Exhibit 99.1

Essential Properties Announces Fourth Quarter and Full Year 2019 Results

- Increased Fourth Quarter Net Income per Share by 38% and AFFO per Share by 11% -

- Closed Quarterly Investments of $204.7 Million at a 7.3% Weighted Average Cash Cap Rate -

- Reiterates 2020 AFFO per Share Guidance -

March 2, 2020

PRINCETON, N.J.--(BUSINESS WIRE)--Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential Properties” or the “Company”), today announced operating results for the three months and year ended December 31, 2019.

Fourth Quarter 2019 Financial and Operating Highlights

Full Year 2019 Financial and Operating Highlights

CEO Comments

Commenting on the fourth quarter and full year 2019 results, Essential Properties’ President and Chief Executive Officer, Pete Mavoides, said, “We are excited to close out 2019, which was our first full year as a public REIT. Looking back at the year, we closed approximately $687 million of investment activity, which helped to strengthen the durability and diversity of our newer vintage portfolio of net lease properties. With fourth quarter AFFO per share increasing 11% year-over-year, our quarterly results continue to illustrate the compelling growth potential of our disciplined investment platform. Our portfolio fundamentals remain strong with solid same-store rent growth, no vacancies, healthy unit-level coverages and improving tenant diversity. Looking ahead to 2020, our January stock offering has positioned our balance sheet for attractive earnings growth and continued execution of our investment pipeline.”

Net Investment Activity

Investments

During the quarter ended December 31, 2019, Essential Properties invested $204.7 million in 94 properties in 41 separate transactions at a weighted average cash and GAAP cap rate of 7.3% and 8.0%, respectively. These properties are 100% leased with a WALT of 16.3 years. As a percentage of cash ABR, 81.0% of the Company’s investments for the quarter ended December 31, 2019 came from sale-leaseback transactions, 41.1% were subject to a master lease and 99.0% are required to provide the Company with financial reporting.

During the year ended December 31, 2019, Essential Properties invested $686.8 million in 375 properties in 136 separate transactions at a weighted average cash and GAAP cap rate of 7.4% and 8.2%, respectively. These properties are 100% leased with a WALT of 15.9 years. As a percentage of cash ABR, 79.5% of the Company’s investments for the year ended December 31, 2019 came from sale-leaseback transactions, 57.5% were subject to a master lease and 99.7% are required to provide the Company with financial reporting.

Dispositions

During the quarter ended December 31, 2019, Essential Properties sold 8 properties, including one vacant property, for $15.2 million in aggregate, recording a net gain on these dispositions of $2.7 million. The disposition weighted average cash cap rate on the 7 leased properties sold in the quarter ended December 31, 2019 was 6.9%.

During the year ended December 31, 2019, Essential Properties sold 36 properties, including three vacant properties, for $72.0 million in aggregate, recording a net gain on these dispositions of $10.9 million. The disposition weighted average cash cap rate on the leased properties sold in the year ended December 31, 2019 was 6.8%.

Portfolio Update

Portfolio Highlights

As of December 31, 2019, Essential Properties’ portfolio consisted of 1,000 freestanding net lease properties, which included 91 properties that secured mortgage notes receivable, with a WALT of 14.6 years and a weighted average rent coverage ratio of 2.9x. As of the same date, the portfolio was 100.0% leased by 205 tenants operating 265 different concepts across 44 states in 16 industries. At year end, 94.4% of the Company’s cash ABR was generated from tenants that operate service-oriented or experience-based businesses, and 60.3% of its cash ABR was derived from properties subject to a master lease.

Leasing Activity

During the year ended December 31, 2019, the Company signed three new leases without vacancy, renewed two leases that were expiring during the year, and completed one lease assignment subject to a lease incentive for a total recovery rate of 103.9% vs. prior cash rents. Total leasing activity for the year ended December 31, 2019 represented 1.1% of total current cash ABR.

Leverage and Balance Sheet and Liquidity

Leverage

As of December 31, 2019, the Company’s ratio of net debt to Annualized Adjusted EBITDAre was 5.0x. As of the same date, Pro Forma Net Debt to Annualized Adjusted EBITDAre was 3.6x, which is adjusted to include the impact of the Company’s common stock offering in January 2020.

Balance Sheet and Liquidity

Essential Properties had $46.0 million in outstanding borrowings under its $400 million unsecured revolving credit facility as of December 31, 2019, and had $354 million of unused borrowing capacity as of the same date. Additionally, Essential Properties had $180.0 million of available borrowing capacity under its $430 million term loan as of December 31, 2019 and had $21.3 million of cash and cash equivalents and restricted cash as of the same date.

ATM Program

Essential Properties has a $200.0 million ATM Program through which it may, from time to time, sell shares of its common stock. Essential Properties uses the proceeds generated from its ATM Program for general corporate purposes, including funding its investment activity, the repayment or refinancing of outstanding indebtedness, working capital and other general purposes. During the quarter ended December 31, 2019, Essential Properties sold 4,088,181 shares of common stock through its ATM Program at an average price of $25.23 per share, raising gross proceeds of $103.2 million.

