\n– Fourth Quarter Net Income per Share of $0.25 and AFFO per Share of $0.39 –\n<\/p>\n
\n– Closed Investments of $328.4 million at a 7.5% Weighted Average Cash Cap Rate –\n<\/p>\n
\n– Reiterates 2023 AFFO Guidance of $1.58 to $1.64 per Share –\n<\/p>\n
PRINCETON, N.J.–(BUSINESS WIRE)–Essential Properties Realty Trust, Inc. (NYSE: EPRT; \u201cEssential Properties\u201d or the \u201cCompany\u201d) today announced operating results for the three months and year ended December 31, 2022.\n<\/p>\n
<\/a><\/p>\n \nFourth Quarter 2022 Financial and Operating Highlights:\n<\/p>\n \nOperating Results (compared to Fourth Quarter 2021):\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n Investments (115 properties)<\/p>\n \n$ Invested\n<\/p>\n \n\u00a0\n<\/p>\n \n$328.4 million\n<\/p>\n \n\u00a0\n<\/p>\n \nWeighted Avg Cash Cap Rate\n<\/p>\n \n\u00a0\n<\/p>\n \n7.5%\n<\/p>\n Dispositions (26 properties)<\/p>\n \nNet Proceeds\n<\/p>\n \n\u00a0\n<\/p>\n \n$75.5 million\n<\/p>\n \n\u00a0\n<\/p>\n \nWeighted Avg Cash Cap Rate\n<\/p>\n \n\u00a0\n<\/p>\n \n6.9%\n<\/p>\n Net Income per Share<\/p>\n \nIncreased by 4%\n<\/p>\n \n\u00a0\n<\/p>\n \n$0.25\n<\/p>\n Funds from Operations (“FFO”) per Share<\/p>\n \nUnchanged\n<\/p>\n \n\u00a0\n<\/p>\n \n$0.39\n<\/p>\n Core Funds from Operations (“Core FFO”) per Share<\/p>\n \nUnchanged\n<\/p>\n \n\u00a0\n<\/p>\n \n$0.39\n<\/p>\n Adjusted Funds from Operations (“AFFO”) per Share<\/p>\n \nIncreased by 5%\n<\/p>\n \n\u00a0\n<\/p>\n \n$0.39\n<\/p>\n \nDebt & Equity Activity:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n 2028 Term Loan<\/p>\n \nDrew Remaining Available Principal\n<\/p>\n \n$150.0 million\n<\/p>\n Equity Raised (Gross) – ATM Program (1)<\/p>\n \n$23.22\/share\n<\/p>\n \n$22.2 million\n<\/p>\n \nFull Year 2022 Financial and Operating Highlights:\n<\/p>\n \nOperating Results (compared to 2021):\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n Investments (299 properties)<\/p>\n \n$ Invested\n<\/p>\n \n$937.4 million\n<\/p>\n \n\u00a0\n<\/p>\n \nWeighted Avg Cash Cap Rate\n<\/p>\n \n7.2%\n<\/p>\n Dispositions (52 properties)<\/p>\n \nNet Proceeds\n<\/p>\n \n$155.6 million\n<\/p>\n \n\u00a0\n<\/p>\n \nWeighted Avg Cash Cap Rate\n<\/p>\n \n6.6%\n<\/p>\n Net Income per share<\/p>\n \nIncreased by 21%\n<\/p>\n \n$0.99\n<\/p>\n FFO per share<\/p>\n \nIncreased by 13%\n<\/p>\n \n$1.56\n<\/p>\n Core FFO per share<\/p>\n \nIncreased by 12%\n<\/p>\n \n$1.58\n<\/p>\n AFFO per share<\/p>\n \nIncreased by 14%\n<\/p>\n \n$1.53\n<\/p>\n \nEquity Activity:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n Equity Raised (Gross) – ATM Program (1)<\/p>\n \n$24.00\/share\n<\/p>\n \n$235.1 million\n<\/p>\n Equity Raised (Gross) – Follow-On Offering (August 4, 2022)<\/p>\n \n$23.00\/share\n<\/p>\n \n$201.0 million\n<\/p>\n \nHighlights Subsequent to Fourth Quarter 2022:\n<\/p>\n Investments (14 properties)<\/p>\n \n$ Invested\n<\/p>\n \n$65.7 million\n<\/p>\n Dispositions (8 properties)<\/p>\n \n$ Gross Proceeds\n<\/p>\n \n$19.7 million\n<\/p>\n \nEquity Activity:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n Equity Raised (Gross) – ATM Program<\/p>\n \n$24.12\/share\n<\/p>\n \n$20.7 million\n<\/p>\n \n_______________\n<\/p>\n Includes 957,453 shares sold on a forward basis for gross proceeds of $22.2 million that were physically settled for cash in January 2023.<\/p>\n \nCEO Comments\n<\/p>\n \nCommenting on the fourth quarter and full year 2022 results, the Company’s President and Chief Executive Officer, Pete Mavoides, said, “Despite a volatile year for the capital markets, we grew AFFO per share by more than 14% in 2022, thanks to the stable internal rent growth of our high quality net lease portfolio, strong external growth that benefited from our reliable and relationship-driven investment platform, and ready access to attractively priced capital. With nearly $700 million of available liquidity at quarter-end, we are well positioned to capitalize on a robust opportunity set of accretive sale-leaseback transactions, which was evidenced by our record investment activity in the fourth quarter. While we believe economic uncertainty remains elevated, the durability of our service-oriented and experience-based tenancy and our low leverage position provide us with the confidence to affirm our 2023 AFFO per share guidance.”\n<\/p>\n \nPortfolio Highlights\n<\/p>\n \nThe Company\u2019s investment portfolio as of December 31, 2022 is summarized as follows:\n<\/p>\n \nNumber of properties\n<\/p>\n \n\u00a0\n<\/p>\n \n1,653\n<\/p>\n \nWeighted average lease term (WALT)\n<\/p>\n \n\u00a0\n<\/p>\n \n13.9\n<\/p>\n \nWeighted average rent coverage ratio\n<\/p>\n \n\u00a0\n<\/p>\n \n4.0x\n<\/p>\n \nNumber of tenants\n<\/p>\n \n\u00a0\n<\/p>\n \n350\n<\/p>\n \nNumber of concepts (i.e., brands)\n<\/p>\n \n\u00a0\n<\/p>\n \n538\n<\/p>\n \nNumber of industries\n<\/p>\n \n\u00a0\n<\/p>\n \n16\n<\/p>\n \nNumber of states\n<\/p>\n \n\u00a0\n<\/p>\n \n48\n<\/p>\n \nWeighted average occupancy\n<\/p>\n \n\u00a0\n<\/p>\n \n99.9%\n<\/p>\n \nTotal square feet of rentable space\n<\/p>\n \n\u00a0\n<\/p>\n \n16,059,492\n<\/p>\n \nCash ABR – service-oriented or experience-based\n<\/p>\n \n\u00a0\n<\/p>\n \n93.0%\n<\/p>\n \nCash ABR – properties subject to master lease\n<\/p>\n \n\u00a0\n<\/p>\n \n65.0%\n<\/p>\n \nPortfolio Update\n<\/p>\n \nInvestments\n<\/p>\n \nThe Company\u2019s investment activity during the three months and year ended December 31, 2022 is summarized as follows:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nQuarter Ended\n<\/p>\n \nDecember 31, 2022\n<\/p>\n \n\u00a0\n<\/p>\n \nYear Ended\n<\/p>\n \nDecember 31, 2022\n<\/p>\n \nInvestments:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nInvestment volume\n<\/p>\n \n\u00a0\n<\/p>\n \n$328.4 million\n<\/p>\n \n\u00a0\n<\/p>\n \n$937.4 million\n<\/p>\n \nNumber of transactions\n<\/p>\n \n\u00a0\n<\/p>\n \n39\n<\/p>\n \n\u00a0\n<\/p>\n \n112\n<\/p>\n \nProperty count\n<\/p>\n \n\u00a0\n<\/p>\n \n115\n<\/p>\n \n\u00a0\n<\/p>\n \n299\n<\/p>\n \nWeighted average cash \/ GAAP cap rate\n<\/p>\n \n\u00a0\n<\/p>\n \n7.5%\/8.8%\n<\/p>\n \n\u00a0\n<\/p>\n \n7.2%\/8.3%\n<\/p>\n \nWeighted average lease escalation\n<\/p>\n \n\u00a0\n<\/p>\n \n1.8%\n<\/p>\n \n\u00a0\n<\/p>\n \n1.6%\n<\/p>\n \n% Subject to master lease\n<\/p>\n \n\u00a0\n<\/p>\n \n90%\n<\/p>\n \n\u00a0\n<\/p>\n \n83%\n<\/p>\n \n% Sale-leaseback transactions\n<\/p>\n \n\u00a0\n<\/p>\n \n99%\n<\/p>\n \n\u00a0\n<\/p>\n \n97%\n<\/p>\n \n% Existing relationship\n<\/p>\n \n\u00a0\n<\/p>\n \n95%\n<\/p>\n \n\u00a0\n<\/p>\n \n89%\n<\/p>\n \n% Required financial reporting (tenant\/guarantor)\n<\/p>\n \n\u00a0\n<\/p>\n \n100%\n<\/p>\n \n\u00a0\n<\/p>\n \n100%\n<\/p>\n \nWALT\n<\/p>\n \n\u00a0\n<\/p>\n \n18.7 years\n<\/p>\n \n\u00a0\n<\/p>\n \n17.0 years\n<\/p>\n \nDispositions\n<\/p>\n \nThe Company\u2019s disposition activity during the three months and year ended December 31, 2022 is summarized as follows:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nQuarter Ended\n<\/p>\n \nDecember 31, 2022\n<\/p>\n \n\u00a0\n<\/p>\n \nYear Ended\n<\/p>\n \nDecember 31, 2022\n<\/p>\n \nDispositions:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nNet proceeds\n<\/p>\n \n\u00a0\n<\/p>\n \n$75.5 million\n<\/p>\n \n\u00a0\n<\/p>\n \n$155.6 million\n<\/p>\n \nNumber of properties sold\n<\/p>\n \n\u00a0\n<\/p>\n \n26\n<\/p>\n \n\u00a0\n<\/p>\n \n52\n<\/p>\n \nNet gain \/ (loss)\n<\/p>\n \n\u00a0\n<\/p>\n \n$12.6 million\n<\/p>\n \n\u00a0\n<\/p>\n \n$30.6 million\n<\/p>\n \nWeighted average cash cap rate (excluding vacant properties and sales subject to a tenant purchase option )\n<\/p>\n \n\u00a0\n<\/p>\n \n6.9%\n<\/p>\n \n\u00a0\n<\/p>\n \n6.6%\n<\/p>\n \nLoan Repayments\n<\/p>\n \nLoan repayments to the Company during the three months and year ended December 31, 2022 are summarized as follows:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nQuarter Ended\n<\/p>\n \nDecember 31, 2022\n<\/p>\n \n\u00a0\n<\/p>\n \nYear Ended\n<\/p>\n \nDecember 31, 2022\n<\/p>\n \nProceeds\u2014Principal\n<\/p>\n \n\u00a0\n<\/p>\n \n$11.8 million\n<\/p>\n \n\u00a0\n<\/p>\n \n$83.3 million\n<\/p>\n \nProceeds\u2014Prepayment penalties\n<\/p>\n \n\u00a0\n<\/p>\n \n$0.1 million\n<\/p>\n \n\u00a0\n<\/p>\n \n$0.9 million\n<\/p>\n \nNumber of properties\n<\/p>\n \n\u00a0\n<\/p>\n \n7\n<\/p>\n \n\u00a0\n<\/p>\n \n44\n<\/p>\n \nLeverage and Balance Sheet and Liquidity\n<\/p>\n \nThe Company’s leverage, balance sheet and liquidity are summarized in the following table.\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDecember 31, 2022\n<\/p>\n \n\u00a0\n<\/p>\n \nPro Forma (1)\n<\/p>\n \nDecember 31, 2022\n<\/p>\n \nLeverage:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nNet debt to Annualized Adjusted EBITDAre\n<\/p>\n \n\u00a0\n<\/p>\n \n4.6x\n<\/p>\n \n\u00a0\n<\/p>\n \n4.5x\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nBalance Sheet and Liquidity:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCash and cash equivalents and restricted cash\n<\/p>\n \n\u00a0\n<\/p>\n \n$71.5 million\n<\/p>\n \n\u00a0\n<\/p>\n \n$93.7 million\n<\/p>\n \nUnused revolving credit facility capacity\n<\/p>\n \n\u00a0\n<\/p>\n \n$600.0 million\n<\/p>\n \n\u00a0\n<\/p>\n \n$600.0 million\n<\/p>\n \nForward equity sales – unsettled\n<\/p>\n \n\u00a0\n<\/p>\n \n$22.2 million\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \nTotal available liquidity\n<\/p>\n \n\u00a0\n<\/p>\n \n$693.7 million\n<\/p>\n \n\u00a0\n<\/p>\n \n$693.7 million\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nATM Program:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2022 ATM Program initial availability\n<\/p>\n \n\u00a0\n<\/p>\n \n$500.0 million\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nAggregate gross sales under the 2022 ATM Program\n<\/p>\n \n\u00a0\n<\/p>\n \n$75.4 million\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nAvailability remaining under the 2022 ATM Program\n<\/p>\n \n\u00a0\n<\/p>\n \n$424.6 million\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nAverage price per share of gross sales since inception in May 2022\n<\/p>\n \n\u00a0\n<\/p>\n \n$22.11\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n_______________\n<\/p>\n Pro forma adjustments have been made to reflect 957,453 shares sold on a forward basis through the Company’s ATM program as if they had been physically settled for cash as of December 31, 2022.<\/p>\n \nGuidance\n<\/p>\n \n2023 Guidance\n<\/p>\n \nThe Company reiterates its previously issued expectation that 2023 AFFO per share on a fully diluted basis will be within a range of $1.58 to $1.64.\n<\/p>\n \nNote: The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, such as, without limitation, potential impairments of real estate assets, net gain\/loss on dispositions of real estate assets, changes in allowance for credit losses and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance period.\n<\/p>\n \nDividend Information\n<\/p>\n \nAs previously announced, on November 30, 2022, Essential Properties’ board of directors declared a cash dividend of $0.275 per share of common stock for the quarter ended December 31, 2022. The dividend was paid on January 13, 2023 to stockholders of record as of the close of business on December 30, 2022.\n<\/p>\n \nConference Call Information\n<\/p>\n \nIn conjunction with the release of Essential Properties\u2019 operating results, the Company will host a conference call on Thursday, February 16, 2023 at 10:00 a.m. EST 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>.\n<\/p>\n \nA telephone replay of the conference call can also be accessed by calling 844-512-2921 (International: 412-317-6671) and entering the access code: 13735903. The telephone replay will be available through March 2, 2023.\n<\/p>\n \nA 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.\n<\/p>\n \nSupplemental Materials\n<\/p>\n \nThe Company\u2019s Supplemental Operating & Financial Data\u2014Fourth Quarter Ended December 31, 2022 is available on Essential Properties\u2019 website at investors.essentialproperties.com<\/a>.\n<\/p>\n \nAbout Essential Properties Realty Trust, Inc.