📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Essential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses precise figures: 'AFFO per share totaled $0.46 which represents an increase of 7%', 'weighted average cash yield of 7.9%', 'same store rent growth of 1.4%'. Repeatedly states 'the operating environment was favorable', 'the portfolio is performing well', and 'the investment market is exceptional'. Guidance is raised with specific ranges: AFFO to $1.86-$1.89, investments to $1-1.2 billion.

Q3 2025

Confident Specific

Management repeatedly uses positive comparisons ('best quarter ever', 'record level', 'highest level for us'), cites specific metrics (8% initial cash yield, 10% GAAP yield, 12% AFFO per share growth, 450 bps spread to WACC), and explicitly states portfolio performance 'better than budgeted expectations' and 'ahead of budgeted expectations'.

Q4 2025

Confident Specific

Management used specific figures like 7.7% cash yield, 9.1% GAAP yield, 1.6% same-store rent growth, 3.6x rent coverage, and 200% total shareholder return since IPO. They highlighted increased 2026 AFFO per share guidance and robust investment pipeline, reinforcing a positive and data-backed narrative.

Q1 2026 latest

Confident Specific

Management uses specific figures (e.g., 11% AFFO per share growth, $389M deployed, 7.7% cap rate) and repeatedly upgrades guidance (investment volume +$100M, AFFO per share range raised). Language like 'productive Q1', 'attractive spread', 'ahead of budgeted expectations' conveys confidence without hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management raised both AFFO per share and investment volume guidance, underpinned by robust Q1 deployment and accretive spreads. Credit trends remain healthy, with the Denny's portfolio demonstrating fungibility and the restaurant bankruptcy resolved quickly. However, cap rates declining to 7.7% and weaker coverage on new deals warrant monitoring, as does the impact of macro volatility on casual dining tenants. Next quarter, focus on: (1) whether cap rates stabilize or continue to compress, (2) credit watch list movements, (3) execution of unsecured debt refinancing, and (4) Q2 investment volume relative to the guided $275-325M range.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED EPRT Q1 2026 AFFO $105.8M, raises guidance to $2-$2.05 per share

Revenue & Profitability

For Q1 2026, the company reported GAAP net income of $60 million and AFFO of $105.8 million. AFFO per share was $0.50, an 11% increase year-over-year. The quarterly dividend was $0.31 per share, resulting in a 62% AFFO payout ratio. Cash G&A was $8 million, representing 5% of total revenue, down from 5.9% a year ago. Pro forma net debt to annualized adjusted EBITDAre was 3.5 times.

Outlook

Management views macro volatility as a net positive, as it makes the company's consistent, reliable capital provision more valuable. However, they are monitoring potential consumer strain, particularly in casual dining and entertainment, which could pressure margins. Despite this, the company increased its 2026 AFFO per share guidance to $2-$2.05 and investment volume guidance to $1.1 billion-$1.5 billion, reflecting confidence in the pipeline and portfolio credit trends.

Growth Drivers

Growth is driven by deploying capital at a healthy spread to the company's weighted average cost of capital (mid-5s) versus investment cap rates of mid- to high-7%. In Q1, EPRT deployed $389 million into 126 properties, including a $147 million sale-leaseback with Denny's. Retained free cash flow after dividends was $40 million in the quarter ($160 million annualized), providing a substantial internal capital source for future investment.

Balance Sheet & CapEx

Q1 investment volume was $389 million at a weighted average cash yield of 7.7% and GAAP yield of 8.8%. For full-year 2026, the company raised investment guidance by $100 million to a new range of $1.1 billion-$1.5 billion. Disposition activity was modest at $10.2 million, with expectations of continued moderate activity driven by proactive asset management. The company also expects to issue unsecured debt in the middle of the year.

Margins

The company is benefiting from operating leverage as the platform scales. Total G&A was $12.3 million and cash G&A was $8 million in Q1, with cash G&A as a percentage of total revenue declining to 5% from 5.9% a year ago. Due to continued cost discipline, cash G&A guidance for the full year was reduced by $1 million to a new range of $30 million-$34 million.

Key Risks

Key risks flagged include macro volatility that could strain consumers, particularly impacting casual dining and entertainment segments. During the quarter, one restaurant tenant (7 properties, ~30 basis points of ABR) filed for bankruptcy, though expected recovery is ~80%. The company also noted headwinds from a low-rate term loan expiring in early 2027, which may create incremental dilution upon refinancing. Additionally, they are not bullish on the home furnishing industry.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-23

Q2 2026 saw strong AFFO and net income growth, robust investment activity, and high portfolio occupancy. Guidance for AFFO per share and investment volume was raised, supported by ample liquidity and disciplined capital deployment.

Q1 2026 Q1 2026 2026-04-23

Q1 2026 delivered strong AFFO growth, robust investment activity, and portfolio expansion, with guidance raised for AFFO per share and investment volume. Credit trends remain healthy, leverage is low, and capital deployment is supported by ample liquidity and disciplined cost management.

Q4 2025 Q4 2025 2026-02-12

Fourth quarter results showed strong AFFO growth, high occupancy, and robust tenant credit, with guidance for 2026 AFFO per share raised to $1.99-$2.04. Portfolio diversification and disciplined capital allocation support continued growth, while cap rates and competition remain stable.

Q3 2025 Q3 2025 2025-10-23

Record Q3 investment and AFFO growth were driven by strong portfolio performance, disciplined capital deployment, and robust tenant diversification. Guidance for 2025 and 2026 was raised, with expectations for continued growth, stable credit, and modest cap rate compression.

Q2 2025 Q2 2025 2025-07-24

Q2 saw robust investment activity, strong AFFO growth, and healthy portfolio metrics, prompting raised 2025 AFFO and investment guidance. Liquidity and leverage remain favorable, with no incremental capital needed to meet targets.

📊 Analysis Methodology

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