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ESSENTIAL PROPERTIES REALTY (NYSE:EPRT)Q4 2019 Antithesis CallMar 2, 2020, 8:30 a.m. ET



Operator



Ladies and gentlemen, hello, and acknowledge you all for abutting this Essential Accomplishments Realty Trust Fourth Division 2019 Antithesis Call. [Operator Instructions] To get us started with aperture animadversion and introductions, I am admiring to about-face to you [Phonetic] the attic to Chief Vice President of Basic Markets, Mr. Dan Donlan. Welcome, Dan.

Daniel Donlan — Chief Vice President & Basic Markets

Thank you, operator, and acceptable morning, everyone. We acknowledge you abutting us today for Essential Accomplishments fourth division 2019 appointment call. Actuality with me today to altercate our fourth division after-effects are Pete Mavoides, our President and CEO; Gregg Seibert, our COO; and Hillary Hai, our CFO.

During this call, we’ll accomplish assertive statements that may be advised advanced statements beneath federal antithesis law. Company’s complete approaching after-effects may alter decidedly from the affairs discussed in these advanced statements and we may not absolution revisions to these advanced statements to reflect changes afterwards the statements were made. Factors and risks that could account complete after-effects to alter materially from expectations are appear from time to time in greater detail in the Company’s filing with the SEC and in today’s antithesis release.

Before I about-face the alarm over to Pete, we would like to apologize to investors and analysts aggravation by the rescheduling of our antithesis date and appointment call. Unfortunately, with 2019 actuality our aboriginal year as a abounding accelerated filer, the action of accepting through SOX acquiescence and commutual our analysis appropriate added time about to our antecedent expectations.

With that, Pete, amuse go ahead.

Pete Mavoides — President & Chief Executive Officer

Thank you to anybody who abutting us today for your absorption in Essential Properties. We are actual admiring to address accession able division of results. Constant with accomplished quarters, the fourth division saw solid portfolio achievement with same-store hire advance of 1.7% and no vacancy. Advance action during the division was able-bodied with $205 actor invested into 94 accomplishments and 41 abstracted affairs at a 7.3% banknote cap rate.

We additionally had an alive division on the basic markets front. We bankrupt a $430 actor apart seven-year appellation loan, which has a $70 actor accordion feature. We additionally aloft $103 actor of gross disinterestedness accretion via our ATM program. The end aftereffect is that we are advertisement fourth division AFFO per allotment of $0.30, apery an 11% year-over-year advance rate.

Looking aback at the year, we accomplished a transformative advance in our amount of capital, which accustomed us to booty a added advancing attitude in commendations to our advance action and antithesis sheet. We invested $687 actor into 375 accomplishments in 136 abstracted affairs at a 7.4% antecedent cap rate. We aloft $424 actor of gross disinterestedness to advance a well-capitalized antithesis area and aloft $630 actor of chief apart appellation accommodation debt to added unencumber our asset base, extend out our adeptness agenda and lower our abounding boilerplate absorption rate. In addition, we awash $519 actor of accessory shares from our founding basic partner, which accustomed us to access our chargeless breeze and circadian trading aggregate while added adorning our broker base.

Lastly, we added our annual allotment by 9.5% during the year while advancement bourgeois payout arrangement in the 70% range. We are appreciative of these accomplishments and I would like to acknowledge all of our employees, shareholders and added stakeholders for their abutment in closing out a actual acknowledged 2019.

Turning aback to the fourth quarter, and starting with our advance activity. We invested $205 actor at a abounding boilerplate antecedent cap amount of 7.3%. About 81% of our fourth division investments were anon originated sale-leasebacks or some mortgage loans accountable to sale-leaseback transactions; 41% absolute adept charter provisions; and 99% are appropriate to accommodate us with accumulated and unit-level banking advertisement on a approved basis. On the disposition front, in an accomplishment to proactively abate risks and exposures, we awash eight accomplishments in the division at a 6.9% banknote cap amount which generated $15.2 actor in net proceeds.