\n<\/p>\n \nEssential 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 December 31, 2022, the Company\u2019s portfolio consisted of 1,653 freestanding net lease properties with a weighted average lease term of 13.9 years and a weighted average rent coverage ratio of 4.0x. In addition, as of December 31, 2022, the Company\u2019s portfolio was 99.9% leased to 350 tenants operating 538 different concepts in 16 industries across 48 states.\n<\/p>\n \nForward-Looking Statements\n<\/p>\n \nThis press release contains forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words \u201cestimate,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseek,\u201d \u201capproximately\u201d or \u201cplan,\u201d 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\u2019s 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.\n<\/p>\n \nAdditional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained in the company\u2019s Securities and Exchange Commission (the “Commission\u201d) filings, including, but not limited to, the Company\u2019s most recent Annual Report on Form 10-K. 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\u2019s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release.\n<\/p>\n \nThe 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\u2019s Annual Report on Form 10-K for the year ended December 31, 2022 that it will file with the Commission.\n<\/p>\n \nNon-GAAP Financial Measures and Certain Definitions\n<\/p>\n \nThe Company\u2019s 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 (\u201cEBITDA\u201d), EBITDA further adjusted to exclude gains (or losses) on sales of depreciable property and real estate impairment losses (\u201cEBITDAre\u201d), adjusted EBITDAre, annualized adjusted EBITDAre, net debt, net operating income (\u201cNOI\u201d) and cash NOI (\u201cCash NOI\u201d). The Company believes these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs.\n<\/p>\n \nFFO, Core FFO and AFFO\n<\/p>\n \nThe 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\u2019s 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).\n<\/p>\n \nThe 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.\n<\/p>\n \nCore 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.\n<\/p>\n \nTo 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\u2019s 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\u2019s operating performance without the distortions created by non-cash items and certain other revenues and expenses.\n<\/p>\n \nFFO, 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.\n<\/p>\n \nEBITDA and EBITDAre\n<\/p>\n \nThe 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.\n<\/p>\n \nEBITDA 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\u2019s 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.\n<\/p>\n \nNet Debt\n<\/p>\n \nThe 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.\n<\/p>\n \nNOI and Cash NOI\n<\/p>\n \nThe 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.\n<\/p>\n \nNOI and Cash NOI are not measures of financial performance under GAAP. You should not consider the Company\u2019s NOI and Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, the Company\u2019s 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.\n<\/p>\n \nAdjusted EBITDAre \/ Adjusted NOI \/ Adjusted Cash NOI\n<\/p>\n \nThe 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 or loan prepayment 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\u2019s 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\u2019s actual reported EBITDAre, NOI and Cash NOI for future periods may be significantly less than these estimates of current run rates.\n<\/p>\n \nCash ABR\n<\/p>\n \nCash ABR means annualized contractually specified cash base rent in effect as of the end of the current quarter for all of the Company\u2019s 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.\n<\/p>\n \nCash Cap Rate\n<\/p>\n \nCash 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.\n<\/p>\n \nGAAP Cap Rate\n<\/p>\n \nGAAP 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.\n<\/p>\n \nRent Coverage Ratio\n<\/p>\n \nRent coverage ratio means the ratio of tenant-reported or, when unavailable, management\u2019s 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.\n<\/p>\n \nEssential Properties Realty Trust, Inc.\n<\/p>\n \nConsolidated Statements of Operations\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nThree months ended\n<\/p>\n \nDecember 31,\n<\/p>\n \n\u00a0\n<\/p>\n \nYear ended December 31,\n<\/p>\n \n(in thousands, except share and per share data)\n<\/p>\n \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(Unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n \n(Unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n \n(Unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n \n(Audited)\n<\/p>\n \nRevenues:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nRental revenue1,2\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n70,101\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n59,816\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n269,827\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n213,327\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest on loans and direct financing lease receivables\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,009\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,152\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n15,499\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n15,710\n<\/p>\n \n\u00a0\n<\/p>\n \nOther revenue\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n166\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,047\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,180\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,197\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal revenues\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n74,276\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n65,015\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n286,506\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n230,234\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nExpenses:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nGeneral