Essential Properties Realty Trust (EPRT)
Market Price (7/14/2026): $31.38 | Market Cap: $6.6 BilSector: Real Estate | Industry: Diversified REITs
Essential Properties Realty Trust (EPRT)
Market Price (7/14/2026): $31.38Market Cap: $6.6 BilSector: Real EstateIndustry: Diversified REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5%, FCF Yield is 6.1% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 64% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 68%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 68% Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. | Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -20% | Expensive valuation multiplesP/SPrice/Sales ratio is 11x Key risksEPRT key risks include [1] potential defaults and bankruptcies from its strategic focus on middle-market tenants in service and experience-based industries. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5%, FCF Yield is 6.1% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 64% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 68%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 68% |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -20% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 11x |
| Key risksEPRT key risks include [1] potential defaults and bankruptcies from its strategic focus on middle-market tenants in service and experience-based industries. |
Qualitative Assessment
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Essential Properties Realty Trust (EPRT) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Mixed Q1 2026 Earnings Performance. Essential Properties Realty Trust reported first quarter (Q1) 2026 Adjusted Funds From Operations (AFFO) of $0.50 per share, an 11% year-over-year increase, and revenue of $158.8 million, surpassing forecasts by 7.29%. However, GAAP earnings per share (EPS) of $0.28 missed analyst expectations of $0.32 by 12.5%. While the strong AFFO and revenue growth indicated solid operational health, the EPS miss likely tempered investor enthusiasm, contributing to the stock's stable movement rather than a significant rally.
2. Strong Operational Performance and Dividend Increase. Despite the mixed EPS, the company demonstrated robust operational activity, closing $388.6 million in investments at a 7.7% weighted average cash cap rate during Q1 2026. Management also raised its 2026 AFFO guidance to $2.00–$2.05 per share and increased its 2026 investment guidance to $1.1 billion–$1.5 billion. Additionally, Essential Properties Realty Trust increased its quarterly dividend for Q2 2026 to $0.32 per share, representing an approximately 3% increase over the prior quarter, which provides a steady return for investors and underscores management's confidence. These positive company-specific developments provided a floor for the stock price, counteracting any downward pressure.
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Essential Properties Realty Trust (EPRT) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Mixed Q1 2026 Earnings Performance. Essential Properties Realty Trust reported first quarter (Q1) 2026 Adjusted Funds From Operations (AFFO) of $0.50 per share, an 11% year-over-year increase, and revenue of $158.8 million, surpassing forecasts by 7.29%. However, GAAP earnings per share (EPS) of $0.28 missed analyst expectations of $0.32 by 12.5%. While the strong AFFO and revenue growth indicated solid operational health, the EPS miss likely tempered investor enthusiasm, contributing to the stock's stable movement rather than a significant rally.
2. Strong Operational Performance and Dividend Increase. Despite the mixed EPS, the company demonstrated robust operational activity, closing $388.6 million in investments at a 7.7% weighted average cash cap rate during Q1 2026. Management also raised its 2026 AFFO guidance to $2.00–$2.05 per share and increased its 2026 investment guidance to $1.1 billion–$1.5 billion. Additionally, Essential Properties Realty Trust increased its quarterly dividend for Q2 2026 to $0.32 per share, representing an approximately 3% increase over the prior quarter, which provides a steady return for investors and underscores management's confidence. These positive company-specific developments provided a floor for the stock price, counteracting any downward pressure.
3. Broader REIT Sector Environment and Capital Market Activities. While the broader U.S. equities market, particularly the S&P 500, saw a significant 15% surge in Q2 2026, the REIT sector may have experienced different dynamics, with ongoing concerns about sticky inflation potentially constraining future interest rate reductions. Essential Properties Realty Trust also engaged in significant capital raising activities during the period, including the pricing of $400 million of 5.375% senior notes due 2036 in June 2026, and raising approximately $419 million in common equity during Q1 2026. While these activities support growth and liquidity, they can also introduce investor caution regarding dilution or increased leverage, which, in the context of a sector potentially not participating fully in the broader market rally, contributed to the stock's largely stable price trend.