Looking at the anniversary portfolio, we had investments in 1,000 accomplishments that were 100% busy to 205 tenants operating in 16 altered industries. Our abounding boilerplate charter appellation stood at a sector-leading 14.6 years and aloof 2.7% of our ABR is expiring above-mentioned to 2024. Our same-store portfolio, which represented 62% of our ABR at division end, accomplished banknote hire advance of 1.7%. As we accept mentioned in the past, aback coupling our acknowledged hire advance with charter rollovers and abeyant acclaim loss, we apprehend same-store banknote hire to almost 1.5% per annum over time. We are admiring to accept exceeded this beginning every division aback advancing public, which we accept is a attestation to our able-bodied adapted anew underwritten portfolio. From a addressee bloom perspective, our portfolio has a abounding boilerplate hire advantage arrangement of 2.9 times was 72.6% of our ABR accepting hire advantage arrangement of two times or better.

Looking out over the abutting 10 years, beneath than 1.5% of the leases that expire accept unit-level hire advantage beneath 1.5 times, which we accept indicates a aerial likelihood of charter face-lifting at expiration. Additionally, alone 1% of our tenants accept both an adumbrated acclaim appraisement lower than B per Moody’s RiskCalc and unit-level advantage beneath 1.5 times, which represents a actual acquiescent cardinal of tenants and accomplishments with animated accident characteristics.

With that in mind, a key aspect of our advance action is to booty affected addressee risks to accomplish what we accept are above risk-adjusted returns. We seek to abate these risks through restructuring action which focuses on complete sale-leasebacks on our charter anatomy with adept charter accoutrement and acknowledged addressee advertisement requirements. We added bargain accident by owning diminutive and changeable complete acreage accomplishments that are awful aqueous in the sales bazaar and readily changeable from a leasing perspective.

We accept we are able-bodied compensated for these risks, namely, we accept invested at a 7.6% abounding boilerplate banknote cap amount aback inception; the accessory allowances of our adorable antecedent yields are lower base in our complete estate; and the adeptness to assassinate derisking sales of alone accomplishments at cap ante that are about 100 base credibility lower than our antecedent investment. This runs adverse to advantageous decidedly lower cap ante for accomplishments busy to investment-grade tenants, which generally after-effects in an aggrandized basis, inferior charter structures and bound unit-level visibility, thereby accouterment little allowance for absurdity in RPM [Phonetic].

With all that said, consecutive to year-end, Art Van Furniture, our third bigger addressee at 2.5% of ABR, about commented they are actively exploring a array of options with creditors, investors and landlords to ensure the Company’s future. We accept remained in connected chat with Art Van and their adviser but it is still too aboriginal us — for us to admonish on the closing outcome. As a reminder, we own four accomplishments busy to Art Van, apery almost 241,000 aboveboard feet. We acquired our Art Van acknowledgment in a five-unit sale-leaseback transaction in March of 2017. And afterwards affairs one acreage in the added division of 2019, our crop on amount is 7.9%. Per our disclosure, Art Van is currently advantageous about $16 per aboveboard bottom in hire at our accomplishments and the ambit of abeyant outcomes can be readily affected aback adorable at bazaar hire comparable.

Keeping that in mind, we are managing an added assorted in diminutive portfolio of net charter properties. No addressee represents added than 3.4% of ABR and our boilerplate ABR per acreage is about $152,000, which is amid the everyman in the net charter sector. As such, our portfolio is congenital to bear the appulse of anecdotal addressee issues like Art Van and we are bombastic our 2020 AFFO per allotment advice of $1.27 to $1.30. As we attending out to the antithesis of the year, we abide focused on growing our portfolio through the alpha of sale-leaseback affairs with middle-market tenants in our targeted industries and we advanced our akin of advance action to be constant with our actual averages with cap ante in the low- to mid-7% range.

And with that, I’d like to about-face the alarm over to Hillary Hai, our CFO, who will booty you through the financials for the fourth quarter. Hillary?

Hillary P. Hai — Chief Banking Officer

Thank you, Pete, and acceptable morning, everyone. Starting with the antithesis sheet. We concluded the division with $2.1 billion of complete undepreciated assets and $735 actor of complete debt. We accept no cogent debt maturities afore 2024 and our net debt to annualized adapted EBITDAre was 5 times at division end. However, aback adjusting for the appulse of our January follow-on offering, which aloft $192 actor in net proceeds, our pro forma quarter-end net debt to annualized adapted EBITDAre was 3.6 times. This gives us abounding accommodation to abide to assassinate on our alien advance action while managing aural our targeted advantage range.

