{"id":751721,"date":"2023-04-26T18:17:20","date_gmt":"2023-04-26T22:17:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/"},"modified":"2023-04-26T18:17:20","modified_gmt":"2023-04-26T22:17:20","slug":"essential-properties-announces-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/","title":{"rendered":"Essential Properties Announces First Quarter 2023 Results"},"content":{"rendered":"

<\/p>\n

Essential Properties Announces First Quarter 2023 Results<\/b><\/p>\n

– First Quarter Net Income per Share of $0.29 and AFFO per Share of $0.40 –<\/i><\/p>\n

– Closed Investments of $207.1 million at a 7.6% Weighted Average Cash Cap Rate –<\/i><\/p>\n

– Updates Range for 2023 AFFO Guidance to $1.60 to $1.64 per Share –<\/i><\/p>\n

PRINCETON, N.J.–(BUSINESS WIRE<\/a>)–
\nEssential Properties Realty Trust, Inc. (NYSE: EPRT; \u201cEssential Properties\u201d or the \u201cCompany\u201d) today announced operating results for the three months ended March 31, 2023.<\/p>\n

First Quarter 2023 Financial and Operating Highlights:<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nOperating Results (compared to First Quarter 2022):<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Investments (57 properties)<\/p>\n<\/td>\n

\n

\n$ Invested<\/p>\n<\/td>\n

\n

\n$207.1 million<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nWeighted Avg Cash Cap Rate<\/p>\n<\/td>\n

\n

\n7.6%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Dispositions (17 properties)<\/p>\n<\/td>\n

\n

\nNet Proceeds<\/p>\n<\/td>\n

\n

\n$37.2 million<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nWeighted Avg Cash Cap Rate<\/p>\n<\/td>\n

\n

\n6.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Net Income per Share<\/p>\n<\/td>\n

\n

\nIncreased by 38%<\/p>\n<\/td>\n

\n

\n$0.29<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Funds from Operations (“FFO”) per Share<\/p>\n<\/td>\n

\n

\nIncreased by 10%<\/p>\n<\/td>\n

\n

\n$0.43<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Core Funds from Operations (“Core FFO”) per Share<\/p>\n<\/td>\n

\n

\nIncreased by 5%<\/p>\n<\/td>\n

\n

\n$0.42<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Adjusted Funds from Operations (“AFFO”) per Share<\/p>\n<\/td>\n

\n

\nIncreased by 5%<\/p>\n<\/td>\n

\n

\n$0.40<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity Activity:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Equity Raised (Gross) – Follow-On Offering (February 22, 2023)<\/p>\n<\/td>\n

\n

\n$24.60\/share<\/p>\n<\/td>\n

\n

\n$217.8 million<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Equity Raised (Gross) – ATM Program(1)<\/sup><\/p>\n<\/td>\n

\n

\n$24.12\/share<\/p>\n<\/td>\n

\n

\n$20.7 million<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Highlights Subsequent to First Quarter 2023:<\/b><\/p>\n\n\n\n\n
\n

\n\u2022 Investments (2 properties)<\/p>\n<\/td>\n

\n

$ Invested<\/i><\/p>\n<\/td>\n

\n

\n$7.8 million<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Dispositions (2 properties)<\/p>\n<\/td>\n

\n

$ Gross Proceeds<\/i><\/p>\n<\/td>\n

\n

\n$3.2 million<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022 Proceeds from Early Loan Repayments (1 property)<\/p>\n<\/td>\n

