Exhibit 99.1

Essential Properties Announces Fourth Quarter and Full Year 2019 Results

 

- Increased Fourth Quarter Net Income per Share by 38% and AFFO per Share by 11% -

- Closed Quarterly Investments of $204.7 Million at a 7.3% Weighted Average Cash Cap Rate -

- Reiterates 2020 AFFO per Share Guidance -

 

March 2, 2020

 

PRINCETON, N.J.--(BUSINESS WIRE)--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, 2019.

 

Fourth Quarter 2019 Financial and Operating Highlights

 

 

Ended the year at 100.0% leased with a weighted average lease term (“WALT”) of 14.6 years and a weighted average rent coverage ratio of 2.9x

 

Grew Same-Store Contractual Cash Rents by 1.7%

 

Reduced top 10 tenant concentration to 23.4%, a 210 bps sequential decline

 

Invested $204.7 million in 94 properties at a 7.3% weighted average cash cap rate

 

Net income per fully diluted share increased 38% to $0.18 per share

 

Increased Funds from Operations (“FFO”) per fully diluted share 11% to $0.31 per share

 

Grew Core Funds from Operations (“Core FFO”) per fully diluted share by 14% to $0.32

 

Grew Adjusted Funds from Operations (“AFFO”) per fully diluted share by 11% to $0.30

 

Raised $103.2 million in gross proceeds from the sale of shares of common stock through the Company’s at-the-market equity program (“ATM Program”)

 

Net Debt to Annualized Adjusted EBITDAre was 5.0x at quarter end

 

Pro Forma Net Debt to Annualized Adjusted EBITDAre was 3.6x at quarter end, which incorporates the impact of the Company’s $200 million equity offering in January 2020

 

Full Year 2019 Financial and Operating Highlights

 

 

Invested $686.8 million in 375 properties at a 7.4% weighted average cash cap rate

 

Annualized fourth quarter dividend of $0.92 represented a 9.5% increase vs. last year

 

Raised $423.7 million of gross equity proceeds from the issuance of 21.5 million common shares

 

Sold $519.2 million of secondary shares to the public, which resulted in the Company’s founding capital partner fully exiting its position

 

Raised a $200 million five-year unsecured term loan and a $430 million seven-year unsecured term loan

 

Expanded unsecured revolving credit facility by $100 million to $400 million

 

Assigned investment grade credit rating of BBB- by Fitch Ratings


 


The following information was filed by Essential Properties Realty Trust, Inc. (EPRT) on Monday, March 2, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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