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Essential Properties Realty Trust (EPRT) investor relations material
Essential Properties Realty Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Portfolio expanded to 2,266 properties across 48 states, with 99.8% occupancy, a weighted average lease term of 14.4 years, and annualized base rent of $537 million as of September 30, 2025.
Achieved record Q3 2025 investment activity, deploying $370 million at an 8% cash yield, with 70–81% of investments from existing relationships and 94–97% as sale-leasebacks.
Same-store rent growth averaged 1.5–1.6% over the last four quarters, with rent coverage at 3.6x.
Tenant diversification remains strong: no tenant exceeds 3.5% of base rent, top 10 tenants represent 16.9%, and top 20 at 27.6%.
Portfolio is highly focused on service and experience-based tenants, accounting for 92% of ABR.
Financial highlights
Q3 2025 total revenues were $144.9 million, up 23.8% year-over-year; net income attributable to stockholders was $65.6 million, up 33.7%.
AFFO for Q3 2025 was $96.2 million ($0.48 per share), up 23.5% year-over-year; year-to-date AFFO per share reached $1.39, up 8%.
Cash G&A expense was $6.7 million, representing 4.6% of total revenue, down from 5.1% a year ago.
Declared a $0.30 cash dividend for Q3 2025, with an AFFO payout ratio of 63% and over $140 million retained free cash flow annualized.
Gross income-producing assets approached $7 billion at quarter end.
Outlook and guidance
Increased 2025 AFFO per share guidance to $1.87–$1.89 and investment volume guidance to $1.2–$1.4 billion.
Initial 2026 AFFO per share guidance set at $1.98–$2.04, with investment volume expected between $1–$1.4 billion.
Portfolio positioned for continued growth, with only 4.5% of ABR expiring through 2029 and no debt maturities until 2027.
Cap rates expected to compress modestly, with cash G&A expense projected at $31–$35 million in 2026.
Long-term leverage target remains net debt below 5.5x annualized adjusted EBITDAre.
What factors led to the record 10.0% GAAP Cap Rate?
How does EPRT maintain its low credit loss rate?
What is the strategic impact of the Green Lease?
How will cap rate compression impact 2026 spreads?
What drives the decline in sub-1x rent coverage?
Why isn't 2026 investment volume growing?
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Next Essential Properties Realty Trust earnings date
Q4 202512 Feb, 2026
Next Essential Properties Realty Trust earnings date
Q4 202512 Feb, 2026
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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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