Essential Properties Realty Trust, Inc., a real estate company, acquires, owns and manages single-tenant properties in the United States. The company is headquartered in Princeton, New Jersey.
| Revenue (TTM) | $639.22M |
| Gross Profit (TTM) | $629.06M |
| EBITDA | $583.09M |
| Operating Margin | 62.40% |
| Return on Equity | 6.25% |
| Return on Assets | 3.55% |
| Revenue/Share (TTM) | $3.03 |
| Book Value | $20.61 |
| Price-to-Book | 1.38 |
| Price-to-Sales (TTM) | 9.66 |
| EV/Revenue | 14.39 |
| EV/EBITDA | 16.21 |
| Quarterly Earnings Growth (YoY) | -16.20% |
| Quarterly Revenue Growth (YoY) | 16.40% |
| Shares Outstanding | $220.28M |
| Float | $219.25M |
| % Insiders | 0.61% |
| % Institutions | 118.09% |
Volatility is currently contracting
Realty Income's massive size is increasingly limiting its growth potential. Smaller REITs can achieve faster growth through better acquisition opportunities. One faster-growing competitor trades at an even cheaper valuation.
Investors need to pay close attention to Essential Properties stock based on the movements in the options market lately.
Essential Properties raised 2026 AFFO guidance to $2.02 to $2.05 per share. Sale-leasebacks accounted for 91% of third-quarter investment volume.
Essential Properties Realty Trust, Inc. ( EPRT ) Q3 2026 Earnings Call October 22, 2026 10:00 AM EDT Company Participants Sheryl Kaul Peter Mavoides - CEO & Director Craig Vachris Max Jenkins - President & Chief Operating Officer Robert Salisbury - EVP, CFO, Head of Corporate Finance, Chief Strategy Officer & Secretary Conference Call Participants Michael Goldsmith - UBS Investment Bank, Research Division Haendel St. Juste - Mizuho Securities USA LLC, Research Division Jana Galan - BofA Securities, Research Division Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Bennett Rose - Citigroup Inc., Research Division Eric Borden - BMO Capital Markets Equity Research Richard Hightower - Barclays Bank PLC, Research Division Linda Tsai James Kammert - Evercore ISI Institutional Equities, Research Division Greg McGinniss - Scotiabank Global Banking and Markets, Research Division James Feldman - Wells Fargo Securities, LLC, Research Division Spenser Allaway - Green Street Advisors, LLC, Research Division John Massocca - B. Riley Securities, Inc., Research Division Presentation Operator Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust Third Quarter 2026 Earnings Conference Call.
Essential Properties Realty Trust NYSE: EPRT raised its 2026 outlook and issued initial 2027 guidance after reporting third-quarter results supported by investment activity, portfolio occupancy and internally generated cash flow.
Essential Properties Realty Trust offers a recession-resistant, well-diversified triple-net REIT portfolio with minimal tenant concentration risk. EPRT maintains a strong investment-grade balance sheet, featuring low leverage (net debt/EBITDA under 4x) and a low average interest rate of 4.33%. With no major debt refinancing until 2030, EPRT faces negligible near-term refinancing risk amid a high-rate environment.
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Rate Shock: REITs enter earnings season on their back foot amid a renewed surge in long-term rates, facing a materially different cost-of-capital and financing environment than just three months ago. The rate surge is again stressing highly leveraged borrowers, particularly across private markets. Public REITs are better positioned, but remain exposed through refinancing, tenant credit, and equity valuations. Higher rates have brought an important silver lining: years of expensive capital are finally curbing construction, with shrinking pipelines beginning to support occupancy, rents, and landlord pricing power.
Three net lease REITs are buying properties at spreads well above Treasury yields and quietly building cash reserves, but rising rates are forcing a refinancing reckoning that will separate the dividend survivors from the ones that quietly stumble.
EPRT is upgraded to Buy as valuation compresses, with AFFO yield now 285 bps above the 10-year Treasury. Essential Properties Realty Trust's share price decline has eliminated its premium, with implied cap rates now closely aligned to acquisition yields, improving relative value. Tenant credit risk is rising, evidenced by higher credit adjustments and impairments, but remains manageable given portfolio diversification and strong rent coverage.
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