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Exam Number : ASC-090
Exam Name : ASC IT Compliance 2010
Vendor Name : Symantec
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Symantec ASC techniques
- First Quarter internet salary per Share of $0.14 and AFFO per Share of $0.30 -- Closed Investments of $197.eight million at a 7.0% Weighted average cash Cap rate -- Reiterate 2021 AFFO per Share counsel -
elementary houses Realty have faith, Inc. (NYSE: EPRT; "essential homes" or the "company"), these days introduced working outcomes for the three months ended March 31, 2021.
First Quarter 2021 fiscal and operating Highlights
working results (as in comparison to First Quarter 2020):
$ Invested
$197.eight million
Weighted Avg money Cap expense
7.0%
decreased by means of 7%
$0.14
expanded with the aid of 7%
$0.30
Remained unchanged
$0.30
multiplied by 3%
$0.30
fairness pastime:
$23.22/share
$sixty four.9 million
Highlights Subsequent to First Quarter 2021
$ Invested
$45.6 million
$ Gross Proceeds
$4.eight million
fairness exercise:
$23.45/share
$2.four million
$23.50/share
$193.2 million
CEO comments
Commenting on the first quarter 2021 outcomes, simple homes’ President and Chief executive Officer, Pete Mavoides, referred to, "we're joyful with our first quarter outcomes, principally the continuation of the important thing trends that drove our robust fourth quarter outcomes, including the improved steadiness of our portfolio, effective funding pastime, and attractively priced capital elevating." Mr. Mavoides added, "regarding our $198 million quarterly investment undertaking, eighty one% had been prior relationship transactions and eighty five% were direct sale-leasebacks, which speaks to the consistency of our crew and our disciplined funding approach. We stay confident that these favorable dynamics can continue through 2021 and beyond."
Story continues
Portfolio update
Investments
The enterprise’s funding exercise during the three months ended March 31, 2021 is summarized as follows:
Quarter EndedMarch 31, 2021
Investments:
$ Invested
$197.eight million
# of residences
seventy four
# of Separate Transactions
22
Weighted common money and GAAP Cap fee
7.0%/7.9%
WALT
16.1 years
% Sale-Leaseback Transactions
eighty five%
% discipline to grasp hire
79%
% Required economic Reporting (tenant/guarantor)
100%
tendencies
The business’s disposition undertaking throughout the three months ended March 31, 2021 is summarized as follows:
Quarter EndedMarch 31, 2021
dispositions:
internet Proceeds
$25.2 million
# of properties sold
16
net profit / (Loss)
$3.8 million
Weighted regular money Cap rate (excluding vacant houses)
7.1%
Portfolio Highlights
The business’s funding portfolio as of March 31, 2021 is summarized as follows:
number of homes
1,240
Weighted regular lease term
14.3 years
Weighted general employ coverage ratio
3.0x
number of tenants
259
variety of states
43
number of industries
17
Weighted standard occupancy
ninety nine.1%
total rectangular feet of rentable area
10,801,149
money ABR - service-oriented or journey-based
95.3%
cash ABR - properties field to master rent
fifty nine.9%
Leverage and stability Sheet and Liquidity
The business's leverage, steadiness sheet and liquidity are summarized in here desk. pro forma changes have been made to mirror the impact of the enterprise’s April 2021 observe-on providing of commonplace inventory. On April 15, 2021, the enterprise issued eight,222,500 shares of usual inventory for proceeds of $185.5 million, net of underwriters’ coupon codes.
March 31, 2021
professional FormaMarch 31, 2021
Leverage:
web debt to Annualized Adjusted EBITDAre
5.1x
4.1x
balance Sheet and Liquidity:
money and cash equivalents and confined money
$forty four.eight million
$230.three million
Unused borrowing means
$262.0 million
$262.0 million
complete obtainable liquidity
$306.8 million
$492.3 million
ATM application:
2020 ATM application availability
$250.0 million
aggregate gross sales beneath the 2020 ATM program
$one hundred forty four.2 million
Availability remaining below the 2020 ATM application
$one zero five.eight million
Dividend suggestions
As prior to now announced, on March 5, 2021 primary residences' board of directors declared a money dividend of 0.24 per share of common stock for the quarter ended March 31, 2021. The dividend became paid on April 15, 2021 to stockholders of listing as of the shut of enterprise on March 31, 2021.
