Essential Properties Realty Trust (EPRT) Q4 2025 earnings summary

Executive summary

• Delivered strong growth in 2025, with AFFO per share up 9% year-over-year and continued momentum into early 2026.

• 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.

• Raised $170 million in equity via ATM program in Q4 2025, with $332 million in unsettled forward equity at year-end.

• Maintained a dominant position as a real estate capital provider to middle-market operators, with 85% of Q4 investments sourced from existing relationships.

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 was $374.6 million, and AFFO per share was $2.04 (diluted), up 9% year-over-year.

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

• 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

• 2026 AFFO per share guidance increased to $1.99–$2.04, with expected investment volume of $1.0–$1.4 billion.

• Maintains sector-leading annual AFFO per share growth of ~9% since 2019.

• 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.

• Expect modest cap rate compression in the back half of 2026, with competition stabilizing.