Exhibit 99.1

Essential Properties Announces Third Quarter 2019 Results

 

- Increased Third Quarter Net Income per Share by 50% and AFFO per Share by 16% -

- Closed Investments of $173.6 Million at a 7.5% Weighted Average Cash Cap Rate -

- Raises Low End of 2019 AFFO per Share Guidance and Issues 2020 Guidance -

- Investment Grade Rating of BBB- Issued by Fitch Ratings Subsequent to Quarter End -

 

November 6, 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 and nine months ended September 30, 2019.

 

Third Quarter 2019 Financial and Operating Highlights

 

 

Ended the third quarter at 100.0% leased with a weighted average lease term (“WALT”) of 14.4 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 25.5%, a 250 bps sequential decline

 

Invested $173.6 million in 139 properties at a 7.5% weighted average cash cap rate

 

Net income per fully diluted share increased 50% to $0.18 per share

 

Increased Funds from Operations (“FFO”) per fully diluted share 8% to $0.18 per share

 

Grew Core Funds from Operations (“Core FFO”) per fully diluted share by 24% to $0.31

 

Grew Adjusted Funds from Operations (“AFFO”) per fully diluted share by 16% to $0.29

 

Raised $75.0 million in gross proceeds from the sale of 3,344,805 shares of common stock through the Company’s at-the-market equity program (“ATM Program”)

 

Net Debt to Annualized Adjusted EBITDAre was 4.8x at quarter end

 

2019 and 2020 Guidance

 

The Company is increasing its expectation at the low end that 2019 AFFO per share on a fully diluted basis will be within a range of $1.13 to $1.15, which compares to its prior guidance of $1.11 to $1.15. For 2020, the Company currently expects AFFO per share on a fully diluted basis to be within a range of $1.27 to $1.30, which implies 13% growth at the midpoint of both guidance ranges.

 

CEO Comments

 

Commenting on the third quarter results, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “With third quarter AFFO per share increasing 16% year-over-year, our quarterly results exemplified the compelling growth potential of our focused and disciplined investment platform. Our portfolio fundamentals continue to be strong with solid same-store rent growth, full occupancy, healthy unit-level coverages, and improved tenant diversity. Looking ahead to 2020, our investment pipeline is full, and our balance sheet remains well capitalized and supportive of our external growth.”


The following information was filed by Essential Properties Realty Trust, Inc. (EPRT) on Wednesday, November 6, 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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