\n

($ Principal and Prepayment Penalties)<\/i><\/p>\n<\/td>\n

\n

\n$1.1 million<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

CEO Comments<\/b><\/p>\n

\nCommenting on the first quarter 2023 results, the Company’s President and Chief Executive Officer, Pete Mavoides, said, \u201cWe had a great quarter, highlighted by $207 million of investments at a weighted average cash cap rate of 7.6%, a weighted average lease term of 19 years and average annual rent escalations of 2.0%.\u201d Mr. Mavoides continued, \u201cThe first quarter was also a great quarter of performance from a portfolio perspective, with occupancy remaining strong at 99.8%, same-store rent growth remaining at 1.6% and average unit level rent coverage at 3.9x. These results are strong indicators of the stability of our middle market tenancy and the overall health of our portfolio.\u201d Mr. Mavoides concluded by saying, \u201cSupported by our strong liquidity position, conservative balance sheet and a robust second quarter investment pipeline, we are refining our 2023 AFFO per share guidance range to $1.60 to $1.64.\u201d<\/p>\n

Portfolio Highlights<\/b><\/p>\n

\nThe Company\u2019s investment portfolio as of March 31, 2023 is summarized as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nNumber of properties<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,688<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average lease term (WALT)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13.9 years<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average rent coverage ratio<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3.9x<\/p>\n<\/td>\n<\/tr>\n

\n

\nNumber of tenants<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n348<\/p>\n<\/td>\n<\/tr>\n

\n

\nNumber of states<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n48<\/p>\n<\/td>\n<\/tr>\n

\n

\nNumber of industries<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average occupancy<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n99.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal square feet of rentable space<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16,516,776<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash ABR – service-oriented or experience-based<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n92.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash ABR – properties subject to master lease<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n65.9%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Portfolio Update<\/b><\/p>\n

Investments<\/i><\/b><\/p>\n

\nThe Company\u2019s investment activity during the three months ended March 31, 2023 is summarized as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Quarter Ended<\/b><\/p>\n

March 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Investments:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInvestment volume<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$207.1 million<\/p>\n<\/td>\n<\/tr>\n

\n

\nNumber of transactions<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n24<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty count<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n57<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average cash \/ GAAP cap rate<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7.6%\/9.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average lease escalation<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

\n% Subject to master lease<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n86%<\/p>\n<\/td>\n<\/tr>\n

\n

\n% Sale-leaseback transactions<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n100%<\/p>\n<\/td>\n<\/tr>\n

\n

\n% Existing relationship<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n94%<\/p>\n<\/td>\n<\/tr>\n

\n

\n% Required financial reporting (tenant\/guarantor)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n100%<\/p>\n<\/td>\n<\/tr>\n

\n

\nWALT<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19.0 years<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Dispositions<\/i><\/b><\/p>\n

\nThe Company\u2019s disposition activity during the three months ended March 31, 2023 is summarized as follows:<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Quarter Ended<\/b><\/p>\n

March 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Dispositions:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet proceeds<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$37.2 million<\/p>\n<\/td>\n<\/tr>\n

\n

\nNumber of properties sold<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n17<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet gain \/ (loss)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$4.9 million<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average cash cap rate (excluding vacant properties and sales subject to a tenant purchase option )<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6.1%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Loan Repayments<\/i><\/b><\/p>\n

\nLoan repayments to the Company during the three months ended March 31, 2023 are summarized as follows:<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Quarter Ended<\/b><\/p>\n

March 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Loan Repayments:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProceeds\u2014Principal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$11.1 million<\/p>\n<\/td>\n<\/tr>\n

\n

\nProceeds\u2014Prepayment penalties<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$0.2 million<\/p>\n<\/td>\n<\/tr>\n

\n

\nNumber of properties<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average cash cap rate<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7.1%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Leverage and Balance Sheet and Liquidity<\/b><\/p>\n

\nThe Company’s leverage, balance sheet and liquidity are summarized in the following table.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

March 31, 2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Pro Forma March 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Leverage:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet debt to Annualized Adjusted EBITDAre<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4.4x<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4.1x<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Balance Sheet and Liquidity:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents and restricted cash<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$71.0 million<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$174.6 million<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnused revolving credit facility capacity<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$600.0 million<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$600.0 million<\/p>\n<\/td>\n<\/tr>\n