Subsequent to quarter end, Essential Properties sold an additional 253,698 shares under its ATM Program at an average price of $24.74, raising gross proceeds of $6.3 million.

January 2020 Follow-On Offering

In January 2020, Essential Properties completed a follow-on offering of 7,935,000 shares of its common stock, including 1,035,000 shares issued pursuant to the underwriters’ exercise of an option to purchase additional shares, raising gross proceeds of $200.0 million.

Dividend Information

As previously announced, on December 6, 2019 Essential Properties declared a cash dividend of $0.23 per share of common stock for the quarter ended December 31, 2019. The dividend was paid on January 15, 2020 to stockholders of record as of the close of business on December 31, 2019.

2020 Guidance

The Company reiterates its previously issued expectation that 2020 AFFO per share on a fully diluted basis will be within a range of $1.27 to $1.30.

Note: The Company does not provide a reconciliation for its guidance range of AFFO per diluted share to net income available to common stockholders per diluted share, the most directly comparable forward looking GAAP financial measure, due to the inherent variability in timing and/or amount of various items that could impact net income available to common stockholders per diluted share, including, for example, gains or losses on debt extinguishment, impairments and other items that are outside the control of the Company.

Conference Call Information

In conjunction with the release of Essential Properties’ operating results, the Company will host a conference call on March 2, 2020 at 8:30 a.m. EST to discuss the results. To access the conference, dial (844) 369-8770. A live webcast will also be available in listen-only mode by clicking on the webcast link in the Investor Relations section at www.essentialproperties.com.  

A telephone replay of the conference call can also be accessed by calling (877) 481-4010 and entering the access code: 58649. The telephone replay will be available through March 17, 2020.

A replay of the conference call webcast will be available approximately two hours after the conclusion of the live broadcast. The webcast replay will be available for 90 days. No access code is required for this replay.

Supplemental Materials

The Company’s Supplemental Operating & Financial Data—Fourth Quarter Ended December 31, 2019 is available on Essential Properties’ website at investors.essentialproperties.com.

About Essential Properties Realty Trust, Inc.

Essential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of December 31, 2019, the Company’s portfolio consisted of 1,000 freestanding net lease properties with a weighted average lease term of 14.6 years and a weighted average rent coverage ratio of 2.9x. As of the same date, the Company’s portfolio was 100.0% leased to 205 tenants operating 265 different concepts in 16 industries across 44 states.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management.  Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and the Company may not be able to realize them. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur as described, or at all.

Additional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company’s Securities and Exchange Commission (the "Commission”) filings, including, but not limited to, the Company’s Quarterly Reports on Form 10-Q. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release.

The results reported in this press release are preliminary and not final. There can be no assurance that these results will not vary from the final results reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2019 that it will file with the Commission.

Non-GAAP Financial Measures and Certain Definitions

The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: FFO, Core FFO, AFFO, earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA further adjusted to exclude gains (or losses) on sales of depreciable property and real estate impairment losses (“EBITDAre”), adjusted EBITDAre, annualized adjusted EBITDAre, net debt, net operating income (“NOI”) and cash NOI (“Cash NOI”). The Company believes these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs.

FFO, Core FFO and AFFO

The Company computes FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO is used by management, and may be useful to investors and analysts, to facilitate meaningful comparisons of operating performance between periods and among the Company’s peers primarily because it excludes the effect of real estate depreciation and amortization and net gains and losses on sales (which are dependent on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions).

The Company computes Core FFO by adjusting FFO, as defined by NAREIT, to exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature and/or not related to our core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of our core business operations. Items included in calculating FFO that may be excluded in calculating Core FFO include certain transaction related gains, losses, income or expense or other non-core amounts as they occur.

To derive AFFO, the Company modifies its computation of Core FFO to include other adjustments to GAAP net income related to certain items that it believes are not indicative of the Company’s operating performance, including straight-line rental revenue, non-cash interest expense, non-cash compensation expense, other amortization and non-cash charges, capitalized interest expense and transaction costs. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. The Company believes that AFFO is an additional useful supplemental measure for investors to

consider when assessing the Company’s operating performance without the distortions created by non-cash items and certain other revenues and expenses.

FFO, Core FFO and AFFO do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of FFO, Core FFO and AFFO may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

EBITDA and EBITDAre

The Company compute EBITDA as earnings before interest, income taxes and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. The Company computes EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and real estate impairment losses. The Company presents EBITDA and EBITDAre as they are measures commonly used in its industry and the Company believes that these measures are useful to investors and analysts because they provide supplemental information concerning its operating performance, exclusive of certain non-cash items and other costs. The Company uses EBITDA and EBITDAre as measures of its operating performance and not as measures of liquidity.

EBITDA and EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, the Company’s computation of EBITDA and EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

Net Debt

The Company calculates its net debt as our gross debt (defined as total debt plus net deferred financing costs on its secured borrowings) less cash and cash equivalents and restricted cash deposits held for the benefit of lenders. The Company believes excluding cash and cash equivalents and restricted cash deposits held for the benefit of lenders from gross debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to investors and analysts.

