PRINCETON, N.J.--(BUSINESS WIRE)--Essential Properties Realty Trust, Inc. (NYSE: EPRT; the “Company”) announced today that 86.0340% of the dividends paid to common shareholders for the 2023 tax year are classified for federal income tax purposes as a taxable distribution. The tax attributes of the common stock dividends paid per share are outlined below. CUSIP: 29670E107 Record Date   Payment Date   Rate Per Share   Ordinary Dividends   Qualified Dividends (Amount included in Ord ...

Financial Data and Key Metrics Changes - The company reported an AFFO of $66.3 million for Q3 2023, an increase of 24% compared to the same period in 2022, and up over 7% from Q2 2023 [29] - Core FFO per share was $0.45 for Q3 2023, representing an 18% increase versus Q3 2022 [29] - Total G&A was approximately $7.2 million in Q3 2023, with cash G&A at $5 million, resulting in a cash G&A as a percentage of total revenue decreasing to 5.5% [12] Business Line Data and Key Metrics Changes - The company acquired 65 properties in Q3 2023, with an initial cash cap rate of 7.6% and an average annual rent escalation of 2% [5] - Same-store rent growth was 1.2%, a decrease of 30 basis points from the previous quarter, impacted by a bankruptcy of a gym operator [7] - The weighted average unit level rent coverage for tenants was 4.0 times, with only 3.1% of ABR having less than 1 times rent coverage [24] Market Data and Key Metrics Changes - The company ended the quarter with 1,793 properties, 99.8% leased to 363 tenants across 16 industries [24] - The largest industry by ABR was car washes at 15.3%, down 30 basis points from the previous quarter [113] - The company sold 10 properties for $28.5 million in net proceeds at a weighted average cash yield of 6.5% [27] Company Strategy and Development Direction - The company aims to selectively take advantage of favorable market pricing to recycle capital and reduce industry concentrations [10] - The focus remains on maintaining a conservative leverage profile and strong liquidity position, with 2024 AFFO per share guidance set at $1.71 to $1.75, implying a 5% growth rate [23] - The company emphasizes portfolio diversity as a risk mitigation tool, focusing on non-credit rated tenants and middle market operators [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the predictability of the business, citing a stable portfolio of long-dated leases and significant free cash flow [36] - The company anticipates continued healthy portfolio performance and improving pricing on new investments, despite a volatile capital markets backdrop [110] - Management noted that consumer discretionary industries tend to perform stably through consumer stress, with casual dining being the most vulnerable [68] Other Important Information - The company closed on a $450 million delayed draw term loan, utilizing $200 million to retire a near-term debt maturity [14] - Total liquidity at the end of Q3 was approximately $989.6 million, up $356 million from the previous quarter [32] - The company has nearly $100 million of forecasted retained free cash flow available for investment without additional reliance on capital markets [110] Q&A Session Summary Question: What gives confidence in the 2024 guidance? - Management highlighted the predictability of the business, stable portfolio, and significant free cash flow as key factors supporting the guidance [36] Question: What are the investment spread assumptions for 2024 guidance? - Management indicated that investment cap rates are expected to remain in the high-7% range [42] Question: Which industries are expected to be most impacted by a weaker consumer? - Management noted that casual dining tends to be hit hardest during economic downturns, but they expect overall portfolio stability [92]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________________________________ FORM 10-Q _____________________________________________________________________________________________________________ (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Essential Properties Realty Trust, Inc. as of June 30, 2023, including balance sheets, statements of operations, and cash flows Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$4,312,822** | **$4,000,033** | | Net Investments | $4,133,233 | $3,779,078 | | Cash and cash equivalents | $14,108 | $62,345 | | **Total Liabilities** | **$1,505,562** | **$1,503,262** | | Unsecured term loans, net | $1,026,053 | $1,025,492 | | Senior unsecured notes, net | $395,566 | $395,286 | | **Total Equity** | **$2,807,260** | **$2,496,771** | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$86,516** | **$71,446** | **$170,204** | **$141,567** | | Rental revenue | $81,819 | $67,089 | $159,991 | $133,201 | | **Net Income** | **$53,000** | **$35,812** | **$96,056** | **$62,630** | | Net Income Attributable to Stockholders | $52,802 | $35,653 | $95,698 | $62,352 | | **Diluted Net Income Per Share** | **$0.35** | **$0.27** | **$0.64** | **$0.48** | Consolidated Statement of Cash Flows Highlights (Six months ended June 30, in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$119,086** | **$101,987** | | **Net cash used in investing activities** | **($388,826)** | **($325,848)** | | Investment in real estate, including capital expenditures | ($447,244) | ($322,707) | | Proceeds from sales of real estate, net | $78,897 | $44,514 | | **Net cash provided by financing activities** | **$212,348** | **$190,317** | | Proceeds from issuance of common stock, net | $296,567 | $190,577 | | Dividends paid | ($80,581) | ($66,943) | | **Net decrease in cash** | **($57,392)** | **($33,544)** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the company's financial condition, operations, and liquidity, including business overview and non-GAAP measures [Overview](index=43&type=section&id=Overview) The company is an internally managed REIT focused on single-tenant, net-leased properties, with a diversified portfolio Portfolio Snapshot as of June 30, 2023 | Metric | Value | | :--- | :--- | | Properties (incl. mortgage collateral) | 1,742 | | Occupancy | 99.9% | | Annualized Base Rent | $328.7 million | | Tenants | 360 | | Concepts | 560 | | Industries | 16 | | States | 48 | | Weighted Average Lease Term | 14.0 years | | Weighted Average Rent Coverage Ratio | 4.1x | - The company's investment strategy focuses on diversification, with a goal that no single tenant will contribute more than **5%** of annualized base rent over time. As of June 30, 2023, the largest tenant contributed **3.6%**[217](index=217&type=chunk) - A significant portion of investments are sale-leaseback transactions, accounting for approximately **99.1%** of investments in Q2 2023[219](index=219&type=chunk) [Our Business and Growth Strategies](index=45&type=section&id=Our%20Business%20and%20Growth%20Strategies) The company maximizes stockholder value by growing a diversified portfolio through disciplined underwriting and sale-leaseback transactions - Focus on originating sale-leaseback transactions, which accounted for **89.0%** of the portfolio's annualized base rent (excluding the Initial Portfolio) as of June 30, 2023[232](index=232&type=chunk) - Emphasize investments in properties leased to tenants in service-oriented or experience-based businesses, such as car washes, quick-service restaurants, and early childhood education, which are considered more insulated from e-commerce pressures[234](index=234&type=chunk) - Maintain a prudent balance sheet, targeting a net debt to annualized adjusted EBITDAre ratio of **less than six times** over time[237](index=237&type=chunk) [Historical Investment and Disposition Activity](index=47&type=section&id=Historical%20Investment%20and%20Disposition%20Activity) This section summarizes investment and disposition activities, highlighting Q2 2023 investment volume of **$277.4 million** Quarterly Investment Activity (dollars in thousands) | Quarter Ended | Investment Activity | Cash Cap Rate | | :--- | :--- | :--- | | June 30, 2023 | $277,361 | 7.4% | | March 31, 2023 | $207,147 | 7.6% | | December 31, 2022 | $328,370 | 7.5% | | September 30, 2022 | $195,454 | 7.1% | Quarterly Disposition Activity (dollars in thousands) | Quarter Ended | Disposition Volume | Cash Cap Rate (Leased) | | :--- | :--- | :--- | | June 30, 2023 | $41,736 | 6.2% | | March 31, 2023 | $37,161 | 6.1% | | December 31, 2022 | $75,522 | 6.9% | | September 30, 2022 | $35,513 | 6.2% | [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company had **$14.1 million** cash and **$600.0 million** available credit, with **$159.1 million** in future commitments - As of June 30, 2023, the company had **$14.1 million** of cash and cash equivalents and full availability of **$600.0 million** under its Revolving Credit Facility[134](index=134&type=chunk)[244](index=244&type=chunk) - The company has a future funding commitment of approximately **$159.1 million** for tenant construction and development, which it expects to fund by June 30, 