Logo of jester cap with thought bubble.

Image source: The Motley Fool.

ESSENTIAL PROPERTIES REALTY (NYSE:EPRT)
Q4 2019 Earnings Call
Mar 2, 2020, 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, hello, and thank you all for joining this Essential Properties Realty Trust Fourth Quarter 2019 Earnings Call. [Operator Instructions] To get us started with opening remarks and introductions, I am pleased to turn to you [Phonetic] the floor to Senior Vice President of Capital Markets, Mr. Dan Donlan. Welcome, Dan.

Daniel Donlan -- Senior Vice President & Capital Markets

Thank you, operator, and good morning, everyone. We appreciate you joining us today for Essential Properties fourth quarter 2019 conference call. Here with me today to discuss our fourth quarter results are Pete Mavoides, our President and CEO; Gregg Seibert, our COO; and Hillary Hai, our CFO.

During this call, we'll make certain statements that may be considered forward-looking statements under federal securities law. Company's actual future results may differ significantly from the matters discussed in these forward-looking statements and we may not release revisions to these forward-looking statements to reflect changes after the statements were made. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the Company's filing with the SEC and in today's earnings release.

Before I turn the call over to Pete, we would like to apologize to investors and analysts inconvenience by the rescheduling of our earnings date and conference call. Unfortunately, with 2019 being our first year as a large accelerated filer, the process of getting through SOX compliance and completing our audit required additional time relative to our initial expectations.

With that, Pete, please go ahead.

Pete Mavoides -- President & Chief Executive Officer

Thank you to everyone who joined us today for your interest in Essential Properties. We are very pleased to report another strong quarter of results. Consistent with past quarters, the fourth quarter saw solid portfolio performance with same-store rent growth of 1.7% and no vacancy. Investment activity during the quarter was robust with $205 million invested into 94 properties and 41 separate transactions at a 7.3% cash cap rate.

We also had an active quarter on the capital markets front. We closed a $430 million unsecured seven-year term loan, which has a $70 million accordion feature. We also raised $103 million of gross equity proceeds via our ATM program. The end result is that we are reporting fourth quarter AFFO per share of $0.30, representing an 11% year-over-year growth rate.

Looking back at the year, we experienced a transformative improvement in our cost of capital, which allowed us to take a more aggressive stance in regards to our investment activity and balance sheet. We invested $687 million into 375 properties in 136 separate transactions at a 7.4% initial cap rate. We raised $424 million of gross equity to maintain a well-capitalized balance sheet and raised $630 million of senior unsecured term loan debt to further unencumber our asset base, extend out our maturity schedule and lower our weighted average interest rate. In addition, we sold $519 million of secondary shares from our founding capital partner, which allowed us to increase our free flow and daily trading volume while further broadening our investor base.

Lastly, we increased our quarterly dividend by 9.5% during the year while maintaining conservative payout ratio in the 70% range. We are proud of these accomplishments and I would like to thank all of our employees, shareholders and other stakeholders for their support in closing out a very successful 2019.

Turning back to the fourth quarter, and starting with our investment activity. We invested $205 million at a weighted average initial cap rate of 7.3%. Approximately 81% of our fourth quarter investments were directly originated sale-leasebacks or some mortgage loans subject to sale-leaseback transactions; 41% contained master lease provisions; and 99% are required to provide us with corporate and unit-level financial reporting on a regular basis. On the disposition front, in an effort to proactively mitigate risks and exposures, we sold eight properties in the quarter at a 6.9% cash cap rate which generated $15.2 million in net proceeds.

Looking at the year-end portfolio, we had investments in 1,000 properties that were 100% leased to 205 tenants operating in 16 different industries. Our weighted average lease term stood at a sector-leading 14.6 years and just 2.7% of our ABR is expiring prior to 2024. Our same-store portfolio, which represented 62% of our ABR at quarter end, experienced cash rent growth of 1.7%. As we have mentioned in the past, when coupling our contractual rent growth with lease rollovers and potential credit loss, we expect same-store cash rent to approximate 1.5% per annum over time. We are pleased to have exceeded this threshold every quarter since coming public, which we believe is a testament to our well diversified newly underwritten portfolio. From a tenant health perspective, our portfolio has a weighted average rent coverage ratio of 2.9 times was 72.6% of our ABR having rent coverage ratio of two times or better.