2021 information
The enterprise reiterates its up to now issued expectation that 2021 AFFO per share on a fully diluted groundwork will be within various $1.22 to $1.26.
convention call guidance
along with the free up of fundamental properties’ operating outcomes, the business will host a convention name on Tuesday, might also four, 2021 at 10:00 a.m. EDT to discuss the outcomes. To access the conference, dial 877-407-9208 (foreign: 201-493-6784). A reside webcast will also be obtainable in listen-most effective mode with the aid of clicking on the webcast link in the Investor members of the family area at www.essentialproperties.com.
A mobile replay of the convention call can also be accessed via calling 844-512-2921 (international: 412-317-6671) and coming into the access code: 13719029. The telephone replay will be available through may also 18, 2021.
A replay of the conference name webcast might be attainable on our site approximately two hours after the conclusion of the are living broadcast. The webcast replay will be available for ninety days. No access code is required for this replay.
Supplemental materials
The enterprise’s Supplemental operating & monetary facts—First Quarter Ended March 31, 2021 is accessible on simple houses’ website at buyers.essentialproperties.com.
About basic properties Realty believe, Inc.
simple properties Realty believe, Inc. is an internally managed REIT that acquires, owns and manages basically single- tenant properties which are web leased on a protracted-time period groundwork to agencies operating carrier-oriented or journey-primarily based groups. As of March 31, 2021, the enterprise’s portfolio consisted of 1,240 freestanding internet rent residences with a weighted normal rent time period of 14.3 years and a weighted regular appoint coverage ratio of 3.0x. in addition, as of March 31, 2021, the company’s portfolio become ninety nine.1% leased to 259 tenants operating 367 diverse ideas in 17 industries across forty three states.
ahead-searching Statements
This press free up incorporates ahead-searching statements within the which means of the federal securities laws. When used during this press free up, the words "estimate," "expect," "expect," "agree with," "intend," "may additionally," "will," "may still," "searching for," "about" or "plan," or the negative of those words and phrases or identical words or phrases that are predictions of or indicate future pursuits or traits and that don't relate totally to historic matters are supposed to establish forward-looking statements. you can additionally determine ahead-looking statements by way of discussions of strategy, plans or intentions of administration. ahead-looking statements contain a large number of dangers and uncertainties and you should still not depend on them as predictions of future activities. ahead-searching statements depend on assumptions, information or methods that could be incorrect or imprecise and the company may additionally not be capable of know them. The enterprise does not make sure that the transactions and activities described will ensue as described (or that they will occur in any respect). you are cautioned no longer to vicinity undue reliance on forward-searching statements, which speak only as of the date of this press unencumber. while ahead-looking statements mirror the company’s good religion beliefs, they aren't ensures of future efficiency. The enterprise undertakes no obligation to publicly liberate the results of any revisions to these forward-searching statements that can be made to mirror routine or instances after the date of this press liberate or to reflect the prevalence of unanticipated events, apart from as required by means of legislation. In easy of these hazards and uncertainties, the ahead-searching movements discussed during this press unencumber could not ensue as described, or in any respect.
additional information concerning factors that could cause specific results to vary materially from these ahead-searching statements is contained within the company’s Securities and exchange commission (the "fee") filings, including, however not restrained to, the company’s most fresh Annual file on form 10-okay and subsequent Quarterly reports on form 10-Q. Copies of every filing may well be obtained from the enterprise or the commission. Such ahead-looking statements should be viewed fully as reflections of the company’s current operating plans and estimates. genuine working results may fluctuate materially from what's expressed or forecast during this press free up.
The effects reported during this press unencumber are preliminary and never final. There can also be no assurance that these results will no longer fluctuate from the final outcomes mentioned within the company’s Quarterly file on form 10-Q for the quarter ended March 31, 2021 that it will file with the commission.
Non-GAAP economic Measures and sure Definitions
The business’s mentioned consequences are offered in line with GAAP. The company additionally discloses here non-GAAP financial measures: FFO, Core FFO, AFFO, revenue before activity, taxes, depreciation and amortization ("EBITDA"), EBITDA further adjusted to exclude beneficial properties (or losses) on income of depreciable property and precise property impairment losses ("EBITDAre"), adjusted EBITDAre, annualized adjusted EBITDAre, net debt, internet operating earnings ("NOI") and cash NOI ("money NOI"). The company believes these non-GAAP economic measures are business measures used by analysts and buyers to compare the working performance of REITs.
