Essential Properties Realty Trust
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Essential Properties Realty Trust (EPRT) investor relations material

Essential Properties Realty Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Delivered strong Q4 and full-year results, with AFFO per share up 9% year-over-year and over 200% total shareholder return since IPO in 2018.

  • Portfolio comprised 2,300 properties, 99.7% occupancy, and a weighted average lease term of 14.4 years.

  • Closed $1.3 billion in investments for the year, adding 270 properties, and disposed of 60 properties for $130.1 million in net proceeds.

  • Achieved 85% repeat business in Q4 investment pipeline, maintaining a dominant position as a real estate capital provider to middle-market operators.

  • Raised $170 million in equity via ATM program in Q4 and had $332 million in unsettled forward equity at year-end.

Financial highlights

  • Q4 2025 total revenues were $149.9 million, up from $119.7 million in Q4 2024; net income for Q4 2025 was $68.3 million.

  • Full year 2025 net income was $253.7 million, AFFO $374.6 million, and AFFO per share $1.89 (diluted).

  • Q4 2025 AFFO per share was $0.49, up 9% year-over-year; full year AFFO per share was $2.04, up 9%.

  • Adjusted EBITDAre for Q4 2025 was $140.6 million; annualized run rate $562.4 million.

  • Declared a Q4 cash dividend of $0.31, with an AFFO payout ratio of 63%.

Outlook and guidance

  • Increased 2026 AFFO per share guidance to $1.99–$2.04, implying 7%–8% growth.

  • Investment guidance for 2026 remains at $1.0–$1.4 billion.

  • No debt maturities until 2027; weighted average lease term of 14.4 years and 5.2% of ABR expiring through 2030.

  • Cash G&A for 2026 projected at $31–$35 million.

  • Annualized dividend of $1.24 per share, with Q4 2025 dividend paid in January 2026.

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Q1 202623 Apr, 2026
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Frequently asked questions

Essential Properties Realty Trust Inc is a real estate investment trust that acquires and manages single-tenant, net-leased properties. The company leases to tenants across retail, industrial, and service-oriented sectors under long-term agreements. Its properties are located throughout the United States. The company is headquartered in Princeton, New Jersey, and its shares are listed on the NYSE.

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