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• It's like Realty Income (O), but owning thousands of single-tenant properties leased to middle-market service businesses like car washes, restaurants, and medical clinics.
• Similar to how McDonald's owns many of its restaurant properties and leases them out, but EPRT does this for thousands of diverse third-party businesses like car washes, gyms, and daycares.

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• Commercial Property Leasing: Essential Properties Realty Trust provides single-tenant commercial properties to businesses across various industries, primarily under long-term net lease agreements.

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Essential Properties Realty Trust (EPRT) is a Real Estate Investment Trust (REIT) focused on acquiring, owning, and managing single-tenant properties that are net leased to middle-market companies. As such, its customers are primarily other companies (its tenants) that lease these properties for their business operations.

EPRT's business model emphasizes a highly diversified tenant base. According to its latest investor presentations and public filings (e.g., Q4 2023 earnings presentation), no single tenant accounts for more than approximately 1.7% of its Annualized Base Rent (ABR). Furthermore, its top 10 tenants collectively represent only about 11.4% of ABR. This low concentration indicates that EPRT does not have "major customers" in the traditional sense of significant revenue dependency on a few specific entities.

Given this high level of diversification and the absence of any single tenant representing a significant portion of its revenue, EPRT generally does not publicly disclose the specific names of its individual top tenants in its investor materials. Instead, it highlights the broad diversification across various industries, which typically include service-oriented and experience-based businesses such as casual dining, quick-service restaurants, automotive services, health and fitness, and other retail concepts. Therefore, while EPRT sells primarily to other companies, it does not have identifiable "major customers" to list by name due to its intentionally diversified portfolio strategy.

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Peter M. Mavoides, President and Chief Executive Officer

Mr. Mavoides has served as President and Chief Executive Officer of Essential Properties Realty Trust since 2018, and held similar positions at Essential Properties Realty Trust LLC, which became the company's operating partnership, since March 2016. Previously, he was the President and Chief Operating Officer of Spirit Realty Capital (SRC), an NYSE-listed REIT, from 2011 to 2015, where he was instrumental in its transformation from a private enterprise to a public company and in structuring approximately $2.0 billion in net lease investments. Before Spirit Realty, Mr. Mavoides was President and CEO of Sovereign, a private equity firm focused on net-leased real estate, from 2003 to 2011, where he grew the company from a startup and oversaw over $1.0 billion in net lease transactions. His tenure at Spirit and Sovereign involved structuring approximately $4.0 billion in net lease assets.

Mark E. Patten, Executive Vice President, Chief Financial Officer, Treasurer and Secretary

Mr. Patten joined Essential Properties Realty Trust in August 2020 as CFO and Treasurer. Prior to this, he was the Senior Vice President and Chief Financial Officer of CTO Realty Growth (NYSE: CTO) for over eight years and held the same role with Alpine Income Property Trust, Inc. (NYSE: PINE) since November 2019, participating in its successful initial public offering. From January 2004 until April 2007, he served as Senior Vice President and Chief Accounting Officer of CNL Hotels & Resorts, Inc., a nearly $8 billion lodging REIT that was successfully sold. Mr. Patten began his career at KPMG in 1986, becoming a partner in 1997.

R. Max Jenkins, Executive Vice President and Chief Operating Officer

Mr. Jenkins joined Essential Properties in April 2018. He became Executive Vice President and Chief Operating Officer in March 2025, having previously been Executive Vice President and Head of Investments since April 2021. Before joining Essential Properties, Mr. Jenkins served in the Army as an Infantry Officer and Captain with the 75th Ranger Regiment, deploying in support of Operation Freedom's Sentinel.

A. Joseph Peil C.F.A., Executive Vice President and Chief Investment Officer

Mr. Peil has served as Executive Vice President and Chief Investment Officer since March 2025, and previously as Executive Vice President and Head of Asset Management since May 2017. Prior to joining Essential Properties, he was the Senior Vice President and Head of Credit for Spirit Realty Capital (SRC), a publicly-traded triple-net lease REIT, where he also worked in the investment division sourcing and underwriting over $2.0 billion in transactions.

Timothy J. Earnshaw, Senior Vice President and Chief Accounting Officer

Mr. Earnshaw has been Senior Vice President and Chief Accounting Officer since January 2020. He previously served as Controller, a role he held since April 2017. Before joining Essential Properties, Mr. Earnshaw held various roles at AR Global, a sponsor and advisor of public, non-traded REITs, from 2014 to 2017, including Assistant Vice President and Portfolio Controller for AR Global's healthcare-focused REITs.

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1. Risks Related to Commercial Real Estate Ownership and Market Volatility

2. Tenant Defaults, Bankruptcies, or Insolvencies

3. Vulnerability to Rising Interest Rates

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The addressable market for Essential Properties Realty Trust (EPRT) is the U.S. single-tenant net lease (STNL) market.