and administrative\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n6,508\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,832\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n29,464\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n24,329\n<\/p>\n \n\u00a0\n<\/p>\n \nProperty expenses3\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n784\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,816\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,452\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,762\n<\/p>\n \n\u00a0\n<\/p>\n \nDepreciation and amortization\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n24,121\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n18,961\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n88,562\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n69,146\n<\/p>\n \n\u00a0\n<\/p>\n \nProvision for impairment of real estate\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n9,623\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n20,164\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n6,120\n<\/p>\n \n\u00a0\n<\/p>\n \nChange in provision for credit losses\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(48\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(92\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n88\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(204\n<\/p>\n \n)\n<\/p>\n \nTotal expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n40,988\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n26,517\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n141,730\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n105,153\n<\/p>\n \n\u00a0\n<\/p>\n \nOther operating income:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nGain on dispositions of real estate, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n12,565\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n497\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n30,647\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n9,338\n<\/p>\n \n\u00a0\n<\/p>\n \nIncome from operations\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n45,853\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n38,995\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n175,423\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n134,419\n<\/p>\n \n\u00a0\n<\/p>\n \nOther (expense)\/income:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nLoss on debt extinguishment4\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(2,138\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4,461\n<\/p>\n \n)\n<\/p>\n \nInterest expense\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(12,128\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(9,170\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(40,370\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(33,614\n<\/p>\n \n)\n<\/p>\n \nInterest income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,025\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n20\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,825\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n94\n<\/p>\n \n\u00a0\n<\/p>\n \nIncome before income tax expense\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n35,750\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n29,845\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n135,740\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n96,438\n<\/p>\n \n\u00a0\n<\/p>\n \nIncome tax expense\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n229\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n55\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n998\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n227\n<\/p>\n \n\u00a0\n<\/p>\n \nNet income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n35,521\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n29,790\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n134,742\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n96,211\n<\/p>\n \n\u00a0\n<\/p>\n \nNet income attributable to non-controlling interests\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(171\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(151\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(612\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(486\n<\/p>\n \n)\n<\/p>\n \nNet income attributable to stockholders\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n35,350\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n29,639\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n134,130\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n95,725\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nBasic weighted-average shares outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n142,378,451\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n122,691,874\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n134,941,188\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n116,358,059\n<\/p>\n \n\u00a0\n<\/p>\n \nBasic net income per share\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.25\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.24\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.99\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.82\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted weighted-average shares outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n143,375,819\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n123,777,032\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n135,855,916\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n117,466,338\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted net income per share\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.25\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.24\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.99\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.82\n<\/p>\n \n\u00a0\n<\/p>\n Contacts <\/p>\n \nInvestor\/Media:\n<\/p>\n \nEssential Properties Realty Trust, Inc.
