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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: | |||||
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Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Exhibit No. | Description | ||||
Earnings Press Release dated February 14, 2024 for the three months and year ended December 31, 2023 | |||||
Supplemental Operating & Financial Data—Fourth Quarter Ended December 31, 2023 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: February 14, 2024 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | |||||||
By: | /s/ Mark E. Patten | |||||||
Mark E. Patten | ||||||||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary |
Operating Results (compared to Fourth Quarter 2022): | ||||||||
•Investments (93 properties) | $ Invested | $314.9 million | ||||||
Weighted Avg Cash Cap Rate | 7.9% | |||||||
•Dispositions (9 properties) | Net Proceeds | $30.6 million | ||||||
Weighted Avg Cash Cap Rate | 6.6% | |||||||
•Net Income per Share | Increased by 24% | $0.31 | ||||||
•Funds from Operations ("FFO") per Share | Increased by 18% | $0.46 | ||||||
•Core Funds from Operations ("Core FFO") per Share | Increased by 18% | $0.46 | ||||||
•Adjusted Funds from Operations ("AFFO") per Share | Increased by 8% | $0.42 | ||||||
Debt, Equity & Leverage Update: | ||||||||
•Drew Remaining Principal on $450mm 2029 Term Loan | Additional Draws | $75.0 million | ||||||
•Equity Raised (Gross) - ATM Program (1) | $24.72/share | $47.9 million | ||||||
•Pro Form Net Debt to Annualized Adjusted EBITDAre (2) | As of Quarter End | 4.0x |
Operating Results (compared to 2022): | ||||||||
•Investments (293 properties) | $ Invested | $1.0 billion | ||||||
Weighted Avg Cash Cap Rate | 7.6% | |||||||
•Dispositions (52 properties) | Net Proceeds | $138.0 million | ||||||
Weighted Avg Cash Cap Rate | 6.3% | |||||||
•Net Income per share | Increased by 25% | $1.24 | ||||||
•FFO per share | Increased by 13% | $1.77 | ||||||
•Core FFO per share | Increased by 12% | $1.77 | ||||||
•AFFO per share | Increased by 8% | $1.65 | ||||||
Debt & Equity Activity: | ||||||||
•Equity Raised (Gross) - Follow-On Offerings | $23.68/share | $493.9 million | ||||||
•Equity Raised (Gross) - ATM Program | $24.48/share | $145.2 million |
•Investments (17 properties) | $ Invested | $40.9 million | ||||||
•Dispositions (4 properties) | $ Gross Proceeds | $9.1 million | ||||||
Number of properties | 1,873 | |||||||
Weighted average lease term (WALT) | 14.0 years | |||||||
Weighted average rent coverage ratio | 3.8x | |||||||
Number of tenants | 374 | |||||||
Number of concepts (i.e., brands) | 588 | |||||||
Number of industries | 16 | |||||||
Number of states | 48 | |||||||
Weighted average occupancy | 99.8% | |||||||
Total square feet of rentable space | 18,661,836 | |||||||
Cash ABR - service-oriented or experience-based | 92.9% | |||||||
Cash ABR - properties subject to master lease | 65.7% |
Quarter Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||
Investments: | ||||||||||||||
Investment volume | $314.9 million | $1.0 billion | ||||||||||||
Number of transactions | 43 | 126 | ||||||||||||
Property count | 93 | 293 | ||||||||||||
Weighted average cash / GAAP cap rate | 7.9%/9.1% | 7.6%/8.9% | ||||||||||||
Weighted average lease escalation | 1.9% | 1.9% | ||||||||||||
% Subject to master lease | 72% | 68% | ||||||||||||
% Sale-leaseback transactions | 97% | 99% | ||||||||||||
% Existing relationship | 96% | 85% | ||||||||||||
% Required financial reporting (tenant/guarantor) | 100% | 100% | ||||||||||||
WALT | 17.6 years | 18.3 years |
Quarter Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||
Dispositions: | ||||||||||||||
Net proceeds | $30.6 million | $138.0 million | ||||||||||||
Number of properties sold | 9 | 52 | ||||||||||||
Net gain / (loss) | $4.8 million | $24.2 million | ||||||||||||
Weighted average cash cap rate (excluding vacant properties and sales subject to a tenant purchase option ) | 6.6% | 6.3% |