NOI and Cash NOI

The Company computes NOI as total revenues less property expenses. NOI excludes all other items of expense and income included in the financial statements in calculating net income or loss. Cash NOI further excludes non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash charges. The Company believes NOI and Cash NOI provide useful and relevant information because they reflect only those revenue and expense items that are incurred at the property level and present such items on an unlevered basis.

NOI and Cash NOI are not measures of financial performance under GAAP. You should not consider the Company’s NOI and Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, the Company’s computation of NOI and Cash NOI may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI

The Company further adjusts EBITDAre, NOI and Cash NOI i) based on an estimate calculated as if all investment and disposition activity that took place during the quarter had occurred on the first day of the quarter, ii) to exclude certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and iii) to eliminate the impact of lease termination fees and contingent rental revenue from its tenants which is subject to sales thresholds specified in the lease. The Company then annualizes these estimates for the current quarter by multiplying them by four, which it believes provides a meaningful estimate of the Company’s current run rate for all investments as of the end of the current quarter. You should not unduly rely on these measures, as they are based on assumptions and estimates that may prove to be inaccurate. The Company’s actual reported EBITDAre, NOI and Cash NOI for future periods may be significantly less than these estimates of current run rates.

Cash ABR

Cash ABR means annualized contractually specified cash base rent in effect as of the end of the current quarter for all of the Company’s leases (including those accounted for as direct financing leases) commenced as of that date and annualized cash interest on its mortgage loans receivable as of that date.

Cash Cap Rate

Cash Cap Rate means annualized contractually specified cash base rent for the first full month after investment or disposition divided by the purchase or sale price, as applicable, for the property.

GAAP Cap Rate

GAAP Cap Rate means annualized rental income computed in accordance with GAAP for the first full month after investment divided by the purchase price, as applicable, for the property.

Rent Coverage Ratio

Rent coverage ratio means the ratio of tenant-reported or, when unavailable, management’s estimate based on tenant-reported financial information, annual EBITDA and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date.

Disclaimer

Essential Properties Realty Trust, Inc. and the Essential Properties Realty Trust REIT are not affiliated with or sponsored by Griffin Capital Essential Asset Operating Partnership, L.P. or the Griffin Capital Essential Asset REIT, information about which can be obtained at (https://www.gcear.com).

Essential Properties Realty Trust, Inc.

Consolidated Balance Sheets

Investor/Media:

Essential Properties Realty Trust, Inc.

Daniel Donlan

Senior Vice President, Capital Markets

609-436-0619

info@essentialproperties.com

Source: Essential Properties Realty Trust, Inc.

Supplemental Operating & Financial Data Fourth Quarter Ended December 31, 2019 Exhibit 99.2

Table of Contents 242, 242, 242 Financial Summary Consolidated Statements of Operations 2 Funds from Operations and Adjusted Funds from Operations 3 Consolidated Balance Sheets 4 GAAP Reconciliations to EBITDAre, GAAP NOI and Cash NOI 5 Market Capitalization, Debt Summary and Leverage Metrics 6 Net Investment Activity Investment Summary 7 Disposition Summary 8 Portfolio Summary Portfolio Highlights 9 Tenant and Industry Diversification 10 Portfolio Health 11 Leasing Summary Leasing Expiration Schedule, Leasing Activity and Statistics 12 Same-Store Analysis 13 Lease Escalations 14 Glossary 15-17

Financial Summary Consolidated Statements of Operations 242, 242, 242 Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $137 and $205 for the three months ended December 31, 2019 and 2018 and $855 and $1,082 for the years ended December 31, 2019 and 2018, respectively. Includes reimbursable income from our tenants of $247 and $502 for the three months ended December 31, 2019 and 2018 and $1,427 and $589 for the years ended December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, includes non-recurring expenses of $2,473 for costs and charges incurred in connection with the secondary offering by our funding capital partner and $275 for a provision for settlement of litigation. Includes reimbursable expenses from our tenants of $247 and $502 for the three months ended December 31, 2019 and 2018 and $1,427 and $534 for the years ended December 31, 2019 and 2018, respectively Includes the write-off of $887 of deferred financing costs during the three months ended December 31, 2019 and includes premium paid on repurchase of notes issued under our Master Trust Funding Program of $1,400, the write-off of $3,740 of deferred financing costs and $100 of legal costs during the year ended December 31, 2019.     Three Months Ended December 31,   Year Ended December 31, (in thousands, except share and per share data)   2019   2018   2019   2018     (unaudited)   (unaudited)   (unaudited)   (audited) Revenues: Rental revenue1,2   $ 37,828   $ 27,825   $ 135,670   $ 94,944 Interest on loans and direct financing leases 1,355 277 3,024 656 Other revenue   22   548   663   623 Total revenues 39,205 28,650 139,357 96,223                   Expenses: Interest   6,963   6,718   27,037   30,192 General and administrative3 5,290 3,891 21,745 13,762 Property expenses4   736   759   3,070   1,980 Depreciation and amortization 12,378 8,510 42,745 31,352 Provision for impairment of real estate   997   977   2,918   4,503 Total expenses 26,364 20,855 97,515 81,789 Other operating income:                 Gain on dispositions of real estate, net 2,695 345 10,932 5,445 Income from operations   15,536   8,140   52,774   19,879 Other (loss)/income: Loss on repurchase and retirement of secured borrowings5   (887)   —   (5,240)   — Interest 71 211 794 930 Income before income tax expense   14,720   8,351   48,328   20,809 Income tax expense 94 52 303 195 Net income   14,626   8,299   48,025   20,614 Net income attributable to non-controlling interests (105) (2,519) (6,181) (5,001) Net income attributable to stockholders and members   $ 14,521   $ 5,780   $ 41,844   $ 15,613 Three Months Ended December 31, Year Ended December 31, 2019 Period from June 25, 2018 to December 31, 2018 2019   2018 Basic weighted-average shares outstanding   81,232,922   43,057,802   64,104,058   42,634,678 Basic net income per share $ 0.18 $ 0.13 $ 0.65 $ 0.26 Diluted weighted-average shares outstanding   82,231,030   62,217,218   75,309,896   61,765,957 Diluted net income per share $ 0.18 $ 0.13 $ 0.63 $ 0.26