\n
Daniel Donlan, Senior Vice President, Capital Markets
\n
609-436-0619
\n
info@essentialproperties.com<\/a>\n<\/p>\n
![<\/a><\/p>\n\nFourth Quarter 2022 Financial and Operating Highlights:\n<\/p>\n\nOperating Results (compared to Fourth Quarter 2021):\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\nInvestments (115 properties)<\/p>\n\n$ Invested\n<\/p>\n\n\u00a0\n<\/p>\n\n$328.4 million\n<\/p>\n\n\u00a0\n<\/p>\n\nWeighted Avg Cash Cap Rate\n<\/p>\n\n\u00a0\n<\/p>\n\n7.5%\n<\/p>\nDispositions (26 properties)<\/p>\n\nNet Proceeds\n<\/p>\n\n\u00a0\n<\/p>\n\n$75.5 million\n<\/p>\n\n\u00a0\n<\/p>\n\nWeighted Avg Cash Cap Rate\n<\/p>\n\n\u00a0\n<\/p>\n\n6.9%\n<\/p>\nNet Income per Share<\/p>\n\nIncreased by 4%\n<\/p>\n\n\u00a0\n<\/p>\n\n$0.25\n<\/p>\nFunds from Operations (“FFO”) per Share<\/p>\n\nUnchanged\n<\/p>\n\n\u00a0\n<\/p>\n\n$0.39\n<\/p>\nCore Funds from Operations (“Core FFO”) per Share<\/p>\n\nUnchanged\n<\/p>\n\n\u00a0\n<\/p>\n\n$0.39\n<\/p>\nAdjusted Funds from Operations (“AFFO”) per Share<\/p>\n\nIncreased by 5%\n<\/p>\n\n\u00a0\n<\/p>\n\n$0.39\n<\/p>\n\nDebt & Equity Activity:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n2028 Term Loan<\/p>\n\nDrew Remaining Available Principal\n<\/p>\n\n$150.0 million\n<\/p>\nEquity Raised (Gross) – ATM Program (1)<\/p>\n\n$23.22\/share\n<\/p>\n\n$22.2 million\n<\/p>\n\nFull Year 2022 Financial and Operating Highlights:\n<\/p>\n\nOperating Results (compared to 2021):\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\nInvestments (299 properties)<\/p>\n\n$ Invested\n<\/p>\n\n$937.4 million\n<\/p>\n\n\u00a0\n<\/p>\n\nWeighted Avg Cash Cap Rate\n<\/p>\n\n7.2%\n<\/p>\nDispositions (52 properties)<\/p>\n\nNet Proceeds\n<\/p>\n\n$155.6 million\n<\/p>\n\n\u00a0\n<\/p>\n\nWeighted Avg Cash Cap Rate\n<\/p>\n\n6.6%\n<\/p>\nNet Income per share<\/p>\n\nIncreased by 21%\n<\/p>\n\n$0.99\n<\/p>\nFFO per share<\/p>\n\nIncreased by 13%\n<\/p>\n\n$1.56\n<\/p>\nCore FFO per share<\/p>\n\nIncreased by 12%\n<\/p>\n\n$1.58\n<\/p>\nAFFO per share<\/p>\n\nIncreased by 14%\n<\/p>\n\n$1.53\n<\/p>\n\nEquity Activity:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\nEquity Raised (Gross) – ATM Program (1)<\/p>\n\n$24.00\/share\n<\/p>\n\n$235.1 million\n<\/p>\nEquity Raised (Gross) – Follow-On Offering (August 4, 2022)<\/p>\n\n$23.00\/share\n<\/p>\n\n$201.0 million\n<\/p>\n\nHighlights Subsequent to Fourth Quarter 2022:\n<\/p>\nInvestments (14 properties)<\/p>\n\n$ Invested\n<\/p>\n\n$65.7 million\n<\/p>\nDispositions (8 properties)<\/p>\n\n$ Gross Proceeds\n<\/p>\n\n$19.7 million\n<\/p>\n\nEquity Activity:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\nEquity Raised (Gross) – ATM Program<\/p>\n\n$24.12\/share\n<\/p>\n\n$20.7 million\n<\/p>\n\n_______________\n<\/p>\nIncludes 957,453 shares sold on a forward basis for gross proceeds of $22.2 million that were physically settled for cash in January 2023.<\/p>\n\nCEO Comments\n<\/p>\n\nCommenting on the fourth quarter and full year 2022 results, the Company’s President and Chief Executive Officer, Pete Mavoides, said, “Despite a volatile year for the capital markets, we grew AFFO per share by more than 14% in 2022, thanks to the stable internal rent growth of our high quality net lease portfolio, strong external growth that benefited from our reliable and relationship-driven investment platform, and ready access to attractively priced capital. With nearly $700 million of available liquidity at quarter-end, we are well positioned to capitalize on a robust opportunity set of accretive sale-leaseback transactions, which was evidenced by our record investment activity in the fourth quarter. While we believe economic uncertainty remains elevated, the durability of our service-oriented and experience-based tenancy and our low leverage position provide us with the confidence to affirm our 2023 AFFO per share guidance.”\n<\/p>\n\nPortfolio Highlights\n<\/p>\n\nThe Company\u2019s investment portfolio as of December 31, 2022 is summarized as follows:\n<\/p>\n\nNumber of properties\n<\/p>\n\n\u00a0\n<\/p>\n\n1,653\n<\/p>\n\nWeighted average lease term (WALT)\n<\/p>\n\n\u00a0\n<\/p>\n\n13.9\n<\/p>\n\nWeighted average rent coverage ratio\n<\/p>\n\n\u00a0\n<\/p>\n\n4.0x\n<\/p>\n\nNumber of tenants\n<\/p>\n\n\u00a0\n<\/p>\n\n350\n<\/p>\n\nNumber of concepts (i.e., brands)\n<\/p>\n\n\u00a0\n<\/p>\n\n538\n<\/p>\n\nNumber of industries\n<\/p>\n\n\u00a0\n<\/p>\n\n16\n<\/p>\n\nNumber of states\n<\/p>\n\n\u00a0\n<\/p>\n\n48\n<\/p>\n\nWeighted average occupancy\n<\/p>\n\n\u00a0\n<\/p>\n\n99.9%\n<\/p>\n\nTotal square feet of rentable space\n<\/p>\n\n\u00a0\n<\/p>\n\n16,059,492\n<\/p>\n\nCash ABR – service-oriented or experience-based\n<\/p>\n\n\u00a0\n<\/p>\n\n93.0%\n<\/p>\n\nCash ABR – properties subject to master lease\n<\/p>\n\n\u00a0\n<\/p>\n\n65.0%\n<\/p>\n\nPortfolio Update\n<\/p>\n\nInvestments\n<\/p>\n\nThe Company\u2019s investment activity during the three months and year ended December 31, 2022 is summarized as follows:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nQuarter Ended\n<\/p>\n\nDecember 31, 2022\n<\/p>\n\n\u00a0\n<\/p>\n\nYear Ended\n<\/p>\n\nDecember 31, 2022\n<\/p>\n\nInvestments:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nInvestment volume\n<\/p>\n\n\u00a0\n<\/p>\n\n$328.4 million\n<\/p>\n\n\u00a0\n<\/p>\n\n$937.4 million\n<\/p>\n\nNumber of transactions\n<\/p>\n\n\u00a0\n<\/p>\n\n39\n<\/p>\n\n\u00a0\n<\/p>\n\n112\n<\/p>\n\nProperty count\n<\/p>\n\n\u00a0\n<\/p>\n\n115\n<\/p>\n\n\u00a0\n<\/p>\n\n299\n<\/p>\n\nWeighted average cash \/ GAAP cap rate\n<\/p>\n\n\u00a0\n<\/p>\n\n7.5%\/8.8%\n<\/p>\n\n\u00a0\n<\/p>\n\n7.2%\/8.3%\n<\/p>\n\nWeighted average lease escalation\n<\/p>\n\n\u00a0\n<\/p>\n\n1.8%\n<\/p>\n\n\u00a0\n<\/p>\n\n1.6%\n<\/p>\n\n% Subject to master lease\n<\/p>\n\n\u00a0\n<\/p>\n\n90%\n<\/p>\n\n\u00a0\n<\/p>\n\n83%\n<\/p>\n\n% Sale-leaseback transactions\n<\/p>\n\n\u00a0\n<\/p>\n\n99%\n<\/p>\n\n\u00a0\n<\/p>\n\n97%\n<\/p>\n\n% Existing relationship\n<\/p>\n\n\u00a0\n<\/p>\n\n95%\n<\/p>\n\n\u00a0\n<\/p>\n\n89%\n<\/p>\n\n% Required financial reporting (tenant\/guarantor)\n<\/p>\n\n\u00a0\n<\/p>\n\n100%\n<\/p>\n\n\u00a0\n<\/p>\n\n100%\n<\/p>\n\nWALT\n<\/p>\n\n\u00a0\n<\/p>\n\n18.7 years\n<\/p>\n\n\u00a0\n<\/p>\n\n17.0 