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ESSENTIAL PROPERTIES REALTY TRUST (EPRT)

Essential Properties Realty Trust, Inc. (EPRT) is an internally managed real estate investment trust (REIT) that specializes in acquiring, owning, and managing single-tenant properties. These properties are primarily net leased on a long-term basis to middle-market companies in service-oriented or experience-based industries. EPRT's business model focuses on generating stable revenue through long-term leases and sale-leaseback transactions.

  1. Rental Revenue - Generates income from leasing single-tenant properties to middle-market companies, focusing on long-term net leases to ensure stable cash flows.
  2. Interest on Loans and Direct Financing Lease Receivables - Provides income from loans and leases, contributing to the company's diversified revenue streams.
  3. Other Revenue, Net - Includes miscellaneous income sources that complement the primary revenue streams.

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NamePositionExternal RolesShort Bio

Peter M. Mavoides

ExecutiveBoard

President and Chief Executive Officer

Peter M. Mavoides has served as the CEO of Essential Properties Realty Trust, Inc. since 2018. He has also been a director at the company since 2018 and previously held a similar leadership role at EPRT LLC starting in March 2016.

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A Joseph Peil

Executive

Executive Vice President and Chief Investment Officer

A Joseph Peil serves as the Executive Vice President and Chief Investment Officer at EPRT since March 2025, having held increasing responsibilities since May 2017.

Mark E. Patten

Executive

Executive Vice President, Chief Financial Officer, and Treasurer

Mark E. Patten has served as the Executive Vice President, Chief Financial Officer, and Treasurer at EPRT since August 10, 2020. He was elected Corporate Secretary on March 30, 2022 and brings extensive experience from his prior senior roles at other companies.

R. Max Jenkins

Executive

Executive Vice President and Chief Operating Officer

R. Max Jenkins is the Executive Vice President and Chief Operating Officer at EPRT since March 2025, having progressed through increasing roles since March 2018. There is no indication that he serves on the board or holds any external roles.

Heather L. Neary

Board

director

President and CEO of Taco John’s; Board of Directors for the National Restaurant Association; Board of Directors for Women’s Foodservice Forum; Board of Advisors for Penn State Harrisburg; Advisory Board for Alex’s Lemonade Stand Foundation

Heather L. Neary has served as a director at Essential Properties Realty Trust since 2020. She is also the President and CEO of Taco John’s since March 2024 and holds board memberships for the National Restaurant Association, Women’s Foodservice Forum, Penn State Harrisburg Advisory Board, and the Advisory Board for Alex’s Lemonade Stand Foundation.

Janaki Sivanesan

Board

Director

Board Member at Hurco Companies, Inc.

Janaki Sivanesan has served as a Director at Essential Properties Realty Trust, Inc. since January 2020 and is the Chair of the Audit Committee, also serving on the Nominating and Corporate Governance Committee and the Investment Committee. She brings extensive legal, private equity, and board leadership experience, including an active board role at Hurco Companies, Inc. since 2008.

Joyce DeLucca

Board

Director

Partner at BD Capital Management LLC

Joyce DeLucca has served as a Director at EPRT since 2018 and is the Chair of the Compensation Committee as well as a member of the Investment Committee.

Lawrence J. Minich

Board

Director

Lawrence J. Minich has served as a Director at Essential Properties Realty Trust, Inc. (EPRT) since 2020 and actively participates in the Audit, Nominating & Corporate Governance, and Investment Committees. He brings extensive financial expertise from prior leadership roles, including CFO and Special Advisor positions at Mister Car Wash.

Scott A. Estes

Board

Chairman of the Board

Scott A. Estes has served as Chairman of the Board at Essential Properties Realty Trust (EPRT) since December 31, 2023. He has been a director at EPRT since 2018 and brings over 30 years of REIT experience, including his tenure as Executive Vice President and CFO at Welltower, Inc. from January 2009 to October 2017.

Stephen D. Sautel

Board

Director

Stephen D. Sautel has served as Director at EPRT since 2018 and is the Chair of the Nominating and Corporate Governance Committee. He has extensive board and investment experience gained from previous roles.

  1. Given the recent Chapter 11 bankruptcy filing of Zips Car Wash and your remaining exposure of approximately 20 basis points of ABR across three locations, how confident are you in your current 14.2% ABR exposure to the carwash industry, and are there plans to further reduce this concentration to mitigate potential risks?

  2. With increased competition leading to modest cap rate compression, as you expect to transact in the mid- to high 7s compared to previous 8% cap rates, how do you plan to sustain investment yields and maintain your growth trajectory under these market conditions?

  3. The proportion of tenants with implied credit ratings of CCC+ has doubled to around 4% this quarter; what is driving this increase in lower-rated tenants, and what measures are you implementing to address the potential rise in credit risk within your tenant base?

