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EX - 99.1 2 exhibit991q12021.htm EX - 99.1 Exhibit 99.1 May 3 , 2021 ESSENTIAL PROPERTIES Essential Properties Announces First Quarter 2021 Results - First Quarter Net Income per Share of $ 0.14 and AFFO per Share of $ 0.30 - - Closed Investments of $ 197.8 million at a 7.0 % Weighted Average Cash Cap Rate - - Reiterate 2021 AFFO per Share Guidance - PRINCETON , N.J .-- ( BUSINESS WIRE ) -- Essential Properties Realty Trust , Inc. ( NYSE : EPRT ; “ Essential Properties ” or the " Company " ) , today announced operating results for the three months ended March 31 , 2021 . First Quarter 2021 Financial and Operating Highlights Operating Results ( as compared to First Quarter 2020 ) : Investments ( 74 properties ) Net Income per share • Funds from Operations ( " FFO " ) per share ⚫ Core Funds from Operations ( " Core FFO " ) per share • Adjusted Funds from Operations ( " AFFO " ) per share Equity Activity : • Equity Raised ATM Program Highlights Subsequent to First Quarter 2021 • Investments ( 19 properties ) $ Invested $ 197.8 million Weighted Avg Cash Cap Rate 7.0 % Decreased by 7 % $ 0.14 Increased by 7 % $ 0.30 Remained unchanged $ 0.30 Increased by 3 % $ 0.30 $ 64.9 million $ 23.22 / share $ Invested $ Gross Proceeds $ 45.6 million $ 4.8 million • Dispositions ( 4 properties ) Equity Activity : • Equity Raised - ATM Program • Equity Raised - Follow - On Offering ( April 15th , 2021 ) $ 23.45 / share $ 2.4 million $ 23.50 / share $ 193.2 million CEO Comments Commenting on the first quarter 2021 results , Essential Properties ' President and Chief Executive Officer , Pete Mavoides , said , “ We are pleased with our first quarter results , particularly the continuation of the key trends that drove our robust fourth quarter results , including the increased stability of our portfolio , strong investment activity , and attractively priced capital raising . ” Mr. Mavoides added , " With regards to our $ 198 million quarterly investment activity , 81 % were prior relationship transactions and 85 % were direct sale - leasebacks , which speaks to the consistency of our team and our disciplined investment approach . We remain optimistic that these favorable dynamics can continue through 2021 and beyond . "