Essential Properties Realty Trust
Owner of single-tenant properties leased to middle-market service and experience businesses.
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Profile
Acquires and manages U.S. single-tenant properties leased long term to middle-market service and experience businesses, earning rent under triple-net leases. Growth centers on internally originated sale-leasebacks and repeat relationships, while tenant performance and capital-market access underpin the model.
Acquires and manages mostly freestanding, single-tenant properties across the United States, leasing them on long-term triple-net terms to middle-market operators. The portfolio centers on car washes, medical and dental services, early childhood education, automotive services, quick-service restaurants, convenience stores, equipment rental, entertainment, and fitness.
Sources new properties chiefly through internally originated sale-leasebacks and repeat relationships, supported by underwriting and active asset management. Contractual rent escalators provide internal growth, while acquisitions and dispositions refresh the portfolio.
Operates as a REIT through an operating partnership and relies on debt and equity markets to fund expansion. Most rent comes from service-oriented and experience-based tenants whose customers visit physical locations, tying lease performance to tenant operations and consumer spending.
Company facts
Categories
Key statistics
Year to date +1.1% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 29, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $36 | $37 | |
| Jul 23, 2026 | Stifel Nicolaus | Target | $36.50 | $36.25 | ||
| Jun 18, 2026 | Scotiabank | Upgrade | Sector Perform | Sector Outperform | $34 | $33 |
| May 13, 2026 | Mizuho Securities | Target | $33 | $34 | ||
| Apr 23, 2026 | Stifel Nicolaus | Target | $36 | $36.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.33 | $0.34 | +2.5% | $155.9M | $151.1M | −3.1% | −1.71% |
| Apr 22, 2026Q1 FY26 | $0.32 | $0.28 | −12.5% | $147.9M | $149.4M | +1.0% | −1.81% |
| Feb 11, 2026Q4 FY25 | $0.33 | $0.34 | +3.6% | $142.6M | $140.1M | −1.8% | +0.32% |
| Oct 22, 2025Q3 FY25 | $0.48 | $0.33 | −31.2% | $149.4M | $144.9M | −3.0% | +1.56% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $129.4M | $137.1M | $144.9M | $150.5M | $160.6M | $208.0M | |
| Gross profit | $127.1M | $135.6M | $143.1M | $66.5M | $72.0M | $161.5M | |
| Operating income | $79.6M | $87.8M | $93.7M | $101.3M | $102.6M | $104.4M | |
| Net income | $56.1M | $63.2M | $65.6M | $68.1M | $59.8M | $74.5M | |
| Diluted EPS | $0.29 | $0.32 | $0.33 | $0.34 | $0.28 | $0.34 | |
| Gross margin | 98.3% | 98.9% | 98.7% | 44.2% | 44.8% | 77.6% | |
| Operating margin | 61.6% | 64.1% | 64.7% | 67.3% | 63.9% | 50.2% |
Fiscal years (4-quarter sums)FY21 $229.0M · FY22 $286.5M · FY23 $359.6M · FY24 $449.6M · FY25 $561.9M
Balance sheet, Jun 30, 2026Cash & short-term investments $134.2M · Total debt $2.92B · Total assets $7.49B · Shareholders' equity $4.41B
Dividends
Raised for 6 straight years — most recently to $0.32 from $0.31 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 14 | $0.32 | raised from $0.31 |
| Mar 31, 2026 | Mar 31 | Apr 14 | $0.31 | |
| Dec 31, 2025 | Dec 31 | Jan 14 | $0.31 | raised from $0.30 |
| Sep 30, 2025 | Sep 30 | Oct 14 | $0.30 | |
| Jun 30, 2025 | Jun 30 | Jul 14 | $0.30 | raised from $0.295 |
| Mar 31, 2025 | Mar 31 | Apr 11 | $0.295 | |
| Dec 31, 2024 | Dec 31 | Jan 14 | $0.295 | raised from $0.29 |
| Sep 30, 2024 | Sep 30 | Oct 11 | $0.29 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 216.25M · Float 215.03M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 39.64M | 18.33% | 13F | Aug 7, 2026 |
| Cohen & Steers, Inc. | 38.83M | 17.96% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 21.25M | 9.83% | 13F | Aug 13, 2026 |
| State Street Corp | 12.08M | 5.59% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 9.73M | 4.50% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 24, 2026 | Robert M. Jenkins | officer: Executive VP and COO | −22,000 | $32.22 |
| Mar 20, 2026 | A. Joseph Peil | officer: Executive VP and CIO | −19,657 | $32.10 |
| Mar 20, 2026 | Robert Webb Salisbury | officer: Executive VP and CFO | −5,851 | $31.88 |
Peers
- Realty Income
Scale leader in single-tenant net lease acquisitions.
- Agree Realty
Retail net lease acquirer with deep national tenant overlap.
- NNN REIT
Long-tenured single-tenant net lease retail peer.
- W. P. Carey
Corporate sale-leaseback specialist with global scale.
- Broadstone Net Lease
Diversified single-tenant commercial net lease peer.
- NETSTREIT
Smaller necessity retail net lease acquisition rival.
- Four Corners Property Trust
Restaurant and retail net lease peer in service categories.
- Alpine Income Property Trust
Small single-tenant retail net lease and loan peer.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Essential Properties Realty Trust | $30.37 | −0.03% | $6.57B | 23.5 | 23.0 | 9.9 | +10.3% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| W. P. Carey | $70.51 | 0.00% | $16.06B | 24.1 | 23.7 | 8.5 | +7.0% |
| Broadstone Net Lease | $21.09 | 0.00% | $4.04B | 28.5 | 27.9 | 8.5 | +8.3% |
| NETSTREIT | $20.47 | 0.00% | $1.99B | 146.4 | 57.9 | 9.2 | +19.8% |
| Four Corners Property Trust | $25.23 | 0.00% | $2.77B | 22.7 | 22.5 | 9.0 | +7.7% |
| Alpine Income Property Trust | $19.53 | 0.00% | $322.7M | 101.0 | 29.9 | 4.6 | +34.6% |
| Median | 33.9 | 28.9 | 9.1 | +8.0% |