EPRT
Essential Properties Realty Trust, Inc.30.47
-0.29-0.94%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms guide; cap rates stable
Q&A largely reaffirmed prepared remarks as management detailed stronger portfolio credit trends—like 1.6% same-store growth and shrinking watchlist—driving the 2026 AFFO guide's low-end bump to $1.99 per share. Cap rates stabilized in high 7s across industries, thanks to debt access hurdles and steady 10-year yields, yet modest back-half compression persists. Strong Q1 deployment exceeded $200M from Q4 slippage, but no guide change. Liquidity and $40M FCF quarterly slash equity needs, tilting toward bonds; dividend to grow near 63% payout. Coverage wobbles? Timing noise from developments. Competition stays tame.
Key Stats
Market Cap
6.05BP/E (TTM)
24.38Basic EPS (TTM)
1.25Dividend Yield
0.04%Recent Filings
8-K
EPRT investor update shines
Essential Properties Realty Trust released its March 2026 investor presentation under Item 7.01, spotlighting a 99.7% leased net lease portfolio with 3.6x unit-level coverage and just 5.2% ABR expiring through 2030. It closed $248mm investments at 7.8% cash yield in 1Q'26 to date, recycling $3mm dispositions, backed by $1.8bn pro forma liquidity and 3.1x leverage. Portfolio stays rock-solid.
8-K
Forward sale of 12.5M shares
Essential Properties Realty Trust entered a forward equity offering on February 17, 2026, for 12,499,999 common shares, closing February 19 with underwriters fully exercising their option. Forward sellers borrowed and sold the shares; the company plans physical settlement by February 17, 2028, contributing net proceeds to its operating partnership for general corporate purposes, including potential investments. No proceeds priced yet.
8-K
Q4 AFFO $0.49, guidance up
Essential Properties Realty Trust reported Q4 2025 AFFO per share of $0.49, up 9% year-over-year, fueled by $295.8 million in investments at 7.7% cash cap rate while recycling $48.1 million from dispositions. Full-year AFFO hit $1.89 per share amid $1.3 billion invested. Portfolio stands 99.7% leased with 3.6x coverage. Raised 2026 AFFO guidance to $1.99-$2.04. Leverage stays low at 3.8x pro forma.
10-K
FY2025 results
Essential Properties Realty Trust delivered FY2025 results with net income of $253.7M, up from prior years, fueled by $1.3B in investments across 270 properties that expanded annualized base rent to $555.0M across a 99.7% occupied portfolio of 2,300 properties. Q4 investment activity totaled $295.8M in 58 properties at a 7.7% cash cap rate, sustaining quarterly momentum with rent coverage at 4.7x and average lease terms of 19.4 years. Liquidity stood robust at $1.4B year-end, including $1.0B revolver availability, supporting $2.5B gross debt at 4.2-year weighted maturity. No annual guidance disclosed in the 10-K. Tenant defaults could stall quarterly rent growth.
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