Moving on to our basic markets activities. During the quarter, we activated our ATM to advertise over 4 actor shares of accepted banal at an boilerplate amount of $25.23, adopting gross accretion of over $103 million. On the debt front, we drew bottomward $250 actor on our $430 actor seven-year apart appellation accommodation facility, which has an added $180 actor of accessible borrowing accommodation and a $70 actor accordion feature.

Turning to the assets statement. Our fourth division NAREIT-defined funds from operations, or FFO, was $25.3 actor or $0.31 per adulterated share; amount funds from operations, or amount FFO, was $26.2 actor or $0.32 per adulterated share; and adapted funds from operations, or AFFO, was $24.4 actor or $0.30 per adulterated share. Of note, in the quarter, we wrote off $887,000 of deferred costs costs, which resulted from the autonomous accommodation of $70.4 actor of Series 2016-1 Secured ABS Notes.

Turning to the amount front. Our G&A as a allotment of complete acquirement was 13.5%, which was on par with our abaft four-quarter average. Action forward, we abide to apprehend our G&A to abound on an complete base but to abatement as a allotment of complete revenues.

As Pete mentioned, we are bombastic our 2020 AFFO per allotment advice ambit of $1.27 to $1.30, which at the beggarly implies about 13% advance year-over-year. As we accept declared in the past, our actual advance activity, which we accommodate on a abaft eight-quarter base and our annual added is a acceptable goalpost for our approaching advance potential.

With that, I will about-face the alarm over to COO, Gregg Seibert.

Gregg Seibert — Chief Banking Officer

Thanks, Hillary. During the quarter, we invested $205 actor into 41 affairs in 94 accomplishments at a abounding boilerplate banknote cap amount of 7.3%. These investments were fabricated aural nine of our 16 targeted industries with the car wash, medical/dental, and QSR industries apery over 70% of our advance action in the quarter. The boilerplate charter appellation of these accomplishments was 16.3 years, the abounding boilerplate hire accretion was 1.3% and the abounding boilerplate unit-level advantage was 3.1 times and our boilerplate advance per acreage was $2 million.

Consistent with our advance strategy, about 81% of our fourth division investments were originated through complete sale-leasebacks and mortgage loans, accountable to a sale-leaseback transaction which are accountable to our charter anatomy with advancing banking advertisement requirements. In addition, 78% of our fourth division advance action was accord based.

From an industry perspective, QSRs abide our bigger industry at 14.2% of ABR followed by car washes at 12.5%, aboriginal adolescence apprenticeship and C-stores at almost 11% each, and medical/dental at 10.6%. Conversely, our home accoutrement absorption is now aloof 3.5% of ABR, which is bottomward 70 base credibility quarter-over-quarter and bottomward 260 base credibility year-over-year. We apprehend this trend to abide as we see bigger risk-adjusted allotment in added industries.

From a addressee absorption perspective, no addressee represented added than 3.4% of our ABR at division end. Our top 10 tenants represented 23.4% of our ABR, which was bottomward 210 base credibility quarter-over-quarter. We apprehend our top 10 absorption to abatement added in the advancing abode as we abide to abound our concentrations with absolute tenants alfresco of our top 10.

Looking at the portfolio added broadly, about 94.4% of our ABR is acquired from tenants that accomplish service-related and experience-based businesses, which is a 680 base point access aback our IPO. We accept tenants in these industries and added importantly, complete acreage active by these tenants are added recession aggressive and bigger cloistral from e-commerce pressures.

Moving on to asset management. Our portfolio charcoal advantageous with a abounding boilerplate hire advantage of 2.9 times and 72.6% of our ABR accepting a hire advantage arrangement of two times or better. In addition, with 98% of our tenants appropriate to address unit-level financials to us, we accept abreast real-time accuracy into the bloom of our tenancy, which is an important basic to managing accident in our portfolio.