Looking out over the next 10 years, less than 1.5% of the leases that expire have unit-level rent coverage below 1.5 times, which we believe indicates a high likelihood of lease renewal at expiration. Additionally, only 1% of our tenants have both an implied credit rating lower than B per Moody's RiskCalc and unit-level coverage below 1.5 times, which represents a very manageable number of tenants and properties with elevated risk characteristics.

With that in mind, a key element of our investment strategy is to take calculated tenant risks to achieve what we believe are superior risk-adjusted returns. We seek to mitigate these risks through restructuring process which focuses on direct sale-leasebacks on our lease form with master lease provisions and contractual tenant reporting requirements. We further reduced risk by owning granular and fungible real estate properties that are highly liquid in the sales market and readily fungible from a leasing perspective.

We believe we are well compensated for these risks, namely, we have invested at a 7.6% weighted average cash cap rate since inception; the collateral benefits of our attractive initial yields are lower basis in our real estate; and the ability to execute derisking sales of individual properties at cap rates that are nearly 100 basis points lower than our initial investment. This runs contrary to paying significantly lower cap rates for properties leased to investment-grade tenants, which often results in an inflated basis, inferior lease structures and limited unit-level visibility, thereby providing little margin for error in RPM [Phonetic].

With all that said, subsequent to year-end, Art Van Furniture, our third largest tenant at 2.5% of ABR, publicly commented they are actively exploring a variety of options with creditors, investors and landlords to ensure the Company's future. We have remained in constant dialog with Art Van and their advisor but it is still too early us -- for us to opine on the eventual outcome. As a reminder, we own four properties leased to Art Van, representing roughly 241,000 square feet. We acquired our Art Van exposure in a five-unit sale-leaseback transaction in March of 2017. And after selling one property in the second quarter of 2019, our yield on cost is 7.9%. Per our disclosure, Art Van is currently paying approximately $16 per square foot in rent at our properties and the range of potential outcomes can be readily calculated when looking at market rent comparable.

Keeping that in mind, we are managing an increasingly diverse in granular portfolio of net lease properties. No tenant represents more than 3.4% of ABR and our average ABR per property is approximately $152,000, which is among the lowest in the net lease sector. As such, our portfolio is built to withstand the impact of episodic tenant issues like Art Van and we are reiterating our 2020 AFFO per share guidance of $1.27 to $1.30. As we look out to the balance of the year, we remain focused on growing our portfolio through the origination of sale-leaseback transactions with middle-market tenants in our targeted industries and we anticipate our level of investment activity to be consistent with our historical averages with cap rates in the low- to mid-7% range.

And with that, I'd like to turn the call over to Hillary Hai, our CFO, who will take you through the financials for the fourth quarter. Hillary?

Hillary P. Hai -- Chief Financial Officer

Thank you, Pete, and good morning, everyone. Starting with the balance sheet. We ended the quarter with $2.1 billion of total undepreciated assets and $735 million of total debt. We have no significant debt maturities before 2024 and our net debt to annualized adjusted EBITDAre was 5 times at quarter end. However, when adjusting for the impact of our January follow-on offering, which raised $192 million in net proceeds, our pro forma quarter-end net debt to annualized adjusted EBITDAre was 3.6 times. This gives us ample capacity to continue to execute on our external growth strategy while managing within our targeted leverage range.

Moving on to our capital markets activities. During the quarter, we utilized our ATM to sell over 4 million shares of common stock at an average price of $25.23, raising gross proceeds of over $103 million. On the debt front, we drew down $250 million on our $430 million seven-year unsecured term loan facility, which has an additional $180 million of available borrowing capacity and a $70 million accordion feature.

Turning to the income statement. Our fourth quarter NAREIT-defined funds from operations, or FFO, was $25.3 million or $0.31 per diluted share; core funds from operations, or core FFO, was $26.2 million or $0.32 per diluted share; and adjusted funds from operations, or AFFO, was $24.4 million or $0.30 per diluted share. Of note, in the quarter, we wrote off $887,000 of deferred financing costs, which resulted from the voluntary prepayment of $70.4 million of Series 2016-1 Secured ABS Notes.

Turning to the expense front. Our G&A as a percentage of total revenue was 13.5%, which was on par with our trailing four-quarter average. Going forward, we continue to expect our G&A to grow on an absolute basis but to decline as a percentage of total revenues.

