Essential Properties Announces Fourth Quarter 2020 Results
02/23/2021 - 04:10 PM
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%
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%
Decreased by 30%
$0.44
Decreased by 1%
$1.08
Decreased by 8%
$1.10
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:
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
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
Essential Properties Realty Trust Inc
EPRT Rankings
#2115 Ranked by Stock Gains
EPRT Stock Data
Industry
Lessors of Nonresidential Buildings (except Miniwarehouses)
Sector
Real Estate and Rental and Leasing
Tags
Finance, Real Estate Development, Real Estate and Rental and Leasing, Lessors of Nonresidential Buildings (except Miniwarehouses)
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.