2024[246](index=246&type=chunk) Contractual Obligations as of June 30, 2023 (in thousands) | Obligation | Total | Due 2024 - 2025 | Due 2026 - 2027 | Thereafter | | :--- | :--- | :--- | :--- | :--- | | Unsecured term loans | $1,030,000 | $200,000 | $430,000 | $400,000 | | Senior unsecured notes | $400,000 | $0 | $0 | $400,000 | | Tenant construction financing | $159,070 | $159,070 | $0 | $0 | | Operating lease obligations | $20,998 | $2,585 | $1,435 | $16,263 | | **Total** | **$1,610,068** | **$361,655** | **$431,435** | **$816,263** | [Our Real Estate Investment Portfolio](index=54&type=section&id=Our%20Real%20Estate%20Investment%20Portfolio) As of June 30, 2023, the diversified portfolio includes **1,742** properties generating **$328.7 million** in annualized base rent Top 5 Tenants by Annualized Base Rent (as of June 30, 2023) | Tenant | Concept | % of Annualized Base Rent | | :--- | :--- | :--- | | EquipmentShare.com Inc. | EquipmentShare | 3.6% | | Mdsfest, Inc. | Festival Foods | 1.7% | | The Track Holdings, LLC | Five Star | 1.7% | | Captain D's, LLC | Captain D's | 1.7% | | CNP Holdings, LLC | Chicken N Pickle | 1.7% | Top 5 Industries by Annualized Base Rent (as of June 30, 2023) | Tenant Industry | % of Annualized Base Rent | | :--- | :--- | | Car Washes | 15.6% | | Early Childhood Education | 12.0% | | Quick Service | 10.8% | | Medical / Dental | 10.6% | | Automotive Service | 8.2% | - The portfolio has a long-duration lease profile, with a weighted average remaining lease term of **14.0 years**. Only **5.2%** of annualized base rent is attributable to leases expiring before January 1, 2028[287](index=287&type=chunk) [Results of Operations](index=60&type=section&id=Results%20of%20Operations) Q2 2023 total revenues increased **21.1%** to **$86.5 million**, driven by portfolio growth and reduced impairment Comparison of Q2 2023 vs Q2 2022 (in thousands) | Item | Q2 2023 | Q2 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Rental Revenue | $81,819 | $67,089 | +22.0% | | Total Revenues | $86,516 | $71,446 | +21.1% | | Provision for impairment | $802 | $6,258 | -87.2% | | Interest Expense | $12,071 | $9,190 | +31.3% | | Net Income | $53,000 | $35,812 | +47.9% | Comparison of H1 2023 vs H1 2022 (in thousands) | Item | H1 2023 | H1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Rental Revenue | $159,991 | $133,201 | +20.1% | | Total Revenues | $170,204 | $141,567 | +20.2% | | Provision for impairment | $1,479 | $10,193 | -85.5% | | Interest Expense | $24,204 | $18,350 | +31.9% | | Net Income | $96,056 | $62,630 | +53.4% | [Non-GAAP Financial Measures](index=64&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles non-GAAP metrics including FFO, Core FFO, and AFFO, highlighting Q2 2023 AFFO at **$61.9 million** Reconciliation of Net Income to FFO and AFFO (in thousands) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $53,000 | $35,812 | $96,056 | $62,630 | | FFO | $65,972 | $54,024 | $128,589 | $103,406 | | Core FFO | $66,144 | $54,024 | $127,885 | $105,544 | | AFFO | $61,880 | $50,617 | $120,136 | $99,552 | Reconciliation of Net Income to EBITDAre (in thousands) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $53,000 | $35,812 | $96,056 | $62,630 | | EBITDA | $89,524 | $67,321 | $168,052 | $123,895 | | EBITDAre | $77,779 | $63,485 | $152,070 | $122,336 | - Annualized Adjusted EBITDAre for the three months ended June 30, 2023 was calculated to be **$331.7 million**[332](index=332&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed by matching long-term leases with fixed-rate debt - The company's primary market risk exposure is to interest rate changes[338](index=338&type=chunk) - The company has effectively fixed the interest rates on its variable-rate 2024, 2027, and 2028 Term Loans by entering into interest rate swap agreements[340](index=340&type=chunk) Fair Value of Fixed-Rate Debt as of June 30, 2023 (in thousands) | Debt Instrument | Carrying Value | Estimated Fair Value | | :--- | :--- | :--- | | Senior unsecured notes | $400,000 | $299,760 | [Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were effective as of June 30, 2023, with no material changes in internal control - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[347](index=347&type=chunk) - No material changes were identified in the company's internal control over financial reporting during the quarter[348](index=348&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings, not expected to materially affect its business or financial