Essential Properties Realty Trust, Inc.
- Open
- 33.24
- Day high
- 33.58
- Day low
- 33.05
- Prev close
- 33.33
- Volume
- 2.1M
- Mkt cap
- $6.7B
- P/E (TTM)
- 26.3
- EPS (TTM)
- $1.27
- P/B
- 1.5
- P/S
- 11.2
- Yield
- 3.72%
- Per share
- $1.24
Essential Properties Realty Trust, Inc. (EPRT) is a Real Estate company listed on NYSE. The stock is up 9% over the past year.
Essential Properties Realty Trust, Inc. (EPRT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EPRT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.32 | $0.28 | -12.5% | $149M | +0.6% |
| Feb 11, 2026 | $0.49 | $0.34 | -30.6% | $151M | -4.0% |
| Oct 22, 2025 | $0.48 | $0.33 | -31.2% | $145M | -3.0% |
| Jul 23, 2025 | $0.47 | $0.32 | -31.9% | $137M | -0.7% |
| Apr 23, 2025 | $0.46 | $0.29 | -37.0% | $129M | +4.2% |
| Feb 12, 2025 | $0.31 | $0.30 | -3.2% | $120M | -1.3% |
| Oct 23, 2024 | $0.31 | $0.27 | -12.9% | $118M | -1.0% |
| Jul 24, 2024 | $0.29 | $0.29 | +0.0% | $109M | +2.3% |
| Feb 14, 2024 | $0.26 | $0.31 | +19.2% | $98M | -0.9% |
| Jul 26, 2023 | $0.25 | $0.35 | +40.0% | $87M | +2.2% |
| Feb 15, 2023 | $0.22 | $0.25 | +13.6% | $74M | +5.0% |
| Oct 27, 2022 | $0.24 | $0.26 | +8.3% | $71M | +1.1% |
EPRT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 15, 2026 | Mavoides Peter M.director, officer: President and CEO | Grant | 1,236 | — |
| Jul 15, 2026 | Mavoides Peter M.director, officer: President and CEO | Grant | 852 | — |
| Jul 15, 2026 | Earnshaw Timothy Jofficer: SVP, CAO & Treasurer | Grant | 95 | — |
| Jul 15, 2026 | Peil A Josephofficer: Executive VP and CIO | Grant | 176 | — |
| Jul 15, 2026 | Jenkins Robert Mofficer: Executive VP and COO | Grant | 176 | — |
| May 15, 2026 | Sautel Stephen Ddirector | Grant | 2,938 | — |
| May 15, 2026 | Sautel Stephen Ddirector | Grant | 3,837 | — |
| May 15, 2026 | DeLucca Joycedirector | Grant | 3,837 | — |
| May 15, 2026 | ESTES SCOTT Adirector | Grant | 3,837 | — |
| May 15, 2026 | Minich Lawrence Jdirector | Grant | 3,837 | — |
| May 15, 2026 | Neary Heather Leeddirector | Grant | 3,837 | — |
| May 15, 2026 | Smallwood Kristin Ldirector | Grant | 3,837 | — |
| May 15, 2026 | Sivanesan Janakidirector | Grant | 3,837 | — |
| Apr 16, 2026 | Mavoides Peter M.director, officer: President and CEO | Grant | 796 | — |
| Apr 16, 2026 | Mavoides Peter M.director, officer: President and CEO | Grant | 1,154 | — |
Source: EPRT SEC Form 4 filings, latest Jul 15, 2026. For informational purposes only — not investment advice.
See the full EPRT insider & 13F page →Essential Properties Realty Trust, Inc. company profile
Overview
Essential Properties Realty Trust, Inc. (NYSE:EPRT) is a real estate investment trust (REIT) founded in 2016 and headquartered in Princeton, New Jersey. The company went public in June 2018 and has rapidly grown to become a significant player in the single-tenant net lease real estate sector. EPRT focuses on acquiring and owning single-tenant properties leased to middle-market companies across the United States, with a portfolio that has expanded from inception to over 2,100 properties as of 2025.
Business
Essential Properties operates as a single-tenant net lease REIT, which means it owns commercial real estate properties that are leased to individual tenants under long-term agreements where the tenant is responsible for most property expenses including taxes, insurance, and maintenance. This business model is part of the broader commercial real estate industry, specifically the net lease sector. The company's core business involves acquiring properties through sale-leaseback transactions, where existing business owners sell their real estate to EPRT while simultaneously signing long-term leases to continue operating from the same locations. This arrangement provides business owners with immediate capital while allowing them to remain in their established locations, while EPRT receives predictable rental income streams. EPRT's portfolio spans 16 different industries, with the largest concentrations being: • Car washes (approximately 14-15% of annual base rent) • Early childhood education (daycare centers and preschools) • Medical and dental services • Quick service restaurants • Automotive services • Convenience stores • Equipment rental • Entertainment venues • Grocery stores • Health and fitness facilities The company specifically targets service and experience-based industries that are less susceptible to e-commerce disruption, with approximately 93% of its portfolio falling into these categories. Properties are typically leased to middle-market operators with strong unit-level performance, and the average investment per property is around $4-6 million.