As Pete mentioned, we are reiterating our 2020 AFFO per share guidance range of $1.27 to $1.30, which at the midpoint implies approximately 13% growth year-over-year. As we have stated in the past, our historical investment activity, which we provide on a trailing eight-quarter basis and our quarterly supplemental is a good goalpost for our future investment potential.

With that, I will turn the call over to COO, Gregg Seibert.

Gregg Seibert -- Chief Financial Officer

Thanks, Hillary. During the quarter, we invested $205 million into 41 transactions in 94 properties at a weighted average cash cap rate of 7.3%. These investments were made within nine of our 16 targeted industries with the car wash, medical/dental, and QSR industries representing over 70% of our investment activity in the quarter. The average lease term of these properties was 16.3 years, the weighted average rent escalation was 1.3% and the weighted average unit-level coverage was 3.1 times and our average investment per property was $2 million.

Consistent with our investment strategy, approximately 81% of our fourth quarter investments were originated through direct sale-leasebacks and mortgage loans, subject to a sale-leaseback transaction which are subject to our lease form with ongoing financial reporting requirements. In addition, 78% of our fourth quarter investment activity was relationship based.

From an industry perspective, QSRs remain our largest industry at 14.2% of ABR followed by car washes at 12.5%, early childhood education and C-stores at roughly 11% each, and medical/dental at 10.6%. Conversely, our home furnishings concentration is now just 3.5% of ABR, which is down 70 basis points quarter-over-quarter and down 260 basis points year-over-year. We expect this trend to persist as we see better risk-adjusted returns in other industries.

From a tenant concentration perspective, no tenant represented more than 3.4% of our ABR at quarter end. Our top 10 tenants represented 23.4% of our ABR, which was down 210 basis points quarter-over-quarter. We expect our top 10 concentration to decline further in the coming quarters as we continue to grow our concentrations with existing tenants outside of our top 10.

Looking at the portfolio more broadly, approximately 94.4% of our ABR is derived from tenants that operate service-related and experience-based businesses, which is a 680 basis point increase since our IPO. We believe tenants in these industries and more importantly, real estate occupied by these tenants are more recession resistant and better insulated from e-commerce pressures.

Moving on to asset management. Our portfolio remains healthy with a weighted average rent coverage of 2.9 times and 72.6% of our ABR having a rent coverage ratio of two times or better. In addition, with 98% of our tenants required to report unit-level financials to us, we have near real-time transparency into the health of our tenancy, which is an important component to managing risk in our portfolio.

In terms of dispositions this quarter, we sold eight properties for five different industries for $15.2 million, net of transaction cost. Despite having 1.7 times unit-level of coverage, we achieved a 6.9% weighted average cash cap rate on the seven leased properties that we sold, which equated to an 8.5% realized gain versus our allocated purchase price.

With that, I will turn it back to Pete for his concluding remarks.

Pete Mavoides -- President & Chief Executive Officer

Thanks, Gregg. Our portfolio remains in excellent shape today with healthy coverages coupled with strong transparency, high property-level liquidity and de minimis near-term lease expirations. Our pipeline is healthy with over $90 million of closed investments through February. With our January equity offering, our balance sheet is extremely well positioned to fund our growth objectives as we look forward to continuing to execute our business plan. Again, I would like to apologize for any inconveniences caused by our earnings call being unexpectedly pushed back. We look forward to meeting with many of you in the next several days at the Citigroup REIT Conference.

With that, operator, please open the call for questions.

Questions and Answers:

Operator

Pete, thank you, and thank you to each of our presenters for your remarks today. [Operator Instructions] We'll hear first from the line of Greg McGinniss at Scotiabank. Please go ahead, your line is open.

Greg McGinniss -- Scotiabank -- Analyst

Hey, good morning everyone. Gregg, in Q4 -- actually, let's start with Pete. So we appreciate the update on Art Van. I was just hoping you could clarify what the impact from that tenant is that's embedded in guidance?

Pete Mavoides -- President & Chief Executive Officer

Listen, we have a range of guidance and we have a range of scenarios around that Art Van resolution in guidance. And regardless of those scenarios, the guidance holds. And so it's really too early to speculate on specific impacts, but our guidance holds independent of the resolution of Art Van.

