Call Start: 11:00 January 1, 0000 11:36 AM ET
Essential Properties Realty Trust, Inc. (NYSE:EPRT)
Q2 2022 Earnings Conference Call
July 29, 2022 11:00 ET
Company Participants
Daniel Donlan - Senior Vice President & Head of Capital Markets
Mark Patten - Executive Vice President & Chief Financial Officer
Peter Mavoides - President & Chief Executive Officer
Conference Call Participants
Greg McGinniss - Scotiabank
Haendel St. Juste - Mizuho
Sheila McGrath - Evercore
Lizzy Doykan - Bank of America
Ki Bin Kim - Truist Securities
John Massocca - Ladenburg Thalmann
Chris Lucas - Capital One
Operator
Good morning, ladies and gentlemen, and welcome to the Essential Properties Realty Trust Second Quarter 2022 Earnings Conference Call. [Operator Instructions] This conference call is being recorded, and a replay of the call will be available 2 hours after the completion of the call for the next 2 weeks. The dial-in details for the replay can be found in yesterday's press release. Additionally, there will be an audio webcast available on Essential Properties’ website at www.essentialproperties.com, an archive of which will be available for 90 days.
It is now my pleasure to turn the call over to Dan Donlan, Senior Vice President and Head of Capital Markets at Essential Properties. Thank you. Please go ahead.
Daniel Donlan
Thank you, operator, and good morning, everyone. We appreciate you joining us today for Essential Properties’ Second Quarter 2022 Conference Call. Here with me today to discuss our operating results are Pete Mavoides, our President and CEO; and Mark Patten, our CFO.
During this conference 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 date 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, Pete, please go ahead.
Peter Mavoides
Thank you, Dan. And thank you to everyone who is joining us today for your interest in Essential Properties. As our second quarter results indicate, our portfolio continues to perform at a high level with just 2 vacancies, same-store rent growth of 1.9% and unit-level rent coverage now at the highest level in our history. Additionally, with the recent data indicating a slowdown in demand for consumer discretionary goods, but continued strength in the demand for services, our portfolio remains well positioned in the current economic environment as over 93% of our ABR is derived from service-oriented and experience-based businesses.