\n

\nForward equity sales – unsettled<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$103.6 million<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal available liquidity<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$774.6 million<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$774.6 million<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

ATM Program:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n2022 ATM Program initial availability<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$500.0 million<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAggregate gross sales under the 2022 ATM Program<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$96.1 million<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAvailability remaining under the 2022 ATM Program<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$403.9 million<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAverage price per share of gross sales since inception in May 2022<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$22.51<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Guidance<\/b><\/p>\n

2023 Guidance<\/i><\/b><\/p>\n

\nThe Company is updating its range for expected 2023 AFFO per share on a fully diluted basis to $1.60 to $1.64 from its previously announced range of $1.58 to 1.64.<\/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 periods.<\/p>\n

Dividend Information<\/b><\/p>\n

\nAs previously announced, on March 7, 2023, Essential Properties’ board of directors declared a cash dividend of $0.275 per share of common stock for the quarter ended March 31, 2023. The dividend was paid on April 14, 2023 to stockholders of record as of the close of business on March 31, 2023.<\/p>\n

Conference Call Information<\/b><\/p>\n

\nIn conjunction with the release of Essential Properties\u2019 operating results, the Company will host a conference call on Thursday, April 27, 2023 at 10:00 a.m. EDT to discuss the results. To access the conference, dial 866-652-5200 (International: 412-317-6060). 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>.<\/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: 10177646. The telephone replay will be available through May 11, 2023.<\/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.<\/p>\n

Supplemental Materials<\/b><\/p>\n

\nThe Company\u2019s Supplemental Operating & Financial Data\u2014First Quarter Ended March 31, 2023 is available on Essential Properties\u2019 website at investors.essentialproperties.com<\/a>.<\/p>\n

About Essential Properties Realty Trust, Inc.<\/b><\/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 March 31, 2023, the Company\u2019s portfolio consisted of 1,688 freestanding net lease properties with a weighted average lease term of 13.9 years and a weighted average rent coverage ratio of 3.9x. In addition, as of March 31, 2023, the Company\u2019s portfolio was 99.8% leased to 348 tenants operating 556 different concepts in 16 industries across 48 states.<\/p>\n

Forward-Looking Statements<\/b><\/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.<\/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 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\u2019s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release.<\/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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 that it will file with the Commission.<\/p>\n

Non-GAAP Financial Measures and Certain Definitions<\/b><\/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<\/i>\u201d), adjusted EBITDAre<\/i>, annualized adjusted EBITDAre<\/i>, 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.<\/p>\n

FFO, Core FFO and AFFO<\/i><\/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).<\/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.<\/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.<\/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 and capitalized interest expense. 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.<\/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.<\/p>\n

EBITDA and EBITDAre<\/i><\/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<\/i>. The Company computes EBITDAre <\/i>in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre <\/i>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 <\/i>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.<\/p>\n

\nEBITDA and EBITDAre <\/i>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 <\/i>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.<\/p>\n

Net Debt<\/i><\/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.<\/p>\n

NOI and Cash NOI<\/i><\/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.<\/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.<\/p>\n

Adjusted EBITDAre \/ Adjusted NOI \/ Adjusted Cash NOI<\/i><\/p>\n

\nThe Company further adjusts EBITDAre<\/i>, 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<\/i>, NOI and Cash NOI for future periods may be significantly less than these estimates of current run rates.<\/p>\n

Cash ABR<\/i><\/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.<\/p>\n

Cash Cap Rate<\/i><\/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.<\/p>\n

GAAP Cap Rate<\/i><\/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.<\/p>\n

Rent Coverage Ratio<\/i><\/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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Essential Properties Realty Trust, Inc.<\/b><\/p>\n

