Exhibit 99.1

Essential Properties Announces Fourth Quarter 2018 Results

 

- Closed Investments of $103.7 Million at a 7.6% Weighted Average Cash Cap Rate -

- Same-Store Contractual Cash NOI Grew 1.9% in the Fourth Quarter -

- Reiterates 2019 AFFO per Share Guidance Range -

- Added to the MSCI U.S. REIT Index (RMZ) -

 

February 27, 2019

 

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 the year ended December 31, 2018.

 

Fourth Quarter 2018 Financial and Operating Highlights

 

 

Ended the fourth quarter with 100% occupancy, 14.2 years of weighted-average lease term (“WALT”) and a weighted average rent coverage ratio of 2.8x

 

Grew Same-Store Contractual Cash Rents and NOI by 1.8% and 1.9%, respectively

 

Reduced top 10 tenant concentration to 33.1%, a 200 bps sequential decline

 

Invested $103.7 million in 39 properties at a 7.6% weighted average cash cap rate

 

Net income increased to $8.3 million, or $0.13 per share on a fully diluted basis

 

Increased Funds from Operations (“FFO”) to $17.4 million, or $0.28 per share on a fully diluted basis

 

Increased Adjusted Funds from Operations (“AFFO”) to $17.0 million, or $0.27 per share on a fully diluted basis

 

Full Year 2018 Financial and Operating Highlights

 

 

Invested $515.9 million in 215 properties at a 7.6% weighted average cash cap rate

 

Net income increased to $20.6 million

 

Increased FFO to $51.0 million

 

Increased AFFO to $48.4 million

 

CEO Comments

 

Commenting on the fourth quarter results, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “I am proud of the team’s accomplishments during the fourth quarter and our full year results. During 2018, we grew our portfolio 48% by investing $516 million into 215 single-tenant properties. This investment activity served to further diversify our net lease portfolio, lower our top 10 tenant concentration, lengthen our WALT, and most importantly, meaningfully grow our earnings. In addition, our newer vintage portfolio performed well with same-store contractual cash NOI increasing 1.9% in the quarter and occupancy finishing the year at 100%. Combining our conservative leverage profile with our robust investment pipeline, we are well positioned to continue to deliver high quality earnings growth for investors. Lastly, we were pleased to be added to the MSCI U.S. REIT Index (RMZ) effective as of the end of February.”


The following information was filed by Essential Properties Realty Trust, Inc. (EPRT) on Wednesday, February 27, 2019 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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