Category: Local News

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Local News Politics Regulations & Security

Mercer County Clerk Sollami Covello announces law changes for poll workers

TRENTON, N.J. – Earlier this year, Gov. Phil Murphy signed into law a bill that increases the compensation of election workers from $200 per day to $300 per day because election workers play a critical role in ensuring that New Jersey residents can exercise their right to vote.

 

In July, the governor signed legislation amending an existing law to allow minors between the ages of 16 and 18 to work a full day at the polls on election days. The upcoming general election is set for Nov. 8, 2022.

 

“With the ever-increasing use of technology in elections, the pay increase and the increase of younger workers will allow additional qualified workers to assist us in the election process and we will all benefit from this assistance,” said Mercer County Clerk Paula Sollami Covello.

 

To work at the polls, applicants must be registered to vote in Mercer County and may not be a candidate in the current election.

 

Full-day and half-day positions are available for working at the polls. However, anyone wishing to be a poll worker, who meets the criteria, should fill out an online application and attend a mandatory training session with the Mercer County Board of Elections.

 

Additionally, poll workers are needed to work at the Early Voting locations before Election Day from Oct. 29 to Nov. 6. Early Voting hours will be Monday-Saturday, 10 a.m. to 8 p.m., and Sunday, 10 a.m. to 6 p.m.

 

To apply, please contact the Mercer County Board of Elections at 609-989-6522 or by email at  BoardofElections@mercercounty.org. Applications can be found here: https://www.mercercounty.org/boards-commissions/board-of-elections/board-worker-application. To reach the Mercer County Clerk’s Office, please call 609-989-6465.

 

To register to vote or to apply for a vote-by-mail application, you may visit the Mercer County Clerk’s website at County Clerk | Mercer County, NJ or the State Division of Elections website (for information in additional languages) at vote.nj.gov. 

Categories
Culture Local News Weather

Hughes advises Mercer County residents to prepare for hurricane season

TRENTON, N.J. — As the peak period for hurricane and tropical storm activity in New Jersey arrives, Mercer County Executive Brian M. Hughes advises County residents to plan and prepare for potential storms this summer and fall.

 

The Atlantic hurricane season runs from June 1 through Nov. 30, but the peak time for hurricane and tropical storm activity in New Jersey is mid-August to late October. When they approach land, tropical storms and hurricanes can be extremely deadly and destructive — even as far inland as Mercer County.

“In Mercer County, we have first-hand experience with how devastating hurricanes and tropical storms can be, as we experienced last September when the remnants of Hurricane Ida wreaked havoc in several of our communities,” Mr. Hughes said. “It’s essential that you and your family be ready before a storm strikes, and not put yourselves or others at risk by waiting until the last minute to prepare.”

The Mercer County Office of Emergency Management suggests taking the following readiness steps in preparation for hurricane season:

• Make a plan

. You may not be at home or with your family when an emergency occurs, so it’s important to have a plan for getting everyone back together in a safe place. The plan should also include what to do if you must shelter at home or evacuate, and emergency contacts both near and far from your home. Make sure your family and everyone involved knows the plan, including children and your emergency contacts.

• Build a kit

. Your emergency preparedness kit should include a stockpile supply of items, consisting of at least a three-day supply of bottled water, non-perishable foods and essential medications set aside for each member of your family and your pets. You can also include important documents and supplies for eating, bathing, safety and entertainment. Have a portable, crank or solar-powered USB charger on hand for your cell phone.

• Stay informed

. Use credible websites and social media to stay informed of breaking news and continued coverage of emergency events. And continue to monitor traditional media sources — TV, newspapers and radio — for information during an emergency. Your local Emergency Management or Emergency Services office will provide you with information about such things as open shelters and evacuation orders. Also register for the Mercer County emergency notification system by visiting www.mercercounty.org and clicking on “Alert Mercer” at the top of the home page.

For more information about emergency preparedness, including making a plan, creating an emergency kit and staying informed, visit the Federal Emergency Management Agency’s (FEMA) Ready Campaign at www.ready.gov, or the New Jersey Office of Emergency Management at  www.nj.gov/njoem.