Financial Summary Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) 242, 242, 242 Includes non-recurring expenses of $887 related to our retirement of secured borrowings during the three months ended December 31, 2019 and $2,473 for costs and charges incurred in connection with the secondary offering by our funding capital partner, our $5,240 loss on repurchase and retirement of secured borrowings and $275 for a provision for settlement of litigation during the year ended December 31, 2019. Calculations exclude $116, $145 and $494 from the numerator for the three months ended December 31, 2019 and 2018 and the year ended December 31, 2019, respectively, related to dividends paid on unvested restricted share awards and restricted share units.     Three Months Ended December 31,   Year Ended December 31, (unaudited, in thousands except per share amounts)   2019   2018   2019   2018 Net income   $ 14,626   $ 8,299   $ 48,025   $ 20,614 Depreciation and amortization of real estate   12,354   8,496   42,649   31,335 Provision for impairment of real estate   997   977   2,918   4,503 Gain on dispositions of real estate, net   (2,695)   (345)   (10,932)   (5,445) Funds from Operations   25,282   17,427   82,660   51,007 Other non-recurring expenses1 887 — 7,988 — Core Funds from Operations   26,169   17,427   90,648   51,007 Adjustments: Straight-line rental revenue, net   (3,336)   (2,499)   (12,215)   (8,214) Non-cash interest expense 603 816 2,738 2,798 Non-cash compensation expense   1,022   1,042   4,546   2,440 Other amortization and non-cash charges 81 179 824 579 Capitalized interest expense   (125)   (11)   (290)   (225) Transaction costs — (1) — 57 Adjusted Funds from Operations   $ 24,414   $ 16,953   $ 86,251   $ 48,442 Net income per share2:                 Basic $ 0.18 $ 0.13 $ 0.65 Diluted   $ 0.18   $ 0.13   $ 0.63     FFO per share2: Basic   $ 0.31   $ 0.28   $ 1.11     Diluted $ 0.31 $ 0.28 $ 1.09 Core FFO per share2:                 Basic $ 0.32 $ 0.28 $ 1.21 Diluted   $ 0.32   $ 0.28   $ 1.20     AFFO per share2: Basic   $ 0.30   $ 0.27   $ 1.15     Diluted $ 0.30 $ 0.27 $ 1.14

Financial Summary Consolidated Balance Sheets 242, 242, 242     December 31, 2019   December 31, 2018 (in thousands, except share and per share amounts)   (unaudited)   (audited) ASSETS         Investments: Real estate investments, at cost:         Land and improvements $ 588,279 $ 420,848 Building and improvements   1,224,682   885,656 Lease incentive 4,908 2,794 Construction in progress   12,128   1,325 Intangible lease assets 78,922 66,421 Total real estate investments, at cost   1,908,919   1,377,044 Less: accumulated depreciation and amortization (90,071) (51,855) Total real estate investments, net   1,818,848   1,325,189 Loans and direct financing lease receivables, net 92,184 17,505 Real estate investments held for sale, net   1,211   — Net investments 1,912,243 1,342,694 Cash and cash equivalents   8,304   4,236 Restricted cash 13,015 12,003 Straight-line rent receivable, net   25,926   14,255 Prepaid expenses and other assets, net 15,959 7,712 Total assets   $ 1,975,447   $ 1,380,900 LIABILITIES AND EQUITY         Secured borrowings, net of deferred financing costs $ 235,336 $ 506,116 Unsecured term loans, net of deferred financing costs   445,586   — Revolving credit facility 46,000 34,000 Intangible lease liabilities, net   9,564   11,616 Dividend payable 19,395 13,189 Accrued liabilities and other payables   17,453   4,938 Total liabilities 773,334 569,859 Commitments and contingencies   —   — Stockholders' equity: Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of December 31, 2019 and 2018   —   — Common stock, $0.01 par value; 500,000,000 authorized; 83,761,151 and 43,749,092 issued and outstanding as of December 31, 2019 and 2018, respectively 838 431 Additional paid-in capital   1,223,043   569,407 Distributions in excess of cumulative earnings (27,482) (7,659) Accumulated other comprehensive loss   (1,949)   — Total stockholders' equity 1,194,450 562,179 Non-controlling interests   7,663   248,862 Total equity 1,202,113 811,041 Total liabilities and equity   $ 1,975,447   $ 1,380,900

Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics 242, 242, 242 These adjustments are made to reflect EBITDAre, NOI and Cash NOI as if all investments in and dispositions of real estate made during the three months ended December 31, 2019 had occurred on October 1, 2019. Adjustment excludes $887 of non-core expenses added back to compute Core FFO and a $541 write-off of receivables. Adjustment excludes contingent rent (based on a percentage of the tenant's gross sales at the leased property) where payment is subject to exceeding a sales threshold specified in the lease and lease termination fees.     Three Months Ended (unaudited, in thousands)   December 31, 2019 Net income   $ 14,626 Depreciation and amortization   12,378 Interest expense   6,963 Interest income (71) Income tax expense   94 EBITDA 33,990 Provision for impairment of real estate   997 Gain on dispositions of real estate, net (2,695) EBITDAre   32,292 Adjustment for current quarter acquisition and disposition activity1 2,121 Adjustment to exclude other non-recurring expenses2   1,428 Adjustment to exclude lease termination fees and certain percentage rent3 (19) Adjusted EBITDAre - Current Estimated Run Rate   35,822 General and administrative 5,290 Adjusted net operating income ("NOI")   41,112 Straight-line rental revenue, net1 (3,544) Other amortization and non-cash charges   79 Adjusted Cash NOI $ 37,647       Annualized EBITDAre $ 129,168 Annualized Adjusted EBITDAre   $ 143,288 Annualized Adjusted NOI $ 164,448 Annualized Adjusted Cash NOI   $ 150,588

Financial Summary Market Capitalization, Debt Summary and Leverage Metrics 242, 242, 242 Maturity figures for our secured debt are based off of our anticipated repayment schedule. The Series 2016-1 notes were due to mature in November 2046 but were fully repaid in November 2019. The Series 2017-1 notes mature in June 2047 but have an anticipated repayment date of June 2024. Our revolving credit facility provides a maximum aggregate initial original principal amount of up to $400 million and includes an accordion feature to increase, subject to certain conditions, the maximum availability of the facility by up to $200 million. Common equity & units as of December 31, 2019, based on 83,761,151 common shares outstanding (including unvested restricted share awards) and 553,847 OP units held by non-controlling interests. Pro forma adjustments have been made to reflect the impact of our January 2020 follow-on offering of common stock. On January 14, 2020, we issued 7,935,000 shares of common stock for proceeds of $192.0 million, net of underwriters' discounts.               (dollars in thousands, except share and per share amounts) December 31, 2019 Rate Maturity1 Secured debt:             Series 2017-1, Class A 223,434 4.10% 4.5 years Series 2017-1, Class B   15,669   5.11%   4.5 years Total secured debt 239,103 4.17% 4.5 years               Unsecured debt: $200mm term loan   200,000   3.31%   4.3 years $430mm term loan 250,000 3.11% 6.9 years Revolving credit facility2   46,000   LIBOR plus 1.25% to 1.85%   3.3 years Total unsecured debt 496,000 3.19% 5.5 years Gross debt   735,103   3.50%   5.2 years Less: cash & cash equivalents (8,304) Less: restricted cash deposits held for the benefit of lenders   (13,015)         Net debt 713,784               Equity: Preferred stock   —         Common stock & OP units (84,314,998 shares @ $24.81/share as of 12/31/19)3 2,091,855 Total equity   2,091,855         Total enterprise value ("TEV") $ 2,805,639               Pro forma adjustments to Net Debt and TEV4: Net debt   $ 713,784         Less: cash received - January 2020 follow-on offering (191,964) Pro forma net debt   521,820         Total equity 2,091,855 Common stock - January 2020 follow-on offering (7,935,000 shares @ $24.81/share as of 12/31/19)   196,867         Pro forma TEV $ 2,810,543               Net Debt / TEV 25.4% Pro Forma Net Debt / Pro Forma TEV   18.6%         Net Debt / Annualized Adjusted EBITDAre 5.0x Pro Forma Net Debt / Annualized Adjusted EBITDAre   3.6x        

Net Investment Activity Investment Summary 242, 242, 242 Cash ABR for the first full month after the investment divided by the purchase price for the property. GAAP rent for the first twelve months after the investment divided by the purchase price for the property. As a percentage of cash ABR for that particular quarter. Includes investments in mortgage loan receivables collateralized by more than one property. Includes investments in mortgage loans receivable made in support of sale-leaseback transactions. Includes three properties that secured $16.8 million of mortgage loans receivable. Includes 71 properties that secured $35.3 million of mortgage loans receivable. Includes 18 properties that secured $34.6 million of mortgage loans receivable. Investments 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 20196 3Q 20197 4Q 20198 Number of Transactions 16 23 34 24 35 32 28 41 Property Count 28 86 62 39 51 91 139 94 Avg. Investment per Unit (in 000s) $2,195 $2,438 $2,042 $2,572 $2,303 $2,015 $1,174 $2,049 Cash Cap Rates1 7.8% 7.6% 7.6% 7.6% 7.5% 7.3% 7.5% 7.3% GAAP Cap Rates2 8.3% 8.7% 8.5% 8.5% 8.4% 8.1% 8.2% 8.0% Master Lease %3,4 33% 82% 58% 57% 47% 67% 73% 41% Sale-Leaseback %3,5 68% 90% 77% 83% 78% 65% 88% 81% % of Financial Reporting3 100% 96% 100% 90% 100% 100% 100% 99% Rent Coverage Ratio 2.3x 2.4x 2.7x 2.8x 3.2x 3.2x 3.2x 3.1x Lease Term Years 14.1 17.2 16.1 16.6 15.1 15.3 16.6 16.3 2018 Total: $516mm 2019 Total: $687mm

