- First Quarter Net Income per Share of $0.14
and AFFO per Share of $0.30 - - Closed Investments of $197.8
million at a 7.0% Weighted Average Cash Cap Rate - - Reiterate 2021
AFFO per Share Guidance -
Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential
Properties” or the “Company”), today announced operating results
for the three months ended March 31, 2021.
First Quarter 2021 Financial and Operating Highlights
Operating Results (as compared to First
Quarter 2020):
- Investments (74 properties)
$ Invested
$197.8 million
Weighted Avg Cash Cap Rate
7.0%
Decreased by 7%
$0.14
- Funds from Operations ("FFO") per share
Increased by 7%
$0.30
- Core Funds from Operations ("Core FFO") per share
Remained unchanged
$0.30
- Adjusted Funds from Operations ("AFFO") per share
Increased by 3%
$0.30
Equity Activity:
- Equity Raised - ATM Program
$23.22/share
$64.9 million
Highlights Subsequent to First Quarter 2021
- Investments (19 properties)
$ Invested
$45.6 million
- Dispositions (4 properties)
$ Gross Proceeds
$4.8 million
Equity Activity:
- Equity Raised - ATM Program
$23.45/share
$2.4 million
- Equity Raised - Follow-On Offering (April 15th, 2021)
$23.50/share
$193.2 million
CEO Comments
Commenting on the first quarter 2021 results, Essential
Properties’ President and Chief Executive Officer, Pete Mavoides,
said, “We are pleased with our first quarter results, particularly
the continuation of the key trends that drove our robust fourth
quarter results, including the increased stability of our
portfolio, strong investment activity, and attractively priced
capital raising.” Mr. Mavoides added, “With regards to our $198
million quarterly investment activity, 81% were prior relationship
transactions and 85% were direct sale-leasebacks, which speaks to
the consistency of our team and our disciplined investment
approach. We remain optimistic that these favorable dynamics can
continue through 2021 and beyond.”
Portfolio Update
Investments
The Company’s investment activity during the three months ended
March 31, 2021 is summarized as follows:
Quarter Ended March 31,
2021
Investments:
$ Invested
$197.8 million
# of Properties
74
# of Separate Transactions
22
Weighted Average Cash and GAAP Cap
Rate
7.0%/7.9%
WALT
16.1 years
% Sale-Leaseback Transactions
85%
% Subject to Master Lease
79%
% Required Financial Reporting
(tenant/guarantor)
100%
Dispositions
The Company’s disposition activity during the three months ended
March 31, 2021 is summarized as follows:
Quarter Ended March 31,
2021
Dispositions:
Net Proceeds
$25.2 million
# of Properties Sold
16
Net Gain / (Loss)
$3.8 million
Weighted Average Cash Cap Rate (excluding
vacant properties)
7.1%
Portfolio Highlights
The Company’s investment portfolio as of March 31, 2021 is
summarized as follows:
Number of properties
1,240
Weighted average lease term
14.3 years
Weighted average rent coverage ratio
3.0x
Number of tenants
259
Number of states
43
Number of industries
17
Weighted average occupancy
99.1%
Total square feet of rentable space
10,801,149
Cash ABR - service-oriented or
experience-based
95.3%
Cash ABR - properties subject to master
lease
59.9%
Leverage and Balance Sheet and Liquidity
The Company's leverage, balance sheet and liquidity are
summarized in the following table. Pro forma adjustments have been
made to reflect the impact of the Company’s April 2021 follow-on
offering of common stock. On April 15, 2021, the Company issued
8,222,500 shares of common stock for proceeds of $185.5 million,
net of underwriters’ discounts.
March 31, 2021
Pro Forma March 31,
2021
Leverage:
Net debt to Annualized Adjusted
EBITDAre
5.1x
4.1x
Balance Sheet and Liquidity:
Cash and cash equivalents and restricted
cash
$44.8 million
$230.3 million
Unused borrowing capacity
$262.0 million
$262.0 million
Total available liquidity
$306.8 million
$492.3 million
ATM Program:
2020 ATM Program availability
$250.0 million
Aggregate gross sales under the 2020 ATM
Program
$144.2 million
Availability remaining under the 2020 ATM
Program
$105.8 million
Dividend Information
As previously announced, on March 5, 2021 Essential Properties'
board of directors declared a cash dividend of 0.24 per share of
common stock for the quarter ended March 31, 2021. The dividend was
paid on April 15, 2021 to stockholders of record as of the close of
business on March 31, 2021.