Categories
Business Local News

Blackstone Infrastructure’s portfolio company Atlantic Power Transmission LLC announces partnership with offshore energy industry expert Morrison Energy to invest in New Jersey’s workforce and bring jacket foundation fabrication to the State

  • Builds off APT’s previously announced $50 million pledge to workforce development in New Jersey
  • Morrison to establish a base in New Jersey; local fabrication of 5,000-ton substation foundation jackets, a first for the East Coast; train and credential Garden State union workers in new skilled tasks
  • Project backed by Blackstone, a proven long-term investor and operator in infrastructure, transmission and clean energy

 

PRINCETON, N.J. — (BUSINESS WIRE) — Atlantic Power Transmission LLC (“APT”), a Blackstone (NYSE: BX) portfolio company, today announced its partnership with Morrison Energy (“Morrison”) to position New Jersey as a global leader in rapidly developing offshore wind energy generation and transmission supply chain. The combined collective expertise of APT, Morrison and Blackstone collaborating on this landmark initiative underscores APT’s long-standing commitment to investing in New Jersey’s workforce and kicks off an exciting chapter in the East Coast’s clean energy transition.

As part of the agreement, Morrison will have a dedicated presence in New Jersey, adding leading industry expertise while supporting APT’s commitment of $50 million over 10 years to support workforce development investment in New Jersey via the fabrication of 5,000-ton substation foundation jackets. Union workers will receive training in a unique skill set, embodying Blackstone’s approach to working with local workforces and communities. The fabrication facilities will bring hundreds of jobs to New Jersey and will lay the foundation for future projects in the state.

 

APT will initiate this investment into the New Jersey workforce upon award of its bids to provide transmission supporting the delivery of 3,600MW of offshore wind power to the existing electrical grid under the New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities and PJM Interconnection.

 

The commitment contributes to the creation of a workforce hub for the burgeoning offshore wind industry in the Northeast region and the state, addressing one of the recommendations outlined by the New Jersey Offshore Wind Strategic Plan.

 

“Morrison is a leader in the energy sector, with an exceptional management team. I’m thrilled to work alongside Chet Morrison and Kirk Meche, who bring four decades of experience as thought leaders in the energy industry,” said Andy Geissbuehler, CEO of APT. “Partnering with Morrison will bring the industry expertise needed for this project and invest in training our local workforce to secure New Jersey’s position as a wind leader for decades to come.”

 

APT actively partnered with the New Jersey Union Coalition in support of the bids and will continue to further expand the existing partnership that APT and Blackstone have with labor. The project’s broad-based New Jersey Union Coalition includes the Eastern Atlantic States Regional Council of Carpenters, International Union of Operating Engineers Locals 825 and 25, Iron Workers Local 399 and International Brotherhood of Electrical Workers Local 456.

 

“The EAS Carpenters are encouraged by how APT and Morrison have seized this opportunity and are focused on plans to train and prepare New Jersey’s highly skilled tradesmen and women for future industries in our state,” said William C. Sproule, Executive Secretary-Treasurer of the Eastern Atlantic States Regional Council of Carpenters. “Our union has been committed for over a century to training the most skilled construction workers in the country, highlighting that fact by the recent expansion of our existing Hammonton, New Jersey, training center and opening the first union dive school in the country to meet the needs of the new offshore wind industry. The additional relationship of the EAS Carpenters with preferred partners APT and Blackstone will bring opportunity to New Jersey skilled tradesmen and women for years to come.”

 

Commenting on the partnership, Morrison’s Chief Executive Officer Chet Morrison said, “Morrison is committed to the development of offshore wind energy in the United States by supporting APT’s partnership in developing New Jersey’s union workforce with skilled workers who can propel the New Jersey wind energy sector forward for decades to come.”

 

Greg Lalevee, Business Manager of the International Union of Operating Engineers Local 825, remarked, “APT and Blackstone have been the ideal partners not only to IUOE 825 but New Jersey labor generally. They have proactively sought opportunities to train and credential our collective brotherhood in the skills needed for the transition to offshore wind. We are excited to collaborate with APT and Morrison on this new, groundbreaking initiative.”

 

Kurt Summers, Head of Public-Private Partnerships at Blackstone Infrastructure, commented, “We are thrilled to partner with Morrison and New Jersey’s labor force to anchor a transformative initiative that would provide jobs and accelerate the development of the local clean energy supply chain to make New Jersey the center of the offshore wind industry on the East Coast.”

 

In December 2021, APT announced its bid to develop a clean power transmission solution in response to the 2021 New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities. The partnership between APT and Morrison will be executed upon award of APT’s bid to provide transmission to deliver 3,600MW of offshore wind power to the existing electrical grid under the New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities and PJM Interconnection. Since 2019, Blackstone has committed over $16 billion in investments that it believes are consistent with the broader energy transition.

 

APT’s comprehensive transmission solution is expected to generate $1.5 billion in economic benefits to New Jersey, including enabling 1,000 direct jobs annually during five construction years. Beyond these quantifiable benefits, APT and the New Jersey Union Coalition are working to establish New Jersey’s industry leadership by focusing on maximizing local manufacturing opportunities, including working with local companies and building components in-state.