FFO, Core FFO and AFFO
The enterprise computes FFO in response to the definition adopted by the Board of Governors of the countrywide association of true estate investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP web profits or loss adjusted to exclude mind-blowing items (as defined with the aid of GAAP), net profit or loss from revenue of depreciable precise estate property, impairment write-downs linked to depreciable precise property assets and real estate-related depreciation and amortization (except amortization of deferred financing charges and depreciation of non-true property property), together with the professional rata share of such adjustments of unconsolidated subsidiaries. FFO is used by using administration, and may be advantageous to buyers and analysts, to facilitate meaningful comparisons of operating efficiency between intervals and among the business’s peers essentially since it excludes the effect of actual property depreciation and amortization and web features and losses on income (which can be based on historic prices and implicitly anticipate that the value of precise estate diminishes predictably over time, instead of fluctuating according to existing market situations).
The company computes Core FFO by using adjusting FFO, as defined with the aid of NAREIT, to exclude certain GAAP revenue and fee quantities that it believes are infrequent and weird in nature and/or not involving its core actual property operations. Exclusion of those gadgets from similar FFO-class metrics is standard in the equity REIT business, and administration believes that presentation of Core FFO gives investors with a metric to support of their comparison of our operating performance throughout multiple intervals and in evaluation to the operating performance of our friends, since it eliminates the effect of peculiar items that don't seem to be anticipated to influence our working efficiency on an ongoing groundwork.
Core FFO is used by way of management in evaluating the performance of our core enterprise operations. gadgets protected in calculating FFO that may well be excluded in calculating Core FFO include definite transaction related beneficial properties, losses, salary or fee or other non-core quantities as they occur.
To derive AFFO, the company modifies its computation of Core FFO to consist of different changes to GAAP web revenue regarding definite objects that it believes aren't indicative of the business’s operating performance, together with straight-line apartment profits, non-money pastime cost, non-cash compensation fee, different amortization cost, other non-cash expenses (together with changes to our provision for personal loan losses following the adoption of ASC 326), capitalized pastime price and transaction costs. Such objects could cause brief-term fluctuations in web profits but haven't any influence on working cash flows or lengthy-term working efficiency. The company believes that AFFO is an further effective supplemental measure for buyers to consider when assessing the business’s operating efficiency without the distortions created by non-cash items and certain different revenues and charges.
FFO, Core FFO and AFFO don't consist of all gadgets of earnings and rate included in web salary, they do not represent cash generated from working activities and they are not necessarily indicative of money purchasable to fund money requirements; thus, they should still no longer be regarded options to net income as a efficiency measure or money flows from operations as a liquidity measure and may be regarded moreover, and not in lieu of, GAAP fiscal measures. additionally, our computation of FFO, Core FFO and AFFO may additionally vary from the methodology for calculating these metrics used via different equity REITs and, for this reason, can also not be corresponding to similarly titled measures reported with the aid of other fairness REITs.
EBITDA and EBITDAre
The business computes EBITDA as income before pastime, profits taxes and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA additionally file EBITDAre. The company computes EBITDAre in response to the definition adopted via NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) except good points (or losses) from the earnings of depreciable property and precise estate impairment losses. The company presents EBITDA and EBITDAre as they are measures usual in its business and the enterprise believes that these measures are constructive to investors and analysts as a result of they give supplemental counsel concerning its operating efficiency, unique of definite non-cash items and different fees. The enterprise makes use of EBITDA and EBITDAre as measures of its operating performance and not as measures of liquidity.
EBITDA and EBITDAre don't consist of all objects of income and rate covered in internet salary, they don't represent money generated from operating actions and they're no longer always indicative of cash purchasable to fund money necessities; hence, they may still now not be considered alternate options to web revenue as a efficiency measure or money flows from operations as a liquidity measure and should be regarded besides, and never in lieu of, GAAP economic measures. additionally, the enterprise’s computation of EBITDA and EBITDAre may differ from the methodology for calculating these metrics used through other fairness REITs and, for this reason, may additionally no longer be similar to in a similar fashion titled measures suggested by using different equity REITs.
web Debt
The business calculates its web debt as its gross debt (defined as complete debt plus web deferred financing expenses on its secured borrowings) less money and money equivalents and restricted cash obtainable for future investment. The company believes aside from money and cash equivalents and restricted money obtainable for future investment from gross debt, all of which can be used to repay debt, provides an estimate of the internet contractual quantity of borrowed capital to be repaid, which it believes is a really useful disclosure to traders and analysts.