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Stock Movement Drivers
Fundamental Drivers
The 4.5% change in EPRT stock from 3/31/2026 to 7/13/2026 was primarily driven by a 8.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.04 | 31.38 | 4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 561 | 591 | 5.2% |
| Net Income Margin (%) | 45.1% | 43.5% | -3.6% |
| P/E Multiple | 23.7 | 25.7 | 8.2% |
| Shares Outstanding (Mil) | 200 | 210 | -4.9% |
| Cumulative Contribution | 4.5% |
Market Drivers
3/31/2026 to 7/13/2026| Return | Correlation | |
|---|---|---|
| EPRT | 4.5% | |
| Market (SPY) | 15.2% | -19.6% |
| Sector (XLRE) | 9.5% | 65.2% |
Fundamental Drivers
The 8.0% change in EPRT stock from 12/31/2025 to 7/13/2026 was primarily driven by a 11.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.05 | 31.38 | 8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 531 | 591 | 11.2% |
| Net Income Margin (%) | 45.3% | 43.5% | -4.0% |
| P/E Multiple | 24.0 | 25.7 | 7.3% |
| Shares Outstanding (Mil) | 198 | 210 | -5.7% |
| Cumulative Contribution | 8.0% |
Market Drivers
12/31/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| EPRT | 8.0% | |
| Market (SPY) | 10.2% | -19.2% |
| Sector (XLRE) | 11.5% | 55.6% |
Fundamental Drivers
The 2.5% change in EPRT stock from 6/30/2025 to 7/13/2026 was primarily driven by a 24.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.62 | 31.38 | 2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 475 | 591 | 24.2% |
| Net Income Margin (%) | 44.6% | 43.5% | -2.6% |
| P/E Multiple | 27.2 | 25.7 | -5.6% |
| Shares Outstanding (Mil) | 188 | 210 | -10.3% |
| Cumulative Contribution | 2.5% |
Market Drivers
6/30/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| EPRT | 2.5% | |
| Market (SPY) | 22.3% | -7.6% |
| Sector (XLRE) | 10.7% | 56.2% |
Fundamental Drivers
The 50.8% change in EPRT stock from 6/30/2023 to 7/13/2026 was primarily driven by a 96.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.81 | 31.38 | 50.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 300 | 591 | 96.8% |
| Net Income Margin (%) | 50.1% | 43.5% | -13.3% |
| P/E Multiple | 20.0 | 25.7 | 28.5% |
| Shares Outstanding (Mil) | 144 | 210 | -31.3% |
| Cumulative Contribution | 50.8% |
Market Drivers
6/30/2023 to 7/13/2026| Return | Correlation | |
|---|---|---|
| EPRT | 50.8% | |
| Market (SPY) | 75.0% | 34.1% |
| Sector (XLRE) | 30.2% | 72.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EPRT Return | 41% | -15% | 14% | 27% | -1% | 7% | 86% |
| Peers Return | 17% | -2% | -4% | 4% | 7% | 15% | 40% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| EPRT Win Rate | 58% | 42% | 50% | 58% | 58% | 57% | |
| Peers Win Rate | 62% | 53% | 43% | 58% | 55% | 74% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| EPRT Max Drawdown | -18% | -33% | -20% | -10% | -13% | -14% | |
| Peers Max Drawdown | -11% | -22% | -29% | -16% | -13% | -10% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, NNN, ADC, WPC, FCPT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/13/2026 (YTD)
How Low Can It Go
| Event | EPRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.1% | -18.8% |
| % Gain to Breakeven | 11.2% | 23.1% |
| Time to Breakeven | 8 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.6% | -9.5% |
| % Gain to Breakeven | 24.4% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.8% | -24.5% |
| % Gain to Breakeven | 46.7% | 32.4% |
| Time to Breakeven | 545 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -71.1% | -33.7% |
| % Gain to Breakeven | 246.2% | 50.9% |
| Time to Breakeven | 394 days | 140 days |
In The Past
Essential Properties Realty Trust's stock fell -10.1% during the 2025 US Tariff Shock. Such a loss loss requires a 11.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | EPRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.8% | -24.5% |
| % Gain to Breakeven | 46.7% | 32.4% |
| Time to Breakeven | 545 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -71.1% | -33.7% |
| % Gain to Breakeven | 246.2% | 50.9% |
| Time to Breakeven | 394 days | 140 days |
In The Past
Essential Properties Realty Trust's stock fell -10.1% during the 2025 US Tariff Shock. Such a loss loss requires a 11.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Essential Properties Realty Trust (EPRT)
Essential Properties Realty Trust (EPRT) is a real estate investment trust (REIT) that specializes in the acquisition, ownership, and management of single-tenant commercial properties across the United States. As a REIT, the company generates its primary income by leasing these properties to businesses.