Consolidated Statements of Operations<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in thousands, except share and per share data)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Revenues:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRental revenue1,2<\/sup><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n78,172<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n66,112<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest on loans and direct financing lease receivables<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,446<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,822<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther revenue<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,069<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n187<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total revenues<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n83,687<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n70,121<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Expenses:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGeneral and administrative<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,583<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,063<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty expenses3<\/sup><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n843<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,009<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23,824<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n20,313<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for impairment of real estate<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n677<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,935<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nChange in provision for credit losses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(30<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n60<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33,897<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33,380<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Other operating income:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on dispositions of real estate, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,914<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,658<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Income from operations<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n54,704<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n38,399<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Other (expense)\/income:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoss on debt extinguishment4<\/sup><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2,138<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(12,133<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(9,160<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n638<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Income before income tax expense<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43,209<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27,119<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n153<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n301<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43,056<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26,818<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to non-controlling interests<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(160<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(119<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net income attributable to stockholders<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n42,896<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n26,699<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Basic weighted-average shares outstanding<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n144,406,044<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n126,839,258<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Basic net income per share<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.30<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.21<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Diluted weighted-average shares outstanding<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n146,000,007<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n127,923,499<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Diluted net income per share<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.29<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.21<\/p>\n<\/td>\n

<\/tr>\n<\/table>\n

\n_________________<\/p>\n

    \n
  1. \nIncludes contingent rent (based on a percentage of the tenant’s gross sales at the leased property) of $176 and $156 for the three months ended March 31, 2023 and 2022, respectively.<\/p>\n<\/li>\n
  2. \nIncludes reimbursable income from the Company\u2019s tenants of $591 and $553 for the three months ended March 31, 2023 and 2022, respectively.<\/p>\n<\/li>\n
  3. \nIncludes reimbursable expenses from the Company\u2019s tenants of $591 and $554 for the three months ended March 31, 2023 and 2022, respectively.<\/p>\n<\/li>\n
  4. \nDuring the three months ended March 31, 2022, includes debt extinguishment costs associated with the Company’s restructuring of its credit and term loan facilities.<\/p>\n<\/li>\n<\/ol>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n<\/tr>\n
    \n

    Essential Properties Realty Trust, Inc.<\/b><\/p>\n

    Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n

    \n\n\n\n\u00a0<\/td>\n<\/tr>\n
    \n

    (in thousands, expect share and per share amounts)<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    March 31, 2023<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    December 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

    \n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    (Unaudited)<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    (Audited)<\/b><\/p>\n<\/td>\n<\/tr>\n

    \n

    ASSETS<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nInvestments:<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nReal estate investments, at cost:<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nLand and improvements<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n1,274,398<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n1,228,687<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nBuilding and improvements<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,554,139<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,440,630<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nLease incentive<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n18,191<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n18,352<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nConstruction in progress<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n42,777<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n34,537<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nIntangible lease assets<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n87,851<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n88,364<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nTotal real estate investments, at cost<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n3,977,356<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n3,810,570<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nLess: accumulated depreciation and amortization<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(297,362<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(276,307<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nTotal real estate investments, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n3,679,994<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n3,534,263<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nLoans and direct financing lease receivables, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n231,731<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n240,035<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nReal estate investments held for sale, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n5,398<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n4,780<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nNet investments<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n3,917,123<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n3,779,078<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nCash and cash equivalents<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n70,958<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n62,345<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nRestricted cash<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u2014<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n9,155<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nStraight-line rent receivable, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n85,425<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n78,587<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDerivative assets<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n36,640<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n47,877<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nRent receivables, prepaid expenses and other assets, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n26,201<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n22,991<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nTotal assets<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n4,136,347<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n4,000,033<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    LIABILITIES AND EQUITY<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nUnsecured term loans, net of deferred financing costs<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n1,025,773<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n1,025,492<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nSenior unsecured notes, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n395,426<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n395,286<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nRevolving credit facility<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u2014<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u2014<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nIntangible lease liabilities, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n11,536<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n11,551<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDividend payable<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n41,183<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n39,398<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDerivative liabilities<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n6,024<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,274<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nAccrued liabilities and other payables<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n25,778<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n29,261<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nTotal liabilities<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n1,505,720<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n1,503,262<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nCommitments and contingencies<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u2014<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u2014<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nStockholders’ equity:<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nPreferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of March 31, 2023 and December 31, 2022<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u2014<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u2014<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nCommon stock, $0.01 par value; 500,000,000 authorized; 148,838,117 and 142,379,655 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n1,488<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n1,424<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nAdditional paid-in capital<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,712,797<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,563,305<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDistributions in excess of cumulative earnings<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(118,066<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(117,187<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nAccumulated other comprehensive loss<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n25,982<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n40,719<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nTotal stockholders’ equity<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,622,201<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,488,261<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nNon-controlling interests<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n8,426<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n8,510<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nTotal equity<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,630,627<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,496,771<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nTotal liabilities and equity<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n4,136,347<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n4,000,033<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n<\/tr>\n
    \n