NOI and cash NOI
The company computes NOI as total revenues much less property costs. NOI excludes all other objects of expense and income protected within the fiscal statements in calculating net income or loss. money NOI extra excludes non-money items blanketed in total revenues and property charges, equivalent to straight-line rental earnings and other amortization and non-cash prices. The enterprise believes NOI and money NOI give advantageous assistance as a result of they replicate simplest those income and cost objects which are incurred at the property stage and latest such objects on an unlevered groundwork.
NOI and cash NOI don't seem to be measures of economic performance under GAAP. make sure you now not consider the enterprise’s NOI and cash NOI as options to web salary or cash flows from working activities decided in response to GAAP. moreover, the company’s computation of NOI and cash NOI may range from the methodology for calculating these metrics used by means of different fairness REITs and, for this reason, can also now not be comparable to in a similar way titled measures said with the aid of different equity REITs.
Adjusted EBITDAre / Adjusted NOI / Adjusted cash NOI
The company extra adjusts EBITDAre, NOI and money NOI i) according to an estimate calculated as if all funding and disposition activity that took vicinity all the way through the quarter had happened on the primary day of the quarter, ii) to exclude definite GAAP salary and price amounts that the company believes are infrequent and strange in nature and iii) to get rid of the impact of rent termination expenses and contingent condo earnings from its tenants which is discipline to earnings thresholds specified within the rent. The business then annualizes these estimates for the present quarter via multiplying them by way of 4, which it believes offers a meaningful estimate of the business’s latest run cost for all investments as of the end of the latest quarter. make sure to now not unduly depend on these measures, as they are in line with assumptions and estimates that may also show to be inaccurate. The company’s exact stated EBITDAre, NOI and cash NOI for future periods could be significantly less than these estimates of current run charges.
money ABR
money ABR skill annualized contractually detailed money base rent in impact as of the conclusion of the existing quarter for all the enterprise’s leases (together with those accounted for as direct financing leases) commenced as of that date and annualized cash interest on its personal loan loans receivable as of that date.
cash Cap rate
money Cap fee potential annualized contractually unique cash base hire for the primary full month after investment or disposition divided by way of the purchase or sale rate, as relevant, for the property.
GAAP Cap cost
GAAP Cap fee means annualized condo earnings computed in keeping with GAAP for the primary full month after investment divided through the buy rate, as relevant, for the property.
rent coverage Ratio
appoint insurance ratio ability the ratio of tenant-pronounced or, when unavailable, administration’s estimate according to tenant-stated economic counsel, annual EBITDA and money rent as a result of the leased property (or residences, within the case of a master rent) to the annualized base condominium responsibility as of a certain date.
Disclaimer
elementary residences Realty have faith, Inc. and the essential homes Realty have faith REIT are not affiliated with or subsidized through Griffin Capital basic Asset operating Partnership, L.P. or the Griffin Capital simple Asset REIT, assistance about which may also be bought at (https://www.gcear.com).
basic homes Realty have faith, Inc.Consolidated Statements of Operations
Three months ended March 31,
(in thousands, apart from share and per share statistics)
2021
2020
(unaudited)
(unaudited)
Revenues:
apartment revenue1,2
$
45,432
$
39,542
activity on loans and direct financing leases
three,a hundred and five
1,938
other earnings
15
7
complete revenues
48,552
41,487
fees:
general and administrative3
6,431
7,536
Property expenses4
1,414
373
Depreciation and amortization
15,646
13,012
Provision for impairment of actual property
5,722
373
Provision for personal loan losses
38
468
total charges
29,251
21,762
other operating earnings:
profit on dispositions of true estate, net
3,788
1,875
revenue from operations
23,089
21,600
different (expense)/revenue:
Loss on repayment of secured borrowings5
—
(924
)
pastime price
(7,678
)
(6,833
)
pastime profits
20
231
profits earlier than earnings tax expense
15,431
14,074
earnings tax expense
fifty six
31
net earnings
15,375
14,043
net salary attributable to non-controlling interests
(80
)
(eighty four
)
net salary attributable to stockholders
$
15,295
$
13,959
basic weighted-general shares dazzling
106,986,308
ninety,322,402
fundamental internet revenue per share
$
0.14
$
0.15
Diluted weighted-standard shares stunning
108,055,741
91,332,297
Diluted net salary per share
$
0.14
$
0.15
1.
comprises contingent hire (in keeping with a percent of the tenant's gross sales at the leased property) of $169 and $192 for the three months ended March 31, 2021 and 2020, respectively.
