Essential Properties Realty Trust (EPRT) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 GAAP net income of $74.5 million, AFFO of $110.1 million, and AFFO per share up 9% year-over-year to $0.50, with portfolio occupancy at 99.6% and 2,493 properties leased to over 500 tenants.

• Closed $332 million in new investments at a 7.8% initial cash yield, primarily through sale-leasebacks, and disposed of $54.3 million in assets at a 7.3% yield.

• Portfolio is highly diversified, with top 10 tenants representing 15.2% of ABR and a weighted average lease term of 14.3 years.

• 91.6% of annualized base rent is from service-oriented and experience-based tenants; no tenant exceeds 3.1% of base rent.

• Same-store rent growth averaged 1.5% over the last four quarters.

Financial highlights

• Q2 2026 total revenues rose to $161.9 million, up from $137.1 million in Q2 2025; net income attributable to stockholders was $74.5 million, up from $63.2 million.

• AFFO for Q2 2026 was $110.1 million ($0.50–$0.51 per share), up 18% year-over-year.

• Annualized Adjusted EBITDAre run rate reached $627.3 million; annualized Adjusted Cash NOI was $602.8 million.

• Dividend declared at $0.32 per share for Q2 2026, annualized to $1.28 per share, with a 64% AFFO payout ratio.

• Pro forma net debt to annualized Adjusted EBITDAre at 3.5x; total liquidity at $1.7 billion.

Outlook and guidance

• 2026 AFFO per share guidance raised to $2.01–$2.05, implying 7%–8% growth.

• Investment volume guidance increased to $1.2–$1.5 billion for the year.

• Guidance incorporates $0.01–$0.02 per share headwind from treasury stock method dilution.

• No debt maturities until 2027; weighted average debt maturity is 4.6 years.

• $1.7 billion in liquidity supports continued disciplined growth.