The company's core service involves providing real estate for a diverse range of middle-market companies through long-term lease agreements. Its portfolio, which consisted of 1,451 properties as of December 31, 2021, caters to tenants in various sectors. Key customer industries include restaurants, car washes, automotive services, medical and dental facilities, convenience stores, equipment rental, entertainment, early childhood education, grocery, and health and fitness establishments.
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Here are 1-3 brief analogies for Essential Properties Realty Trust (EPRT):
It's like Realty Income (O), often called "The Monthly Dividend Company," but instead of mostly retail stores, EPRT focuses on owning and leasing single-tenant properties for a wide variety of essential services like car washes, medical offices, and restaurants.
Think of it like American Tower (AMT), which owns and leases cell towers to mobile carriers. EPRT does something similar, but it owns the physical locations for thousands of diverse businesses, from convenience stores to early childhood education centers, and leases them out long-term.
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- Commercial Property Leasing: Essential Properties Realty Trust provides long-term rental agreements for single-tenant commercial properties to a diverse range of middle-market companies across the United States.
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Essential Properties Realty Trust (EPRT) leases its properties to a diverse portfolio of middle-market companies across various service-oriented sectors. Due to the highly diversified nature of its tenant base, which spanned 1,451 properties as of December 31, 2021, specific individual "major customers" (named companies) are generally not disclosed publicly unless they represent a significant concentration of revenue, which is not indicated in the company description. Instead, EPRT's customer base consists of companies operating in the following categories:
- Restaurants
- Car Washes
- Automotive Services
- Medical and Dental Services
- Convenience Stores
- Equipment Rental
- Entertainment
- Early Childhood Education
- Grocery
- Health and Fitness
As these are categories of businesses rather than specific named companies, public company symbols are not applicable.
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Peter Mavoides, President & Chief Executive Officer
Mr. Mavoides has served as President and Chief Executive Officer of Essential Properties Realty Trust (EPRT) since 2018, having held similar positions at Essential Properties Realty Trust LLC since March 2016. Previously, he was the President and Chief Operating Officer of Spirit Realty Capital (SRC) from 2011 to 2015, where he played a key role in transforming the company from a private enterprise to a public REIT, overseeing approximately $2.0 billion in acquisitions. Prior to Spirit, Mr. Mavoides was the President and Chief Executive Officer of Sovereign Investment Company from 2003 to 2011, a private equity firm specializing in long-term single-tenant sale-leaseback opportunities, which he grew from a startup into a leading investor. He also worked at Eastdil Realty and Citigroup, focusing on real estate capital markets and sale-leaseback structuring. He holds a B.S. from the United States Military Academy and an M.B.A. from the University of Michigan.
Robert W. Salisbury, CFA, Chief Financial Officer, Executive Vice President
Mr. Salisbury was appointed Executive Vice President and Chief Financial Officer of Essential Properties Realty Trust, effective January 1, 2026. He previously served as Senior Vice President within the Company’s finance department since 2023, where he was involved in capital markets and investor relations. Prior to joining Essential Properties, Mr. Salisbury was a Senior Vice President and Director of Research at Almanac Realty Investors, the real estate private equity arm of Neuberger Berman, focusing on public and private equity and credit investments. He also co-managed a real estate securities portfolio at Citadel Investment Group and worked as an investment analyst at V3 Capital Management and an equity research analyst at UBS, Bank of America, and Citigroup. He earned a B.A. in Philosophy from Duke University.