 

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $941 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, noninvestment-grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter and Instagram.

 

Blackstone Infrastructure Partners

Blackstone Infrastructure Partners is an active investor in energy, transportation, digital infrastructure, and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our infrastructure investment approach focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

 

Atlantic Power Transmission LLC (“APT”)

APT is a Blackstone Infrastructure Partners portfolio company headquartered in Princeton, New Jersey, and is dedicated to developing, constructing and operating planned transmission systems along the U.S. East Coast to enable efficient interconnection of commercial-scale offshore wind facilities.

 

Morrison Energy (Morrison)

Morrison, headquartered in Houma, Louisiana, has over 39 years of experience serving as a preferred contractor and fabricator for many leading energy companies. With U.S. and international fabrication experience, Morrison is well positioned to construct substation foundation jackets and ancillary components for large-scale projects.

Contacts

Paula Chirhart

Paula.Chirhart@Blackstone.com
347-463-5453

Kelly M. Reeves

kreeves@morrisonenergy.com
985-858-3112

Categories
Business Local News

Essential Properties Realty Trust, Inc. announces pricing of upsized primary public offering of common stock

PRINCETON, N.J. — (BUSINESS WIRE) — Essential Properties Realty Trust, Inc. (NYSE: EPRT; the “Company)” announced today the pricing of an underwritten public offering of 7,600,000 shares of its common stock at a public offering price of $23.00 per share.

 

The Company has granted the underwriters a 30-day option to purchase up to an additional 1,140,000 shares of common stock. The Company expects to use the net proceeds from the offering to repay amounts outstanding on its revolving credit facility and for general corporate purposes, including potential future investments. The offering was upsized from the previously announced offering size of 6,500,000 shares of common stock. All of the shares are being offered by the Company, and the offering is expected to close on August 4, 2022, subject to customary closing conditions.

Wells Fargo Securities, BofA Securities and Citigroup are acting as the joint lead book-running managers of the offering. Truist Securities, Goldman Sachs & Co. LLC, Mizuho Securities, Barclays, BMO Capital Markets and Capital One Securities are acting as the book-running managers of the offering. Huntington Capital Markets, TD Securities, JMP Securities LLC, Stifel, Ramirez & Co., Inc., Berenberg and Ladenburg Thalmann are acting as co-managers of the offering.

 

The offering of the common stock is being made pursuant to the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, a copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 30 Hudson Yards, 500 West 33rd Street – 14th Floor, New York, NY 10001, by telephone at 1-800-326-5897 or by email at cmclientsupport@wellsfargo.com; BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com; or Citigroup Global Markets, Inc.: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146), or by visiting the EDGAR database on the SEC’s web site at www.sec.gov.

 

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

 

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 “expect” and “will,” or the negative of these words, or similar words or phrases that are predictions of or indicate future events 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 regarding strategy, plans or intentions. 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. 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 SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q. Copies of each filing may be obtained from the Company or the SEC. Such forward-looking statements should be regarded solely as reflections of the Company’s current plans and estimates. Actual results may differ materially from what is expressed or forecast in this press release.

 

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 June 30, 2022, the Company’s portfolio consisted of 1,561 freestanding net lease properties with a weighted average remaining lease term of 13.8 years and a weighted average rent coverage ratio of 4.0x. As of the same date, the Company’s portfolio was 99.9% leased to 322 tenants operating 469 different concepts in 16 industries across 46 states.

Contacts

Investor/Media:

Essential Properties Realty Trust, Inc.

Daniel Donlan

Senior Vice President, Capital Markets

609-436-0619

investors@essentialproperties.com

Categories
Culture Lifestyle Local News

Local residents put artistic talent, creativity on display in Mercer County Senior Art Show

TRENTON, N.J. — A professional juror has selected the winners from 107 entries in this year’s Mercer County Senior Art Show, which is being held through Aug. 5 at The Conference Center at Mercer in West Windsor at the Mercer County Community College campus.

“Mercer County is fortunate to have so many older adults who tap into their creativity to construct new works of art,” said Mercer County Executive Brian M. Hughes. “I commend everyone who entered their work in the County show and thank them for sharing their artistic talent with us.”

Annually, the Mercer County Division of Culture and Heritage partners with the Mercer County Office on Aging to produce the Mercer County Senior Art Show. First-place winners from the County show advance to the New Jersey Senior Citizen Art Show held in the fall.

Each year, the Mercer County Division of Culture and Heritage partners with the Mercer County Office on Aging to produce the Mercer County Senior Art Show. First-place winners from the County show advance to the New Jersey Senior Citizen Art Show held in the fall.

