Essential Properties Realty Trust Inc

Latest Results (03.04.2026):

Essential Properties Realty Trust Inc — Fourth Quarter 2025: The company reported solid Q4 2025 operating results with net income per diluted share of $0.34 and AFFO per diluted share of $0.49, continued active acquisition activity, improved full‑year metrics (AFFO up 9% for 2025), and raised 2026 AFFO guidance to $1.99–$2.04 per share.

Q4 financials (headline)

Q4 2025 net income per share (diluted) was $0.34; FFO per share was $0.54 (diluted); Core FFO $0.53; AFFO per share (diluted) was $0.49.

Full‑year 2025 performance

For the year ended Dec 31, 2025, net income per share rose to $1.28 (up 11% YoY), FFO per share was $2.05 (up 8%), and AFFO per share was $1.89 (up 9%).

Acquisitions & dispositions

In Q4 the company closed $295.8 million of investments (58 properties) at a 7.7% weighted average cash cap rate. Q4 dispositions: 19 properties, net proceeds $48.1 million at a 6.9% weighted avg cash cap rate. Full‑year 2025 invest volume was $1.3 billion (270 properties) at a 7.9% cash cap rate.

Balance sheet & liquidity

Pro forma net debt to annualized adjusted EBITDAre was 3.8x at quarter end. Total available liquidity was about $1.4 billion (including ~$1.0 billion revolver capacity and ~$332 million unsettled forward equity); cash & restricted cash and other liquidity sources support near‑term activity.

Capital markets activity

2025 equity raises included a March follow‑on ($292.3M) and ATM proceeds ($323.6M year‑to‑date; $170.3M in Q4 ATM sales). In August 2025 the company issued $400M of senior unsecured notes (10‑year, 5.40%).

Portfolio & operating metrics

As of Dec 31, 2025 the portfolio consisted of 2,300 net‑lease properties, 99.7% occupied, weighted average lease term 14.4 years, weighted rent coverage ratio 3.6x, total ~25.9M rentable sq ft; 91.5% of cash ABR is service/experience‑based.

Dividend & guidance

Board declared Q4 dividend of $0.31 per share (paid Jan 14, 2026), representing an annualized $1.24. The company increased 2026 AFFO guidance to $1.99–$2.04 per share, assuming $1.0B–$1.4B of 2026 investment volume and Cash G&A of $31M–$35M.

Management commentary

CEO Pete Mavoides said Q4 capped a strong year with AFFO per share growth of ~9% and that momentum extended into early 2026, supporting continued growth plans.