Essential Properties Realty Trust (EPRT) investor relations material

Executive summary

• Q3 revenue rose 16.4% YoY to $168.7M as portfolio growth lifted rent and loan interest; net income attributable to stockholders declined to $60.2M from $65.6M amid higher impairments and interest expense.

• Portfolio comprised 2,580 properties, was 99.6% occupied and generated $629.7M of annualized base rent, with a 14.2-year weighted average remaining lease term.

• Q3 investments totaled $342.2M across 31 transactions and 100 properties, at a 7.7% initial cash yield; 2026 AFFO guidance increased and 2027 guidance was issued.

• Pro forma net debt to annualized Adjusted EBITDAre was 3.8x, with $1.32B of pro forma liquidity supporting disciplined growth.

Financial highlights

• Q3 revenue was $168.7M versus $144.9M YoY; operating income was $94.5M versus $93.7M.

• Net income attributable to stockholders was $60.2M versus $65.6M, and diluted EPS was $0.27 versus $0.33.

• Q3 diluted FFO/share was $0.54, Core FFO/share was $0.55 and AFFO/share was $0.51, up 4%, 6% and 6% YoY, respectively; AFFO was $111.9M versus $96.2M.

• 9M revenue was $489.4M versus $411.4M; net income attributable to stockholders was $194.2M versus $184.9M, and diluted EPS was $0.90 versus $0.94.

• Q3 cash G&A was $7.3M, or 4.3% of revenue versus 4.6% a year earlier; the $0.32/share dividend represented a 63% AFFO payout ratio.

Outlook and guidance

• 2026 AFFO/share guidance increased to $2.02–$2.05 from $2.01–$2.05; investment-volume guidance rose to $1.3B–$1.5B, with cash G&A reiterated at $30M–$34M.

• Initial 2027 guidance is AFFO/share of $2.10–$2.18, investment volume of $1.0B–$1.5B and cash G&A of $32M–$37M.

• 2027 deployment is expected to be back-end loaded; guidance includes ~$200M of dispositions and assumes debt refinancing, not floating-rate debt for all of 2027.

• Investment funding is expected from liquidity, free cash flow after dividends, dispositions and forward equity; no near-term common equity issuance is assumed.