EPRT specializes in acquiring, owning, and managing single-tenant properties in the United States that are net leased to middle-market companies. These companies operate in service-oriented and experience-based industries such as restaurants, car washes, automotive services, medical and dental services, convenience stores, entertainment, early childhood education, grocery, and health and fitness.

In 2024, the U.S. net lease market recorded a total investment volume of $43.7 billion. For the first quarter of 2025, the U.S. net lease market saw a total transaction volume of $9.95 billion. The sales volume for the U.S. single-tenant net-lease retail sector alone was $5.7 billion in the first six months of 2025. However, the U.S. single-tenant net lease market experienced a sales volume of $9.61 billion in Q2 2025, bringing the mid-year sales to $20.66 billion.

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Essential Properties Realty Trust (EPRT) is expected to drive future revenue growth over the next two to three years through a combination of strategic acquisitions, contractual rent escalations, and a robust, diversified tenant base.

1. Strategic Acquisitions and Investment Volume: Essential Properties Realty Trust consistently focuses on expanding its portfolio through strategic acquisitions. The company achieved record investment activity in Q3 2025, deploying $370 million, and has provided increased investment volume guidance of $1.2 billion to $1.4 billion for 2025, with an initial expectation of $1 billion to $1.4 billion for 2026. This ongoing investment in new properties directly contributes to an expanding asset base and, consequently, higher rental revenue.
2. Contractual Rent Escalations: A key characteristic of EPRT's net lease business model is the inclusion of annual rent escalators within its long-term leases. These contractual increases provide a stable and predictable source of revenue growth from its existing property portfolio. The company reported a same-store rent growth of 1.6% over the last four quarters as of Q3 2025.
3. High Occupancy Rates and Long Weighted Average Lease Terms: Maintaining a high occupancy rate, which stood at 99.8% as of September 30, 2025, coupled with a weighted average lease term of 14.4 years, ensures a stable and predictable revenue stream. This minimizes downtime and re-leasing costs, providing a strong foundation for overall revenue expansion.
4. Deployment of Retained Free Cash Flow: The company's ability to generate significant retained free cash flow after dividends, accumulating over $140 million per annum on a run-rate basis, serves as an attractive internal capital source. This capital can be strategically deployed to fund new investment opportunities, reducing reliance on external financing and further fueling property acquisitions that drive revenue growth.
5. Diversified Portfolio with Service and Experience-Based Tenants: EPRT's strategic focus on service-oriented and experience-based tenants, which account for 92% of its annualized base rent, coupled with strong tenant diversification (no single tenant exceeding 3.5% of base rent), helps mitigate credit risk and sensitivity to industry cycles. This diversified and resilient tenant base supports consistent rent collection and long-term revenue stability and growth.

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Capital Allocation Decisions (Last 3-5 Years) for Essential Properties Realty Trust (EPRT)

Share Repurchases

• No significant share repurchase programs or actual repurchases were highlighted in the provided information for the last 3-5 years.

Share Issuance

• In October 2024, Essential Properties Realty Trust initiated a new at-the-market (ATM) equity offering program, authorizing the sale of up to $750 million in common stock, replacing a prior program.
• A previous ATM program, established in May 2022 and terminated in June 2024, generated gross sales of $383.4 million through June 30, 2024.
• In March 2025, the company announced an underwritten public offering of 8,000,000 shares of common stock on a forward basis. As of March 31, 2025, 13,452,504 shares remained unsettled from this offering and ATM programs, representing estimated net proceeds of $410.4 million.

Inbound Investments

• No information available regarding large, strategic inbound investments made in Essential Properties Realty Trust by third-parties like strategic partners or private equity firms.

Outbound Investments

• Essential Properties Realty Trust primarily focuses its investments on acquiring operationally essential, single-tenant real estate, often through sale-leaseback transactions with middle-market companies.
• In the third quarter of 2025, the company executed $369.8 million in strategic investments across 87 properties at an 8.0% weighted average cash cap rate, contributing to $1.0 billion in investments across 212 properties year-to-date.
• The company projects investment volume for 2025 to be between $1.2 billion and $1.4 billion, with an anticipated investment volume of $1.0 billion to $1.4 billion for 2026.

Capital Expenditures

• Essential Properties Realty Trust's primary capital expenditures are reflected in its property acquisitions (investments), which are fundamental to its growth strategy as a real estate investment trust.
• Proceeds from equity offerings are designated for general corporate purposes, including capital expenditures, debt repayment, working capital, and future investments.
• Specific separate figures for capital expenditures on existing properties, distinct from new property acquisitions, were not explicitly detailed in the provided information.