    Essential Properties Realty Trust, Inc.<\/b><\/p>\n

    Reconciliation of Non-GAAP Financial Measures<\/b><\/p>\n<\/td>\n<\/tr>\n

    \n\n\u00a0<\/td>\n<\/tr>\n
    \n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

    \n

    (unaudited, in thousands except per share amounts)<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    2023<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    2022<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    Net income<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n43,056<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n26,818<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDepreciation and amortization of real estate<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n23,799<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n20,287<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nProvision for impairment of real estate<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n677<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n3,935<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nGain on dispositions of real estate, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(4,914<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(1,658<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n<\/tr>\n

    \n

    Funds from Operations<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n62,618<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n49,382<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nNon-core (income) expenses1<\/sup><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(876<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,138<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    Core Funds from Operations<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n61,742<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n51,520<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nAdjustments:<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nStraight-line rental revenue, net<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(6,838<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(6,265<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nNon-cash interest expense<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n819<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n661<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nNon-cash compensation expense<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,721<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n2,836<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nOther amortization expense<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n281<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n194<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nOther non-cash charges<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(35<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n56<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nCapitalized interest expense<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(432<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n(66<\/p>\n<\/td>\n

    		\n

    \n)<\/p>\n<\/td>\n<\/tr>\n

    \n

    Adjusted Funds from Operations<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n58,258<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n48,936<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    Net income per share2<\/sup>:<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nBasic<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.30<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.21<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDiluted<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.29<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.21<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    FFO per share2<\/sup>:<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nBasic<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.43<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.39<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDiluted<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.43<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.39<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    Core FFO per share2<\/sup>:<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nBasic<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.43<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.40<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDiluted<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.42<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.40<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    AFFO per share2<\/sup>:<\/b><\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nBasic<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.40<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.38<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    \nDiluted<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.40<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n

    		\n

    \n$<\/p>\n<\/td>\n

    		\n

    \n0.38<\/p>\n<\/td>\n

    		\n

    \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

    \n_________________<\/p>\n

      \n
    1. \nDuring the three months ended March 31, 2023, includes $0.9 million of insurance recovery income related to two properties and, during the three months ended March 31, 2022, includes debt extinguishment costs associated with the Company’s restructuring of its credit and term loan facilities.<\/p>\n<\/li>\n
    2. \nCalculations exclude $101 and $90 from the numerator for the three months ended March 31, 2023 and 2022, respectively, related to dividends paid on unvested restricted stock units.<\/p>\n<\/li>\n<\/ol>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n<\/tr>\n
      \n

      Essential Properties Realty Trust, Inc.<\/b><\/p>\n

      Reconciliation of Non-GAAP Financial Measures<\/b><\/p>\n<\/td>\n<\/tr>\n

      \n\n\u00a0<\/td>\n<\/tr>\n
      \n

      (in thousands)<\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      Three months ended March 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

      \n

      Net income<\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n$<\/p>\n<\/td>\n