Greg McGinniss -- Scotiabank -- Analyst

Okay. So, at the very least we can assume that there is some impact at least embedded 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 shifts in top tenant lists. We had Town Sports rejoin, R-Store and Ladybird felling off. Could you just give us some details as to what drove those changes?

Gregg Seibert -- Chief Financial Officer

Yes. We had one property for the Ladybird transaction which was kind of a temporary loan that they paid off. So it was -- we did a portfolio and there was one short-term property we -- they intended to exit from and they executed on that, so they just dipped down slightly.

Pete Mavoides -- President & Chief Executive Officer

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

Greg McGinniss -- Scotiabank -- Analyst

Right. Okay, thank you.

Operator

Next, we'll take our question from the line of Ki Bin Kim at SunTrust. Please go ahead, your line is open as well.

Ki Bin Kim -- SunTrust -- Analyst

Thanks. I know you guys addressed this in the morning comments about changing today [Phonetic] in the earnings release, but I just want to make sure that there is kind of all the details are out there. Was there anything that came out from the delayed earnings release and the 10-K?

Pete Mavoides -- President & Chief Executive Officer

No. If you -- we filed a clean 10-K this morning and it was purely just getting through that process as the first year SOX compliance.

Ki Bin Kim -- SunTrust -- Analyst

Okay. And obviously, I don't want you to negotiate against yourself on a conference call, but what do you think are some of the likely scenario to come out of Art Van?

Pete Mavoides -- President & Chief Executive Officer

Yes. And listen, I'm surely addressing hypothetical scenarios here, but it could be a liquidation, it could be someone buying a portion of their company and assuming our lease with the lease amendment, or it could be a Chapter 11 restructuring. And it's really all three of those scenarios are currently in play as we continue to have dialog with that company.

Ki Bin Kim -- SunTrust -- Analyst

Could you talk about the real estate quality for the couple of boxes that you have?

Pete Mavoides -- President & Chief Executive Officer

Yes. We own four furniture stores in Michigan. There are Art Van Furniture stores and we have a couple of very good ones and a couple of average once, they are all subject to a master lease. As I said in the prepared remarks, 214,000 [Phonetic] square feet with about $16 a square foot in rent. So...

Ki Bin Kim -- SunTrust -- Analyst

And if I can squeeze a last question in here. I guess, more importantly, though, is there any lessons learned from the Art Van scenario?

Pete Mavoides -- President & Chief Executive Officer

Every time you go through one of these, you learned some lessons. I think, we saw the declining performance in Art Van coming. We tried to sell the properties. They had been listed for a long period of time. And one of the key lessons and we often talk about our granularity in our liquidity and given the size of these assets, they were a little less liquid than our average assets. And so that's a lesson we continue to reinforce in our investment process.

Ki Bin Kim -- SunTrust -- Analyst

Okay, thank you.

Pete Mavoides -- President & Chief Executive Officer

You got it, Ki Bin. Thanks.

Operator

Our next question will come from Douglas Harter at Credit Suisse.

Sam Choe -- Credit Suisse -- Analyst

Hi, this is actually Sam Choe on for Doug today. So I'm seeing that the experience sector is kind of consist of 14% of your portfolio. And I'm just kind of thinking through more of the macro picture. If there is some sort of impact with the pandemic, I'm just curious as to how you guys see the tenant credit trending, if you have any commentary on that?

Pete Mavoides -- President & Chief Executive Officer

Yes. I would say, clearly, and if you think about our entertainment sector comprising bowling alleys and movie theaters and places where people congregate, if the pandemic spreads and people elect not to use those facilities, it's going to impact the profitability of our tenants and the magnitude of that really depends upon the depth and the breadth of that change in customer behavior. We believe it will be temporary. And certainly, as a landlord with healthy coverage and master leases and healthy tenants, we would expect our tenants to be able to kind of withstand that temporary dislocation, but it's certainly something we're going to watch very closely in the coming quarters as we get unit-level profit and loss statements that come in and monitor our tenant health, which is an important part of our credit discipline.

Sam Choe -- Credit Suisse -- Analyst

Now, do you have the average tenant credit for these sectors versus other segments in your portfolio?

