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EPRT

Essential Properties Realty Trust, Inc.

EPRT

Essential Properties Realty Trust, Inc. • NYSE
$31.66 ▲ 0.60% (+0.19)
Market Cap $6.27 B
52w High $34.01
52w Low $27.44
Dividend Yield 1.19%
P/E 25.33
Volume 707.77K
Outstanding Shares 198.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $144.934M ▲ $49.348M ▲ $65.62M ▲ 45.276% ▼ $0.33 ▲ $133.294M ▲
Q2-2025 $137.062M ▲ $47.752M ▲ $63.212M ▲ 46.119% ▲ $0.32 ▲ $127.114M ▲
Q1-2025 $129.354M ▲ $47.479M ▲ $56.108M ▲ 43.376% ▼ $0.3 ▼ $115.225M ▲
Q4-2024 $119.708M ▲ $39.291M ▼ $55.375M ▲ 46.258% ▲ $0.31 ▲ $112.494M ▲
Q3-2024 $117.132M $45.686M $49.14M 41.953% $0.28 $101.958M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $23.842M ▲ $6.61B ▲ $2.766B ▲ $3.837B ▲
Q2-2025 $20.777M ▼ $6.29B ▲ $2.452B ▲ $3.83B ▲
Q1-2025 $47.003M ▲ $6.057B ▲ $2.234B ▲ $3.815B ▲
Q4-2024 $40.713M ▲ $5.799B ▲ $2.227B ▼ $3.564B ▲
Q3-2024 $32.656M $5.532B $2.33B $3.193B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $65.802M ▲ $98.994M ▼ $-345.809M ▼ $249.588M ▲ $2.773M ▲ $98.994M ▼
Q2-2025 $63.37M ▲ $99.776M ▲ $-286.867M ▼ $161.157M ▼ $-25.934M ▼ $99.776M ▲
Q1-2025 $56.108M ▲ $77.163M ▼ $-284.109M ▼ $208.971M ▲ $2.025M ▼ $-188.609M ▼
Q4-2024 $55.549M ▲ $87.069M ▲ $-274.679M ▲ $193.877M ▼ $6.267M ▼ $87.069M ▲
Q3-2024 $49.14M $73.527M $-287.583M $228.275M $14.219M $-93.884M

Five-Year Company Overview

Income Statement

Income Statement Revenue and operating profit have grown steadily over the last several years, showing that the core rental portfolio is scaling in a healthy way. Profit margins are solid for a REIT, which suggests disciplined underwriting and cost control. Earnings per share have generally trended higher over time, though they can move around year to year as the company issues new shares, takes on debt, or records non‑cash items. Overall, the income statement reflects a maturing but still growth‑oriented real estate platform.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully as the company has acquired more properties, with both assets and shareholder equity rising each year. Debt has also grown, but at a pace that appears measured relative to the growth in the property base, consistent with a conservative financing approach. Cash on hand is modest, which is typical for a REIT that relies on steady rent inflows and access to credit rather than large cash piles. The overall picture is one of deliberate balance sheet growth, with leverage used as a tool, not a crutch, but still sensitive to interest‑rate conditions and capital‑market access.

Cash Flow

Cash Flow Cash generated from the business has increased over time, broadly tracking the growth in the property portfolio and rental income. In most years, operating cash flow comfortably covers ongoing needs and supports dividends, which is important for a REIT. The one standout year of weaker free cash flow reflects heavy investment in new properties rather than a deterioration in the underlying business, which is common during expansion phases. Investors should understand that cash flows will naturally swing with the pace of acquisitions, even if the core rental engine remains stable.

Competitive Edge

Competitive Edge EPRT operates in a focused niche: single‑tenant, triple‑net properties leased to middle‑market businesses, often through sale‑leaseback deals. This space is less crowded than the large, investment‑grade tenant market, giving the company room to negotiate attractive terms and build deep relationships with tenants. The portfolio is highly diversified by tenant, industry, and geography, and is tilted toward service and experience categories that are less vulnerable to online competition. Long lease terms, built‑in rent increases, and tenants bearing most property costs together create a stable, predictable income base that is hard for smaller rivals to replicate quickly.

Innovation and R&D

Innovation and R&D While EPRT is not a technology developer, it innovates in how it structures and underwrites real estate deals. Its strength lies in fast, data‑driven sale‑leaseback transactions, careful analysis of tenant‑level performance, and use of tools like master leases and small, easily reusable properties to manage risk. The company also adopts standard outsourced IT and cybersecurity practices rather than building in‑house tech, which keeps overhead lean but limits traditional “R&D” visibility. Overall, its innovation is strategic and process‑oriented rather than product‑ or technology‑centric, focused on doing repeatable deals more efficiently and prudently than competitors.

Summary

EPRT shows a consistent pattern of growth in revenue, profits, and cash flow, supported by a steadily expanding property base and disciplined balance sheet management. Its niche focus on middle‑market, service‑oriented tenants, combined with long, triple‑net leases and wide diversification, underpins a resilient income stream. The main sensitivities are to interest rates, real estate capital markets, and the health of its middle‑market tenant base, rather than to rapid technological disruption. Overall, the company looks like a scaled, specialized REIT whose future will depend more on continued disciplined execution of its model than on radical strategic shifts.

NEWS

October 22, 2025 · 4:05 PM UTC

Essential Properties Announces Third Quarter 2025 Results

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September 29, 2025 · 4:05 PM UTC

Essential Properties Realty Trust, Inc. to Report Third Quarter 2025 Results on October 22, 2025

Read more