condition - Management does not believe that the resolution of any current legal matters, individually or in the aggregate, will have a material adverse effect on the company[351](index=351&type=chunk) [Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes to risk factors from the Annual Report on Form 10-K for the year ended December 31, 2022[352](index=352&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[353](index=353&type=chunk) [Defaults Upon Senior Securities](index=70&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[354](index=354&type=chunk) [Mine Safety Disclosures](index=70&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[355](index=355&type=chunk) [Other Information](index=70&type=section&id=Item%205.%20Other%20Information) The President and CEO adopted a 10b5-1 Stock Trading Plan for the potential sale of approximately **160,000** shares - The President and CEO, Peter M. Mavoides, adopted a 10b5-1 Stock Trading Plan on June 18, 2023, for the potential sale of approximately **160,000** shares of common stock[356](index=356&type=chunk) [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications (Rule 302 and Section 906) and Inline XBRL data files[358](index=358&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________________________________ FORM 10-Q _____________________________________________________________________________________________________________ (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Essential Properties Realty Trust, Inc. (NYSE:EPRT) Q4 2022 Earnings Conference Call February 16, 2023 10:00 AM ET Company Participants Daniel Donlan - Senior Vice President and Head of Capital Markets Peter Mavoides - President and Chief Executive Officer Mark Patten - Executive Vice President and Chief Financial Officer Conference Call Participants Ravi Vaidya - Mizuho Securities RJ Milligan - Raymond James & Associates Joshua Dennerlein - Bank of America Merrill Lynch Greg McGinniss - Scotiabank Nick Ker ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38530 Essential Properties Realty Trust, Inc. (Exact name of Registrant as specified in its Charter) Maryland 82-4005693 (State or ot ...

Essential Properties Realty Trust Brands, Inc. (NYSE:EPRT) Q3 2021 Earnings Conference Call November 2, 2021 11:00 AM ET Company Participants Daniel Donlan - SVP & Head, Capital Markets Peter Mavoides - President, CEO & Director Gregg Seibert - EVP & COO Mark Patten - EVP, CFO & Treasurer Conference Call Participants Greg McGinniss - Scotiabank Sheila McGrath - Evercore ISI Nathan Crossett - Berenberg Haendel St. Juste - Mizuho Securities Caitlin Burrows - Goldman Sachs Group Mary McConnell - Citigroup Ki B ...

Portfolio Highlights - The company has a newly assembled portfolio of single-tenant net lease properties with a weighted average lease term (WALT) of 14.0 years[3] - The portfolio demonstrates solid unit-level rent coverage of 3.2x[3] - The portfolio is heavily weighted towards service and experiential cash ABR, representing 95% of the total[3] - The average investment per property is $2.2 million[3] Investment Strategy & Growth - The company targets growth via sale-leaseback transactions with middle-market companies, with 85% of investments being internally-originated sale-leasebacks[3] - The company's average quarterly investment activity is $175 million[3] - QTD investments of approximately $169 million were completed at a 7.2% cash yield, with another ~$67 million under PSA and ~$210 million under LOI[5] Balance Sheet & Financials - The company maintains a conservative long-term leverage profile, with a net debt-to-adjusted annualized EBITDAre of 4.6x and debt-to-undepreciated gross assets of 33%[3] - The company has strong liquidity of $530 million, including $400 million of capacity on the unsecured credit facility and $130 million of available cash as of 2Q'21[5] - The weighted average debt maturity is 6.7 years, and the weighted average interest rate is 3.11% as of 2Q'21[5]

Essential Properties Realty Trust, Inc. (NYSE:EPRT) Q2 2021 Earnings Conference Call July 29, 2021 11:00 AM ET Company Participants Dan Donlan - Senior Vice President and Head of Capital Markets Pete Mavoides - President & Chief Executive Officer Gregg Seibert - Chief Operating Officer Mark Patten - Chief Financial Officer Conference Call Participants Nate Crossett - Berenberg Parker Decraene - Citi Greg McGinniss - Scotiabank Sheila McGrath - Evercore Caitlin Burrows - Goldman Sachs John Massocca - Ladenbu ...