Pete Mavoides -- President & Chief Executive Officer

We do. And that's not something we necessarily disclose. I would say that, generically, the coverage and the credit profile of our entertainment tenants is very similar to our overall portfolio.

Sam Choe -- Credit Suisse -- Analyst

Okay, that's helpful. Thank you.

Operator

Thank you, Douglas -- or excuse me, our next question will come from Nate Crossett at Berenberg.

Nate Crossett -- Berenberg -- Analyst

Hey, good morning, guys. I appreciate the color on Art Van. Are there any other tenants on the watch list that we should be aware of?

Pete Mavoides -- President & Chief Executive Officer

No, nothing material. Clearly, American Blue Ribbon has been a name that people have been talking about. We have a seven properties with them, but we don't expect to experience any kind of rent loss through that process. But overall, the portfolio is in great health, really, attributed to being a recently underwritten with fresh diligence and we feel good about where we're sitting.

Nate Crossett -- Berenberg -- Analyst

Okay. And what about just like furnish -- home furnishing in general. I know this is kind of an Art Van specific issue, but it looks like there's maybe three other locations not Art Van's that [Phonetic] you have that are home furnishings. Maybe, what are those and how do you feel about them?

Pete Mavoides -- President & Chief Executive Officer

Yes. Listen, I think our home furnishing exposure has been coming down quarter-over-quarter since -- really since 2017 as we haven't been investing in that sector. We don't love the sector and really think there is a surplus of big box retail spaces in our country that provides competition for our real estate. And so, we have very modest furnishing exposure and modest in this [Phonetic] decreasing and clearly the three sites we have, we're comfortable with some good sites and ones in Dallas, [Indecipherable] which is a real strong submarket and other is in Fort Worth, which we feel real good about. And the third one is more of an upscale site outside of Kansas City. So the exposure we have we feel good about. It's very modest, but overall it's an industry that we have not been adding to.

Nate Crossett -- Berenberg -- Analyst

Okay, thanks.

Operator

Our next question will come from the line of Brian Hawthorne at RBC Capital Markets.

Brian Hawthorne -- RBC Capital Markets -- Analyst

Hi, your exposure to tenants with credit ratings of CC, C+ and B increased this quarter. What drove that change?

Pete Mavoides -- President & Chief Executive Officer

That was largely driven by Art Van. And their year-end financials coming in weaker and getting a credit downgrade per the model.

Brian Hawthorne -- RBC Capital Markets -- Analyst

That's it?

Pete Mavoides -- President & Chief Executive Officer

There is another -- there is about another 100 basis points in there and they're all just kind of small operators.

Brian Hawthorne -- RBC Capital Markets -- Analyst

Okay. And then can you provide an update on the performance of the Perkins assets you have?

Pete Mavoides -- President & Chief Executive Officer

We really just kind of restructured that in the fourth quarter, and I haven't really got through their kind of year-end numbers yet. But we would imagine the sales at the sites we had were stable going into the restructuring and one of the reasons why our lease was extended and affirmed and I wouldn't anticipate any issues there. But the recapitalized tenant with affirmed lease is not something that gives us a lot of concern, but certainly something we're watching.

Brian Hawthorne -- RBC Capital Markets -- Analyst

Okay. Thank you for taking my questions.

Pete Mavoides -- President & Chief Executive Officer

You got it, Brian. Thank you.

Operator

[Operator Instructions] Next, we'll hear from the line of John Massocca at Ladenburg Thalmann. Go ahead, your line 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 kind of in the acquisition activity in 4Q? Just because the two tenants you have in the top 10 didn't seem to increase at all.

Pete Mavoides -- President & Chief Executive Officer

Gregg, why don't you give some color there for him?

Gregg Seibert -- Chief Financial Officer

Sure. I mean, we're adding on the car wash side. We have a lot of regional operators that perhaps have the dominant market share in their market in a lot of parts of the country. So we have a few groups in that kind of 10 to 35 store dominant local player kind of operators that we've been able to do a lot of direct sale-leasebacks with. So that's kind of the profile.

Pete Mavoides -- President & Chief Executive Officer

I'd just add some color, John. You look at these big national guys when they get to a couple of hundred units, so they get pretty efficient in the sale-leaseback market and start charging cap rates in the low-6s and we prefer to go with the regional kind of 10- to 50-unit guy and get that extra 100 basis points and just add a little more value there. And so that's kind of part of our investment methodology.

