ESSENTIAL PROPERTIES REALTY TRUST (EPRT) Company Report

Essential Properties Realty Trust (EPRT) reported Q3 2025 AFFO per share of $0.48, an increase of 12% compared to Q3 2024, with total AFFO reaching $96.2 million.
The company increased its 2025 AFFO per share guidance to a range of $1.87 to $1.89 and its investment volume guidance to $1.2 billion to $1.4 billion.
EPRT established initial 2026 AFFO per share guidance of $1.98 to $2.04, representing a 6% to 8% growth rate, with expected investments between $1 billion and $1.4 billion.
During Q3 2025, EPRT invested $370 million at a weighted average initial cash yield of 8% and maintained a healthy capital position with 3.8 times leverage and $1.4 billion of liquidity.
Portfolio performance remained strong, with same-store rent growth of 1.6% and overall rent coverage increasing to 3.6 times.

Oct 23, 2025, 2:00 PM

Transcript

Essential Properties Realty Trust Reports Strong Q3 2025 Results and Raises Guidance

EPRT

Earnings

Guidance Update

Debt Issuance

Essential Properties Realty Trust reported strong Q3 2025 results, with AFFO per share totaling $0.48, an increase of 12% versus Q3 2024, and $370 million in investments at an 8% weighted average initial cash yield.
The company increased its 2025 AFFO per share guidance to a range of $1.87-$1.89 and its investment volume guidance to $1.2 billion-$1.4 billion.
For 2026, EPRT established initial AFFO per share guidance of $1.98-$2.04, implying 6% to 8% growth, and expects to invest between $1 billion and $1.4 billion.
Portfolio performance remained healthy, with same-store rent growth of 1.6%, overall rent coverage increasing to 3.6x, and a 120 basis point decline in annual base rent under one times rent coverage.
EPRT maintained a strong capital position, executing a $400 million 10-year unsecured bond offering with a 5.4% coupon and reporting $1.4 billion of liquidity.

Oct 23, 2025, 2:00 PM

Transcript

Essential Properties Realty Trust Announces Q3 2025 Results and Updates Guidance

EPRT

Earnings

Guidance Update

New Projects/Investments

Essential Properties Realty Trust reported Net Income per Share of $0.33 and Adjusted Funds from Operations (AFFO) per Share of $0.48 for Q3 2025.
The company completed $369.8 million in investments across 87 properties at an 8.0% Weighted Average Cash Cap Rate during the third quarter of 2025.
EPRT increased its 2025 AFFO guidance to $1.87 to $1.89 per share and provided 2026 AFFO guidance of $1.98 to $2.04 per share.
A $400.0 million public debt issuance with a 5.40% coupon was completed in August 2025, contributing to a Pro Forma Net Debt to Annualized Adjusted EBITDAre of 3.8x as of September 30, 2025.
A cash dividend of $0.30 per share was declared for Q3 2025, equating to an annualized dividend of $1.20 per share.

Oct 22, 2025, 8:11 PM

8-K

Essential Properties Realty Trust Announces Third Quarter 2025 Results and Updates Guidance

EPRT

Earnings

Guidance Update

New Projects/Investments

Essential Properties Realty Trust reported Net Income per Share of $0.33 and Adjusted Funds from Operations (AFFO) per Share of $0.48 for the third quarter ended September 30, 2025.
The company closed $369.8 million in investments during Q3 2025 at an 8.0% weighted average cash cap rate, contributing to $1.0 billion in year-to-date investments.
Essential Properties increased its 2025 AFFO guidance to a range of $1.87 to $1.89 per share and issued 2026 AFFO guidance of $1.98 to $2.04 per share.
As of September 30, 2025, the investment portfolio consisted of 2,266 properties with a 99.8% weighted average occupancy and a 14.4-year weighted average lease term.

Oct 22, 2025, 8:05 PM

Press Release

Essential Income REIT Achieves Top Blue Vault Performance Ratings in Q2 2025

EPRT

Dividends

Earnings

Essential Income REIT received top performance profile ratings from Blue Vault in Q2 2025 across Operating Performance, Financing Outlook, and Cumulative MFFO, distinguishing itself among non-traded equity REITs.
The REIT demonstrated strong financial health in Q2 2025, being one of only three non-traded REITs to fully cover its distributions with AFFO or MFFO, with an inception-to-date AFFO to distribution coverage of 103.99% as of June 30, 2025.
It reported a significantly low redemption rate of 1.28% of weighted average shares outstanding in Q2 2025, compared to an average of 2.50% for other non-traded REITs.
The REIT also maintained a robust interest coverage ratio of 2.3x in Q2 2025, exceeding 2.25x and indicating a strong ability to cover financing costs.
As of June 30, 2025, the REIT owns 359 properties in 34 states, diversified across 39 different primarily national investment-grade necessity-based retail tenants.

