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EPRT Essential Properties Realty Trust, Inc.

Quarterly report

(In thousands, except share and per share data)

September 30, 2024	December 31, 2023
(Unaudited)			ASSETS			Investments:			Real estate investments, at cost:			Land and improvements			$	1,799,183	$	1,542,302	Building and improvements	3,302,198		2,938,012	Lease incentives	18,731		17,890	Construction in progress	200,725		96,524	Intangible lease assets	94,894		89,209	Total real estate investments, at cost	5,415,731		4,683,937	Less: accumulated depreciation and amortization	(450,454)		(367,133)	Total real estate investments, net	4,965,277		4,316,804	Loans and direct financing lease receivables, net	336,210		223,854	Real estate investments held for sale, net	6,882		7,455	Net investments	5,308,369		4,548,113	Cash and cash equivalents	32,656		39,807	Restricted cash	6,055		9,156	Straight-line rent receivable, net	137,729		107,545	Derivative assets	17,823		30,980	Rent receivables, prepaid expenses and other assets, net	29,423		32,660	Total assets (1)	$	5,532,055	$	4,768,261	LIABILITIES AND EQUITY	Unsecured term loans, net of deferred financing costs			$	1,720,158	$	1,272,772	Senior unsecured notes, net	396,264		395,846	Revolving credit facility	80,000		—	Intangible lease liabilities, net	10,894		11,206	Dividend payable	51,124		47,182	Derivative liabilities	40,403		23,005	Accrued liabilities and other payables	31,566		31,248	Total liabilities (1)	2,330,409		1,781,259	Commitments and contingencies (see Note 11)	—		—	Stockholders' equity:	Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023			—		—	Common stock, $0.01 par value; 500,000,000 authorized; 175,331,836 and 164,635,150 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1,753		1,646	Additional paid-in capital	3,330,653		3,078,459	Distributions in excess of cumulative earnings	(113,232)		(105,545)	Accumulated other comprehensive (loss) income	(25,834)		4,019	Total stockholders' equity	3,193,340		2,978,579	Non-controlling interests	8,306		8,423	Total equity	3,201,646		2,987,002	Total liabilities and equity	$	5,532,055	$	4,768,261

23 Oct 24

5:04pm

EPRT Essential Properties Realty Trust, Inc.

Quarterly report

(Unaudited, in thousands, except share data)

Common Stock	Additional Paid-In Capital			Distributions in Excess of Cumulative Earnings			Accumulated Other Comprehensive (Loss) Income			Total Stockholders' Equity			Non-controlling Interests			Total Equity			Number of Shares			Par Value			Balance at December 31, 2022			142,379,655		$	1,424	$	2,563,305	$	(117,187)	$	40,719	$	2,488,261	$	8,510	$	2,496,771	Common stock issuance	6,248,695		62	147,217	—	—	147,279	—	147,279	Common stock withheld related to net share settlement of equity awards	—		—	—	(2,745)	—	(2,745)	—	(2,745)	Costs related to issuance of common stock	—		—	(444)	—	—	(444)	—	(444)	Other comprehensive loss	—		—	—	—	(14,737)	(14,737)	(91)	(14,828)	Equity based compensation expense	209,767		2	2,719	—	—	2,721	—	2,721	Dividends declared on common stock and OP Units	—		—	—	(41,030)	—	(41,030)	(153)	(41,183)	Net income	—		—	—	42,896	—	42,896	160	43,056	Balance at March 31, 2023	148,838,117		1,488	2,712,797	(118,066)	25,982	2,622,201	8,426	2,630,627	Common stock issuance	6,278,287		63	149,263	—	—	149,326	—	149,326	Common stock withheld related to net share settlement of equity awards	—		—	—	(651)	—	(651)	—	(651)	Costs related to issuance of common stock	—		—	(173)	—	—	(173)	—	(173)	Other comprehensive income	—		—	—	—	16,803	16,803	62	16,865	Share-based compensation expense	56,097		1	1,970	—	—	1,971	—	1,971	Dividends declared on common stock and OP Units	—		—	—	(43,551)	—	(43,551)	(154)	(43,705)	Net income	—		—	—	52,802	—	52,802	198	53,000	Balance at June 30, 2023	155,172,501		1,552	2,863,857	(109,466)	42,785	2,798,728	8,532	2,807,260	Common stock issuance	836,050		8	20,143	—	—	20,151	—	20,151	Common stock withheld related to net share settlement of equity awards	—		—	—	(252)	—	(252)	—	(252)	Costs related to issuance of common stock	—		—	(319)	—	—	(319)	—	(319)	Other comprehensive loss	—		—	—	—	6,637	6,637	24	6,661	Equity based compensation expense	15,671		—	2,144	—	—	2,144	—	2,144	Dividends declared on common stock and OP Units	—		—	—	(43,788)	—	(43,788)	(155)	(43,943)	Net income	—		—	—	45,914	—	45,914	174	46,088	Balance at September 30, 2023	156,024,222		$	1,560	$	2,885,825	$	(107,592)	$	49,422	$	2,829,215	$	8,575	$	2,837,790

23 Oct 24

5:04pm

EPRT Essential Properties Realty Trust, Inc.

Quarterly report

The Company recorded the following provisions for impairment of long lived assets during the periods presented:

Three months ended September 30,	Nine months ended September 30,
(in thousands)			2024			2023			2024			2023
Provision for impairment of real estate			$			5,695	$	165	$	12,259	$	1,645

23 Oct 24

5:04pm

EPRT Essential Properties Realty Trust, Inc.

Quarterly report

The Company recorded the following adjustments as increases or decreases to rental revenue for tenant credit during the periods presented:

Three months ended September 30,	Nine months ended September 30,
(in thousands)			2024			2023			2024			2023
Adjustment to (decrease) increase rental revenue for tenant credit			$			(780)	$	32	$	(344)	$	(501)

23 Oct 24

5:04pm

EPRT Essential Properties Realty Trust, Inc.

Quarterly report

The following table shows the activity in real estate investments held for sale and intangible lease liabilities held for sale during the nine months ended September 30, 2024 and 2023.

(Dollar amounts in thousands)	Number of Properties			Real Estate Investments			Intangible Lease Liabilities			Net Carrying Value
Held for sale balance, January 1, 2023			4			$			4,780	$	—	$	4,780	Transfers to held for sale classification	6			11,856			—	11,856	Sales	(8)			(12,528)			—	(12,528)	Transfers to held and used classification	(1)			(569)			—	(569)	Held for sale balance, September 30, 2023	1			$			3,539	$	—	$	3,539	Held for sale balance, January 1, 2024	4			$			7,455	$	—	$	7,455	Transfers to held for sale classification	11			15,836			(76)	15,760	Sales	(10)			(16,409)			76	(16,333)	Transfers to held and used classification	—			—			—	—	Held for sale balance, September 30, 2024	5			$			6,882	$	—	$	6,882

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