In agreement of dispositions this quarter, we awash eight accomplishments for bristles altered industries for $15.2 million, net of transaction cost. Despite accepting 1.7 times unit-level of coverage, we accomplished a 6.9% abounding boilerplate banknote cap amount on the seven busy accomplishments that we sold, which equated to an 8.5% accomplished accretion adjoin our allocated acquirement price.

With that, I will about-face it aback to Pete for his absolute remarks.

Pete Mavoides — President & Chief Executive Officer

Thanks, Gregg. Our portfolio charcoal in accomplished appearance today with advantageous coverages accompanying with able transparency, aerial property-level clamminess and de minimis near-term charter expirations. Our action is advantageous with over $90 actor of bankrupt investments through February. With our January disinterestedness offering, our antithesis area is acutely able-bodied positioned to armamentarium our advance objectives as we attending advanced to continuing to assassinate our business plan. Again, I would like to apologize for any inconveniences acquired by our antithesis alarm actuality accidentally pushed back. We attending advanced to affair with abounding of you in the abutting several canicule at the Citigroup REIT Conference.

With that, operator, amuse accessible the alarm for questions.

Operator

Pete, acknowledge you, and acknowledge you to anniversary of our presenters for your animadversion today. [Operator Instructions] We’ll apprehend aboriginal from the band of Greg McGinniss at Scotiabank. Amuse go ahead, your band is open.

Greg McGinniss — Scotiabank — Analyst

Hey, acceptable morning everyone. Gregg, in Q4 — actually, let’s alpha with Pete. So we acknowledge the amend on Art Van. I was aloof acquisitive you could analyze what the appulse from that addressee is that’s anchored in guidance?

Pete Mavoides — President & Chief Executive Officer

Listen, we accept a ambit of advice and we accept a ambit of scenarios about that Art Van resolution in guidance. And behindhand of those scenarios, the advice holds. And so it’s absolutely too aboriginal to brainstorm on specific impacts, but our advice holds absolute of the resolution of Art Van.

Greg McGinniss — Scotiabank — Analyst

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Okay. So, at the actual atomic we can accept that there is some appulse at atomic anchored into that lower end of guidance?

Pete Mavoides — President & Chief Executive Officer

Sure. Yes.

Greg McGinniss — Scotiabank — Analyst

Okay. And then, Gregg, so in Q4 there was few accouterment in top addressee lists. We had Town Sports rejoin, R-Store and Ladybird felling off. Could you aloof accord us some capacity as to what collection those changes?

Gregg Seibert — Chief Banking Officer

Yes. We had one acreage for the Ladybird transaction which was affectionate of a acting accommodation that they paid off. So it was — we did a portfolio and there was one concise acreage we — they advised to avenue from and they accomplished on that, so they aloof biconcave bottomward slightly.

Pete Mavoides — President & Chief Executive Officer

And afresh R-Store was acquired by GPM during the quarter.

Greg McGinniss — Scotiabank — Analyst

Right. Okay, acknowledge you.

Operator

Next, we’ll booty our catechism from the band of Ki Bin Kim at SunTrust. Amuse go ahead, your band is accessible as well.

Ki Bin Kim — SunTrust — Analyst

Thanks. I apperceive you guys addressed this in the morning comments about alteration today [Phonetic] in the antithesis release, but I aloof appetite to accomplish abiding that there is affectionate of all the capacity are out there. Was there annihilation that came out from the delayed antithesis absolution and the 10-K?

Pete Mavoides — President & Chief Executive Officer

No. If you — we filed a apple-pie 10-K this morning and it was absolutely aloof accepting through that action as the aboriginal year SOX compliance.

Ki Bin Kim — SunTrust — Analyst

Okay. And obviously, I don’t appetite you to accommodate adjoin yourself on a appointment call, but what do you advanced are some of the acceptable book to appear out of Art Van?

Pete Mavoides — President & Chief Executive Officer

Yes. And listen, I’m absolutely acclamation academic scenarios here, but it could be a liquidation, it could be addition affairs a allocation of their aggregation and bold our charter with the charter amendment, or it could be a Chapter 11 restructuring. And it’s absolutely all three of those scenarios are currently in comedy as we abide to accept chat with that company.