Max Jenkins, Chief Operating Officer, Executive Vice President
Mr. Jenkins joined Essential Properties in April 2018 and has been an Executive Vice President and Head of Investments since April 2021, and is listed as the Chief Operating Officer. Before joining the company, Mr. Jenkins served as an Infantry Officer and Captain with the 75th Ranger Regiment in the U.S. Army, including a deployment in support of Operation Freedom's Sentinel. He is a graduate of the United States Military Academy at West Point with a B.S. in Engineering Management.
Tim Earnshaw, Chief Accounting Officer, Treasurer & Senior Vice President
Mr. Earnshaw has served as Senior Vice President and Chief Accounting Officer of Essential Properties Realty Trust since January 2020, having been the Controller since April 2017. Before joining Essential Properties, he held various roles at AR Global from 2014 to 2017, including Assistant Vice President and Portfolio Controller for their healthcare-focused REITs.
AJ Peil, Chief Investment Officer, Executive Vice President
Mr. Peil holds the title of Chief Investment Officer and Executive Vice President at Essential Properties Realty Trust.
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Here are the key risks to Essential Properties Realty Trust (EPRT):
1. Tenant Concentration and Credit Risk of Middle-Market Tenants
Essential Properties Realty Trust focuses on leasing single-tenant properties primarily to middle-market companies. This strategy, while offering diversification across industries and geographies, carries an inherent risk due to the potential financial fragility of these tenants compared to larger, more established entities. While EPRT aims to limit exposure to any single tenant, with a goal of no more than 5% of annualized base rent from one tenant and no more than 1% from any single property, a significant default or bankruptcy by a key tenant, particularly during economic downturns, could materially impact revenue streams. The vast majority of EPRT's tenants are unrated, and their creditworthiness is assessed through internal underwriting methods, which may not always accurately capture the full extent of the investment-related credit risk. Specific sectors like car washes and restaurants are noted areas where tenant credit issues could become a concern.
2. Interest Rate Sensitivity and Economic Volatility
As a real estate investment trust, EPRT's performance is significantly influenced by macroeconomic conditions, especially interest rate fluctuations and overall economic volatility. Rising interest rates can lead to increased borrowing and operating costs for the company, and can also negatively impact the financial stability of its tenants, potentially leading to higher default rates. EPRT faces future refinancing risks, with approximately $430 million in debt maturing in 2027; any substantial increase in refinancing costs could translate to incremental interest expenses. Economic downturns, such as recessions or supply chain disruptions, can affect tenants' ability to pay rent, reduce demand for rental space, and impact property valuations.
3. Competition for Acquisitions and Valuation Compression
EPRT operates in a highly competitive commercial real estate market, vying with various investors, including other public and private REITs, for property acquisitions. This intense competition can lead to compressed acquisition yields, making it more challenging for EPRT to acquire properties at attractive returns. Additionally, the company's valuation multiples have at times been higher than those of its peers, which could indicate a potential overvaluation. This elevated valuation may limit the room for further share price appreciation relative to its adjusted funds from operations (AFFO) per share and could lead to volatility if market sentiment shifts or if EPRT's internal performance does not consistently outperform the broader sector.
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The clear emerging threat for Essential Properties Realty Trust is the potential for **changing physical footprint requirements for its tenants driven by evolving service delivery models.** Specifically, the accelerating trend of "ghost kitchens" or "dark kitchens" for restaurants and "dark stores" for grocery and other retail segments could reduce the demand for traditional, larger, consumer-facing single-tenant properties that constitute a significant portion of EPRT's portfolio. These new models prioritize smaller, often less visible, and more centrally located facilities focused on fulfillment and delivery rather than public interaction, potentially leading to reduced demand for EPRT's current asset types in the long run or pressure on rental rates upon lease expiration and renewal.
