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Essential Properties Realty Trust (EPRT) investor relations material

Essential Properties Realty Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Portfolio expanded to 2,190 properties across 48 states, 99.6% leased, with a weighted average lease term of 14.3 years and annualized base rent of $507.8M; 93% of ABR from service and experiential sectors.

  • Q2 2025 net income was $63.4M, AFFO per share was $0.46, and investments totaled $334M at a 7.9% cash yield; dispositions reached $46.2M at a 7.3% yield.

  • Increased 2025 AFFO per share guidance to $1.86–$1.89 and investment guidance to $1.0B–$1.2B, reflecting robust performance and pipeline.

  • Tenant base is highly diversified, with no tenant over 3.7% of ABR and top 10 tenants at 17.6%; weighted average rent coverage ratio is 3.4x.

  • Raised $119M in equity, settled $20M forward equity, and has $507M in unsettled forward equity; $1.3B in pro forma liquidity.

Financial highlights

  • Q2 2025 total revenues were $137.1M, up 25% year-over-year; net income was $63.4M, up 22%; AFFO was $93.0M, up 21% from Q2 2024.

  • FFO per share was $0.50, AFFO per share $0.46; dividends declared in H1 2025 totaled $0.595 per share.

  • Gross assets reached $6.6B; annualized adjusted EBITDAre was $512.3M.

  • G&A expenses increased to $10.7M in Q2, mainly due to team expansion.

  • Dispositions generated $46.2M in Q2 and $70.1M year-to-date.

Outlook and guidance

  • 2025 AFFO per share guidance raised to $1.86–$1.89, with investment volume expected at $1.0B–$1.2B; no incremental capital needed.

  • $1.3B in pro forma liquidity and no debt maturities until 2027; weighted average debt maturity is 3.8 years.

  • Short-term liquidity needs met through cash, operations, equity, and $800M in unused credit facility.

  • Long-term strategy focuses on portfolio growth and maintaining leverage below 6x annualized adjusted EBITDAre.

  • Cash G&A expense for 2025 projected at $28–$31M.

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Frequently asked questions

Essential Properties Realty Trust Inc is a real estate investment trust that acquires and manages single-tenant, net-leased properties. The company leases to tenants across retail, industrial, and service-oriented sectors under long-term agreements. Its properties are located throughout the United States. The company is headquartered in Princeton, New Jersey, and its shares are listed on the NYSE.

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