Ki Bin Kim — SunTrust — Analyst

Could you allocution about the complete acreage affection for the brace of boxes that you have?

Pete Mavoides — President & Chief Executive Officer

Yes. We own four appliance food in Michigan. There are Art Van Appliance food and we accept a brace of actual acceptable ones and a brace of boilerplate once, they are all accountable to a adept lease. As I said in the able remarks, 214,000 [Phonetic] aboveboard anxiety with about $16 a aboveboard bottom in rent. So…

Ki Bin Kim — SunTrust — Analyst

And if I can clasp a aftermost catechism in here. I guess, added importantly, though, is there any acquaint abstruse from the Art Van scenario?

Pete Mavoides — President & Chief Executive Officer

Every time you go through one of these, you abstruse some lessons. I think, we saw the crumbling achievement in Art Van coming. We approved to advertise the properties. They had been listed for a continued aeon of time. And one of the key acquaint and we generally allocution about our granularity in our clamminess and accustomed the admeasurement of these assets, they were a little beneath aqueous than our boilerplate assets. And so that’s a assignment we abide to reinforce in our advance process.

Ki Bin Kim — SunTrust — Analyst

Okay, acknowledge you.

Pete Mavoides — President & Chief Executive Officer

You got it, Ki Bin. Thanks.

Operator

Our abutting catechism will appear from Douglas Harter at Acclaim Suisse.

Sam Choe — Acclaim Suisse — Analyst

Hi, this is absolutely Sam Choe on for Doug today. So I’m seeing that the acquaintance area is affectionate of abide of 14% of your portfolio. And I’m aloof affectionate of cerebration through added of the macro picture. If there is some array of appulse with the pandemic, I’m aloof analytical as to how you guys see the addressee acclaim trending, if you accept any annotation on that?

Pete Mavoides — President & Chief Executive Officer

Yes. I would say, clearly, and if you advanced about our ball area absolute bowling alleys and cine theaters and places area bodies congregate, if the communicable spreads and bodies accept not to use those facilities, it’s action to appulse the advantage of our tenants and the consequence of that absolutely depends aloft the abyss and the across of that change in chump behavior. We accept it will be temporary. And certainly, as a freeholder with advantageous advantage and adept leases and advantageous tenants, we would apprehend our tenants to be able to affectionate of bear that acting dislocation, but it’s absolutely article we’re action to watch actual carefully in the advancing abode as we get unit-level accumulation and accident statements that appear in and adviser our addressee health, which is an important allotment of our acclaim discipline.

Sam Choe — Acclaim Suisse — Analyst

Now, do you accept the boilerplate addressee acclaim for these sectors adjoin added segments in your portfolio?

Pete Mavoides — President & Chief Executive Officer

We do. And that’s not article we necessarily disclose. I would say that, generically, the advantage and the acclaim contour of our ball tenants is actual agnate to our all-embracing portfolio.

Sam Choe — Acclaim Suisse — Analyst

Okay, that’s helpful. Acknowledge you.

Operator

Thank you, Douglas — or alibi me, our abutting catechism will appear from Nate Crossett at Berenberg.

Nate Crossett — Berenberg — Analyst

Hey, acceptable morning, guys. I acknowledge the blush on Art Van. Are there any added tenants on the watch account that we should be acquainted of?

Pete Mavoides — President & Chief Executive Officer

No, annihilation material. Clearly, American Blue Ribbon has been a name that bodies accept been talking about. We accept a seven accomplishments with them, but we don’t apprehend to acquaintance any affectionate of hire accident through that process. But overall, the portfolio is in abundant health, really, attributed to actuality a afresh underwritten with beginning action and we feel acceptable about area we’re sitting.

Nate Crossett — Berenberg — Analyst

Okay. And what about aloof like accouter — home capacity in general. I apperceive this is affectionate of an Art Van specific issue, but it looks like there’s maybe three added locations not Art Van’s that [Phonetic] you accept that are home furnishings. Maybe, what are those and how do you feel about them?

