Essential Properties Realty Trust, Inc. (NYSE:EPRT) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET

Company Participants

Mark Patten - Executive Vice President & Chief Financial Officer

Pete Mavoides - President & Chief Executive Officer

Conference Call Participants

Spenser Allaway - Green Street Advisors

Josh Dennerlein - Bank of America

Greg McGinniss - Scotiabank

Nick Joseph - Citi

Ki Bin Kim - Truist Securities

Operator

Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust Second Quarter 2023 Earnings Conference Call.

[Operator Instructions] This conferences call is being recorded. [Operator Instructions] Additionally, there will be an audio webcast available on Essential Properties Realty Trust's website at www.essentialproperties.com. An archive of which will be available for 90 days.

On the call this morning are Pete Mavoides, EPRT's President and Chief Executive Officer; and Mark Patten, EPRT's Executive Vice President and Chief Financial Officer.

It's now my pleasure to turn the call over to Mark Patton.

Mark Patten

Thank you, operator. Good morning, everyone. And thank you for joining us today for the second quarter 2023 earnings conference call of Essential Properties Realty Trust. During this call, we will make certain statements that may be considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to those 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 filings with the SEC and in yesterday's earnings press release.

With that, I'll turn the call over to Pete.

Pete Mavoides

Thanks, Mark. And thank you to everyone who is joining us today for your interest in EPRT. As our second quarter earnings release indicates, we are pleased to report another quarter of strong results, driven by the strength and stability of our portfolio that continues to perform exceptionally well and impacted favorably by our strong investment activity. Our tenants continue to perform at a high level as reflected by our unit level rent coverage that increased to 4.1x. Our same-store rent growth, which remained favorable at 1.5% and just 2 vacant properties. The overall health of our portfolio is a testament to our disciplined underwriting process, the quality of our operators and the resiliency of our service oriented and experience based businesses.