      		\n

      \n43,056<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nDepreciation and amortization<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n23,824<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nInterest expense<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n12,133<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nInterest income<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n(638<\/p>\n<\/td>\n

      		\n

      \n)<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nIncome tax expense<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n153<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      EBITDA<\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n78,528<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nProvision for impairment of real estate<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n677<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nGain on dispositions of real estate, net<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n(4,914<\/p>\n<\/td>\n

      		\n

      \n)<\/p>\n<\/td>\n<\/tr>\n

      \n

      EBITDAre<\/i><\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n74,291<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nAdjustment for current quarter re-leasing, acquisition and disposition activity1<\/sup><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n3,370<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nAdjustment to exclude other non-core or non-recurring activity2<\/sup><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n(328<\/p>\n<\/td>\n

      		\n

      \n)<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nAdjustment to exclude termination\/prepayment fees and certain percentage rent3<\/sup><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n(371<\/p>\n<\/td>\n

      		\n

      \n)<\/p>\n<\/td>\n<\/tr>\n

      \n

      Adjusted EBITDAre<\/i> – Current Estimated Run Rate<\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n76,962<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nGeneral and administrative expense<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n8,005<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      Adjusted net operating income (“NOI”)<\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n84,967<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nStraight-line rental revenue, net1<\/sup><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n(8,016<\/p>\n<\/td>\n

      		\n

      \n)<\/p>\n<\/td>\n<\/tr>\n

      \n

      \nOther amortization expense<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n281<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      Adjusted Cash NOI<\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n$<\/p>\n<\/td>\n

      		\n

      \n77,232<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      Annualized EBITDAre<\/i><\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n$<\/p>\n<\/td>\n

      		\n

      \n297,164<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      Annualized Adjusted EBITDAre<\/i><\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n$<\/p>\n<\/td>\n

      		\n

      \n307,848<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      Annualized Adjusted NOI<\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n$<\/p>\n<\/td>\n

      		\n

      \n339,868<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

      \n

      Annualized Adjusted Cash NOI<\/b><\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n

      		\n

      \n$<\/p>\n<\/td>\n

      		\n

      \n308,928<\/p>\n<\/td>\n

      		\n

      \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

      \n_________________<\/p>\n

        \n
      1. \nAdjustment is made to reflect EBITDAre<\/i>, NOI and Cash NOI as if all re-leasing activity, investments in and dispositions of real estate and loan repayments completed during the three months ended March 31, 2023 had occurred on January 1, 2023.<\/p>\n<\/li>\n
      2. \nAdjustment is made to i) exclude non-core income and expense adjustments made in computing Core FFO, ii) exclude changes in our provision for credit losses and iii) eliminate the impact of seasonal fluctuation in certain non-cash compensation expense recorded in the period.<\/p>\n<\/li>\n
      3. \nAdjustment excludes lease termination or loan prepayment fees and contingent rent (based on a percentage of the tenant’s gross sales at the leased property) where payment is subject to exceeding a sales threshold specified in the lease, if any.<\/p>\n<\/li>\n<\/ol>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        \u00a0<\/td>\n<\/tr>\n
        \n

        Essential Properties Realty Trust, Inc.<\/b><\/p>\n

        Reconciliation of Non-GAAP Financial Measures<\/b><\/p>\n<\/td>\n<\/tr>\n

        \n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
        \n

        (dollars in thousands, except share and per share amounts)<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        March 31, 2023<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        Rate<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        Wtd. Avg. Maturity<\/b><\/p>\n<\/td>\n<\/tr>\n

        \n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Unsecured debt:<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nApril 2024 term loan1<\/sup><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n$<\/p>\n<\/td>\n