Mercer County residents ages 60 or older may submit artwork to the Mercer County Senior Art Show. There is no fee to enter. Submissions must be the original work of the applicant, created within the last three years, and not previously entered in a Mercer County Senior Art Show or the State Senior Art Show. Artwork was entered in the following categories: acrylic, craft, mixed media, oil, pastel, photography, sculpture, watercolor and works on paper.

 

The winners were selected by professional juror Thomas Kelly, an award-winning New Jersey-based artist who works in acrylic on canvas, creating colorful narrative paintings often inspired by overheard comments or everyday situations. Kelly has exhibited in New Jersey, New York City, Philadelphia and Bethlehem, Pa., and more than 325 of his original paintings have been collected in private and public collections in the United States, Europe and Asia.

Eighteen artists from the Mercer County Senior Art Show — one “professional” winner and one “non-pro” winner in each of the nine categories — will move on to the State Show. The individuals were awarded first, second and third place, and honorable mention in their respective categories. The Best in Show selections: “Small Token” by Arcelio Brignoni of East Windsor, Acrylic, Non-Professional; and “Home Economics” by Margaret Miccio of Trenton, Sculpture, Professional.

The exhibition can be viewed here on the Mercer County website.

Categories
Business Lifestyle Local News

Essential Properties announces second quarter 2022 results

– Second Quarter Net Income per Share of $0.27 and AFFO per Share of $0.38 –

– Closed Investments of $175.7 million at a 7.0% Weighted Average Cash Cap Rate –

– Increases 2022 AFFO Guidance to $1.52 to $1.54 per Share –

 

PRINCETON, N.J. — (BUSINESS WIRE) — Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential Properties” or the “Company”) today announced operating results for the three and six months ended June 30, 2022.

Second Quarter 2022 Financial and Operating Highlights:

Operating Results (compared to Second Quarter 2021):

  • Investments (39 properties)

$ Invested

$175.7 million

Weighted Avg Cash Cap Rate

7.0%
  • Dispositions (8 properties)

Net Proceeds

$26.1 million

Weighted Avg Cash Cap Rate

6.2%
  • Net Income per Share

Increased by 35%

$0.27
  • Funds from Operations (“FFO”) per Share

Increased by 28%

$0.41
  • Core Funds from Operations (“Core FFO”) per Share

Increased by 17%

$0.41
  • Adjusted Funds from Operations (“AFFO”) per Share

Increased by 12%

$0.38

Equity Activity:

  • Equity Raised (Gross) – ATM Program

$21.74/share

$32.6 million

 

Year to Date 2022 Financial and Operating Highlights:

Operating Results (compared to YTD Second Quarter 2021):

  • Investments (144 properties)

$ Invested

$413.5 million

Weighted Avg Cash Cap Rate

7.0%
  • Dispositions (14 properties)

Net Proceeds

$44.5 million

Weighted Avg Cash Cap Rate

6.6%
  • Net Income per share

Increased by 41%

$0.48
  • FFO per share

Increased by 32%

$0.79
  • Core FFO per share

Increased by 27%

$0.81
  • AFFO per share

Increased by 23%

$0.76

Equity Activity:

  • Equity Raised (Gross) – ATM Program

$24.39/share

$192.3 million

Highlights Subsequent to Second Quarter 2022:

  • Investments (6 properties)

$ Invested

$45.7 million

Equity & Debt Activity:

  • Equity Raised (Gross) – ATM Program

$21.57/share

$20.5 million
  • New 2028 Term Loan

5.5 Year Tenor; Adjusted Term SOFR + 95 bps

$400.0 million

 

CEO Comments

Commenting on the second quarter 2022 results, the Company’s President and Chief Executive Officer, Pete Mavoides, said, “The portfolio’s strong operating performance continued into the second quarter with high occupancy, solid same-store rent growth, and increased unit-level coverage.” Mr. Mavoides continued, “Despite a challenging capital market environment, our established tenant relationships and direct origination process allowed us to invest at favorable yields once again this quarter. With a robust investment pipeline and our well-priced debt execution recharging our low-levered balance sheet for growth, we are increasing our 2022 AFFO per share guidance to $1.52 to $1.54.”

