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Essential Properties Announces Fourth Quarter 2020 Results

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Essential Properties Realty Trust (NYSE: EPRT) reported its financial results for Q4 2020 and the full year. Key highlights include a 72% decrease in net income per share to $0.05 and a 30% drop for the full year to $0.44. Funds from Operations (FFO) per share fell 7% in Q4 to $0.25 and dropped 1% year-over-year to $1.08. The company invested $244.1 million in 108 properties in Q4 and $602.8 million in 234 properties for the year. Additionally, the portfolio remains stable with a 99.7% lease rate and strong January rent collections of 95%.

Positive
  • Portfolio leased at 99.7%, indicating strong occupancy.
  • January 2021 rent collections at 95%, showing tenant reliability.
  • Record investment activity with $244.1 million in Q4.
Negative
  • Net income per share decreased by 72% to $0.05 in Q4.
  • FFO per share decreased by 7% to $0.25 in Q4.
  • Net income per share for the year dropped by 30% to $0.44.

Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential Properties” or the “Company”), today announced operating results for the three months and year ended December 31, 2020.

Fourth Quarter 2020 Financial and Operating Highlights

Operating Results:

 

  • Investments (108 properties)

$ Invested

$244.1 million

 

Weighted Avg Cash Cap Rate

7.1%

  • Net Income per share

Decreased by 72%

$0.05

  • Funds from Operations ("FFO") per share

Decreased by 7%

$0.25

  • Core Funds from Operations ("Core FFO") per share

Decreased by 19%

$0.25

  • Adjusted Funds from Operations ("AFFO") per share

Decreased by 7%

$0.27

Equity Activity:

 

 

  • Equity Raised - ATM Program

$20.50/share

$34.6 million

 

 

Full Year 2020 Financial and Operating Highlights

 

 

Operating Results:

 

 

  • Investments (234 properties)

$ Invested

$602.8 million

 

Weighted Avg Cash Cap Rate

7.1%

  • Net Income per share

Decreased by 30%

$0.44

  • FFO per share

Decreased by 1%

$1.08

  • Core FFO per share

Decreased by 8%

$1.10

  • AFFO per share

Decreased by 3%

$1.11

Financial Position & Equity Activity:

 

 

  • Net Debt to Annualized Adjusted EBITDAre

4.8x

  • Total Available Liquidity

$415.0 million

  • Equity Raised - ATM Program

$19.02/share

$85.6 million

  • Equity Raised - January Follow-On Offering

$25.20/share

$200.0 million

  • Equity Raised - September Overnight Offering

$19.00/share

$192.3 million

Portfolio Snapshot:

 

 

  • % of Portfolio Leased

 

99.7%

  • Weighted Average Lease Term ("WALT")

 

14.5 years

  • Weighted Average Rent Coverage

 

2.9x

 

 

2021 Highlights to Date

 

 

  • Investments (21 properties)

$ Invested

$51.9 million

  • Dispositions (11 properties)

$ Gross Proceeds

$14.1 million

  • January Rent Collections

 

95%

Equity Activity:

 

 

  • Equity Raised - ATM Program

$20.99/share

$11.8 million

CEO Comments

Commenting on the fourth quarter 2020 results, the Company’s President and Chief Executive Officer, Pete Mavoides, said, “We’re pleased that our results in the fourth quarter and 95% collection rate of January 2021 rent have confirmed the stability of our portfolio, and the quality and durability of our middle market tenant base.” Mr. Mavoides added, “After completing a record level of investments in the fourth quarter, we are encouraged by the continued strength of our investment pipeline, which enabled us to introduce our 2021 AFFO guidance earlier this year.”

Portfolio Update

Investments

The Company’s investment activity during the three months and year ended December 31, 2020 is summarized as follows:

 

 

Quarter Ended
December 31, 2020

 

Year Ended
December 31, 2020

Investments:

 

 

 

 

$ Invested

 

$244.1 million

 

$602.8 million

# of Properties

 

108

 

234

# of Separate Transactions

 

32

 

94

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FAQ

What were Essential Properties Realty Trust's Q4 2020 financial results?

In Q4 2020, EPRT reported a 72% decrease in net income per share to $0.05 and a 7% decrease in FFO per share to $0.25.

How many properties did EPRT invest in during 2020?

Essential Properties invested in a total of 234 properties, totaling $602.8 million for the year 2020.

What was the rent collection rate for EPRT in January 2021?

EPRT reported a 95% rent collection rate for January 2021.

What is the current leasing status of EPRT's portfolio?

EPRT's portfolio is currently 99.7% leased.

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Essential Properties Realty Trust, Inc.

NYSE:EPRT

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Real Estate Investment Trusts
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United States of America
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