        		\n

        \n200,000<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n2.9<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n1.0 years<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nFebruary 2027 term loan1<\/sup><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n430,000<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n2.4<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n3.9 years<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nJanuary 2028 term loan1,2<\/sup><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n400,000<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n4.6<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n4.8 years<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nSenior unsecured notes due July 2031<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n400,000<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n3.1<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n8.3 years<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nRevolving credit facility2<\/sup><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u2014<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u2014<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n2.9 years<\/p>\n<\/td>\n<\/tr>\n

        \n

        Total unsecured debt<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n1,430,000<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n3.3<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n5.0 years<\/p>\n<\/td>\n<\/tr>\n

        \n

        Gross debt<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n1,430,000<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nLess: cash & cash equivalents<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n(70,958<\/p>\n<\/td>\n

        		\n

        \n)<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nLess: restricted cash available for future investment<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u2014<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Net debt<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n1,359,042<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Equity:<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nPreferred stock<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u2014<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nCommon stock & OP units (149,391,964 shares @ $24.85\/share as of 3\/31\/23)3<\/sup><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n3,712,390<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Total equity<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n3,712,390<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Total enterprise value (“TEV”)<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n$<\/p>\n<\/td>\n

        		\n

        \n5,071,432<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Pro forma adjustments to Net Debt and TEV:4<\/sup><\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Net debt<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n$<\/p>\n<\/td>\n

        		\n

        \n1,359,042<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nLess: cash received \u2014 unsettled forward equity<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n(103,605<\/p>\n<\/td>\n

        		\n

        \n)<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Pro forma net debt<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n1,255,437<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Total equity<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n3,712,390<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \nCommon stock \u2014 unsettled forward equity (4,421,401 shares @ $24.85\/share as of 3\/31\/23)<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n109,872<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Pro forma TEV<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n$<\/p>\n<\/td>\n

        		\n

        \n5,077,699<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Gross Debt \/ Undepreciated Gross Assets<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n32.3<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Net Debt \/ TEV<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n26.8<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Net Debt \/ Annualized Adjusted EBITDAre<\/i><\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n4.4x<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Pro Forma Gross Debt \/ Undepreciated Gross Assets<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n31.5<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Pro Forma Net Debt \/ Pro Forma TEV<\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n24.7<\/p>\n<\/td>\n

        		\n

        \n%<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n

        \n

        Pro Forma Net Debt \/ Annualized Adjusted EBITDAre<\/i><\/b><\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n4.1x<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n

        		\n

        \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

        \n_________________<\/p>\n

          \n
        1. \nRates presented for the Company’s term loans are fixed at the stated rates after giving effect to its interest rate swaps, applicable margin of 85bps and SOFR premium of 10bps.<\/p>\n<\/li>\n
        2. \nThe Company’s revolving credit facility provides a maximum aggregate initial original principal amount of up to $600 million and includes an accordion feature to increase, subject to certain conditions, the maximum availability of the facility by up to $600 million. Borrowings bear interest at Term SOFR plus applicable margin of 77.5bps and SOFR premium of 10bps.<\/p>\n<\/li>\n
        3. \nCommon equity & units as of March 31, 2023, based on 148,838,117 common shares outstanding (including unvested restricted share awards) and 553,847 OP units held by non-controlling interests.<\/p>\n<\/li>\n
        4. \nPro forma adjustments have been made to reflect 4,421,401 shares sold on a forward basis in the Company’s February 2023 follow-on equity offering as if they had been physically settled for cash on March 31, 2023.<\/p>\n<\/li>\n<\/ol>\n

          \"\"<\/p>\n

          View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230426005867\/en\/<\/a><\/span><\/p>\n

          Investor\/Media:
          \n<\/b>
          Essential Properties Realty Trust, Inc.
          \n
          Mark E. Patten, Chief Financial Officer
          \n
          609-436-0619
          \n
          info@essentialproperties.com<\/a><\/p>\n

          KEYWORDS:<\/b> New Jersey United States North America<\/p>\n

          INDUSTRY KEYWORDS:<\/b> REIT Finance Professional Services Commercial Building & Real Estate Construction & Property<\/p>\n

