Exhibit 99.1

Essential Properties Announces First Quarter 2019 Results

 

- Raised $234.6 Million in Net Proceeds from First Follow-On Offering of 14,030,000 Shares -

- Closed Investments of $118.2 Million at a 7.5% Weighted Average Cash Cap Rate -

- Same-Store Contractual Cash Rent Grew 1.8% in the First Quarter -

- Reiterates 2019 AFFO per Share Guidance Range -

 

May 8, 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 ended March 31, 2019.

 

First Quarter 2019 Financial and Operating Highlights

 

 

Completed first follow-on offering in March of 14,030,000 shares at $17.50 raising $234.6 million in net proceeds

 

Ended the first quarter at 99.9% leased with a weighted average lease term (“WALT”) of 14.5 years and a weighted average rent coverage ratio of 2.8x

 

Grew Same-Store Contractual Cash Rents by 1.8%

 

Reduced top 10 tenant concentration to 30.7%, a 240 bps sequential decline

 

Invested $118.2 million in 51 properties at a 7.5% weighted average cash cap rate

 

Net income increased to $8.7 million, or $0.13 per share on a fully diluted basis

 

Increased Funds from Operations (“FFO”) to $18.6 million, or $0.29 per share on a fully diluted basis

 

Increased Adjusted Funds from Operations (“AFFO”) to $17.9 million, or $0.27 per share on a fully diluted basis

 

Net debt to Annualized Adjusted EBITDAre was 3.7x at quarter end

 

CEO Comments

 

Commenting on the first quarter results, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “The first quarter was transformative for the Company. Our first follow-on offering in March meaningfully increased our float and liquidity while further broadening of base of institutional investors. During the quarter, we continued to execute our investment strategy of sourcing relationship-driven sale-leaseback transactions with middle-market tenants, which served to further diversify our portfolio, lower our top 10 tenant concentration, and lengthen our weighted average lease term. In addition, the newer vintage nature of our portfolio helped drive both a 1.8% increase in same-store contractual cash NOI and strong occupancy with just one vacant asset at quarter-end. Lastly, with a low levered balance sheet and our recently expanded $600 million unsecured credit facility being fully available, we have ample capital capacity to execute on our growing investment pipeline into 2020.”


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

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