Net Investment Activity Disposition Summary 242, 242, 242 Net of transaction costs. Gains/(losses) based on our aggregate allocated purchase price. Cash ABR at time of sale divided by gross sale price (excluding transaction costs) for the property. Property count excludes dispositions in which only a portion of the owned parcel is sold. Excludes one property sold pursuant to an existing tenant purchase option. Excludes the sale of one leasehold property. Excludes the prepayment of two mortgage loans receivable for $4.6 million. Dispositions 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 20197 3Q 2019 4Q 2019 Realized Gain/(Loss)1,2 (1.7%) 9.7%5 (6.6%)6 0.4% 2.9% 1.3% 17.8% 8.5% Cash Cap Rate on Leased Assets3 6.7% 7.1%5 6.8%6 6.9% 6.6% 7.0% 6.7% 6.9% Leased Properties Sold4 5 8 17 7 7 10 9 7 Vacant Properties Sold4 1 2 4 1 -- 1 1 1 Rent Coverage Ratio 0.8x 2.1x5 1.8x6 1.8x 1.8x 1.5x 1.1x 1.7x 2018 Total: $60mm 2019 Total: $72mm

Portfolio Summary Portfolio Highlights 242, 242, 242 Investment Properties (#)1 1,000 Square Footage (mm) 7.9 Tenants (#) 205 Concepts (#) 265 Industries (#) 16 States (#) 44 Weighted Average Remaining Lease Term (Years) 14.6 Triple-Net Leases (% of Cash ABR) 93.5% Master Leases (% of Cash ABR) 60.3% Sale-Leaseback (% of Cash ABR)2,3 81.4% Unit-Level Rent Coverage 2.9x Unit-Level Financial Reporting (% of Cash ABR) 98.2% Leased (%) 100.0% Top 10 Tenants (% of Cash ABR) 23.4% Average Investment Per Property ($mm) $2.0 Average Transaction Size ($mm)2 $6.1 Total Cash ABR ($mm) $151.2 Includes one undeveloped land parcel and 91 properties that secure mortgage loans receivable. Exclusive of GE Seed Portfolio. Includes investments in mortgage loans receivable made in support of sale-leaseback transactions. As of December 31, 2019

Portfolio Summary Tenant and Industry Diversification 242, 242, 242 Top 10 Tenants1 Properties % of Cash ABR 74 3.4% 13 2.8% 4 2.5% 5 2.5% 34 2.4% 12 2.1% 13 2.1% 26 2.0% 5 1.9% 3 1.8% Top 10 Tenants 189 23.4% Total 1,000 100.0% Top 10 Tenant Exposure Diversification by Industry Represents tenant, guarantor or parent company. Excludes one undeveloped land parcel, but includes 91 properties that secure mortgage loans receivable. Calculation excludes properties with no annualized base rent and properties under construction. Tenant Industry Type of Business Cash ABR ($'000s)   % of Cash ABR   # of Properties2   Building SqFt   Rent Per SqFt3 Quick Service Service $ 21,545   14.2%   304   810,104   $ 26.82 Car Washes Service 18,946   12.5%   82   382,429   49.31 Convenience Stores Service 16,942   11.2%   149   598,940   28.29 Early Childhood Education Service 16,846   11.1%   82   830,575   19.70 Medical / Dental Service 16,029   10.6%   95   594,299   26.11 Casual Dining Service 8,785   5.8%   61   369,841   23.75 Automotive Service Service 7,286   4.8%   62   382,394   19.05 Family Dining Service 5,099   3.4%   31   194,188   26.26 Other Services Service 4,975   3.3%   24   257,823   19.30 Pet Care Services Service 4,861   3.2%   32   201,541   19.94 Service Subtotal   $ 121,314   80.2%   922   4,622,133   $ 25.87                       Health and Fitness Experience 9,971   6.6%   25   953,487   9.82 Entertainment Experience 7,072   4.7%   18   647,483   10.92 Movie Theatres Experience 4,341   2.9%   6   293,206   14.81 Experience Subtotal   $ 21,384   14.1%   49   1,894,176   $ 10.97                       Home Furnishings Retail 5,367   3.5%   7   383,415   14.00 Grocery Retail 467   0.3%   2   70,623   6.61 Retail Subtotal   $ 5,834   3.9%   9   454,038   $ 12.85                       Building Materials Other 2,696   1.8%   19   896,956   3.01                       Total   $ 151,227   100.0%   999   7,867,303   $ 18.92

