Essential Properties Realty Trust, Inc.
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Range $33 – $40
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About the company
Essential Properties Realty Trust, Inc. (EPRT) is a real estate enterprise focused on the acquisition, ownership, and management of freestanding, single-tenant commercial properties throughout the United States. The company leases these assets under long-term agreements to a diverse range of mid-sized businesses.
- CEO
- Peter Mavoides
- IPO
- 2018
- Employees
- 56
- HQ
- Princeton, NJ, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $6.74B
- P/E
- 24.16
- Fwd P/E
- 23.57
- PEG
- 3.65
- P/S
- 10.15
- P/B
- 1.51
- EV/EBITDA
- 16.93
- Div Yield
- 3.98%
- Gross Margin
- 66.72%
- Op Margin
- 60.54%
- Net Margin
- 40.35%
- ROE
- 6.37%
- ROIC
- 5.43%
Latest fiscal year · YoY change
- Revenue
- $561.89M+25.0%
- Gross Profit
- $472.26M+6.2%
- Op Income
- $362.45M
- Net Income
- $253.01M+24.6%
- EPS
- $1.29+11.2%
- OCF Growth
- +23.5%
- FCF Growth
- +23.5%
- 52W High
- $34.73
- 52W Low
- $28.95
- 50D MA
- $31.06
- 200D MA
- $31.21
- Beta
- 0.88
- RSI (14)
- 51
- Avg Volume
- 1.90M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Essential Properties Realty Trust delivered another strong quarter, beat expectations with higher AFFO, raised full-year guidance, and said its pipeline and balance sheet leave it well positioned for continued growth.· July 23, 2026
- Q2 AFFO per share was $0.50, up 9% year over year, and nominal AFFO was $110.1 million, up 18% year over year.
- The company invested $332 million in the quarter at a 7.8% initial cash yield and 9.1% GAAP yield, with 84% of volume from sale-leasebacks.
- Management raised 2026 AFFO per share guidance to $2.01-$2.05 and investment volume guidance to $1.2 billion-$1.5 billion.
- Balance sheet metrics remained strong with pro forma leverage of 3.5x and $1.7 billion of liquidity after a $400 million 10-year unsecured bond issuance.
- Portfolio metrics stayed healthy: occupancy was 99.6%, same-store rent growth was 1.5%, and rent coverage was 3.5x.
The company reported GAAP net income of $74.5 million and AFFO of $110.1 million in Q2 2026. AFFO per share was $0.50, up 9% versus Q2 2025, and nominal AFFO increased 18% year over year. Same-store rent growth improved to 1.5%, occupancy remained 99.6%, and portfolio rent coverage was 3.5x. For the quarter, the company invested $332 million at an average initial cash yield of 7.8% and a GAAP yield of 9.1%, and disposed of $54.3 million of assets at a 7.3% weighted average cap rate. Management raised 2026 AFFO per share guidance to $2.01-$2.05 and investment volume guidance to $1.2 billion-$1.5 billion, implying AFFO per share growth of over 7% at the midpoint and over 8% at the high end.
Pete Mavoides said the quarter reflected strong sourcing, a deep operator network, and the ability to keep closing attractive sale-leasebacks even in a volatile capital markets backdrop. He emphasized that the company’s spread between investment yields and cost of capital remained attractive, and that the balance sheet is well funded for the rest of 2026 and into 2027. His tone was confident and constructive, with repeated emphasis on durability, diversification, and execution.
Rob Salisbury said AFFO per share of $0.50 was ahead of expectations, helped by stronger portfolio performance and better investment volume and pricing. He highlighted total G&A of $10.9 million, cash G&A of $7.2 million, and cash G&A at 4.4% of total revenue versus 5.2% a year ago; cash G&A is trending toward the bottom half of the $30 million-$34 million annual range. He also pointed to $43 million of retained free cash flow after dividends in the quarter, a $400 million 10-year unsecured bond at a 5 3/8% coupon, approximately $85 million of equity raised in the quarter and after quarter-end, $575 million of unsettled forward equity at quarter end, and pro forma net debt to annualized adjusted EBITDA of 3.5x with $1.7 billion of liquidity.
