Exhibit 99.1

Essential Properties Announces First Quarter 2020 Results

 

- Increased First Quarter Net Income per Share by 15.4% and AFFO per Share by 7.4% -

- Closed Quarterly Investments of $167.5 Million at a 7.1% Weighted Average Cash Cap Rate -

- Withdraws 2020 AFFO per Share Guidance -

- Collected 61% of April Rent -

 

May 11, 2020

 

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, 2020.

 

First Quarter 2020 Financial and Operating Highlights

 

 

Ended the quarter with a 99.5% leased portfolio with a weighted average lease term (“WALT”) of 14.6 years and a weighted average rent coverage ratio of 2.9x

 

Reduced top 10 tenant concentration to 23.1%, a 30 bps sequential decline

 

Invested $167.5 million in 63 properties at a 7.1% weighted average cash cap rate

 

Net income per fully diluted share increased 15% to $0.15 per share

 

Funds from Operations (“FFO”) per fully diluted share decreased 3% to $0.28 per share

 

Grew Core Funds from Operations (“Core FFO”) per fully diluted share by 3% to $0.30

 

Grew Adjusted Funds from Operations (“AFFO”) per fully diluted share by 7% to $0.29

 

Raised $206.3 million in gross proceeds from the sale of shares of common stock through a follow-on equity offering and the Company’s at-the-market equity program (“ATM Program”)

 

Net Debt to Annualized Adjusted EBITDAre was 4.6x at quarter end

 

Cash and cash equivalents and restricted cash plus available capacity under revolving credit facility of $549.1 million at quarter end

 

CEO Comments

 

Commenting on the first quarter 2020 results, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “Our first quarter results were consistent with past quarters as our reliable execution resulted in a high percentage of our first quarter investment activity being relationship-based sale-leaseback transactions with operators of service-oriented and experience-based businesses. However, with the Covid-19 pandemic and wide-spread stay-at-home orders having a significant impact on the vast majority of our tenants, our focus has shifted away from external growth in order to stabilize our portfolio by proactively collaborating with our tenants to manage through the current crisis. While much uncertainty remains, we are confident in our portfolio’s ability to produce an attractive and predictable stream of cash flow over the long-term. Our balance sheet remains in excellent shape with nearly $550 million in available liquidity at quarter-end. Coupled with our experienced team of professionals, we are well positioned to manage the current situation and position this Company for growth as we emerge.”

 


The following information was filed by Essential Properties Realty Trust, Inc. (EPRT) on Monday, May 11, 2020 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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