Quarter Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||
Loan Repayments: | ||||||||||||||
Proceeds—Principal | $4.6 million | $26.9 million | ||||||||||||
Proceeds—Prepayment penalties | $0.1 million | 530,000 | $0.4 million | |||||||||||
Number of properties | 3 | 19 | ||||||||||||
Weighted average cash cap rate | 7.8% | 7.4% |
December 31, 2023 | Pro Forma (1) December 31, 2023 | |||||||||||||
Leverage: | ||||||||||||||
Net debt to Annualized Adjusted EBITDAre | 4.4x | 4.0x | ||||||||||||
Balance Sheet and Liquidity: | ||||||||||||||
Cash and cash equivalents and restricted cash | $49.0 million | $179.6 million | ||||||||||||
Unused revolving credit facility capacity | $600.0 million | $600.0 million | ||||||||||||
Forward equity sales - unsettled | $130.6 million | — | ||||||||||||
Total available liquidity | $779.6 million | $779.6 million | ||||||||||||
ATM Program: | ||||||||||||||
2022 ATM Program initial availability | $500.0 million | |||||||||||||
Aggregate gross sales under the 2022 ATM Program | $220.6 million | |||||||||||||
Availability remaining under the 2022 ATM Program | $279.4 million | |||||||||||||
Average price per share of gross sales since inception in May 2022 | $23.62 |
Three months ended December 31, | Year ended December 31, | |||||||||||||||||||||||||
(in thousands, except share and per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenue1,2 | $ | 92,937 | $ | 70,101 | $ | 339,897 | $ | 269,827 | ||||||||||||||||||
Interest on loans and direct financing lease receivables | 4,580 | 4,009 | 18,128 | 15,499 | ||||||||||||||||||||||
Other revenue | 217 | 166 | 1,570 | 1,180 | ||||||||||||||||||||||
Total revenues | 97,734 | 74,276 | 359,595 | 286,506 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
General and administrative | 7,335 | 6,508 | 30,678 | 29,464 | ||||||||||||||||||||||
Property expenses3 | 1,317 | 784 | 4,663 | 3,452 | ||||||||||||||||||||||
Depreciation and amortization | 27,440 | 24,121 | 102,219 | 88,562 | ||||||||||||||||||||||
Provision for impairment of real estate | 1,903 | 9,623 | 3,548 | 20,164 | ||||||||||||||||||||||
Change in provision for credit losses | (14) | (48) | (99) | 88 | ||||||||||||||||||||||
Total expenses | 37,981 | 40,988 | 141,009 | 141,730 | ||||||||||||||||||||||
Other operating income: | ||||||||||||||||||||||||||
Gain on dispositions of real estate, net | 4,847 | 12,565 | 24,167 | 30,647 | ||||||||||||||||||||||
Income from operations | 64,600 | 45,853 | 242,753 | 175,423 | ||||||||||||||||||||||
Other (expense)/income: | ||||||||||||||||||||||||||
Loss on debt extinguishment4 | — | — | (116) | (2,138) | ||||||||||||||||||||||
Interest expense | (15,760) | (12,128) | (52,597) | (40,370) | ||||||||||||||||||||||
Interest income | 595 | 2,025 | 2,011 | 2,825 | ||||||||||||||||||||||
Income before income tax expense | 49,435 | 35,750 | 192,051 | 135,740 | ||||||||||||||||||||||
Income tax expense | 164 | 229 | 636 | 998 | ||||||||||||||||||||||
Net income | 49,271 | 35,521 | 191,415 | 134,742 | ||||||||||||||||||||||
Net income attributable to non-controlling interests | (176) | (171) | (708) | (612) | ||||||||||||||||||||||
Net income attributable to stockholders | $ | 49,095 | $ | 35,350 | $ | 190,707 | $ | 134,130 | ||||||||||||||||||
Basic weighted-average shares outstanding | 157,561,157 | 142,378,451 | 152,140,735 | 134,941,188 | ||||||||||||||||||||||
Basic net income per share | $ | 0.31 | $ | 0.25 | $ | 1.25 | $ | 0.99 | ||||||||||||||||||
Diluted weighted-average shares outstanding | 159,196,777 | 143,375,819 | 153,521,854 | 135,855,916 | ||||||||||||||||||||||
Diluted net income per share | $ | 0.31 | $ | 0.25 | $ | 1.24 | $ | 0.99 |
(in thousands, expect share and per share amounts) | December 31, 2023 | December 31, 2022 | ||||||||||||
(Unaudited) | (Audited) | |||||||||||||
ASSETS | ||||||||||||||
Investments: | ||||||||||||||
Real estate investments, at cost: | ||||||||||||||