2021 Guidance
The Company reiterates its previously issued expectation that
2021 AFFO per share on a fully diluted basis will be within a range
of $1.22 to $1.26.
Conference Call Information
In conjunction with the release of Essential Properties’
operating results, the Company will host a conference call on
Tuesday, May 4, 2021 at 10:00 a.m. EDT to discuss the results. To
access the conference, dial 877-407-9208 (International:
201-493-6784). A live webcast will also be available in listen-only
mode by clicking on the webcast link in the Investor Relations
section at www.essentialproperties.com.
A telephone replay of the conference call can also be accessed
by calling 844-512-2921 (International: 412-317-6671) and entering
the access code: 13719029. The telephone replay will be available
through May 18, 2021.
A replay of the conference call webcast will be available on our
website approximately two hours after the conclusion of the live
broadcast. The webcast replay will be available for 90 days. No
access code is required for this replay.
Supplemental Materials
The Company’s Supplemental Operating & Financial Data—First
Quarter Ended March 31, 2021 is available on Essential Properties’
website at investors.essentialproperties.com.
About Essential Properties Realty Trust, Inc.
Essential Properties Realty Trust, Inc. is an internally managed
REIT that acquires, owns and manages primarily single- tenant
properties that are net leased on a long-term basis to companies
operating service-oriented or experience-based businesses. As of
March 31, 2021, the Company’s portfolio consisted of 1,240
freestanding net lease properties with a weighted average lease
term of 14.3 years and a weighted average rent coverage ratio of
3.0x. In addition, as of March 31, 2021, the Company’s portfolio
was 99.1% leased to 259 tenants operating 367 different concepts in
17 industries across 43 states.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. When used in this press
release, the words “estimate,” “anticipate,” “expect,” “believe,”
“intend,” “may,” “will,” “should,” “seek,” “approximately” or
“plan,” or the negative of these words and phrases or similar words
or phrases that are predictions of or indicate future events or
trends and that do not relate solely to historical matters are
intended to identify forward-looking statements. You can also
identify forward-looking statements by discussions of strategy,
plans or intentions of management. Forward-looking statements
involve numerous risks and uncertainties and you should not rely on
them as predictions of future events. Forward-looking statements
depend on assumptions, data or methods that may be incorrect or
imprecise and the Company may not be able to realize them. The
Company does not guarantee that the transactions and events
described will happen as described (or that they will happen at
all). You are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release. While forward-looking statements reflect the
Company’s good faith beliefs, they are not guarantees of future
performance. The Company undertakes no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances
after the date of this press release or to reflect the occurrence
of unanticipated events, except as required by law. In light of
these risks and uncertainties, the forward-looking events discussed
in this press release might not occur as described, or at all.
Additional information concerning factors that could cause
actual results to differ materially from these forward-looking
statements is contained in the company’s Securities and Exchange
Commission (the "Commission”) filings, including, but not limited
to, the Company’s most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q. Copies of each filing
may be obtained from the Company or the Commission. Such
forward-looking statements should be regarded solely as reflections
of the Company’s current operating plans and estimates. Actual
operating results may differ materially from what is expressed or
forecast in this press release.
The results reported in this press release are preliminary and
not final. There can be no assurance that these results will not
vary from the final results reported in the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2021 that it
will file with the Commission.
Non-GAAP Financial Measures and Certain Definitions
The Company’s reported results are presented in accordance with
GAAP. The Company also discloses the following non-GAAP financial
measures: FFO, Core FFO, AFFO, earnings before interest, taxes,
depreciation and amortization (“EBITDA”), EBITDA further adjusted
to exclude gains (or losses) on sales of depreciable property and
real estate impairment losses (“EBITDAre”), adjusted EBITDAre,
annualized adjusted EBITDAre, net debt, net operating income
(“NOI”) and cash NOI (“Cash NOI”). The Company believes these
non-GAAP financial measures are industry measures used by analysts
and investors to compare the operating performance of REITs.
