Essential Properties Realty Trust, Inc. EPRT
Essential Properties Realty Trust, Inc. (EPRT) is a real estate enterprise focused on the acquisition, ownership, and management of freestanding, single-tenant commercial properties throughout the United States. The company leases these assets under long-term agreements to a diverse range of mid-sized businesses. Its tenant base spans various sectors, including dining establishments, automotive care facilities (like car washes and repair shops), medical and dental practices, convenience stores, equipment rental providers, entertainment venues, early childhood education centers, grocery outlets, and health and fitness clubs. As of December 31, 2021, EPRT's property portfolio included 1,451 locations. For federal income tax purposes, the company operates as a real estate investment trust (REIT), which generally exempts it from corporate income taxes, provided it distributes at least 90% of its taxable profits to its shareholders. The company was founded in 2016 and maintains its corporate headquarters in Princeton, New Jersey.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-06-01) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $561.89M | $253.01M | $153.60M | $518.96M | $381.08M |
| 2024 | $449.61M | $203.00M | $122.16M | $404.97M | $308.48M |
| 2023 | $359.60M | $190.71M | $101.94M | $352.05M | $254.57M |
| 2022 | $286.51M | $134.13M | $88.56M | $253.50M | $211.02M |
| 2021 | $230.23M | $95.72M | $68.75M | $199.95M | $167.39M |
| 2020 | $164.01M | $42.27M | $59.41M | $131.84M | $99.39M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-14 | 2026-06-01 | $0.32 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-14 | 2026-03-06 | $0.31 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-14 | 2025-12-05 | $0.31 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-14 | 2025-09-05 | $0.30 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-14 | 2025-05-30 | $0.30 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-11 | 2025-03-10 | $0.29 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-14 | 2024-12-09 | $0.29 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-11 | 2024-09-09 | $0.29 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-12 | 2024-06-03 | $0.29 | Irregular |
| 2024-03-27 | 2024-03-29 | 2024-04-12 | 2024-03-07 | $0.28 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-12 | 2023-12-04 | $0.28 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-13 | 2023-09-07 | $0.28 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-06-09 | $0.28 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-03-09 | $0.28 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-13 | 2022-11-30 | $0.28 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-09-07 | $0.27 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-14 | 2022-06-02 | $0.27 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-13 | 2022-03-14 | $0.26 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-13 | 2021-12-06 | $0.26 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-14 | 2021-09-02 | $0.25 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-06-03 | $0.25 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-03-09 | $0.24 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-12-03 | $0.24 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | 2020-09-08 | $0.23 | Quarterly |
Coverage (payout of operating cash flow): 67.72%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.