Portfolio Summary Portfolio Health 242, 242, 242 Tenant Financial Reporting % of Cash ABR by Unit-Level Coverage Tranche1 Unit-Level Coverage by Lease Expiration Unit-Level Coverage by Tenant Credit2 Note: ‘NR’ means not reported. Certain tenants, whose leases do not require unit-level financial reporting, provide the Company with unit-level financial information. The data shown includes unit-level coverage for these leases. The chart illustrates the portions of annualized base rent as of December 31, 2019 attributable to leases with tenants having specified implied credit ratings based on their Moody’s RiskCalc scores. Moody’s equates the EDF scores generated using RiskCalc with a corresponding credit rating. Tenant Financial Reporting Requirements % of Cash ABR Unit-Level Financial Information 98.2% Corporate-Level Financial Reporting 98.6% Both Unit-Level and Corporate-Level Financial Information 98.0% No Financial Information 1.1% Rent Coverage Ratio (x) 42.3% Rent Coverage Ratio (x)

  Cash % of # of Wgt. Avg.   Renewed Per Re-Leased to New Tenant Total Year1 ABR Cash ABR Properties2 Coverage3 $(000)s Terms of Lease Without Vacancy After Vacancy Leasing 2020 $ 703 0.5% 7 2.1x Prior Cash ABR $ 88 $ 1,448 - $ 1,536 2021 333 0.2% 3 2.3x   New Cash ABR 96 1,500 - 1,596 2022 773 0.5% 5 3.7x Recovery Rate 109.1% 103.6% - 103.9% 2023 2,228 1.5% 13 2.9x   Number of Leases 2 4 - 6 2024 6,264 4.1% 61 3.6x Average Months Vacant - - - - 2025 839 0.6% 8 4.3x   Lease Incentives Paid - $1,500 - $1,500 2026 2,395 1.6% 14 2.6x % of Total Cash ABR4 0.1% 1.0% - 1.1% 2027 4,991 3.3% 32 3.1x 2028 2,875 1.9% 17 2.9x 2029 4,267 2.8% 68 4.2x 2030 4,423 2.9% 42 3.7x Vacant Properties at September 30, 2019     0 2031 5,821 3.8% 34 3.9x Expiration Activity       + 1 2032 12,249 8.1% 67 3.2x Leasing Activity 0 2033 9,484 6.3% 43 2.5x Vacant Property Sales       - 1 2034 25,480 16.8% 208 3.1x Vacant Properties at December 31, 2019 0 2035 1,501 1.0% 14 3.4x 2036 2,697 1.8% 22 2.2x 2037 20,955 13.9% 87 3.0x 2038 17,806 11.8% 95 2.1x 2039 23,171 15.3% 152 2.5x Thereafter 1,974 1.3% 7 2.3x Total $151,227 100.0% 999 2.9x Leasing Summary Leasing Expiration Schedule, Leasing Activity and Statistics 242, 242, 242 Expiration year of contracts in place as of December 31, 2019 and excludes any tenant option renewal periods that have not been exercised. Excludes one undeveloped land parcel, but includes 91 properties that secure mortgage loans receivable. Weighted by cash ABR as of December 31, 2019. New cash ABR divided by total cash ABR as of December 31, 2019. Annual Lease Expiration by Cash ABR Leasing Activity – Trailing 12 Months Leasing Statistics

Leasing Summary Same-Store Analysis 242, 242, 242 Same-Store Portfolio: All properties owned, excluding new sites under construction, for the entire same-store measurement period, which is October 1, 2018 through December 31, 2019. The same-store portfolio for 4Q 2019 is comprised of 590 properties and represented ~62% of our total portfolio as measured by contractual cash rent divided by our cash ABR at December 31, 2019. Contractual Cash Rent: The amount of cash rent our tenants are contractually obligated to pay per the in-place lease as of December 31, 2019; excludes percentage rent that is subject to sales breakpoints per the lease. Defined Terms Same-Store Portfolio Performance Excludes reimbursable property operating expenses.   Contractual Cash Rent ($000s) %   Type of Business 4Q 2019 4Q 2018 Change   Service $ 18,170 $ 17,796 2.1% Experience 3,521 3,529 -0.2%   Retail 1,300 1,282 1.4% Industrial 674 661 2.0%   Total Same-Store Rent $ 23,664 $ 23,268 1.7%   - Property Operating Expense1 258 230 12.1% Total Same-Store NOI $ 23,407 $ 23,038 1.6%  

Leasing Summary Lease Escalations 242, 242, 242 Leases contributing 99% of cash ABR provided for base rent escalation, generally ranging from 1.0% to 3.0% annually, with a weighted average annual escalation rate of 1.5%, which assumes 0.0% change in annual CPI 6% of contractual rent escalations by cash ABR are CPI-based, while 93% are based on fixed percentage or scheduled increases 72% of cash ABR derived from flat leases is attributable to leases that provide for contingent rent based on a percentage of the tenant’s gross sales at the leased property Based on cash ABR as of December 31, 2019. Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occur annually. For leases in which rent escalates by the greater of a stated fixed percentage or CPI, we have assumed an escalation equal to the stated fixed percentage in the lease. As any future increase in CPI is unknowable at this time, we have not included an increase in the rent pursuant to these leases in the weighted average annual escalation rate presented. Lease Escalation Frequency Lease Escalation Type     Weighted Average Lease Escalation Frequency % of Cash ABR Annual Escalation Rate1,2 Annually 79.4% 1.6% Every 2 years 2.5 1.4 Every 3 years 0.4 1.2 Every 4 years 0.5 0.8 Every 5 years 13.6 1.3 Other escalation frequencies 2.2 1.4 Flat 1.4 NA Total / Weighted Average 100.0% 1.5%

