Essential Properties Realty Trust (EPRT) Q1 2026 earnings summary

Executive summary

• Portfolio expanded to 2,417 properties across 48 states, with 99.7% occupancy and annualized base rent of $584.2 million as of March 31, 2026.

• Q1 2026 saw $389 million deployed into 126 properties and $419 million of equity raised, with AFFO per share up 11% year-over-year.

• Weighted average lease term is 14.6 years, with 91.6% of ABR from service-oriented and experience-based tenants.

• Portfolio is 99.7% leased, with same-store rent growth of 1.4% in Q1 and average contractual escalations of 1.7% per year.

• Investment cap rates remained stable at 7.7%, with a GAAP yield of 8.8%.

Financial highlights

• Total Q1 2026 revenues were $158.8 million, up 22.7% year-over-year, with net income attributable to stockholders of $59.8 million.

• AFFO for Q1 2026 was $105.8 million ($0.50 per share), up 11% year-over-year.

• FFO and Core FFO per share increased 13% year-over-year to $0.54.

• Cash G&A was $8 million, 5% of total revenue, down from 5.9% a year ago.

• Declared a $0.31 dividend per share, with a 62% AFFO payout ratio and $40 million retained free cash flow in Q1.

Outlook and guidance

• 2026 AFFO per share guidance raised to $2.00–$2.05, reflecting 7–8% growth.

• Investment volume guidance increased to $1.1–$1.5 billion.

• Cash G&A guidance reduced to $30–$34 million.

• No debt maturities until 2027; weighted average debt maturity is 4.0 years.

• Expecting an unsecured debt issuance mid-year to fund growth and extend liability maturities.