.9%

WALT

16.1 years

% Sale-Leaseback Transactions

85%

% Subject to Master Lease

79%

% Required Financial Reporting (tenant/guarantor)

100%

Dispositions

The Company’s disposition activity during the three months ended March 31, 2021 is summarized as follows:

 

 

Quarter Ended
March 31, 2021

Dispositions:

 

 

Net Proceeds

 

$25.2 million

# of Properties Sold

 

16

Net Gain / (Loss)

 

$3.8 million

Weighted Average Cash Cap Rate (excluding vacant properties)

 

7.1%

Portfolio Highlights

The Company’s investment portfolio as of March 31, 2021 is summarized as follows:

Number of properties

1,240

Weighted average lease term

14.3 years

Weighted average rent coverage ratio

3.0x

Number of tenants

259

Number of states

43

Number of industries

17

Weighted average occupancy

99.1%

Total square feet of rentable space

10,801,149

Cash ABR - service-oriented or experience-based

95.3%

Cash ABR - properties subject to master lease

59.9%

Leverage and Balance Sheet and Liquidity

The Company's leverage, balance sheet and liquidity are summarized in the following table. Pro forma adjustments have been made to reflect the impact of the Company’s April 2021 follow-on offering of common stock. On April 15, 2021, the Company issued 8,222,500 shares of common stock for proceeds of $185.5 million, net of underwriters’ discounts.

 

 

March 31, 2021

 

Pro Forma
March 31, 2021

Leverage:

 

 

 

 

Net debt to Annualized Adjusted EBITDAre

 

5.1x

 

4.1x

 

 

 

 

 

Balance Sheet and Liquidity:

 

 

 

 

Cash and cash equivalents and restricted cash

 

$44.8 million

 

$230.3 million

Unused borrowing capacity

 

$262.0 million

 

$262.0 million

Total available liquidity

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Essential Properties Realty Trust, Inc.

NYSE:EPRT

EPRT Rankings

#1257 Ranked by Market Cap
#2115 Ranked by Stock Gains
#777 Ranked by Dividends

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EPRT Stock Data

4.72B
165.03M
0.92%
101.35%
4.66%
Lessors of Nonresidential Buildings (except Miniwarehouses)
Real Estate and Rental and Leasing
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United States of America
PRINCETON

About EPRT

essential properties realty trust, inc. (nyse: eprt) is a publicly-traded real estate company based in princeton, nj, that owns, acquires, and manages single-tenant net lease (stnl) properties. by utilizing sale-leaseback transactions, essential provides growth capital to middle-market companies with attractive credit profiles and stable operating histories. essential primarily targets tenants that operate service-oriented and experience-based businesses within industries like restaurants; car washes and automotive services; convenience stores and gas stations; medical, dental, and veterinarian services; early childhood education; movie theaters and entertainment; and health and fitness. as of march 31, 2018, essential owned 530 properties occupied by 127 tenants operating 112 different concepts in 15 industries across 42 states.