Land and improvements | $ | 1,542,302 | $ | 1,228,687 | ||||||||||
Building and improvements | 2,938,012 | 2,440,630 | ||||||||||||
Lease incentive | 17,890 | 18,352 | ||||||||||||
Construction in progress | 96,524 | 34,537 | ||||||||||||
Intangible lease assets | 89,209 | 88,364 | ||||||||||||
Total real estate investments, at cost | 4,683,937 | 3,810,570 | ||||||||||||
Less: accumulated depreciation and amortization | (367,133) | (276,307) | ||||||||||||
Total real estate investments, net | 4,316,804 | 3,534,263 | ||||||||||||
Loans and direct financing lease receivables, net | 223,854 | 240,035 | ||||||||||||
Real estate investments held for sale, net | 7,455 | 4,780 | ||||||||||||
Net investments | 4,548,113 | 3,779,078 | ||||||||||||
Cash and cash equivalents | 39,807 | 62,345 | ||||||||||||
Restricted cash | 9,156 | 9,155 | ||||||||||||
Straight-line rent receivable, net | 107,545 | 78,587 | ||||||||||||
Derivative assets | 30,980 | 47,877 | ||||||||||||
Rent receivables, prepaid expenses and other assets, net | 32,660 | 22,991 | ||||||||||||
Total assets | $ | 4,768,261 | $ | 4,000,033 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Unsecured term loans, net of deferred financing costs | $ | 1,272,772 | $ | 1,025,492 | ||||||||||
Senior unsecured notes, net | 395,846 | 395,286 | ||||||||||||
Revolving credit facility | — | — | ||||||||||||
Intangible lease liabilities, net | 11,206 | 11,551 | ||||||||||||
Dividend payable | 47,182 | 39,398 | ||||||||||||
Derivative liabilities | 23,005 | 2,274 | ||||||||||||
Accrued liabilities and other payables | 31,248 | 29,261 | ||||||||||||
Total liabilities | 1,781,259 | 1,503,262 | ||||||||||||
Commitments and contingencies | — | — | ||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of December 31, 2023 and 2022 | — | — | ||||||||||||
Common stock, $0.01 par value; 500,000,000 authorized; 164,635,150 and 142,379,655 issued and outstanding as of December 31, 2023 and 2022, respectively | 1,646 | 1,424 | ||||||||||||
Additional paid-in capital | 3,078,459 | 2,563,305 | ||||||||||||
Distributions in excess of cumulative earnings | (105,545) | (117,187) | ||||||||||||
Accumulated other comprehensive loss | 4,019 | 40,719 | ||||||||||||
Total stockholders' equity | 2,978,579 | 2,488,261 | ||||||||||||
Non-controlling interests | 8,423 | 8,510 | ||||||||||||
Total equity | 2,987,002 | 2,496,771 | ||||||||||||
Total liabilities and equity | $ | 4,768,261 | $ | 4,000,033 |
Three months ended December 31, | Year ended December 31, | |||||||||||||||||||||||||
(unaudited, in thousands except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 49,271 | $ | 35,521 | $ | 191,415 | $ | 134,742 | ||||||||||||||||||
Depreciation and amortization of real estate | 27,402 | 24,096 | 102,103 | 88,459 | ||||||||||||||||||||||
Provision for impairment of real estate | 1,903 | 9,623 | 3,548 | 20,164 | ||||||||||||||||||||||
Gain on dispositions of real estate, net | (4,847) | (12,565) | (24,167) | (30,647) | ||||||||||||||||||||||
Funds from Operations | 73,729 | 56,675 | 272,899 | 212,718 | ||||||||||||||||||||||
Non-core expenses1 | 78 | — | (510) | 2,388 | ||||||||||||||||||||||
Core Funds from Operations | 73,807 | 56,675 | 272,389 | 215,106 | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Straight-line rental revenue, net | (9,636) | (4,005) | (30,375) | (20,615) | ||||||||||||||||||||||
Non-cash interest | 992 | 621 | 3,187 | 2,616 | ||||||||||||||||||||||
Non-cash compensation expense | 2,170 | 2,232 | 9,192 | 9,489 | ||||||||||||||||||||||
Other amortization expense | 263 | 735 | 1,507 | 2,912 | ||||||||||||||||||||||
Other non-cash charges | 28 | (52) | (73) | 74 | ||||||||||||||||||||||
Capitalized interest expense | (665) | (394) | (2,430) | (757) | ||||||||||||||||||||||
Adjusted Funds from Operations | $ | 66,959 | $ | 55,812 | $ | 253,397 | $ | 208,825 | ||||||||||||||||||
Net income per share2: | ||||||||||||||||||||||||||
Basic | $ | 0.31 | $ | 0.25 | $ | 1.25 | $ | 0.99 | ||||||||||||||||||