          MEDIA:<\/b><\/p>\n\n\n\n\n
          Logo<\/b><\/font><\/td>\n<\/tr>\n
          \"Logo\"<\/td>\n<\/tr>\n
          <\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

          Essential Properties Announces First Quarter 2023 Results – First Quarter Net Income per Share of $0.29 and AFFO per Share of $0.40 – – Closed Investments of $207.1 million at a 7.6% Weighted Average Cash Cap Rate – – Updates Range for 2023 AFFO Guidance to $1.60 to $1.64 per Share – 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 ended March 31, 2023. First Quarter 2023 Financial and Operating Highlights: Operating Results (compared to First Quarter 2022): \u00a0 \u00a0 \u2022 Investments (57 properties) $ Invested $207.1 million \u00a0 Weighted Avg Cash Cap Rate 7.6% \u2022 Dispositions (17 properties) Net Proceeds $37.2 million \u00a0 Weighted … <\/p>\n

          Continue reading “Essential Properties Announces First Quarter 2023 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-751721","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nEssential Properties Announces First Quarter 2023 Results - Market Newsdesk<\/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:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-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 First Quarter 2023 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Essential Properties Announces First Quarter 2023 Results – First Quarter Net Income per Share of $0.29 and AFFO per Share of $0.40 – – Closed Investments of $207.1 million at a 7.6% Weighted Average Cash Cap Rate – – Updates Range for 2023 AFFO Guidance to $1.60 to $1.64 per Share – 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 ended March 31, 2023. First Quarter 2023 Financial and Operating Highlights: Operating Results (compared to First Quarter 2022): \u00a0 \u00a0 \u2022 Investments (57 properties) $ Invested $207.1 million \u00a0 Weighted Avg Cash Cap Rate 7.6% \u2022 Dispositions (17 properties) Net Proceeds $37.2 million \u00a0 Weighted … Continue reading "Essential Properties Announces First Quarter 2023 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-26T22:17:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230426005867r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"20 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/essential-properties-announces-first-quarter-2023-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/essential-properties-announces-first-quarter-2023-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Essential Properties Announces First Quarter 2023 Results\",\"datePublished\":\"2023-04-26T22:17:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/essential-properties-announces-first-quarter-2023-results\\\/\"},\"wordCount\":4097,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/essential-properties-announces-first-quarter-2023-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230426005867r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/essential-properties-announces-first-quarter-2023-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/essential-properties-announces-first-quarter-2023-results\\\/\",\"name\":\"Essential Properties Announces First Quarter 2023 Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/","og_locale":"en_US","og_type":"article","og_title":"Essential Properties Announces First Quarter 2023 Results - Market Newsdesk","og_description":"Essential Properties Announces First Quarter 2023 Results – First Quarter Net Income per Share of $0.29 and AFFO per Share of $0.40 – – Closed Investments of $207.1 million at a 7.6% Weighted Average Cash Cap Rate – – Updates Range for 2023 AFFO Guidance to $1.60 to $1.64 per Share – 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 ended March 31, 2023. First Quarter 2023 Financial and Operating Highlights: Operating Results (compared to First Quarter 2022): \u00a0 \u00a0 \u2022 Investments (57 properties) $ Invested $207.1 million \u00a0 Weighted Avg Cash Cap Rate 7.6% \u2022 Dispositions (17 properties) Net Proceeds $37.2 million \u00a0 Weighted … Continue reading \"Essential Properties Announces First Quarter 2023 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/","og_site_name":"Market Newsdesk","article_published_time":"2023-04-26T22:17:20+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230426005867r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"20 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Essential Properties Announces First Quarter 2023 Results","datePublished":"2023-04-26T22:17:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/"},"wordCount":4097,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230426005867r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/essential-properties-announces-first-quarter-2023-results\/","name":"Essential Properties Announces First Quarter 2023 Results - 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