Essential Properties Realty Trust (EPRT) Investor Presentation summary

Business update and portfolio performance

• Portfolio 99.7% leased with 1.4% average same-store rent growth over the last four quarters; unit-level rent coverage at 3.5x and only 5.4% of ABR expiring through 2029.

• Top 10 tenants represent 17.3% of ABR, with average asset size of $3.0 million and 93% of ABR from service and experience-based tenants.

• Annualized rent loss since inception is 30 bps, with default rates lower than leveraged loans and high-yield bonds; credit losses offset by annual rent escalations.

• Portfolio spans 2,138 properties across 16 industries and 49 states, with 14.0 years weighted average lease term and 99.0% unit-level financial reporting.

• Geographic diversity with 52% of ABR from Sunbelt states and 75% from top 19 states.

Investment activity and growth strategy

• Closed ~$227 million in investments in 2Q'25 to date, with ~$237 million under PSA or LOI; 2Q'25 expected cash yield of ~7.8%.

• Disposed of ~$29 million in assets in 2Q'25 to date at 7.2% cash yield, with ~$22 million under PSA at 7.0% yield.

• Consistent sector-leading AFFO growth of ~9% per share since IPO, with 86% repeat business in 1Q'25.

• 90% of new investments structured as sale-leasebacks in 1Q'25, focusing on e-commerce resilient service industries.

• Average investment per property is $3.0 million, with 3.5x average unit-level rent coverage and low leverage (PF Net Debt/EBITDA of 3.4x).

Leasing, tenant health, and risk management

• 82.7% of leases escalate annually at a 1.8% average rate; 96.9% of leases have contractual fixed escalations.

• Same-store rent growth averaged 1.4–1.6% over the past eight quarters.

• 99.0% of ABR requires unit-level financial reporting; 69.8% of ABR has ≥2.0x rent coverage.

• Only 5.4% of ABR expires through 2029, with strong lease renewal and recovery rates near 100%.

• Disciplined underwriting with -30 bps annualized credit loss since inception, diversified tenant base, and focus on fungible properties.