 

Portfolio Update

Investments

The Company’s investment activity during the three and six months ended June 30, 2022 is summarized as follows:

 

Quarter Ended

June 30, 2022

Year to Date

June 30, 2022

Investments:

$ Invested

$175.7 million

$413.5 million

# of Properties

39

144

# of Separate Transactions

23

46

Weighted Average Cash / GAAP Cap Rate

7.0%/8.0%

7.0%/7.9%

Weighted Average Lease Term (WALT)

17.2 years

15.9 years

% Sale-Leaseback Transactions

100%

100%

% Subject to Master Lease

86%

84%

% Required Financial Reporting (tenant/guarantor)

100%

100%

 

Dispositions

The Company’s disposition activity during the three and six months ended June 30, 2022 is summarized as follows:

 

Quarter Ended

June 30, 2022

Year to Date

June 30, 2022

Dispositions:

Net Proceeds

$26.1 million

$44.5 million

# of Properties Sold

8

14

Net Gain / (Loss)

$10.1 million

$11.8 million

Weighted Average Cash Cap Rate (excluding vacant properties and sales subject to a tenant purchase option )

6.2%

6.6%

 

Loan Repayments

Loan repayments to the Company during the three and six months ended June 30, 2022 are summarized as follows:

 

Quarter Ended

June 30, 2022

Year to Date

June 30, 2022

Proceeds—Principal

$37.8 million

$48.4 million

Proceeds—Prepayment Penalties

$0.3 million

$0.4 million

# of Properties

15

20

 

Portfolio Highlights

The Company’s investment portfolio as of June 30, 2022 is summarized as follows:

 

Number of properties

1,561

WALT

13.8 years

Weighted average rent coverage ratio

4.0x

Number of tenants

322

Number of states

46

Number of industries

16

Weighted average occupancy

99.9%

Total square feet of rentable space

14,401,377

Cash ABR – service-oriented or experience-based

93.1%

Cash ABR – properties subject to master lease

63.8%

 

Leverage and Balance Sheet and Liquidity

The Company’s leverage, balance sheet and liquidity are summarized in the following table.

 

June 30, 2022

Leverage:

Net debt to Annualized Adjusted EBITDAre

4.7x

Balance Sheet and Liquidity:

Cash and cash equivalents and restricted cash

$26.2 million

Unused borrowing capacity

$382.0 million

Total available liquidity

$408.2 million

ATM Program:

2022 ATM Program initial availability

$500.0 million

Aggregate gross sales under the 2022 ATM Program

$32.6 million

Availability remaining under the 2022 ATM Program

$467.4 million

Average price per share of gross sales to date

$21.74

 

Subsequent Debt Activity

In July 2022, the Company entered into a new term loan permitting up to $400.0 million of borrowings. The below table provides a summary of this new debt agreement.

 

2028 Term Loan

Maturity Date

January 2028

Initial Principal Drawn

$250.0 million

Maximum Available Principal

$400.0 million

Delayed Draw Period

90 Days

Interest Rate

Adjusted Term SOFR + 95 bps(1)
________________

1.

Includes 10 bps SOFR premium adjustment.

 

Dividend Information

As previously announced, on June 2, 2022 Essential Properties’ board of directors declared a cash dividend of $0.27 per share of common stock for the quarter ended June 30, 2022. The dividend was paid on July 14, 2022 to stockholders of record as of the close of business on June 30, 2022.

 

Guidance

2022 Guidance

The Company is increasing its expectation that 2022 AFFO per share on a fully diluted basis will be within a range of $1.52 to $1.54 from its previously announced range of $1.50 to $1.53.

 

Note: The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, such as, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.

 

Conference Call Information

In conjunction with the release of Essential Properties’ operating results, the Company will host a conference call on Friday, July 29, 2022 at 11:00 a.m. EDT to discuss the results. To access the conference, dial 877-407-9208 (International: 201-493-6784). 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 844-512-2921 (International: 412-317-6671) and entering the access code: 13731457. The telephone replay will be available through August 12, 2022.

 

A replay of the conference call webcast will be available on our website 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—Second Quarter Ended June 30, 2022 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 June 30, 2022, the Company’s portfolio consisted of 1,561 freestanding net lease properties with a weighted average lease term of 13.8 years and a weighted average rent coverage ratio of 4.0x. In addition, as of June 30, 2022, the Company’s portfolio was 99.9% leased to 322 tenants operating 469 different concepts in 16 industries across 46 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 in the company’s Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the Company’s most recent Annual Report on Form 10-K and subsequent 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 June 30, 2022 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 it believes are infrequent and unusual in nature and/or not related to its 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 expense, other non-cash charges (including changes to our provision for loan losses following the adoption of ASC 326), 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 computes 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 its gross debt (defined as total debt plus net deferred financing costs on its secured borrowings) less cash and cash equivalents and restricted cash available for future investment. The Company believes excluding cash and cash equivalents and restricted cash available for future investment 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 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 or loan prepayment 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 Statements of Operations

Three months ended June 30,

Six months ended June 30,

(in thousands, except share and per share data)