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Essential Properties Realty Trust (EPRT) leases properties to middle-market companies across various sectors in the United States. The addressable market sizes for these main products or services in the U.S. are as follows:
- Restaurants: The U.S. full-service restaurant market is predicted to value at US$ 371.9 billion in 2025 and is expected to reach US$ 715.8 billion by 2032. The broader U.S. food service market was valued at USD 1,286.65 billion in 2025 and is projected to grow to USD 2,066.21 billion by 2032.
- Car Washes: The U.S. car wash services market size was estimated at USD 15.28 billion in 2025 and is expected to reach USD 17.01 billion by 2033.
- Automotive Services: The U.S. Automotive Service Market size is estimated at USD 199.38 billion in 2025 and is expected to reach USD 266.56 billion by 2030.
- Dental Services: The U.S. dental services market size was measured at USD 172.56 billion in 2025 and is forecasted to reach around USD 286.04 billion by 2035.
- Convenience Stores: The United States Convenience Stores Market reached USD 159.93 billion in 2024 and is estimated to attain USD 287.07 billion by 2033.
- Construction Equipment Rental: The U.S. construction equipment rental market generated a revenue of USD 57,505.4 million in 2025 and is expected to reach USD 82,463.9 million by 2033.
- Entertainment: The U.S. Media and Entertainment (M&E) industry is valued at $649 billion in 2024 and is projected to grow to $808 billion by 2028.
- Early Childhood Education: The U.S. child care market size is anticipated to grow from USD 65.13 billion in 2025 to USD 99.23 billion by 2035.
- Grocery: The market size of Supermarkets & Grocery Stores in the U.S. was $900.6 billion in 2025 and is projected to be $912.4 billion in 2026.
- Health and Fitness: The market size of health and fitness clubs within the U.S. is estimated to be USD 45.8 billion in 2025 and is expected to grow to USD 71.5 billion in 2035.
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- Strategic Acquisitions of Single-Tenant Properties: Essential Properties Realty Trust aims to continuously expand its portfolio through additional investments in single-tenant properties. The company anticipates investment activity of $1.2 billion-$1.5 billion in 2026 and $1.3 billion-$1.6 billion in 2027. This consistent acquisition strategy, often funded in a leverage-neutral manner, is a primary catalyst for increasing its asset base and, consequently, its rental income. The company's robust investment pipeline, with a significant portion sourced through existing tenant relationships, further supports this growth.
- Contractual Rent Escalations in Existing Leases: A significant portion of EPRT's revenue growth is driven by built-in rent escalations within its long-term net leases. The company's portfolio benefits from a high proportion of leases with fixed annual escalations, with a weighted-average annual escalation rate of approximately 1.8% to 2.2% for new investments. This provides a stable and predictable organic growth in same-property net operating income.
- Expansion within the Middle-Market Segment and Tenant Diversification: Essential Properties Realty Trust focuses on leasing properties to middle-market companies across various service-oriented and experience-based industries. This strategy includes a commitment to strong tenant diversification, with no single tenant contributing more than 3.4% of annualized base rent, which mitigates concentration risk and enhances the stability of cash flows. The company's focus on this often-underserved market segment allows for consistent growth opportunities.
- Prudent Capital Management for Investment Funding: The company's ability to effectively manage its capital, including issuing equity and retaining free cash flow, is crucial for funding its acquisition strategy. EPRT has generated substantial net proceeds from common stock issuance and maintains a capital recycling mechanism that provides ample internal funding for future investments, enabling continued portfolio expansion and revenue growth.
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Share Issuance
- Essential Properties Realty Trust raised approximately $170 million in common equity through its At-The-Market (ATM) program in the fourth quarter of 2025, with $332 million in unsettled forward equity at year-end 2025.
- In February 2026, the company priced an upsized public offering of 10,869,565 shares of common stock at $32.20 per share, offered in connection with forward sale agreements.