2.
comprises reimbursable salary from the enterprise’s tenants of $453 and $165 for the three months ended March 31, 2021 and 2020, respectively.
three.
during the three months ended March 31, 2020, contains non-routine prices of $652 for costs and charges incurred in connection with the departure of 1 of our government officers.
four.
includes reimbursable costs from the company’s tenants $452 and $a hundred sixty five for the three months ended March 31, 2021 and 2020, respectively.
5.
comprises the write-off of $924 of deferred financing prices all the way through the three months ended March 31, 2020.
elementary properties Realty have faith, Inc.Consolidated steadiness Sheets
(in lots, are expecting share and per share quantities)
March 31, 2021
December 31, 2020
(Unaudited)
(Audited)
assets
Investments:
precise estate investments, at charge:
Land and improvements
$
790,395
$
741,254
constructing and improvements
1,631,763
1,519,665
rent incentive
14,192
14,297
building in development
four,029
3,908
Intangible lease property
83,030
eighty,271
complete true estate investments, at charge
2,523,409
2,359,395
less: amassed depreciation and amortization
(one hundred fifty,835
)
(136,097
)
complete actual estate investments, internet
2,372,574
2,223,298
Loans and direct financing lease receivables, internet
176,025
152,220
real estate investments held on the market, web
—
17,058
net investments
2,548,599
2,392,576
money and cash equivalents
forty two,842
26,602
limited cash
1,974
6,388
Straight-line employ receivable, web
forty one,475
37,830
employ receivables, prepaid costs and other assets, web
27,827
25,406
total assets
$
2,662,717
$
2,488,802
LIABILITIES AND fairness
Secured borrowings, internet of deferred financing expenses
$
170,161
$
171,007
Unsecured time period loans, internet of deferred financing fees
626,450
626,272
Revolving credit score facility
138,000
18,000
Intangible rent liabilities, net
10,046
10,168
Dividend payable
26,398
25,703
by-product liabilities
20,893
38,912
gathered liabilities and different payables
sixteen,486
sixteen,792
complete liabilities
1,008,434
906,854
Commitments and contingencies
—
—
Stockholders' equity:
preferred stock, $0.01 par price; one hundred fifty,000,000 authorized; none issued and superb as of March 31, 2021 and December 31, 2020
—
—
typical inventory, $0.01 par value; 500,000,000 approved; 109,171,639 and 106,361,524 issued and fabulous as of March 31, 2021 and December 31, 2020, respectively
1,092
1,064
additional paid-in capital
1,753,847
1,688,540
Distributions in extra of cumulative earnings
(88,635
)
(seventy seven,665
)
gathered different complete loss
(19,248
)
(37,181
)
total stockholders' fairness
1,647,056
1,574,758
Non-controlling hobbies
7,227
7,one hundred ninety
total fairness
1,654,283
1,581,948
complete liabilities and equity
$
2,662,717
$
2,488,802
essential properties Realty have confidence, Inc.Reconciliation of Non-GAAP fiscal Measures
Three months ended March 31,
(unaudited, in heaps apart from per share quantities)
2021
2020
net income
$
15,375
$
14,043
Depreciation and amortization of actual estate
15,621
12,988
Provision for impairment of precise property
5,722
373
gain on tendencies of precise estate, net
(three,788
)
(1,875
)
cash from Operations
32,930
25,529
other non-routine expenses1
—
1,576
Core cash from Operations
32,930
27,one hundred and five
adjustments:
Straight-line rental earnings, net
(3,644
)
(three,191
)
Non-cash pastime cost
479
534
Non-cash compensation rate
1,595
1,291
different amortization price
1,one zero five
434
other non-money costs
36
468
Capitalized hobby expense
(20
)
(95
)
Transaction charges
—
sixty seven
Adjusted money from Operations
$
32,481
$
26,613
net salary per share2:
basic
$
0.14
$
0.15
Diluted
$
0.14
$
0.15
FFO per share2:
primary
$
0.31
$
0.28
Diluted
$
0.30
$
0.28
Core FFO per share2:
fundamental
$
0.31
$
0.30
Diluted
$
0.30
$
0.30
AFFO per share2:
primary
$
0.30
$
0.29
Diluted
$
0.30
$
0.29
1.
comprises non-ordinary costs of $652 for accruals of severance payments and acceleration of non-cash compensation cost in reference to the departure of one of our executive officers and our $924 loss on compensation of secured borrowings right through the three months ended March 31, 2020.