2022

2021

2022

2021

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenues:

Rental revenue1,2

$

67,089

$

53,150

$

133,201

$

98,582

Interest on loans and direct financing lease receivables

3,949

3,879

7,771

6,984

Other revenue

408

37

595

52

Total revenues

71,446

57,066

141,567

105,618

Expenses:

General and administrative

7,026

6,470

15,089

12,901

Property expenses3

828

1,174

1,837

2,588

Depreciation and amortization

22,074

17,184

42,387

32,830

Provision for impairment of real estate

6,258

398

10,193

6,120

Change in provision for loan losses

107

(166

)

167

(128

)

Total expenses

36,293

25,060

69,673

54,311

Other operating income:

Gain on dispositions of real estate, net

10,094

3,710

11,752

7,498

Income from operations

45,247

35,716

83,646

58,805

Other (expense)/income:

Loss on debt extinguishment4

—

(4,461

)

(2,138

)

(4,461

)

Interest expense

(9,190

)

(7,811

)

(18,350

)

(15,489

)

Interest income

30

17

48

37

Income before income tax expense

36,087

23,461

63,206

38,892

Income tax expense

275

61

576

117

Net income

35,812

23,400

62,630

38,775

Net income attributable to non-controlling interests

(159

)

(116

)

(278

)

(196

)

Net income attributable to stockholders

$

35,653

$

23,284

$

62,352

$

38,579

Basic weighted-average shares outstanding

131,271,882

116,318,386

129,068,197

111,678,562

Basic net income per share

$

0.27

$

0.20

$

0.48

$

0.34

Diluted weighted-average shares outstanding

132,019,501

117,513,344

129,983,198

112,770,501

Diluted net income per share

$

0.27

$

0.20

$

0.48

$

0.34

_________________

1.

Includes contingent rent (based on a percentage of the tenant’s gross sales at the leased property) of $159, $62 ,$315 and $231 for the three and six months ended June 30, 2022 and 2021, respectively.

2.

Includes reimbursable income from the Company’s tenants of $501, $399, $1,054 and $852 for the three and six months ended June 30, 2022 and 2021, respectively.

3.

Includes reimbursable expenses from the Company’s tenants $500, $399, $1,054 and $852 for the three and six months ended June 30, 2022 and 2021, respectively.

4.

During the six months ended June 30, 2022, includes debt extinguishment costs associated with the Company’s restructuring of its credit and term loan facilities and, during the three and six months ended June 30, 2021, includes debt extinguishment costs associated with the full repayment of the Company’s remaining secured debt.

 

Contacts

Investor/Media:
Essential Properties Realty Trust, Inc.

Daniel Donlan, Senior Vice President, Capital Markets

609-436-0619

info@essentialproperties.com

Read full story here

Categories
Business Healthcare Lifestyle Local News Science

Zicam®, the #1 cold-shortening brand†, adds daily immune support products to its lineup

The brand’s first-ever immune support daily gummy supplements, Zicam Daily Immune Support* and Zicam Sleep + Immune Support* with Melatonin, are set to be released in July 2022 in select retailers nationwide and online

 

EWING, N.J. — (BUSINESS WIRE) — Zicam®, the #1 cold-shortening brand†, announces the launch of two new immune support gummy supplements – Zicam Daily Immune Support* and Zicam Sleep + Immune Support* with Melatonin – developed to provide immune support year-round, day and night.*


Zicam Daily Immune Support* provides immune support while Zicam Sleep + Immune Support* with Melatonin provides the same immune support plus melatonin to support sleep.*

 

Featuring its signature zinc formulas, the new gummy supplements offer 100% daily value of three immune-supporting ingredients: Zinc, Vitamin C, and Vitamin D per serving, with the addition of 3mg of melatonin per serving in Zicam Sleep + Immune Support* with Melatonin.

 

“For over 20 years, Zicam has led the way in helping consumers shorten their colds, and we’re constantly looking at new and innovative ways to aid consumers who care about their immune health,” said Michael Vercelletto, marketing director of Zicam. “Our expansion into the immune support space, with Zicam Daily Immune Support* and Zicam Sleep + Immune Support* with Melatonin, is focused on giving consumers the boost of support that they can rely on in an easy to take delicious gummy supplement — day and night.”

 

Zicam Daily Immune Support* is available in a Citrus Strawberry flavor and Zicam Sleep + Immune Support* with Melatonin is available in a Blackberry Lavender flavor. The daily supplements can be found online and select retailers nationwide, in July 2022, with an MSRP of $16.49.

 

To learn more about Zicam’s products, visit www.zicam.com.