  4. Considering the modest increase in your 2025 AFFO per share guidance and the expectation of minimal equity issuance, how will you balance your capital sources while managing leverage, especially in light of potential cap rate compression and increased competition impacting acquisition opportunities?

  5. Despite industry headwinds in sectors like casual dining, your exposure increased by 80 basis points to 7.5% of ABR; what is your rationale for expanding investments in these sectors, and how are you assessing and mitigating the associated risks?

Research analysts who have asked questions during ESSENTIAL PROPERTIES REALTY TRUST earnings calls.

Caitlin Burrows

Goldman Sachs

4 questions for EPRT

Also covers: ALX, BNL, BRX +19 more

Eric Borden

BMO Capital Markets

4 questions for EPRT

Also covers: ADC, BNL, EGP +5 more

Greg McGinniss

Scotiabank

4 questions for EPRT

Also covers: BRX, COLD, FR +14 more

Haendel St. Juste

Mizuho Financial Group

4 questions for EPRT

Also covers: AAT, ADC, AIV +21 more

Michael Goldsmith

UBS

4 questions for EPRT

Also covers: ADC, AMH, AVB +30 more

John Massocca

B. Riley Financial

3 questions for EPRT

Also covers: BEEP, CMCT, CTO +13 more

Smedes Rose

Citigroup

3 questions for EPRT

Also covers: ADC, DRH, EPR +16 more

Spenser Allaway

Green Street

3 questions for EPRT

Also covers: ADC, BNL, CUBE +5 more

Daniel Guglielmo

Capital One

2 questions for EPRT

Also covers: ARKO, CHDN, CZR +7 more

James Kammert

Evercore ISI

2 questions for EPRT

Also covers: ADC, ARE, CHCT +6 more

Jana Galan

Bank of America

2 questions for EPRT

Also covers: ADC, AHH, BXP +19 more

Jay Kornreich

Wedbush Securities

2 questions for EPRT

Also covers: APLE, BNL, GLPI +6 more

Ki Bin Kim

Truist Securities

2 questions for EPRT

Also covers: ADC, AKR, BNL +20 more

Omotayo Okusanya

Deutsche Bank AG

2 questions for EPRT

Also covers: AMH, ARE, BDN +40 more

William John Kilichowski

Wells Fargo

2 questions for EPRT

Also covers: ADC, CTRE, EPR +14 more

Bennett Rose

Citigroup

1 question for EPRT

Also covers: ADC, DRH, EPR +8 more

Dan Guglielmo

Capital One Financial Corporation

1 question for EPRT

Also covers: ARKO, GLPI, LINE +3 more

Farrell Granath

Bank of America

1 question for EPRT

Also covers: ADC, AHR, ARE +13 more

John Alichowski

Wells Fargo

1 question for EPRT

John Kilichowski

Wells Fargo & Company

1 question for EPRT

Also covers: ADC, CTRE, FCPT +14 more

Joshua Dennerlein

BofA Securities

1 question for EPRT

Also covers: AHR, AMH, ARE +18 more

Richard Hightower

Barclays

1 question for EPRT

Also covers: ADC, AMH, AVB +11 more

Rich Hightower

Barclays

1 question for EPRT

Also covers: ADC, AVB, CPT +11 more

Ryan Caviola

Green Street

1 question for EPRT

Also covers: BNL, O
Program DetailsProgram 1
Approval DateN/A
End Date/DurationN/A
Total Additional AmountN/A
Remaining AuthorizationN/A
DetailsEssential Properties Realty Trust does not currently have a share buyback program in place.

Recent press releases and 8-K filings for EPRT.

