Exhibit 99.1

 

Essential Properties Announces Third Quarter 2018 Results

 

- Closed Quarterly Investments of $133.1 Million at a 7.7% Wtd. Avg. Cash Cap Rate -

- Introduces 2019 AFFO per Share Guidance Range -

- Same-Store Contractual Cash NOI Grew 2.0% in the Third Quarter -

 

November 5, 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 nine months ended September 30, 2018.

 

Third Quarter 2018 Financial and Operating Highlights

 

 

Invested $133.1 million in 62 properties at a 7.7% weighted average cash cap rate

 

Increased total revenues to $25.7 million

 

Net income increased to $7.7 million, or $0.12 per share on a fully diluted basis

 

Increased Funds from Operations (“FFO”) to $15.8 million, or $0.25 per share on a fully diluted basis

 

Increased Adjusted Funds from Operations (“AFFO”) to $15.6 million, or $0.25 per share on a fully diluted basis

 

Year-to-Date 2018 Financial and Operating Highlights

 

 

Invested $411.7 million in 176 properties at a 7.7% weighted average cash cap rate

 

Increased total revenue to $67.6 million

 

Net income increased to $12.3 million

 

Increased FFO to $33.6 million

 

Increased AFFO to $31.5 million

 

CEO Comments

 

Commenting on the third quarter results, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “We are thrilled to report our third quarter results, which is our first full quarter as a public company. Our newer vintage portfolio of granular net lease properties is performing at a high level with same-store contractual cash NOI growing 2.0% in the quarter, occupancy increasing 50 bps to 99.8%, and our sector leading weighted average lease term remaining flat at 14.3 years. By leveraging our long-standing tenant and industry relationships, we invested $133 million into 62 single-tenant properties at 7.7% initial cap rate during the quarter. Looking ahead to next year, we are well positioned from a capital perspective with ~$74 million of cash on hand at quarter-end and low leverage at 4.7x Net Debt to Annualized Adjusted EBITDAre. While we maintain a growing and active investment pipeline, we remain highly selective towards future growth opportunities in today’s environment.”


The following information was filed by Essential Properties Realty Trust, Inc. (EPRT) on Monday, November 5, 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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