John Massocca -- Ladenburg Thalmann -- Analyst

Your total exposure.

Pete Mavoides -- President & Chief Executive Officer

Say again, you broke up on us.

John Massocca -- Ladenburg Thalmann -- Analyst

Sorry. I just broadly speaking how kind of bigger these operators in terms of the total number 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 then -- sorry, I'm having a little trouble with headset. Sorry, guys, I am having a little trouble with my headset. Can you hear me?

Pete Mavoides -- President & Chief Executive Officer

Yes we can.

John Massocca -- Ladenburg Thalmann -- Analyst

Okay. And then last question. Does the current macro backdrop and the volatility in the capital markets change how you guys view leverage and maybe the pace of capital deployment?

Pete Mavoides -- President & Chief Executive Officer

Sure. I mean, listen, we see what's going on with a pro forma year-end leverage sub-4 times. We feel pretty comfortable. And as we deploy this capital, and we look out and we continue to invest, we'll certainly be cognizant of the volatility and our own individual cost of capital and certainly we feel like our balance sheet is positioned to weather a storm and we just need to be cognizant about how long that storm may last.

John Massocca -- Ladenburg Thalmann -- Analyst

Okay. That's it for me. Thank you guys very much.

Pete Mavoides -- President & Chief Executive Officer

Thanks, John.

Operator

[Operator Instructions] We'll take a follow-up from Ki Bin Kim at SunTrust.

Ki Bin Kim -- SunTrust -- Analyst

Thanks. So, excluding this past week, you guys were trading at a pretty healthy valuation level at 1.75% [Phonetic] implied cap rate. Obviously, that gives you the ability to raise some efficient debt and equity, but it also gives you a little more leeway in terms of maybe not having to buy a mid-7% cap rate. Maybe it gives you the ability to increase the quality of acquisitions. Has that translated all into the type of assets you're targeting for investments?

Pete Mavoides -- President & Chief Executive Officer

Yes. Listen, we buy what we believe to be the best risk-adjusted assets that we can source through our relationships and sale-leasebacks transactions, and get the most attractive cap rates. And we reject the notion that investment quality is solely equated to cap rate. Clearly, our cap rates have come down from a year ago. We're transacting in the mid- to high-6, now we're -- excuse me, mid- to high-7s and now we're transacting in the low- to mid-7s. But our investment discipline and the way we view risk is really an output of our collective 50 years of investing in this space, not the output of our cost of capital. And so, what we buy is really the best stuff we can find with the -- at the most attractive yields.

Ki Bin Kim -- SunTrust -- Analyst

Okay. And a question for Greg. I know it's early, but is there any discernible trends you're seeing from the investment landscape for assets that are up for sale? Maybe in particular that relates to experiential or restaurants, any kind of hesitancy or change in cap rates at all?

Gregg Seibert -- Chief Financial Officer

I mean, not yet. I mean we don't -- we have, as you probably know, a few number of assets on the market. We have people under -- or buyers under some purchase contracts to purchase those. And I mean, we haven't seen anyone like fallout or try to retrade because of what's going on in the stock market.

Ki Bin Kim -- SunTrust -- Analyst

Okay, thank you.

Operator

And at this time, we have no further signals from our listening audience. I'll turn it back to our leadership team for any additional or closing remarks.

Pete Mavoides -- President & Chief Executive Officer

Great. Thanks, Jim. Thank you all for participating today. Thank you for the questions. Again, we apologize for the -- any inconvenience. And we look forward to talking to you all in the future. Thanks again. Bye now.

Operator

[Operator Closing Remarks]

Duration: 34 minutes

Call participants:

Daniel Donlan -- Senior Vice President & Capital Markets

Pete Mavoides -- President & Chief Executive Officer

Hillary P. Hai -- Chief Financial Officer

Gregg Seibert -- Chief Financial Officer

Greg McGinniss -- Scotiabank -- Analyst

Ki Bin Kim -- SunTrust -- Analyst

Sam Choe -- Credit Suisse -- Analyst

Nate Crossett -- Berenberg -- Analyst

Brian Hawthorne -- RBC Capital Markets -- Analyst

John Massocca -- Ladenburg Thalmann -- Analyst

More EPRT analysis

All earnings call transcripts

AlphaStreet Logo