FFO, Core FFO and AFFO
The Company computes FFO in accordance with the definition
adopted by the Board of Governors of the National Association of
Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as
GAAP net income or loss adjusted to exclude extraordinary items (as
defined by GAAP), net gain or loss from sales of depreciable real
estate assets, impairment write-downs associated with depreciable
real estate assets and real estate-related depreciation and
amortization (excluding amortization of deferred financing costs
and depreciation of non-real estate assets), including the pro rata
share of such adjustments of unconsolidated subsidiaries. FFO is
used by management, and may be useful to investors and analysts, to
facilitate meaningful comparisons of operating performance between
periods and among the Company’s peers primarily because it excludes
the effect of real estate depreciation and amortization and net
gains and losses on sales (which are dependent on historical costs
and implicitly assume that the value of real estate diminishes
predictably over time, rather than fluctuating based on existing
market conditions).
The Company computes Core FFO by adjusting FFO, as defined by
NAREIT, to exclude certain GAAP income and expense amounts that it
believes are infrequent and unusual in nature and/or not related to
its core real estate operations. Exclusion of these items from
similar FFO-type metrics is common within the equity REIT industry,
and management believes that presentation of Core FFO provides
investors with a metric to assist in their evaluation of our
operating performance across multiple periods and in comparison to
the operating performance of our peers, because it removes the
effect of unusual items that are not expected to impact our
operating performance on an ongoing basis.
Core FFO is used by management in evaluating the performance of
our core business operations. Items included in calculating FFO
that may be excluded in calculating Core FFO include certain
transaction related gains, losses, income or expense or other
non-core amounts as they occur.
To derive AFFO, the Company modifies its computation of Core FFO
to include other adjustments to GAAP net income related to certain
items that it believes are not indicative of the Company’s
operating performance, including straight-line rental revenue,
non-cash interest expense, non-cash compensation expense, other
amortization expense, other non-cash charges (including changes to
our provision for loan losses following the adoption of ASC 326),
capitalized interest expense and transaction costs. Such items may
cause short-term fluctuations in net income but have no impact on
operating cash flows or long-term operating performance. The
Company believes that AFFO is an additional useful supplemental
measure for investors to consider when assessing the Company’s
operating performance without the distortions created by non-cash
items and certain other revenues and expenses.
FFO, Core FFO and AFFO do not include all items of revenue and
expense included in net income, they do not represent cash
generated from operating activities and they are not necessarily
indicative of cash available to fund cash requirements;
accordingly, they should not be considered alternatives to net
income as a performance measure or cash flows from operations as a
liquidity measure and should be considered in addition to, and not
in lieu of, GAAP financial measures. Additionally, our computation
of FFO, Core FFO and AFFO may differ from the methodology for
calculating these metrics used by other equity REITs and,
therefore, may not be comparable to similarly titled measures
reported by other equity REITs.
EBITDA and EBITDAre
The Company computes EBITDA as earnings before interest, income
taxes and depreciation and amortization. In 2017, NAREIT issued a
white paper recommending that companies that report EBITDA also
report EBITDAre. The Company computes EBITDAre in accordance with
the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA
(as defined above) excluding gains (or losses) from the sales of
depreciable property and real estate impairment losses. The Company
presents EBITDA and EBITDAre as they are measures commonly used in
its industry and the Company believes that these measures are
useful to investors and analysts because they provide supplemental
information concerning its operating performance, exclusive of
certain non-cash items and other costs. The Company uses EBITDA and
EBITDAre as measures of its operating performance and not as
measures of liquidity.
EBITDA and EBITDAre do not include all items of revenue and
expense included in net income, they do not represent cash
generated from operating activities and they are not necessarily
indicative of cash available to fund cash requirements;
accordingly, they should not be considered alternatives to net
income as a performance measure or cash flows from operations as a
liquidity measure and should be considered in addition to, and not
in lieu of, GAAP financial measures. Additionally, the Company’s
computation of EBITDA and EBITDAre may differ from the methodology
for calculating these metrics used by other equity REITs and,
therefore, may not be comparable to similarly titled measures
reported by other equity REITs.
Net Debt
The Company calculates its net debt as its gross debt (defined
as total debt plus net deferred financing costs on its secured
borrowings) less cash and cash equivalents and restricted cash
available for future investment. The Company believes excluding
cash and cash equivalents and restricted cash available for future
investment from gross debt, all of which could be used to repay
debt, provides an estimate of the net contractual amount of
borrowed capital to be repaid, which it believes is a beneficial
disclosure to investors and analysts.