 

About Zicam®

Zicam® is America’s #1 cold-shortening brand† and offers a range of over-the-counter products to shorten colds when taken at the first sign. Zicam delivers a portfolio of homeopathic zinc-based and nasal non-zinc based cold shortening formulas as well as products ranging across multiple categories including nasal health, congestion/sinus relief, immune support, and allergy relief products. With a variety of forms, Zicam is easy to take on the go – allowing consumers to feel equipped to take on any common cold that might come their way.

 

About Church & Dwight Co., Inc.

With a rich heritage of commitment to people and the planet for over 150 years, Church & Dwight is committed to conducting our operations in a sustainable and environmentally responsible manner using recycled materials in our cartons. We are continually assessing the impacts of our operations on the environment while developing, manufacturing, and marketing a broad range of consumer household, personal care and specialty products with sustainability efforts incorporated into our new product innovation including Arm & Hammer™, Xtra™, Trojan™, Oxiclean™, Waterpik™, Orajel™, Kaboom™, Nair™, Viviscal™, Flawless™, Toppik™, Zicam™, Batiste™, Replens™, RepHresh™ and First Response™.

 

*These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.

† Based on unit sales data, IRI Total US Multi-Outlet, latest 52 weeks-ending 5/29/22.

Contacts

Cristina DiCocco

646.964.4446

cristina@gcomworks.com

Categories
Environment Local News Weather

Heat advisory in efffect for Mercer; cooling sites open

TRENTON, N.J. — The National Weather Service has issued a Heat Advisory for Mercer County and the surrounding area on Wednesday, July 20, from 11 a.m. to 8 p.m., and an Excessive Heat Watch on Thursday, July 21, from 10 a.m. to 8 p.m. County Executive Brian M. Hughes reminds residents that many cooling sites will be open.

 

Temperatures Wednesday are expected to reach the middle to upper 90s with a heat index (a measure of the combination of heat and humidity) of up to 105 degrees. For the Excessive Heat Watch on Thursday, dangerously hot conditions with heat index values of 105 to 110 degrees are possible. Children, older adults, people with disabilities and pets are most at risk during excessive temperatures.

 

To cope during extreme heat, drink plenty of water to stay hydrated, even if you are not thirsty, and spend as much time as possible in an air-conditioned environment. Be sure to check on elderly relatives and neighbors. If using a mask, use one that is made of breathable fabric, such as cotton, instead of polyester. Don’t wear a mask if you feel yourself overheating or have trouble breathing.

 

Hot weather can impact everyone, regardless of age or condition, but some people are more at risk than others. People most at risk include those over age 65, individuals with medical conditions, those taking medications that may affect the way the body reacts to heat, people with disabilities, pregnant women and breastfeeding mothers, babies and young children, those who are overweight or obese, individuals who work or exercise outdoors, and even those residents who may have recently arrived from cooler climates. Never leave children, pets or anyone with limited mobility alone in hot vehicles. Even with the windows rolled down, only minutes in a hot car can be deadly.

 

Mercer County Library System branches and municipal senior centers serve as cooling sites, although daily hours of operation vary. These locations are open to all residents. The Ewing, Hickory Corner, Hightstown, Hopewell, Lawrence, Robbinsville, Twin Rivers, and West Windsor library branches are open Monday through Thursday, 9:30 a.m. to 8:30 p.m., and Friday and Saturday from 9:30 a.m. to 5 p.m. The Hollowbrook Branch is open Monday through Friday from 9 a.m. to noon and from 1 to 5 p.m. Call individual senior centers for hours of operation, restrictions and accommodations. Call your local senior center if you don’t see it on the list of confirmed cooling sites below. 

 

Mercer County library branch locations
• Ewing, 61 Scotch Road
• Hickory Corner, 138 Hickory Corner Road, East Windsor
• Hightstown Memorial, 114 Franklin St.
• Hollowbrook, 320 Hollowbrook Drive, Ewing
• Hopewell, 245 Pennington-Titusville Road, Pennington
• Lawrence Headquarters Branch, 2751 Brunswick Pike
• Robbinsville, 42 Allentown-Robbinsville Road
• Twin Rivers, 276 Abbington Drive, East Windsor
• West Windsor, 333 North Post Road

 

Municipal senior center locations
• Ewing Senior and Community Center, 999 Lower Ferry Road; 609-883-1776
• Hamilton Senior Center, 409 Cypress Lane; 609-890-3686
• Hopewell Valley Senior Center, 395 Reading St., Pennington; 609-537-0236
• John O Wilson Center, 169 Wilfred Avenue, Hamilton; 609-393-6480
• Princeton Senior Resource Center, 101 Poor Farm Road, Building B, Princeton; 609-751- 9699

  •   Robbinsville Township Senior Center, 1117 Route 130; 609- 259-1567
  • Samuel Naples Senior Center, 611 Chestnut Ave., Trenton; 609-989-3462
  • West Windsor Senior Center, 271 Clarksville Road; 609-799-9068

For assistance in coping with the heat or to contact your local cooling site, please call the Mercer County Office on Aging at (609) 989-6661 or toll-free (877) 222-3737. During non-business hours, residents are encouraged to call 911 if they experience heat-related problems.