2.
Calculations exclude $119 and $a hundred thirty from the numerator for the three months ended March 31, 2021 and 2020, respectively, related to dividends paid on unvested constrained share awards and constrained share devices.
primary properties Realty trust, Inc.Reconciliation of Non-GAAP economic Measures
(in heaps)
Three months endedMarch 31, 2021
internet revenue
$
15,375
Depreciation and amortization
15,646
interest fee
7,678
pastime profits
(20
)
income tax cost
56
EBITDA
38,735
Provision for impairment of real property
5,722
profit on tendencies of precise property, net
(three,788
)
EBITDAre
forty,669
Adjustment for existing quarter re-leasing, acquisition and disposition activity1
2,987
Adjustment to exclude other non-ordinary expenses2
123
Adjusted EBITDAre - existing Estimated Run price
43,779
time-honored and administrative
6,431
Adjusted net working income ("NOI")
50,210
Straight-line apartment earnings, net1
(3,374
)
other amortization rate
1,a hundred and five
Adjusted money NOI
$
47,941
Annualized EBITDAre
$
162,676
Annualized Adjusted EBITDAre
$
175,116
Annualized Adjusted NOI
$
200,840
Annualized Adjusted money NOI
$
191,764
1.
These adjustments are made to replicate EBITDAre, NOI and cash NOI as if all re-leasing recreation, investments in and tendencies of true property made all through the three months ended March 31, 2021 had came about on January 1, 2021.
2.
Adjustment excludes the $38 adjustment to our provision for mortgage loss and an $85 write-off of receivables from prior periods.
simple properties Realty have faith, Inc.Reconciliation of Non-GAAP economic Measures
(greenbacks in heaps, apart from share and per share quantities)
March 31, 2021
Secured debt:
sequence 2017-1, category A
$
156,522
collection 2017-1, classification B
15,669
total secured debt
172,191
Unsecured debt:
$200mm time period loan
200,000
$430mm term mortgage
430,000
Revolving credit score facility1
138,000
total unsecured debt
768,000
Gross debt
940,191
less: cash & cash equivalents
(forty two,842
)
less: confined money available for future funding
(1,974
)
internet debt
895,375
equity:
favorite stock
—
standard stock & OP contraptions (109,725,486 shares @ $22.eighty three/share as of 3/31/21)2
2,505,033
total equity
2,505,033
total enterprise value ("TEV")
$
3,four hundred,408
professional forma alterations to net Debt and TEV:three
web debt
$
895,375
less: cash obtained — April 2021 follow-on offering
(185,500
)
seasoned forma web debt
709,875
total fairness
2,505,033
ordinary stock — April 2021 observe-on providing (eight,222,500 shares @ $22.83/share as of 3/31/21)
187,720
professional forma TEV
$
3,402,628
net Debt / TEV
26.three
%
net Debt / Annualized Adjusted EBITDAre
5.1x
professional Forma net Debt / professional Forma TEV
20.9
%
professional Forma net Debt / Annualized Adjusted EBITDAre
four.1x
1.
The business’s revolving credit score facility provides a highest aggregate initial normal main volume of up to $400 million and comprises an accordion feature to raise, subject to certain conditions, the optimum availability of the ability via as much as $200 million.
2.
average fairness & devices as of March 31, 2021, in keeping with 109,171,639 average shares fantastic (together with unvested constrained share awards) and 553,847 OP gadgets held by way of non-controlling pursuits.
3.
pro forma changes had been made to replicate the influence of the enterprise’s April 2021 comply with-on offering of normal inventory. On April 15, 2021, the business issued 8,222,500 shares of usual inventory for proceeds of $185.5 million, internet of underwriters’ discounts.
View source edition on businesswire.com: https://www.businesswire.com/information/domestic/20210503005692/en/
Contacts
Investor/Media:
essential residences Realty trust, Inc.Daniel Donlan, Senior vp, Capital Markets609-436-0619info@essentialproperties.com
.