Essential Properties Realty Trust (EPRT) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 and full-year results, with AFFO per share up 9% year-over-year and over 200% total shareholder return since IPO in 2018.

• Portfolio comprised 2,300 properties, 99.7% occupancy, and a weighted average lease term of 14.4 years.

• Closed $1.3 billion in investments for the year, adding 270 properties, and disposed of 60 properties for $130.1 million in net proceeds.

• Achieved 85% repeat business in Q4 investment pipeline, maintaining a dominant position as a real estate capital provider to middle-market operators.

• Raised $170 million in equity via ATM program in Q4 and had $332 million in unsettled forward equity at year-end.

Financial highlights

• Q4 2025 total revenues were $149.9 million, up from $119.7 million in Q4 2024; net income for Q4 2025 was $68.3 million.

• Full year 2025 net income was $253.7 million, AFFO $374.6 million, and AFFO per share $1.89 (diluted).

• Q4 2025 AFFO per share was $0.49, up 9% year-over-year; full year AFFO per share was $2.04, up 9%.

• Adjusted EBITDAre for Q4 2025 was $140.6 million; annualized run rate $562.4 million.

• Declared a Q4 cash dividend of $0.31, with an AFFO payout ratio of 63%.

Outlook and guidance

• Increased 2026 AFFO per share guidance to $1.99–$2.04, implying 7%–8% growth.

• Investment guidance for 2026 remains at $1.0–$1.4 billion.

• No debt maturities until 2027; weighted average lease term of 14.4 years and 5.2% of ABR expiring through 2030.

• Cash G&A for 2026 projected at $31–$35 million.

• Annualized dividend of $1.24 per share, with Q4 2025 dividend paid in January 2026.