 

For more information regarding heat-related emergencies, please visit www.ready.nj.gov, the National Weather Service Heat Safety Tips and Resourcespage or the National Institute on Aging Hot Weather Safety page.

Categories
Culture Local News

103rd Mercer County 4-H Fair set for end of July

TRENTON, N.J. – The 103rd Mercer County 4-H Fair featuring children’s activities, hayrides, animal shows, music, farm tours, exhibits and more will be held Saturday, July 30, and Sunday, July 31, at Howell Living History Farm in Hopewell Township. Admission and parking are free.

 

Photo by Chad Ripberger: Animal shows will be among the many activities offered at the Mercer County 4-H Fair on Saturday, July 30, and Sunday, July 31, at Howell Living History Farm in Hopewell Township.

Plenty of food and beverages, including homemade ice cream, will also be available at the fair, which will run from 10 a.m. to 8 p.m. Saturday and from 10 a.m. to 4 p.m. Sunday. The opening ceremony will take place at 1 p.m. Saturday in the Show Tent.

 

4-H Fair exhibits showcase the talents of the general public as well as those of 4-H members, and it’s not too late to enter. There are many “Open Division” categories for public entries, including arts and crafts, photography, gardening, clothing, baking and woodworking. Please visit http://mercer.njaes.rutgers.edu/4h/fair, where you will find information about exhibiting at the fair and more.

 

Projects will be received from the general public for entry in the fair on Thursday, July 28, from 3 to 7 p.m. at Howell Farm. In addition to judging by experts, fairgoers will vote on their favorite exhibits in each category on Saturday, July 30, and those receiving the most votes will be recognized on Sunday.

 

Click here for 4-H Fair schedule and map.

4-H, a youth development program operated by Rutgers Cooperative Extension, provides research-based, hands-on learning experiences for youth in Mercer County. For more information about 4-H or entering projects in the fair, please contact Altaira Bejgrowicz at the Mercer County 4-H Office at (609) 989-6830 or bejgrowicz@njaes.rutgers.edu.

Howell Farm is owned by the County of Mercer and operated by the Mercer County Park Commission. It is located on Valley Road, just off Route 29, seven miles north of Washington Crossing. The GPS address is 70 Woodens Lane, Hopewell Township, NJ 08530.

Categories
Culture Lifestyle Local News

Morris Day to bring funk, old-school R&B to Mercer County Park Friday

WEST WINDSOR, N.J. — If you actually sang that phone number (777-9311) as you read it, then you know Morris Day and the Time, the group that epitomized cool as they sang and danced their way through the ‘80s.

With his zoot suit, pompadour and ever-present mirror in which to admire his own reflection, Morris Day kept his listeners dancing and singing to songs like “Jungle Love,” “Cool” and “The Bird.”

As a kid, Day developed a strong relationship with another aspiring Minneapolis musician, bonding because of their own unique talents. One brought his glamorous, androgynous style and soulful R&B. The other brought self-confident streetwise funk. They grew up and performed together as kids — but it was Day’s performance in the movie “Purple Rain” that helped connect him forever to the musical genius who at one time called himself the Artist Formerly Known as Prince.

 

On Friday, July 22, Morris Day is bringing the funk and old-school R&B to Mercer County Park in West Windsor. The Park Commission is expecting this concert to be one of the highlights of the year.

“We are very excited to bring Morris Day to Mercer County,” said Park Commission Executive Director Aaron T. Watson. “He and Prince made a profound impact on our musical culture during the ‘80s, and after 40 years in the business, Morris Day is still putting out hits. Getting him on our schedule was a big win.”

The $5 Friday Summer Concert Series at the Mercer County Park Festival Grounds began July 8 with the Earth Wind and Fire Tribute Band and runs through Aug. 26.

Morris Day tickets are available at https://mercer-county-parks.ticketleap.com/morris-day/. Tickets are $15 per person and there will be a $5 parking fee.

For information on the concert series and free movie nights, which begin the first Saturday in August, go to https://mercercountyparks.org/#!/festival-grounds-events/.