years\n<\/p>\n\nDispositions\n<\/p>\n\nThe Company\u2019s disposition activity during the three months and year ended December 31, 2022 is summarized as follows:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nQuarter Ended\n<\/p>\n\nDecember 31, 2022\n<\/p>\n\n\u00a0\n<\/p>\n\nYear Ended\n<\/p>\n\nDecember 31, 2022\n<\/p>\n\nDispositions:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nNet proceeds\n<\/p>\n\n\u00a0\n<\/p>\n\n$75.5 million\n<\/p>\n\n\u00a0\n<\/p>\n\n$155.6 million\n<\/p>\n\nNumber of properties sold\n<\/p>\n\n\u00a0\n<\/p>\n\n26\n<\/p>\n\n\u00a0\n<\/p>\n\n52\n<\/p>\n\nNet gain \/ (loss)\n<\/p>\n\n\u00a0\n<\/p>\n\n$12.6 million\n<\/p>\n\n\u00a0\n<\/p>\n\n$30.6 million\n<\/p>\n\nWeighted average cash cap rate (excluding vacant properties and sales subject to a tenant purchase option )\n<\/p>\n\n\u00a0\n<\/p>\n\n6.9%\n<\/p>\n\n\u00a0\n<\/p>\n\n6.6%\n<\/p>\n\nLoan Repayments\n<\/p>\n\nLoan repayments to the Company during the three months and year ended December 31, 2022 are summarized as follows:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nQuarter Ended\n<\/p>\n\nDecember 31, 2022\n<\/p>\n\n\u00a0\n<\/p>\n\nYear Ended\n<\/p>\n\nDecember 31, 2022\n<\/p>\n\nProceeds\u2014Principal\n<\/p>\n\n\u00a0\n<\/p>\n\n$11.8 million\n<\/p>\n\n\u00a0\n<\/p>\n\n$83.3 million\n<\/p>\n\nProceeds\u2014Prepayment penalties\n<\/p>\n\n\u00a0\n<\/p>\n\n$0.1 million\n<\/p>\n\n\u00a0\n<\/p>\n\n$0.9 million\n<\/p>\n\nNumber of properties\n<\/p>\n\n\u00a0\n<\/p>\n\n7\n<\/p>\n\n\u00a0\n<\/p>\n\n44\n<\/p>\n\nLeverage and Balance Sheet and Liquidity\n<\/p>\n\nThe Company’s leverage, balance sheet and liquidity are summarized in the following table.\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDecember 31, 2022\n<\/p>\n\n\u00a0\n<\/p>\n\nPro Forma (1)\n<\/p>\n\nDecember 31, 2022\n<\/p>\n\nLeverage:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nNet debt to Annualized Adjusted EBITDAre\n<\/p>\n\n\u00a0\n<\/p>\n\n4.6x\n<\/p>\n\n\u00a0\n<\/p>\n\n4.5x\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nBalance Sheet and Liquidity:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCash and cash equivalents and restricted cash\n<\/p>\n\n\u00a0\n<\/p>\n\n$71.5 million\n<\/p>\n\n\u00a0\n<\/p>\n\n$93.7 million\n<\/p>\n\nUnused revolving credit facility capacity\n<\/p>\n\n\u00a0\n<\/p>\n\n$600.0 million\n<\/p>\n\n\u00a0\n<\/p>\n\n$600.0 million\n<\/p>\n\nForward equity sales – unsettled\n<\/p>\n\n\u00a0\n<\/p>\n\n$22.2 million\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\nTotal available liquidity\n<\/p>\n\n\u00a0\n<\/p>\n\n$693.7 million\n<\/p>\n\n\u00a0\n<\/p>\n\n$693.7 million\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nATM Program:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2022 ATM Program initial availability\n<\/p>\n\n\u00a0\n<\/p>\n\n$500.0 million\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nAggregate gross sales under the 2022 ATM Program\n<\/p>\n\n\u00a0\n<\/p>\n\n$75.4 million\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nAvailability remaining under the 2022 ATM Program\n<\/p>\n\n\u00a0\n<\/p>\n\n$424.6 million\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nAverage price per share of gross sales since inception in May 2022\n<\/p>\n\n\u00a0\n<\/p>\n\n$22.11\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n_______________\n<\/p>\nPro forma adjustments have been made to reflect 957,453 shares sold on a forward basis through the Company’s ATM program as if they had been physically settled for cash as of December 31, 2022.<\/p>\n\nGuidance\n<\/p>\n\n2023 Guidance\n<\/p>\n\nThe Company reiterates its previously issued expectation that 2023 AFFO per share on a fully diluted basis will be within a range of $1.58 to $1.64.\n<\/p>\n\nNote: The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, such as, without limitation, potential impairments of real estate assets, net gain\/loss on dispositions of real estate assets, changes in allowance for credit losses and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance period.\n<\/p>\n\nDividend Information\n<\/p>\n\nAs previously announced, on November 30, 2022, Essential Properties’ board of directors declared a cash dividend of $0.275 per share of common stock for the quarter ended December 31, 2022. The dividend was paid on January 13, 2023 to stockholders of record as of the close of business on December 30, 2022.\n<\/p>\n\nConference Call Information\n<\/p>\n\nIn conjunction with the release of Essential Properties\u2019 operating results, the Company will host a conference call on Thursday, February 16, 2023 at 10:00 a.m. EST 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>.\n<\/p>\n\nA telephone replay of the conference call can also be accessed by calling 844-512-2921 (International: 412-317-6671) and entering the access code: 13735903. The telephone replay will be available through March 2, 2023.\n<\/p>\n\nA 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.\n<\/p>\n\nSupplemental Materials\n<\/p>\n\nThe Company\u2019s Supplemental Operating & Financial Data\u2014Fourth Quarter Ended December 31, 2022 is available on Essential Properties\u2019 website at investors.essentialproperties.com<\/a>.\n<\/p>\n\nAbout Essential Properties Realty Trust, Inc.\n<\/p>\n\nEssential 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 December 31, 2022, the Company\u2019s portfolio consisted of 1,653 freestanding net lease properties with a weighted average lease term of 13.9 years and a weighted average rent coverage ratio of 4.0x. In addition, as of December 31, 2022, the Company\u2019s portfolio was 99.9% leased to 350 tenants operating 538 different concepts in 16 industries across 48 states.\n<\/p>\n\nForward-Looking Statements\n<\/p>\n\nThis press release contains forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words \u201cestimate,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseek,\u201d \u201capproximately\u201d or \u201cplan,\u201d 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\u2019s 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.\n<\/p>\n\nAdditional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained in the company\u2019s Securities and Exchange Commission (the “Commission\u201d) filings, including, but not limited to, the Company\u2019s most recent Annual Report on Form 10-K. 