NOI and Cash NOI
The Company computes NOI as total revenues less property
expenses. NOI excludes all other items of expense and income
included in the financial statements in calculating net income or
loss. Cash NOI further excludes non-cash items included in total
revenues and property expenses, such as straight-line rental
revenue and other amortization and non-cash charges. The Company
believes NOI and Cash NOI provide useful information because they
reflect only those revenue and expense items that are incurred at
the property level and present such items on an unlevered
basis.
NOI and Cash NOI are not measures of financial performance under
GAAP. You should not consider the Company’s NOI and Cash NOI as
alternatives to net income or cash flows from operating activities
determined in accordance with GAAP. Additionally, the Company’s
computation of NOI and Cash NOI may differ from the methodology for
calculating these metrics used by other equity REITs and,
therefore, may not be comparable to similarly titled measures
reported by other equity REITs.
Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
The Company further adjusts EBITDAre, NOI and Cash NOI i) based
on an estimate calculated as if all investment and disposition
activity that took place during the quarter had occurred on the
first day of the quarter, ii) to exclude certain GAAP income and
expense amounts that the Company believes are infrequent and
unusual in nature and iii) to eliminate the impact of lease
termination fees and contingent rental revenue from its tenants
which is subject to sales thresholds specified in the lease. The
Company then annualizes these estimates for the current quarter by
multiplying them by four, which it believes provides a meaningful
estimate of the Company’s current run rate for all investments as
of the end of the current quarter. You should not unduly rely on
these measures, as they are based on assumptions and estimates that
may prove to be inaccurate. The Company’s actual reported EBITDAre,
NOI and Cash NOI for future periods may be significantly less than
these estimates of current run rates.
Cash ABR
Cash ABR means annualized contractually specified cash base rent
in effect as of the end of the current quarter for all of the
Company’s leases (including those accounted for as direct financing
leases) commenced as of that date and annualized cash interest on
its mortgage loans receivable as of that date.
Cash Cap Rate
Cash Cap Rate means annualized contractually specified cash base
rent for the first full month after investment or disposition
divided by the purchase or sale price, as applicable, for the
property.
GAAP Cap Rate
GAAP Cap Rate means annualized rental income computed in
accordance with GAAP for the first full month after investment
divided by the purchase price, as applicable, for the property.
Rent Coverage Ratio
Rent coverage ratio means the ratio of tenant-reported or, when
unavailable, management’s estimate based on tenant-reported
financial information, annual EBITDA and cash rent attributable to
the leased property (or properties, in the case of a master lease)
to the annualized base rental obligation as of a specified
date.
Disclaimer
Essential Properties Realty Trust, Inc. and the Essential
Properties Realty Trust REIT are not affiliated with or sponsored
by Griffin Capital Essential Asset Operating Partnership, L.P. or
the Griffin Capital Essential Asset REIT, information about which
can be obtained at (https://www.gcear.com).
Essential Properties Realty
Trust, Inc. Consolidated Statements of Operations
Three months ended March
31,
(in thousands, except share and per
share data)
2021
2020
(unaudited)
(unaudited)
Revenues:
Rental revenue1,2
$
45,432
$
39,542
Interest on loans and direct financing
leases
3,105
1,938
Other revenue
15
7
Total revenues
48,552
41,487
Expenses:
General and administrative3
6,431
7,536
Property expenses4
1,414
373
Depreciation and amortization
15,646
13,012
Provision for impairment of real
estate
5,722
373
Provision for loan losses
38
468
Total expenses
29,251
21,762
Other operating income:
Gain on dispositions of real estate,
net
3,788
1,875
Income from operations
23,089
21,600
Other (expense)/income:
Loss on repayment of secured
borrowings5
—
(924
)
Interest expense
(7,678
)
(6,833
)
Interest income
20
231
Income before income tax
expense
15,431
14,074
Income tax expense
56
31
Net income
15,375
14,043
Net income attributable to non-controlling
interests
(80
)
(84
)
Net income attributable to
stockholders
$
15,295
$
13,959
Basic weighted-average shares
outstanding
106,986,308
90,322,402
Basic net income per share
$
0.14
$
0.15
Diluted weighted-average shares
outstanding
108,055,741
91,332,297
Diluted net income per share
$
0.14
$
0.15
1.
