Essential Properties Realty Trust, Inc. (EPRT) Earnings
Essential Properties Realty Trust, Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.33. EPRT has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -26.6% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
During first quarter, deployed $389 million into 126 properties and raised $419 million of equity. AFFO per share grew 11% y/y. Investment cap rates stable with initial cap rate 7.7% and gap yield 8.8%. Focus on servicing relationships and providing sale-easeback capital to middle market operators. Portfolio ended quarter with 2,417 properties leased to over 400 tenants, weighted average lease term 15 years, 2.8% of annual base rent expiring in next 3 years.
Guidance
Increased 2026 AFFO per share guidance to new range of $2 to $2.05. Increased investment volume guidance range by $100 million to $1.1 billion to $1.5 billion. Cash G&A guidance improved by $1 million due to cost discipline.
Segment performance
Reported gap net income of $60 million and ASFO of $105.8 million. Grew AFFO per share by 11% year over year. Deployed $389 million into 126 properties and raised $419 million of equity. Have $1.5 billion of available liquidity and low leverage of 3.5 times pro forma net debt to annualized adjusted EBITDA RE.
Risks & headwinds
Macro backdrop with heightened volatility. One restaurant tenant filed for bankruptcy with 7 properties, but identified backfill tenants on 5 sites and two locations under contract for sale, expected recovery rate consistent with historical range of ~80%. Consumer-related cost increases may impact tenants' performance at margins.
Analyst Q&A
Q: Caitlin Burrows with Goldman Sachs asked about acquisition volume, cap rates decline, macro impact.
A: Cap rates in mid to high 7% range, macro volatility impacts future quarters, but as consistent capital provider with liquidity, helps.
Q: John Masoka with B. Reilly Security asked about Denny's transaction.
A: 74 properties, average operating history over 40 years, geographically diversified, combination of corporate-owned and operated stores and multiple franchisees.
Q: John Kilachowski with Wells Fargo asked about larger-scale deals vs one-offs, investment spread to cost of capital.
A: Pipeline remains predominantly small granular deals, investment spread is output, deploying capital accretively with sources in mid fives cost of capital vs deploying in mid to high sevens.
Q: Handel St. Just with Mizuho asked about coverage levels on deals, Chicken and Pickle exposure, car wash exposure.
A: Coverage levels vary due to industry mix, Chicken and Pickle exposure watched but coverage healthy, car wash a compelling industry with soft ceiling at 15%.
Q: Rich Hightower with Barclays asked about impairment charge mechanics, watch list definition.
A: Impairment driven by idiosyncratic events, watch list defined by credit risk single B and unit level coverage risk 1.5, at 1.3% today.
Q: Greg McGinnis with Scotiabank asked about Denny's exposure split, cash G&A guidance reduction.
A: Not disclosing split between corporate and franchisees, cash G&A guidance reduced due to efficiency efforts.
Q: Eric Borden with BMO Capital Markets asked about disposition yields.
A: Pricing idiosyncratic, generally no properties in portfolio trade below mid to high fives cost of capital.
Q: Daniel Guglielmo with Capital One Securities asked about 10-year yields impact.
A: Too quick to glean impact on transaction marks.
Q: Caitlin Burrows with Goldman Sachs asked about 2Q volume, straight line adjustment.
A: Likely lower than first quarter, 1Q straight line adjustment number more in line with trend.