Sep 30, 2025, 1:00 PM

Press Release

Essential Properties Realty Trust Operating Partnership Issues Senior Notes

EPRT

Debt Issuance

Essential Properties, L.P., the operating partnership of Essential Properties Realty Trust, Inc., closed an underwritten public offering of $400,000,000 aggregate principal amount of 5.400% Senior Notes due 2035 on August 21, 2025.
The Notes bear interest at 5.400% per annum, payable semi-annually on June 1 and December 1, commencing December 1, 2025, and have a stated maturity of December 1, 2035.
Essential Properties Realty Trust, Inc. fully and unconditionally guarantees the obligations of the operating partnership under these Notes.

Aug 21, 2025, 12:00 AM

8-K

Essential Properties Realty Trust Reports Q2 2025 Results and Raises Guidance

EPRT

Earnings

Guidance Update

New Projects/Investments

Essential Properties Realty Trust reported Q2 2025 AFFO per share of $0.46, representing a 7% increase versus Q2 2024, with total AFFO reaching $93,000,000, up 21% from the same period in 2024.
The company invested $334,000,000 in Q2 2025 at a weighted average cash yield of 7.9% and a GAAP yield of 9.7%. Year-to-date investments for the first half of 2025 totaled $642,000,000.
EPRT increased its 2025 AFFO per share guidance to a new range of $1.86 to $1.89, representing 8% growth at the midpoint, and raised its investment guidance by $100,000,000 to a new range of $1,000,000,000 to $1,200,000,000.
The company maintained a strong capital position with pro forma leverage of 3.5 times and $1,300,000,000 of liquidity, having raised $119,000,000 of equity through its ATM program in Q2 2025.
The portfolio continued to perform well, ending the quarter with 2,190 properties and 99.6% occupancy, with a weighted average unit level coverage ratio of 3.4 times.

Jul 25, 2025, 1:50 AM

EPRT Releases Q1 2025 Investor Presentation

EPRT

New Projects/Investments

Debt Issuance

The presentation provides a comprehensive business update for Q1 2025, including detailed review of the portfolio, investment highlights, and strategic initiatives, while noting forward-looking statements and related risks.
It outlines strong financial and operational metrics, highlighting robust rental revenue, net income, and liquidity details such as a $1.5bn available liquidity and a 3.4x net debt to EBITDA ratio.
The document emphasizes EPRT’s focus on capital structure optimization, including recent equity raising efforts and strategic debt management with a revolving credit facility, supporting its growth and stability objectives.

May 5, 2025, 12:00 AM

8-K

Essential Properties Realty Trust Q1 2025 Results Overview

EPRT

Earnings

Dividends

New Projects/Investments

Robust investment activity with $308 million deployed in 21 transactions at a weighted average cash yield of 7.8%, underpinning a strong acquisition narrative. [doc 0][doc 1]
Improved financial performance with AFFO per share at $0.45 (a 7% increase year-over-year) and total AFFO of $85.7 million, complemented by a declared cash dividend of $0.295. [doc 3]
Solid balance sheet metrics were maintained, reporting pro forma leverage of 3.4x and liquidity of $1.5 billion along with strategic equity issuances and credit facility enhancements. [doc 0][doc 3]
Guidance reaffirmed for 2025 with an AFFO per share range of $1.85 to $1.89 and a strong investment pipeline focused on diversified, middle-market sale-leaseback opportunities. [doc 0]

Apr 24, 2025, 2:01 PM

Transcript

Essential Properties Reports Q1 2025 Results

EPRT

Earnings

New Projects/Investments

Guidance Update

The company reported Q1 net income per share of $0.29 and AFFO per share of $0.45, marking a 4% increase in net income and FFO compared to Q1 2024.
It executed $307.7 million in investments at a 7.8% weighted average cash cap rate and generated $24.3 million in net proceeds from the disposition of 11 properties.
Strong liquidity was maintained with forward equity sales leaving $410.4 million in net proceeds and a pro forma net debt to annualized adjusted EBITDA ratio of 3.4x.

Apr 23, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for ESSENTIAL PROPERTIES REALTY TRUST.