Essential Properties Realty Trust Inc (EPRT)
NYSE:EPRT
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Earnings Data
Report Date
Jul 29, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.32Last Year’s EPS
0.32Same Quarter Last Year
Strong Buy
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: the company reported solid quarter results with double-digit AFFO per share growth (11% YoY), strong capital deployment ($389M), meaningful liquidity ($1.5B), low leverage (3.5x), and raised full-year AFFO and investment guidance. Portfolio fundamentals remained healthy (99.7% occupancy, 1.4% same-store rent growth, 15-year WALT) and management highlighted disciplined underwriting, attractive spreads between investment yields (~mid-to-high 7% cap rates and ~8.8% GAAP yields) and a mid-5% WACC. Headwinds were mostly idiosyncratic or small in scope — a single-tenant bankruptcy (seven properties, ~30 bps ABR) with expected ~80% recovery, a ~$16M impairment tied to a home furnishings location, modest pressure in casual dining/entertainment sub-sectors, some potential dilution from unsettled forward equity, and a slower start to 2Q transaction activity. Overall, the positive operational and financial trends, tightened guidance, and balance sheet strength outweigh the contained credit and timing challenges.Company Guidance
Strong quarterly earnings and AFFO growth
Reported GAAP net income of $60.0M and AFFO of $105.8M for 1Q26; AFFO per share was $0.50, an increase of 11% year-over-year.
Robust capital deployment and equity raises
Deployed $389M into 126 properties in the quarter and raised approximately $419M of equity (including a $402M overnight offering and ~$17M on the ATM). Settled $193M of forward equity and had $541M of unsettled forward equity at quarter end.
Raised full-year guidance
Increased 2026 AFFO per share guidance to $2.00–$2.05 (implying ~7% growth at the midpoint) and raised full-year investment volume guidance by $100M to a new range of $1.1B–$1.5B.
Healthy balance sheet and liquidity
Available liquidity totaled $1.5B and pro forma net debt to annualized adjusted EBITDAre was low at 3.5x. Income-producing gross assets exceeded $7.5B.
High-quality portfolio metrics
Portfolio comprised 2,417 properties leased to over 400 tenants, with a weighted average lease term of ~15 years and just 2.8% of annual base rent expiring over the next three years. Occupancy was 99.7% with only seven vacant properties.
Positive same-store and credit trends
Same-store rent growth of 1.4% in the quarter; portfolio rent coverage strong at 3.5x and percentage of ABR under 1.5x coverage declined by 140 basis points.
Attractive investment yield and underwriting
Investment initial cap rate of 7.7% and GAAP yield of 8.8%; weighted average cash yield on investments 7.7%, weighted average initial lease term of 17.7 years, average rent escalation 2.1%, and average unit-level rent coverage on deals of 3.1x.
Notable Denny’s portfolio acquisition
Acquired 74 Denny’s properties for $147M (~under $2M per asset), demonstrating relationship-driven sourcing, granular/fungible asset profile and efficient underwriting.
Cost discipline and cash generation
Total G&A $12.3M and cash G&A $8.0M (5.0% of total revenue down from 5.9% YoY); reduced cash G&A guidance by $1M to $30M–$34M. Retained free cash flow after dividends was $40M in the quarter (~$160M annualized).
Shareholder returns and modest payout
Declared a cash dividend of $0.31 in the quarter, representing an AFFO payout ratio of 62%.
EPRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
EPRT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 22, 2026 | $32.08 | $31.50 | -1.81% |
Feb 11, 2026 | $31.23 | $31.33 | +0.32% |
Oct 22, 2025 | $30.73 | $31.21 | +1.56% |
Jul 23, 2025 | $29.66 | $29.63 | -0.10% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Essential Properties Realty Trust Inc (EPRT) report earnings?
Essential Properties Realty Trust Inc (EPRT) is schdueled to report earning on Jul 29, 2026, After Close (Confirmed).
What is Essential Properties Realty Trust Inc (EPRT) earnings time?
Essential Properties Realty Trust Inc (EPRT) earnings time is at Jul 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is EPRT EPS forecast?
EPRT EPS forecast for the fiscal quarter 2026 (Q2) is 0.32.