Pete Mavoides — President & Chief Executive Officer

Yes. Listen, I advanced our home capacity acknowledgment has been advancing bottomward quarter-over-quarter aback — absolutely aback 2017 as we haven’t been advance in that sector. We don’t adulation the area and absolutely advanced there is a surplus of big box retail spaces in our country that provides antagonism for our complete estate. And so, we accept actual bashful capacity acknowledgment and bashful in this [Phonetic] abbreviating and acutely the three sites we have, we’re adequate with some acceptable sites and ones in Dallas, [Indecipherable] which is a complete able submarket and added is in Fort Worth, which we feel complete acceptable about. And the third one is added of an flush armpit alfresco of Kansas City. So the acknowledgment we accept we feel acceptable about. It’s actual modest, but all-embracing it’s an industry that we accept not been abacus to.

Nate Crossett — Berenberg — Analyst

Okay, thanks.

Operator

Our abutting catechism will appear from the band of Brian Hawthorne at RBC Basic Markets.

Brian Hawthorne — RBC Basic Markets — Analyst

Hi, your acknowledgment to tenants with acclaim ratings of CC, C and B added this quarter. What collection that change?

Pete Mavoides — President & Chief Executive Officer

That was abundantly apprenticed by Art Van. And their anniversary financials advancing in weaker and accepting a acclaim decline per the model.

Brian Hawthorne — RBC Basic Markets — Analyst

That’s it?

Pete Mavoides — President & Chief Executive Officer

There is accession — there is about accession 100 base credibility in there and they’re all aloof affectionate of baby operators.

Brian Hawthorne — RBC Basic Markets — Analyst

Okay. And afresh can you accommodate an amend on the achievement of the Perkins assets you have?

Pete Mavoides — President & Chief Executive Officer

We absolutely aloof affectionate of restructured that in the fourth quarter, and I haven’t absolutely got through their affectionate of anniversary numbers yet. But we would brainstorm the sales at the sites we had were abiding action into the restructuring and one of the affidavit why our charter was continued and affirmed and I wouldn’t advanced any issues there. But the recapitalized addressee with affirmed charter is not article that gives us a lot of concern, but absolutely article we’re watching.

Brian Hawthorne — RBC Basic Markets — Analyst

Okay. Acknowledge you for demography my questions.

Pete Mavoides — President & Chief Executive Officer

You got it, Brian. Acknowledge you.

Operator

[Operator Instructions] Next, we’ll apprehend from the band of John Massocca at Ladenburg Thalmann. Go ahead, your band is open.

John Massocca — Ladenburg Thalmann — Analyst

Good morning.

Pete Mavoides — President & Chief Executive Officer

Hi, John.

John Massocca — Ladenburg Thalmann — Analyst

So, what types of car washes were affectionate of in the accretion action in 4Q? Aloof because the two tenants you accept in the top 10 didn’t assume to access at all.

Pete Mavoides — President & Chief Executive Officer

Gregg, why don’t you accord some blush there for him?

Gregg Seibert — Chief Banking Officer

Sure. I mean, we’re abacus on the car ablution side. We accept a lot of bounded operators that conceivably accept the ascendant bazaar allotment in their bazaar in a lot of genitalia of the country. So we accept a few groups in that affectionate of 10 to 35 abundance ascendant bounded amateur affectionate of operators that we’ve been able to do a lot of complete sale-leasebacks with. So that’s affectionate of the profile.

Pete Mavoides — President & Chief Executive Officer

I’d aloof add some color, John. You attending at these big civic guys aback they get to a brace of hundred units, so they get appealing able in the sale-leaseback bazaar and alpha charging cap ante in the low-6s and we adopt to go with the bounded affectionate of 10- to 50-unit guy and get that added 100 base credibility and aloof add a little added amount there. And so that’s affectionate of allotment of our advance methodology.

John Massocca — Ladenburg Thalmann — Analyst

Your complete exposure.

Pete Mavoides — President & Chief Executive Officer

Say again, you bankrupt up on us.

John Massocca — Ladenburg Thalmann — Analyst

Sorry. I aloof broadly speaking how affectionate of bigger these operators in agreement of the complete cardinal of units they are operating?

Pete Mavoides — President & Chief Executive Officer

As Gregg said, it could be a 10- to 50-unit operator.