Glossary Supplemental Reporting Measures 242, 242, 242 FFO, Core FFO and AFFO Our reported results are presented in accordance with U.S. generally accepted accounting principles ("GAAP"). We also disclose funds from operations (“FFO”), core funds from operations (“Core FFO”) and adjusted funds from operations (“AFFO”), each of which is a non-GAAP financial measures. We believe these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO is used by management, and may be useful to investors and analysts, to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains and losses on sales (which are dependent on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions). We compute Core FFO by adjusting FFO, as defined by NAREIT, to exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature and/or not related to our core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of our core business operations. Items included in calculating FFO that may be excluded in calculating Core FFO include items like certain transaction related gains, losses, income or expense or other non-core amounts as they occur. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain items that we believe are not indicative of our operating performance, including straight-line rental revenue, non-cash interest expense, non-cash compensation expense, other amortization and non-cash charges, capitalized interest expense and transaction costs. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We believe that AFFO is an additional useful supplemental measure for investors to consider to assess our operating performance without the distortions created by non-cash and certain other revenues and expenses. FFO, Core FFO and AFFO do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities, and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of FFO, Core FFO and AFFO may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

Glossary Supplemental Reporting Measures 242, 242, 242 We also present our earnings before interest, taxes and depreciation and amortization for real estate (“EBITDA”), EBITDA further adjusted to exclude gains (or losses) on sales of depreciable property and real estate impairment losses (“EBITDAre”), net debt, net operating income (“NOI”) and cash NOI (“Cash NOI”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are accepted industry measures used by analysts and investors to compare the operating performance of REITs. EBITDA and EBITDAre We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and real estate impairment losses. We present EBITDA and EBITDAre as they are measures commonly used in our industry and we believe that these measures are useful to investors and analysts because they provide important supplemental information concerning our operating performance, exclusive of certain non-cash and other costs. We use EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA and EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, the should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA and EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt We calculate our net debt as our gross debt (defined as total debt plus net deferred financing costs on our secured borrowings) less cash and cash equivalents and restricted cash deposits held for the benefit of lenders. We believe excluding cash and cash equivalents and restricted cash deposits held for the benefit of lenders from gross debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which we believe is a beneficial disclosure to investors and analysts. NOI and Cash NOI We compute NOI as total revenues less property expenses. NOI excludes all other items of expense and income included in the financial statements in calculating net income or loss. Cash NOI further excludes non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash charges. We believe NOI and Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. NOI and Cash NOI are not measurements of financial performance under GAAP. You should not consider our NOI and Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, our computation of NOI and Cash NOI may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

Glossary Supplemental Reporting Measures 242, 242, 242 Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI We further adjust EBITDAre, NOI and Cash NOI i) based on an estimate calculated as if all investment and disposition activity that took place during the quarter had been made on the first day of the quarter, ii) to exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature and iii) to eliminate the impact of lease termination fees and contingent rental revenue from our tenants which is subject to sales thresholds specified in the lease. We then annualize these estimates for the current quarter by multiplying them by four, which we believe provides a meaningful estimate of our current run rate for all investments as of the end of the current quarter. You should not unduly rely on these measures, as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre, NOI and Cash NOI for future periods may be significantly less than these estimates of current run rates. Cash ABR Cash ABR means annualized contractually specified cash base rent in effect as of the end of the current quarter for all of our leases (including those accounted for as direct financing leases) commenced as of that date and annualized cash interest on our mortgage loans receivable as of that date. Rent Coverage Ratio Rent coverage ratio means the ratio of tenant-reported or, when unavailable, management’s estimate based on tenant-reported financial information, annual EBITDA and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date. GE Seed Portfolio GE seed portfolio means our acquisition of a portfolio of 262 net leased properties on June 16, 2016, consisting primarily of restaurants, that were being sold as part of the liquidation of General Electric Capital Corporation for an aggregate purchase price of $279.8 million (including transaction costs). GAAP Cap Rate GAAP Cap Rate means annualized rental income computed in accordance with GAAP for the first full month after investment divided by the purchase price, as applicable, for the property. Cash Cap Rate Cash Cap Rate means annualized contractually specified cash base rent for the first full month after investment or disposition divided by the purchase or sale price, as applicable, for the property. Disclaimer Essential Properties Realty Trust, Inc. and the Essential Properties Realty Trust REIT are not affiliated with or sponsored by Griffin Capital Essential Asset Operating Partnership, L.P. or the Griffin Capital Essential Asset REIT, information about which can be obtained at (https://www.gcear.com).