Revenue model
Essential Properties generates revenue primarily through rental income from its single-tenant properties under long-term net lease agreements. The company's tenants pay base rent plus are responsible for property taxes, insurance, and maintenance costs, creating a relatively predictable income stream for EPRT. The business model centers on sale-leaseback transactions where EPRT purchases properties from operating businesses and immediately leases them back under long-term agreements, typically 15-20 years initially. These leases generally include annual rent escalations of 1.5-2.5%, providing built-in growth. The company targets cash yields of 7-8% on new investments, meaning it expects to earn 7-8% annually on the purchase price through rental income. EPRT's paying customers are middle-market business operators across various service industries. The company focuses on tenants with strong unit-level performance, typically requiring rent coverage ratios of 3-4 times, meaning the tenant's cash flow at the property level is 3-4 times their annual rent obligation. Several factors influence the company's margins and profitability. Positive factors include: the constrained lending environment which reduces competition for deals and allows EPRT to maintain attractive pricing; the company's established relationships with operators which generate repeat business; rising interest rates that can lead to cap rate expansion, potentially improving investment yields; and the defensive nature of service-based industries that provide stable cash flows. Negative factors include: normalization of capital markets which could increase competition and compress cap rates; economic downturns that could pressure tenant performance; rising construction costs that increase replacement values; and potential oversupply in certain sectors like car washes. The company's leverage ratio also affects its cost of capital, with higher leverage potentially increasing borrowing costs and reducing investment capacity.
Competitive moat
Essential Properties operates in a competitive but relationship-driven market with modest barriers to entry. The company's primary competitive advantages stem from its established relationships and operational scale rather than insurmountable structural moats. The company's strongest moat elements include its relationship network with middle-market operators, with 79-89% of recent investments coming from existing relationships. This provides EPRT with a consistent deal pipeline and reduces reliance on competitive auction processes. The company has also built operational expertise in underwriting and managing single-tenant properties across diverse industries, allowing it to evaluate risks and structure deals effectively. EPRT's scale and access to capital provides advantages over smaller competitors, particularly during periods of capital market stress when the company can continue investing while others retreat. The company's public status and investment-grade profile (implied by its borrowing capacity) gives it cost-of-capital advantages over private competitors. However, the moat is relatively narrow as the single-tenant net lease business has low barriers to entry for well-capitalized competitors. The company faces competition from other public REITs like Realty Income and National Retail Properties, private equity firms, and regional investors. During favorable capital market conditions, competition intensifies significantly, compressing cap rates and lease terms. The company's tenant diversification across industries and geographies provides some defensive characteristics, but individual tenant credit risk remains a concern. While EPRT maintains strong tenant coverage ratios, economic downturns or industry-specific challenges could impact tenant performance. The company's focus on service-based industries provides some protection against e-commerce disruption, but this positioning is not unique among competitors.
Risks & safety
Essential Properties maintains a moderate margin of safety with generally conservative financial metrics but some leverage concerns. • Liquidity and Solvency: Strong liquidity position with $1.5 billion available as of Q1 2025, including cash and undrawn credit facilities. No significant near-term debt maturities create refinancing risk. Current ratio of 7.1x indicates strong short-term liquidity. • Leverage Metrics: Pro forma leverage of 3.4x debt-to-EBITDA is moderate for a REIT but has increased from historical levels. Debt-to-equity ratio of 0.56x is reasonable. Interest coverage appears adequate given EBITDA levels relative to interest expenses. • Valuation Metrics: Trading at P/E ratio of 27.4x and EV/EBITDA of 17.2x, which appear elevated for a REIT. Price-to-book ratio of 1.61x suggests modest premium to asset values. Current yield around 4-5% is competitive with other REITs. • Operational Metrics: 99.7% occupancy rate and strong tenant coverage ratios of 3.5x provide operational stability. Only 5.4% of rent expires in next five years, reducing near-term re-leasing risk. • Other Considerations: Portfolio diversification across 16 industries and 400+ tenants reduces concentration risk. Focus on service-based industries provides some recession resistance. However, exposure to discretionary spending categories like entertainment and casual dining creates some economic sensitivity.
Recent development
Over the past few years, Essential Properties has executed several key strategic initiatives focused on portfolio optimization and capital efficiency. The company has systematically reduced its exposure to car washes, bringing this concentration down from over 15% to approximately 14.2% of annual base rent through strategic dispositions, addressing investor concerns about over-concentration in this sector. EPRT has enhanced its capital allocation strategy by becoming more selective in investments and focusing on relationship-driven transactions. The company now generates 79-89% of its investments from existing tenant relationships, reducing reliance on competitive auction processes and improving deal quality. This approach has allowed EPRT to maintain attractive investment yields of 7-8% even as competition has increased. The company has also strengthened its balance sheet through various financing initiatives, including upsizing its credit facility and completing equity offerings to maintain financial flexibility. Management has targeted maintaining leverage in the 3.5-4.0x range while preserving substantial liquidity for investment opportunities. In response to market conditions, EPRT has expanded its investment guidance for 2025 to $900 million-$1.1 billion, reflecting increased confidence in its pipeline and market position. The company has also implemented more sophisticated portfolio management practices, including proactive disposition of properties with potential tenant or asset-level risks. Recent quarters have seen EPRT navigate tenant credit challenges, including the Zips Car Wash bankruptcy, demonstrating the company's ability to manage portfolio risks while maintaining overall performance. The company has maintained its focus on service and experience-based industries, positioning the portfolio to be more resilient against economic downturns and e-commerce disruption.
EPRT company profile · for informational purposes only — not investment advice.
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