Includes contingent rent (based on a
percentage of the tenant's gross sales at the leased property) of
$169 and $192 for the three months ended March 31, 2021 and 2020,
respectively.
2.
Includes reimbursable income from the
Company’s tenants of $453 and $165 for the three months ended March
31, 2021 and 2020, respectively.
3.
During the three months ended March 31,
2020, includes non-recurring expenses of $652 for costs and charges
incurred in connection with the departure of one of our executive
officers.
4.
Includes reimbursable expenses from the
Company’s tenants $452 and $165 for the three months ended March
31, 2021 and 2020, respectively.
5.
Includes the write-off of $924 of deferred
financing costs during the three months ended March 31, 2020.
Essential Properties Realty
Trust, Inc. Consolidated Balance Sheets
(in thousands, expect share
and per share amounts)
March 31, 2021
December 31, 2020
(Unaudited)
(Audited)
ASSETS
Investments:
Real estate investments, at cost:
Land and improvements
$
790,395
$
741,254
Building and improvements
1,631,763
1,519,665
Lease incentive
14,192
14,297
Construction in progress
4,029
3,908
Intangible lease assets
83,030
80,271
Total real estate investments, at cost
2,523,409
2,359,395
Less: accumulated depreciation and
amortization
(150,835
)
(136,097
)
Total real estate investments, net
2,372,574
2,223,298
Loans and direct financing lease
receivables, net
176,025
152,220
Real estate investments held for sale,
net
—
17,058
Net investments
2,548,599
2,392,576
Cash and cash equivalents
42,842
26,602
Restricted cash
1,974
6,388
Straight-line rent receivable, net
41,475
37,830
Rent receivables, prepaid expenses and
other assets, net
27,827
25,406
Total assets
$
2,662,717
$
2,488,802
LIABILITIES AND EQUITY
Secured borrowings, net of deferred
financing costs
$
170,161
$
171,007
Unsecured term loans, net of deferred
financing costs
626,450
626,272
Revolving credit facility
138,000
18,000
Intangible lease liabilities, net
10,046
10,168
Dividend payable
26,398
25,703
Derivative liabilities
20,893
38,912
Accrued liabilities and other payables
16,486
16,792
Total liabilities
1,008,434
906,854
Commitments and contingencies
—
—
Stockholders' equity:
Preferred stock, $0.01 par value;
150,000,000 authorized; none issued and outstanding as of March 31,
2021 and December 31, 2020
—
—
Common stock, $0.01 par value; 500,000,000
authorized; 109,171,639 and 106,361,524 issued and outstanding as
of March 31, 2021 and December 31, 2020, respectively
1,092
1,064
Additional paid-in capital
1,753,847
1,688,540
Distributions in excess of cumulative
earnings
(88,635
)
(77,665
)
Accumulated other comprehensive loss
(19,248
)
(37,181
)
Total stockholders' equity
1,647,056
1,574,758
Non-controlling interests
7,227
7,190
Total equity
1,654,283
1,581,948
Total liabilities and equity
$
2,662,717
$
2,488,802
Essential Properties Realty
Trust, Inc. Reconciliation of Non-GAAP Financial Measures
Three months ended March
31,
(unaudited, in thousands except per
share amounts)
2021
2020
Net income
$
15,375
$
14,043
Depreciation and amortization of real
estate
15,621
12,988
Provision for impairment of real
estate
5,722
373
Gain on dispositions of real estate,
net
(3,788
)
(1,875
)
Funds from Operations
32,930
25,529
Other non-recurring expenses1
—
1,576
Core Funds from Operations
32,930
27,105
Adjustments:
Straight-line rental revenue, net
(3,644
)
(3,191
)
Non-cash interest expense
479
534
Non-cash compensation expense
1,595
1,291
Other amortization expense
1,105
434
Other non-cash charges
36
468
Capitalized interest expense
(20
)
(95
)
Transaction costs
—
67
Adjusted Funds from Operations
$
32,481
$
26,613
Net income per share2:
Basic
$
0.14
$
0.15
Diluted
$
0.14
$
0.15
FFO per share2:
Basic
$
0.31
$
0.28
Diluted
$
0.30
$
0.28
Core FFO per share2:
Basic
$
0.31
$
0.30
Diluted
$
0.30
$
0.30
AFFO per share2:
Basic
$
0.30
$
0.29
Diluted
$
0.30
$
0.29
1.