Diluted | $ | 0.31 | $ | 0.25 | $ | 1.24 | $ | 0.99 | ||||||||||||||||||
FFO per share2: | ||||||||||||||||||||||||||
Basic | $ | 0.47 | $ | 0.40 | $ | 1.78 | $ | 1.57 | ||||||||||||||||||
Diluted | $ | 0.46 | $ | 0.39 | $ | 1.77 | $ | 1.56 | ||||||||||||||||||
Core FFO per share2: | ||||||||||||||||||||||||||
Basic | $ | 0.47 | $ | 0.40 | $ | 1.78 | $ | 1.58 | ||||||||||||||||||
Diluted | $ | 0.46 | $ | 0.39 | $ | 1.77 | $ | 1.58 | ||||||||||||||||||
AFFO per share2: | ||||||||||||||||||||||||||
Basic | $ | 0.42 | $ | 0.39 | $ | 1.66 | $ | 1.54 | ||||||||||||||||||
Diluted | $ | 0.42 | $ | 0.39 | $ | 1.65 | $ | 1.53 | ||||||||||||||||||
(in thousands) | Three months ended December 31, 2023 | |||||||
Net income | $ | 49,271 | ||||||
Depreciation and amortization | 27,440 | |||||||
Interest expense | 15,760 | |||||||
Interest income | (595) | |||||||
Income tax expense | 164 | |||||||
EBITDA | 92,040 | |||||||
Provision for impairment of real estate | 1,903 | |||||||
Gain on dispositions of real estate, net | (4,847) | |||||||
EBITDAre | 89,096 | |||||||
Adjustment for current quarter re-leasing, acquisition and disposition activity1 | 4,506 | |||||||
Adjustment to exclude other non-core or non-recurring activity2 | 185 | |||||||
Adjustment to exclude termination/prepayment fees and certain percentage rent3 | (144) | |||||||
Adjusted EBITDAre - Current Estimated Run Rate | 93,643 | |||||||
General and administrative expense | 7,015 | |||||||
Adjusted net operating income ("NOI") | 100,658 | |||||||
Straight-line rental revenue, net1 | (10,278) | |||||||
Other amortization expense | 263 | |||||||
Adjusted Cash NOI | $ | 90,643 | ||||||
Annualized EBITDAre | $ | 356,384 | ||||||
Annualized Adjusted EBITDAre | $ | 374,572 | ||||||
Annualized Adjusted NOI | $ | 402,632 | ||||||
Annualized Adjusted Cash NOI | $ | 362,572 |
(dollars in thousands, except share and per share amounts) | December 31, 2023 | Rate | Wtd. Avg. Maturity | |||||||||||||||||
Unsecured debt: | ||||||||||||||||||||
February 2027 term loan1 | $ | 430,000 | 2.4% | 3.1 years | ||||||||||||||||
January 2028 term loan1 | 400,000 | 4.6% | 4.1 years | |||||||||||||||||
February 2029 term loan1,2 | 450,000 | 4.3% | 5.2 years | |||||||||||||||||
Senior unsecured notes due July 2031 | 400,000 | 3.1% | 7.5 years | |||||||||||||||||
Revolving credit facility3 | — | —% | 2.1 years | |||||||||||||||||
Total unsecured debt | 1,680,000 | 3.6% | 4.9 years | |||||||||||||||||
Gross debt | 1,680,000 | |||||||||||||||||||
Less: cash & cash equivalents | (39,807) | |||||||||||||||||||
Less: restricted cash available for future investment | (9,156) | |||||||||||||||||||
Net debt | 1,631,037 | |||||||||||||||||||
Equity: | ||||||||||||||||||||
Preferred stock | — | |||||||||||||||||||
Common stock & OP units (165,188,997 shares @ $25.56/share as of 12/31/23)4 | 4,208,074 | |||||||||||||||||||
Total equity | 4,208,074 | |||||||||||||||||||
Total enterprise value ("TEV") | $ | 5,839,111 | ||||||||||||||||||
Pro forma adjustments to Net Debt and TEV:5 | ||||||||||||||||||||
Net debt | $ | 1,631,037 | ||||||||||||||||||
Less: Unsettled forward equity (5,778,363 shares @ $22.60 /share as of 12/31/23) | (130,591) | |||||||||||||||||||
Pro forma net debt | 1,500,446 | |||||||||||||||||||
Total equity | 4,208,074 | |||||||||||||||||||
Common stock — unsettled forward equity (5,778,363 shares @ $25.56/share as of 12/31/23) | 147,695 | |||||||||||||||||||
Pro forma TEV | $ | 5,856,215 | ||||||||||||||||||
Gross Debt / Undepreciated Gross Assets | 32.7 | % | ||||||||||||||||||
Net Debt / TEV | 27.9 | % | ||||||||||||||||||
Net Debt / Annualized Adjusted EBITDAre | 4.4x | |||||||||||||||||||
Pro Forma Gross Debt / Undepreciated Gross Assets | 31.9 | % | ||||||||||||||||||
Pro Forma Net Debt / Pro Forma TEV | 25.6 | % | ||||||||||||||||||
Pro Forma Net Debt / Annualized Adjusted EBITDAre | 4.0x |
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