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Essential Properties Announces Fourth Quarter 2020 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 and year ended December 31, 2020.

Fourth Quarter 2020 Financial and Operating Highlights

Operating Results:

 

  • Investments (108 properties)

$ Invested

$244.1 million

 

Weighted Avg Cash Cap Rate

7.1%

  • Net Income per share

Decreased by 72%

$0.05

  • Funds from Operations ("FFO") per share

Decreased by 7%

$0.25

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

Decreased by 19%

$0.25

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

Decreased by 7%

$0.27

Equity Activity:

 

 

  • Equity Raised - ATM Program

$20.50/share

$34.6 million

 

 

Full Year 2020 Financial and Operating Highlights

 

 

Operating Results:

 

 

  • Investments (234 properties)

$ Invested

$602.8 million

 

Weighted Avg Cash Cap Rate

7.1%

  • Net Income per share

Decreased by 30%

$0.44

  • FFO per share

Decreased by 1%

$1.08

  • Core FFO per share

Decreased by 8%

$1.10

  • AFFO per share

Decreased by 3%

$1.11

Financial Position & Equity Activity:

 

 

  • Net Debt to Annualized Adjusted EBITDAre

4.8x

  • Total Available Liquidity

$415.0 million

  • Equity Raised - ATM Program

$19.02/share

$85.6 million

  • Equity Raised - January Follow-On Offering

$25.20/share

$200.0 million

  • Equity Raised - September Overnight Offering

$19.00/share

$192.3 million

Portfolio Snapshot:

 

 

  • % of Portfolio Leased

 

99.7%

  • Weighted Average Lease Term ("WALT")

 

14.5 years

  • Weighted Average Rent Coverage

 

2.9x

 

 

2021 Highlights to Date

 

 

  • Investments (21 properties)

$ Invested

$51.9 million

  • Dispositions (11 properties)

$ Gross Proceeds

$14.1 million

  • January Rent Collections

 

95%

Equity Activity:

 

 

  • Equity Raised - ATM Program

$20.99/share

$11.8 million

CEO Comments

Commenting on the fourth quarter 2020 results, the Company’s President and Chief Executive Officer, Pete Mavoides, said, “We’re pleased that our results in the fourth quarter and 95% collection rate of January 2021 rent have confirmed the stability of our portfolio, and the quality and durability of our middle market tenant base.” Mr. Mavoides added, “After completing a record level of investments in the fourth quarter, we are encouraged by the continued strength of our investment pipeline, which enabled us to introduce our 2021 AFFO guidance earlier this year.”

Portfolio Update

Investments

The Company’s investment activity during the three months and year ended December 31, 2020 is summarized as follows:

 

 

Quarter Ended
December 31, 2020

 

Year Ended
December 31, 2020

Investments:

 

 

 

 

$ Invested

 

$244.1 million

 

$602.8 million

# of Properties

 

108

 

234

# of Separate Transactions

 

32

 

94

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Essential Properties Realty Trust

NYSE:EPRT

EPRT Rankings

#1699 Ranked by Market Cap
#872 Ranked by Dividends

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EPRT Stock Data

6.05B
196.93M
0.58%
111.59%
6.34%
REIT - Retail
Real Estate Investment Trusts
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United States
PRINCETON

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