Includes non-recurring expenses of $652
for accruals of severance payments and acceleration of non-cash
compensation expense in connection with the departure of one of our
executive officers and our $924 loss on repayment of secured
borrowings during the three months ended March 31, 2020.
2.
Calculations exclude $119 and $130 from
the numerator for the three months ended March 31, 2021 and 2020,
respectively, related to dividends paid on unvested restricted
share awards and restricted share units.
Essential Properties Realty
Trust, Inc. Reconciliation of Non-GAAP Financial Measures
(in thousands)
Three months ended March 31,
2021
Net income
$
15,375
Depreciation and amortization
15,646
Interest expense
7,678
Interest income
(20
)
Income tax expense
56
EBITDA
38,735
Provision for impairment of real
estate
5,722
Gain on dispositions of real estate,
net
(3,788
)
EBITDAre
40,669
Adjustment for current quarter re-leasing,
acquisition and disposition activity1
2,987
Adjustment to exclude other non-recurring
expenses2
123
Adjusted EBITDAre - Current Estimated
Run Rate
43,779
General and administrative
6,431
Adjusted net operating income
("NOI")
50,210
Straight-line rental revenue, net1
(3,374
)
Other amortization expense
1,105
Adjusted Cash NOI
$
47,941
Annualized EBITDAre
$
162,676
Annualized Adjusted EBITDAre
$
175,116
Annualized Adjusted NOI
$
200,840
Annualized Adjusted Cash NOI
$
191,764
1.
These adjustments are made to reflect
EBITDAre, NOI and Cash NOI as if all re-leasing activity,
investments in and dispositions of real estate made during the
three months ended March 31, 2021 had occurred on January 1,
2021.
2.
Adjustment excludes the $38 adjustment to
our provision for loan loss and an $85 write-off of receivables
from prior periods.
Essential Properties Realty
Trust, Inc. Reconciliation of Non-GAAP Financial Measures
(dollars in thousands, except share and
per share amounts)
March 31, 2021
Secured debt:
Series 2017-1, Class A
$
156,522
Series 2017-1, Class B
15,669
Total secured debt
172,191
Unsecured debt:
$200mm term loan
200,000
$430mm term loan
430,000
Revolving credit facility1
138,000
Total unsecured debt
768,000
Gross debt
940,191
Less: cash & cash equivalents
(42,842
)
Less: restricted cash available for future
investment
(1,974
)
Net debt
895,375
Equity:
Preferred stock
—
Common stock & OP units (109,725,486
shares @ $22.83/share as of 3/31/21)2
2,505,033
Total equity
2,505,033
Total enterprise value ("TEV")
$
3,400,408
Pro forma adjustments to Net Debt and
TEV:3
Net debt
$
895,375
Less: cash received — April 2021 follow-on
offering
(185,500
)
Pro forma net debt
709,875
Total equity
2,505,033
Common stock — April 2021 follow-on
offering (8,222,500 shares @ $22.83/share as of 3/31/21)
187,720
Pro forma TEV
$
3,402,628
Net Debt / TEV
26.3
%
Net Debt / Annualized Adjusted
EBITDAre
5.1x
Pro Forma Net Debt / Pro Forma
TEV
20.9
%
Pro Forma Net Debt / Annualized
Adjusted EBITDAre
4.1x
1.
The Company’s revolving credit facility
provides a maximum aggregate initial original principal amount of
up to $400 million and includes an accordion feature to increase,
subject to certain conditions, the maximum availability of the
facility by up to $200 million.
2.
Common equity & units as of March 31,
2021, based on 109,171,639 common shares outstanding (including
unvested restricted share awards) and 553,847 OP units held by
non-controlling interests.
3.
Pro forma adjustments have been made to
reflect the impact of the Company’s April 2021 follow-on offering
of common stock. On April 15, 2021, the Company issued 8,222,500
shares of common stock for proceeds of $185.5 million, net of
underwriters’ discounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210503005692/en/
Investor/Media:
Essential Properties Realty Trust, Inc. Daniel Donlan, Senior
Vice President, Capital Markets 609-436-0619
info@essentialproperties.com
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