Exhibit 99.1

 

Essential Properties Announces Second Quarter 2018 Results

 

- Completed Initial Public Offering and a Concurrent Institutional Private Placement -

- Closed Record Quarterly Investments of $214.4 Million at a 7.6% Wtd. Avg. Cash Cap Rate -

- Grew Service-Oriented and Experience-Based Tenancy to 90% of Cash ABR -

 

August 8, 2018

 

PRINCETON, N.J.--(BUSINESS WIRE)--Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential Properties” or the “Company”), today announced operating results for the three and six months ended June 30, 2018.

 

Second Quarter 2018 Financial and Operating Highlights

 

 

Invested $214.4 million in 86 properties at a 7.6% weighted average cash cap rate

 

Increased total revenues 63% to $21.7 million

 

Net income increased 71% to $3.5 million

 

Increased Funds from Operations (“FFO”) 81% to $9.6 million

 

Increased Adjusted Funds from Operations (“AFFO”) 68% to $8.5 million

 

First Half 2018 Financial and Operating Highlights

 

 

Invested $278.5 million in 114 properties at a 7.7% weighted average cash cap rate

 

Increased total revenue 79% to $41.9 million

 

Net income increased 75% to $4.6 million

 

Increased FFO 87% to $17.8 million

 

Increased AFFO 79% to $15.9 million

 

CEO Comments

 

Commenting on the second quarter results, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “We are excited to report our second quarter results, which are our first as a public company. These results reflect nearly two and a half years of effort invested in building an experienced team of net lease professionals and developing the systems required to source, underwrite, close and manage a diversified portfolio of single-tenant net lease assets that are primarily leased to service-oriented and experience-based businesses. On June 20, 2018, we priced our initial public offering of common stock and a concurrent institutional private placement, raising approximately $618.8 million of gross proceeds (inclusive of the underwriters’ partial exercise of an option to purchase additional shares). During the quarter, we grew our portfolio 20% by investing a record $214.4 million into high-quality net lease properties with long-term leases. Accomplishing this record level of quarterly investments while simultaneously completing this transformative capital raise is testament to the quality, depth and experience of the team at Essential Properties. In addition, we are highly optimistic entering the second half of the year having fortified our balance sheet with over $450 million of liquidity to capitalize on our growing investment pipeline. I would like to thank our team for their outstanding commitment, dedication and hard work during the quarter.”  

 


The following information was filed by Essential Properties Realty Trust, Inc. (EPRT) on Wednesday, August 8, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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