EPRT · Essential Properties Realty Trust, Inc.

Essential Properties Realty Trust delivered strong Q1 2026 results driven by robust investment activity, with $388.6 million deployed across 126 properties at a 7.7% weighted average cash cap rate, all in sale-leaseback transactions, 57% with existing relationships. This supported AFFO per share growth of 11% to $0.50, alongside Core FFO and FFO per share up 13% to $0.54. Revenues grew 23% year-over-year to $158.8 million, fueled by rental revenue up 23% to $149.4 million, though offset by higher expenses including $16.8 million impairment provision and elevated interest expense of $29.9 million. Net income per share dipped 3% to $0.28 due to these factors. Portfolio remains resilient at 99.7% occupied across 2,417 properties, 14.6-year WALT, and 3.5x rent coverage, with 91.6% service-oriented or experience-based tenants. Balance sheet strengthened via $419.3 million equity raised, including $402.5 million follow-on offering, yielding pro forma net debt/EBITDAre of 3.5x and $1.5 billion liquidity. CEO Pete Mavoides highlighted execution amid dynamic macro conditions, enabling guidance raises: AFFO to $2.00-$2.05 per share (from $1.99-$2.04), investments to $1.1-$1.5 billion, and Cash G&A lowered to $30-$34 million. Q1 dividend held at $0.31 per share, equating to $1.24 annualized. Conference call scheduled for April 23, 2026.