Essential Income REIT Achieves Top Blue Vault Performance Ratings in Q2 2025
·$EPRT
Dividends
Earnings
  • Essential Income REIT received top performance profile ratings from Blue Vault in Q2 2025 across Operating Performance, Financing Outlook, and Cumulative MFFO, distinguishing itself among non-traded equity REITs.
  • The REIT demonstrated strong financial health in Q2 2025, being one of only three non-traded REITs to fully cover its distributions with AFFO or MFFO, with an inception-to-date AFFO to distribution coverage of 103.99% as of June 30, 2025.
  • It reported a significantly low redemption rate of 1.28% of weighted average shares outstanding in Q2 2025, compared to an average of 2.50% for other non-traded REITs.
  • The REIT also maintained a robust interest coverage ratio of 2.3x in Q2 2025, exceeding 2.25x and indicating a strong ability to cover financing costs.
  • As of June 30, 2025, the REIT owns 359 properties in 34 states, diversified across 39 different primarily national investment-grade necessity-based retail tenants.
8 days ago
Essential Properties Realty Trust Operating Partnership Issues Senior Notes
·$EPRT
Debt Issuance
  • Essential Properties, L.P., the operating partnership of Essential Properties Realty Trust, Inc., closed an underwritten public offering of $400,000,000 aggregate principal amount of 5.400% Senior Notes due 2035 on August 21, 2025.
  • The Notes bear interest at 5.400% per annum, payable semi-annually on June 1 and December 1, commencing December 1, 2025, and have a stated maturity of December 1, 2035.
  • Essential Properties Realty Trust, Inc. fully and unconditionally guarantees the obligations of the operating partnership under these Notes.
Aug 21, 2025, 12:00 AM
Essential Properties Realty Trust Reports Q2 2025 Results and Raises Guidance
·$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 $1.5bn available liquidity and a 3.4x net debt to EBITDA ratio.
  • The document emphasizes EPRT’s focus on capital structure optimization, including recent equity raising efforts and strategic debt management with a revolving credit facility, supporting its growth and stability objectives.
May 5, 2025, 12:00 AM
Essential Properties Realty Trust Q1 2025 Results Overview
·$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 $1.89 and a strong investment pipeline focused on diversified, middle-market sale-leaseback opportunities. [doc 0]
Apr 24, 2025, 2:01 PM
Essential Properties Reports Q1 2025 Results
·$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 $410.4 million in net proceeds and a pro forma net debt to annualized adjusted EBITDA ratio of 3.4x.
Apr 23, 2025, 12:00 AM
Essential Properties Realty Trust Releases Q1 2025 Investor Presentation
·$EPRT
Debt Issuance
New Projects/Investments
  • The presentation highlights a stable net lease portfolio with 99.7% leased properties and 3.5x unit-level rent coverage, supporting steady same-store rent growth of 1.4% over the last four quarters.
  • The company reports a strong balance sheet and liquidity, having raised approximately $309mm in equity and closed an upsized $1.0B revolving credit facility, with additional liquidity available from forward equity.
  • It emphasizes consistent AFFO growth (~9% per share) and disciplined capital recycling through selective disposition activities, supporting its low leverage position at 3.1x net debt to adjusted EBITDAre.
Apr 8, 2025, 12:00 AM
Essential Properties Realty Trust Completes Underwritten Share Sale
·$EPRT
  • Transaction Details: The company entered into an underwriting agreement with Wells Fargo Securities and BofA Securities for the forward sale of 9,430,000 shares of common stock, with the offering closing on March 20, 2025.
  • Use of Proceeds: Net proceeds from the settlement will be contributed to the operating partnership for general corporate purposes and potential future investments.
  • Regulatory Framework: The offering was executed under the company’s effective shelf registration statement on Form S-3, filed on June 17, 2024.
Mar 20, 2025, 12:00 AM
Essential Properties Realty Trust Releases Investor Presentation
·$EPRT
New Projects/Investments
Debt Issuance
  • Strong net lease portfolio: The presentation highlights a portfolio that is 99.7% leased with robust unit-level rent coverage of 3.5x and steady same-store rent growth averaging 1.4% over recent quarters.
  • Enhanced liquidity and conservative leverage: The company raised $79 million in forward equity and secured an upsized $1.0 billion revolving credit facility, achieving a PF Net Debt/Adjusted EBITDAre of 3.8x.
  • Disciplined investment activity: Ongoing investments in 2025 include close to $183 million in new acquisitions and capital recycling through targeted dispositions, with attractive initial cash yields around 7.7%.
Mar 3, 2025, 12:00 AM
Essential Properties Realty Trust Q4 2024 Earnings & Liquidity Update
·$EPRT
Earnings
Debt Issuance
Guidance Update
  • Guidance & Liquidity: Updated 2025 AFFO per share guidance to $1.85–$1.89; maintained a pro forma net debt/EBITDA of 3.8x with robust liquidity – raised $79 million in forward common equity, closed a $1.0bn revolving credit facility (maturing February 2030), and bolstered by a new $2.3bn credit facility plus an upsized $1bn revolver for total liquidity of $1.4 billion.
  • AFFO Performance: Reported Q4 AFFO per share of approximately $0.45–$0.46 with total AFFO/Funds from Operations ranging from $81.8 million to $86.35 million, marking a 7% increase over Q4 2023.
  • Stable Portfolio: Achieved 99.7% leased properties with same-store rent growth of 1.4% over the past four quarters.
  • Investment Activity: Deployed $333 million through 37 transactions at an approximate 8% cash cap yield, demonstrating strong capital utilization.
  • Asset Dispositions: Disposed of 24 properties for $60.4 million in net proceeds, emphasizing risk management and reduced carwash exposure.
Feb 13, 2025, 3:00 PM