Analysts focused on the use of OP Units, category mix, restaurant coverage, credit loss assumptions, the pace of acquisitions versus earlier pipeline disclosures, and how the company plans to handle the February 2027 term loan. Management said the OP Unit deal was a tax-efficient, one-off-style tool for a seller that did not need cash, not a broad new strategy, and that early childhood education was just one larger opportunity in the quarter rather than a deliberate shift in focus. On credit, management said restaurant coverage looked flat, the under-1.5x bucket improved, bad debt assumptions were conservatively set, and the 2027 term loan could create $0.04-$0.06 of dilution depending on how it is refinanced, with bonds preferred if market conditions allow.
The company is still growing off a strong acquisition engine, with $332 million invested in Q2 and over $1 billion of closed plus identified opportunities year to date. Portfolio quality remains solid, leverage is low at 3.5x, liquidity is high at $1.7 billion, and management said capital needs are largely covered for 2026 and well into 2027. The raised guidance and commentary on stable-to-better cap rates suggest management sees continued earnings and investment momentum.
Management acknowledged that capital markets volatility and future refinancing, especially the February 2027 term loan, could create dilution and a $0.04-$0.06 AFFO headwind depending on market rates. They also noted some conservative assumptions in guidance for credit loss and treasury stock method dilution, including a $0.01-$0.02 AFFO per share headwind from treasury stock method dilution this year. Dispositions, loan repayments, and under-1x coverage changes were described as idiosyncratic and manageable, but they still point to some portfolio churn and credit monitoring ahead.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.4%
- Shares Outstanding
- 216.25M
- Float Shares
- 215.03M
of shares held by institutions
379 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for EPRT, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Daniel GoldmanHouse · NY10 | Sell | Jul 12, 23 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 39.64M | ▲ 2.37M |
| Cohen & Steers, Inc. | 38.83M | ▲ 9.22M |
| Vanguard Group Inc | 29.59M | ▼ 56.69K |
| State Street Corp | 12.08M | ▲ 616.12K |
| Vanguard Capital Management LLC | 9.73M | ▲ 373.88K |
| Geode Capital Management, LLC | 6.24M | ▲ 673.12K |
| Massachusetts Financial Services Co | 5.43M | ▲ 433.83K |
| Invesco Ltd. | 5.35M | ▼ 322.60K |
| Wellington Management Group Llp | 5.34M | ▼ 2.95M |
| Daiwa Securities Group Inc. | 5.19M | ▼ 93.39K |
| Two Sigma Investments, LP | 4.82M | ▼ 363.04K |
| Morgan Stanley | 4.54M | ▼ 41.85K |
Held by 382 ETFs
Biggest fund positions in EPRT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 24, 26 | Jenkins Robert M | sell | 22,000 |
| Jul 14, 26 | Earnshaw Timothy J | other | 95 |
| Jul 14, 26 | Jenkins Robert M | other | 176 |
| Jul 14, 26 | Peil A Joseph | other | 176 |
| Jul 14, 26 | Mavoides Peter M. | other | 852 |
| Jul 14, 26 | Mavoides Peter M. | other | 1,236 |
| May 13, 26 | DeLucca Joyce | other | 3,837 |
| May 13, 26 | ESTES SCOTT A | other | 3,837 |
| May 13, 26 | Sautel Stephen D | other | 2,938 |
| May 13, 26 | Sautel Stephen D | other | 3,837 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our EPRT coverage
Recent articles, reports, and earnings notes.
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Aurora Investment Counsel Purchases Shares of 91,448 Essential Properties Realty Trust, Inc. $EPRT
defenseworld.net · Aug 20
Essential Properties Realty Trust Is Getting Close To A Buy Rating
seekingalpha.com · Aug 9
Essential Properties Q2 Earnings: Still Looking Expensive
seekingalpha.com · Jul 29
Bank of New York Mellon Corp Buys 15,952 Shares of Essential Properties Realty Trust, Inc. $EPRT
defenseworld.net · Jul 25
Essential Properties Realty Trust Q2 Earnings Call Highlights
marketbeat.com · Jul 23
Essential Properties Realty Trust, Inc. (EPRT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Jul 23
Essential Properties (EPRT) Matches Q2 FFO Estimates
zacks.com · Jul 22
Essential Properties Announces Second Quarter 2026 Results
businesswire.com · Jul 22
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