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\u2019s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release.\n<\/p>\n\nThe 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\u2019s Annual Report on Form 10-K for the year ended December 31, 2022 that it will file with the Commission.\n<\/p>\n\nNon-GAAP Financial Measures and Certain Definitions\n<\/p>\n\nThe Company\u2019s 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 (\u201cEBITDA\u201d), EBITDA further adjusted to exclude gains (or losses) on sales of depreciable property and real estate impairment losses (\u201cEBITDAre\u201d), adjusted EBITDAre, annualized adjusted EBITDAre, net debt, net operating income (\u201cNOI\u201d) and cash NOI (\u201cCash NOI\u201d). The Company believes these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs.\n<\/p>\n\nFFO, Core FFO and AFFO\n<\/p>\n\nThe 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\u2019s 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).\n<\/p>\n\nThe 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.\n<\/p>\n\nCore 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.\n<\/p>\n\nTo 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\u2019s 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\u2019s operating performance without the distortions created by non-cash items and certain other revenues and expenses.\n<\/p>\n\nFFO, 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.\n<\/p>\n\nEBITDA and EBITDAre\n<\/p>\n\nThe 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.\n<\/p>\n\nEBITDA 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\u2019s 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.\n<\/p>\n\nNet Debt\n<\/p>\n\nThe 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.\n<\/p>\n\nNOI and Cash NOI\n<\/p>\n\nThe 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.\n<\/p>\n\nNOI and Cash NOI are not measures of financial performance under GAAP. You should not consider the Company\u2019s NOI and Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, the Company\u2019s 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.\n<\/p>\n\nAdjusted EBITDAre \/ Adjusted NOI \/ Adjusted Cash NOI\n<\/p>\n\nThe 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 or loan prepayment 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\u2019s 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\u2019s actual reported EBITDAre, NOI and Cash NOI for future periods may be significantly less than these estimates of current run rates.\n<\/p>\n\nCash ABR\n<\/p>\n\nCash ABR means annualized contractually specified cash base rent in effect as of the end of the current quarter for all of the Company\u2019s 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.\n<\/p>\n\nCash Cap Rate\n<\/p>\n\nCash 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.\n<\/p>\n\nGAAP Cap Rate\n<\/p>\n\nGAAP 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.\n<\/p>\n\nRent Coverage Ratio\n<\/p>\n\nRent coverage ratio means the ratio of tenant-reported or, when unavailable, management\u2019s 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.\n<\/p>\n\nEssential Properties Realty Trust, Inc.\n<\/p>\n\nConsolidated Statements of Operations\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nThree months ended\n<\/p>\n\nDecember 31,\n<\/p>\n\n\u00a0\n<\/p>\n\nYear ended December 31,\n<\/p>\n\n(in thousands, except share and per share data)\n<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(Unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\n(Unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\n(Unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\n(Audited)\n<\/p>\n\nRevenues:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nRental revenue1,2\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n70,101\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n59,816\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n269,827\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n213,327\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest on loans and direct financing lease receivables\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,009\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,152\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n15,499\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n15,710\n<\/p>\n\n\u00a0\n<\/p>\n\nOther revenue\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n166\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,047\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,180\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,197\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal revenues\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n74,276\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n65,015\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n286,506\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n230,234\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nExpenses:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nGeneral and administrative\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,508\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,832\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n29,464\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n24,329\n<\/p>\n\n\u00a0\n<\/p>\n\nProperty expenses3\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n784\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,816\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,452\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,762\n<\/p>\n\n\u00a0\n<\/p>\n\nDepreciation and amortization\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n24,121\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n18,961\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n88,562\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n69,146\n<\/p>\n\n\u00a0\n<\/p>\n\nProvision for impairment of real estate\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,623\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n20,164\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,120\n<\/p>\n\n\u00a0\n<\/p>\n\nChange