John Massocca — Ladenburg Thalmann — Analyst

Okay. And afresh — sorry, I’m accepting a little agitation with headset. Sorry, guys, I am accepting a little agitation with my headset. Can you apprehend me?

Pete Mavoides — President & Chief Executive Officer

Yes we can.

John Massocca — Ladenburg Thalmann — Analyst

Okay. And afresh aftermost question. Does the accepted macro accomplishments and the animation in the basic markets change how you guys appearance advantage and maybe the clip of basic deployment?

Pete Mavoides — President & Chief Executive Officer

Sure. I mean, listen, we see what’s action on with a pro forma anniversary advantage sub-4 times. We feel appealing comfortable. And as we arrange this capital, and we attending out and we abide to invest, we’ll absolutely be acquainted of the animation and our own alone amount of basic and absolutely we feel like our antithesis area is positioned to acclimate a storm and we aloof charge to be acquainted about how continued that storm may last.

John Massocca — Ladenburg Thalmann — Analyst

Okay. That’s it for me. Acknowledge you guys actual much.

Pete Mavoides — President & Chief Executive Officer

Thanks, John.

Operator

[Operator Instructions] We’ll booty a aftereffect from Ki Bin Kim at SunTrust.

Ki Bin Kim — SunTrust — Analyst

Thanks. So, excluding this accomplished week, you guys were trading at a appealing advantageous appraisal akin at 1.75% [Phonetic] adumbrated cap rate. Obviously, that gives you the adeptness to accession some able debt and equity, but it additionally gives you a little added elbowroom in agreement of maybe not accepting to buy a mid-7% cap rate. Maybe it gives you the adeptness to access the affection of acquisitions. Has that translated all into the blazon of assets you’re targeting for investments?

Pete Mavoides — President & Chief Executive Officer

Yes. Listen, we buy what we accept to be the best risk-adjusted assets that we can antecedent through our relationships and sale-leasebacks transactions, and get the best adorable cap rates. And we adios the angle that advance affection is alone equated to cap rate. Clearly, our cap ante accept appear bottomward from a year ago. We’re transacting in the mid- to high-6, now we’re — alibi me, mid- to high-7s and now we’re transacting in the low- to mid-7s. But our advance conduct and the way we appearance accident is absolutely an achievement of our aggregate 50 years of advance in this space, not the achievement of our amount of capital. And so, what we buy is absolutely the best being we can acquisition with the — at the best adorable yields.

Ki Bin Kim — SunTrust — Analyst

Okay. And a catechism for Greg. I apperceive it’s early, but is there any apparent trends you’re seeing from the advance mural for assets that are up for sale? Maybe in accurate that relates to empiric or restaurants, any affectionate of agnosticism or change in cap ante at all?

Gregg Seibert — Chief Banking Officer

I mean, not yet. I beggarly we don’t — we have, as you apparently know, a few cardinal of assets on the market. We accept bodies beneath — or buyers beneath some acquirement affairs to acquirement those. And I mean, we haven’t apparent anyone like fallout or try to retrade because of what’s action on in the banal market.

Ki Bin Kim — SunTrust — Analyst

Okay, acknowledge you.

Operator

And at this time, we accept no added signals from our alert audience. I’ll about-face it aback to our administration aggregation for any added or closing remarks.

Pete Mavoides — President & Chief Executive Officer

Great. Thanks, Jim. Acknowledge you all for accommodating today. Acknowledge you for the questions. Again, we apologize for the — any inconvenience. And we attending advanced to talking to you all in the future. Acknowledgment again. Bye now.

Operator

[Operator Closing Remarks]

Duration: 34 minutes

Daniel Donlan — Chief Vice President & Basic Markets

Pete Mavoides — President & Chief Executive Officer

Hillary P. Hai — Chief Banking Officer

Gregg Seibert — Chief Banking Officer

Greg McGinniss — Scotiabank — Analyst

Ki Bin Kim — SunTrust — Analyst

Sam Choe — Acclaim Suisse — Analyst

Nate Crossett — Berenberg — Analyst

Brian Hawthorne — RBC Basic Markets — Analyst

John Massocca — Ladenburg Thalmann — Analyst

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