in provision for credit losses\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(48\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(92\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n88\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(204\n<\/p>\n\n)\n<\/p>\n\nTotal expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n40,988\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n26,517\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n141,730\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n105,153\n<\/p>\n\n\u00a0\n<\/p>\n\nOther operating income:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nGain on dispositions of real estate, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n12,565\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n497\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n30,647\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,338\n<\/p>\n\n\u00a0\n<\/p>\n\nIncome from operations\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n45,853\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n38,995\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n175,423\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n134,419\n<\/p>\n\n\u00a0\n<\/p>\n\nOther (expense)\/income:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nLoss on debt extinguishment4\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(2,138\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4,461\n<\/p>\n\n)\n<\/p>\n\nInterest expense\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(12,128\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(9,170\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(40,370\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(33,614\n<\/p>\n\n)\n<\/p>\n\nInterest income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,025\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n20\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,825\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n94\n<\/p>\n\n\u00a0\n<\/p>\n\nIncome before income tax expense\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n35,750\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n29,845\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n135,740\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n96,438\n<\/p>\n\n\u00a0\n<\/p>\n\nIncome tax expense\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n229\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n55\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n998\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n227\n<\/p>\n\n\u00a0\n<\/p>\n\nNet income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n35,521\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n29,790\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n134,742\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n96,211\n<\/p>\n\n\u00a0\n<\/p>\n\nNet income attributable to non-controlling interests\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(171\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(151\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(612\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(486\n<\/p>\n\n)\n<\/p>\n\nNet income attributable to stockholders\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n35,350\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n29,639\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n134,130\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n95,725\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nBasic weighted-average shares outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n142,378,451\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n122,691,874\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n134,941,188\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n116,358,059\n<\/p>\n\n\u00a0\n<\/p>\n\nBasic net income per share\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.25\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.24\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.99\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.82\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted weighted-average shares outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n143,375,819\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n123,777,032\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n135,855,916\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n117,466,338\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted net income per share\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.25\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.24\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.99\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.82\n<\/p>\n\n\u00a0\n<\/p>\n Contacts <\/p>\n\nInvestor\/Media:\n<\/p>\n\nEssential Properties Realty Trust, Inc.\nDaniel Donlan, Senior Vice President, Capital Markets\n609-436-0619\ninfo@essentialproperties.com<\/a>\n<\/p>\n Read full story here <\/a><\/p>","protected":false},"excerpt":{"rendered":"– Fourth Quarter Net Income per Share of $0.25 and AFFO per Share of $0.39 – – Closed Investments of $328.4 million at a 7.5% Weighted Average Cash Cap Rate – – Reiterates 2023 AFFO Guidance of $1.58 to $1.64 per Share – PRINCETON, N.J.–(BUSINESS WIRE)–Essential Properties Realty Trust, Inc. (NYSE: EPRT; \u201cEssential Properties\u201d or […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-864351","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nEssential Properties Announces Fourth Quarter 2022 Results - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/essential-properties-announces-fourth-quarter-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Essential Properties Announces Fourth Quarter 2022 Results - BeBeez\" \/>\n<meta property=\"og:description\" content=\"– Fourth Quarter Net Income per Share of $0.25 and AFFO per Share of $0.39 – – Closed Investments of $328.4 million at a 7.5% Weighted Average Cash Cap Rate – – Reiterates 2023 AFFO Guidance of $1.58 to $1.64 per Share – PRINCETON, N.J.–(BUSINESS WIRE)–Essential Properties Realty Trust, Inc. 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