- The company generated net proceeds from the issuance of common stock of $657.6 million in 2025, following $570.2 million in 2024, $507 million in 2023, and $403 million in 2022.
Capital Expenditures
- Essential Properties Realty Trust's investment guidance for 2026 is projected to be between $1.0 billion and $1.4 billion.
- The company closed $1.3 billion in investments during 2025, adding 270 properties to its portfolio.
- These capital expenditures primarily focus on acquiring single-tenant net lease properties in service-oriented and experience-based businesses, such as restaurants, car washes, and automotive services, often through sale-leaseback transactions.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 55.77 |
| Mkt Cap | 9.2 |
| Rev LTM | 843 |
| Op Inc LTM | 476 |
| FCF LTM | 587 |
| FCF 3Y Avg | 550 |
| CFO LTM | 587 |
| CFO 3Y Avg | 550 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.0% |
| Rev Chg 3Y Avg | 13.8% |
| Rev Chg Q | 10.5% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 15.3% |
| Op Inc Chg 3Y Avg | 13.7% |
| Op Mgn LTM | 54.3% |
| Op Mgn 3Y Avg | 52.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 69.5% |
| CFO/Rev 3Y Avg | 69.8% |
| FCF/Rev LTM | 69.5% |
| FCF/Rev 3Y Avg | 69.8% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA205687 | AMMONIA N 13 | ammonia n-13 | injectable | 12172015 | |||||
| ANDA204541 | SODIUM FLUORIDE F-18 | sodium fluoride f-18 | injectable | 10292014 | |||||
| ANDA203946 | FLUDEOXYGLUCOSE F18 | fludeoxyglucose f-18 | injectable | 2052014 | |||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA205687 | AMMONIA N 13 | ammonia n-13 | injectable | 12172015 | |||||
| ANDA204541 | SODIUM FLUORIDE F-18 | sodium fluoride f-18 | injectable | 10292014 | |||||
| ANDA203946 | FLUDEOXYGLUCOSE F18 | fludeoxyglucose f-18 | injectable | 2052014 | |||||
Price Behavior
| Market Price | $31.38 | |
| Market Cap ($ Bil) | 6.6 | |
| First Trading Date | 06/21/2018 | |
| Distance from 52W High | -7.4% | |
| 50 Days | 200 Days | |
| DMA Price | $30.44 | $30.41 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 3.1% | 3.2% |
| 3M | 1YR | |
| Volatility | 20.3% | 18.4% |
| Downside Capture | -52.16 | -18.76 |
| Upside Capture | -38.70 | -10.44 |
| Correlation (SPY) | -23.7% | -8.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.65 | -0.46 | -0.23 | -0.25 | -0.09 | 0.47 |
| Up Beta | -0.70 | -0.27 | -0.19 | -0.40 | -0.14 | 0.52 |
| Down Beta | -0.69 | -0.44 | -0.53 | -0.21 | -0.08 | 0.39 |
| Up Capture | -70% | -52% | -10% | -11% | -5% | 20% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 18 | 31 | 64 | 128 | 406 |
| Down Capture | -55% | -49% | -20% | -33% | -11% | 70% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 23 | 32 | 60 | 123 | 342 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPRT | |
|---|---|---|---|---|
| EPRT | 5.0% | 18.4% | 0.13 | - |
| Sector ETF (XLRE) | 10.2% | 14.2% | 0.45 | 56.1% |
| Equity (SPY) | 20.8% | 12.6% | 1.23 | -8.4% |
| Gold (GLD) | 20.0% | 27.9% | 0.64 | -2.7% |
| Commodities (DBC) | 27.6% | 18.9% | 1.16 | -11.4% |
| Real Estate (VNQ) | 13.3% | 13.9% | 0.66 | 59.1% |
| Bitcoin (BTCUSD) | -44.8% | 42.7% | -1.28 | -7.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPRT | |
|---|---|---|---|---|
| EPRT | 7.3% | 22.7% | 0.26 | - |
| Sector ETF (XLRE) | 3.2% | 19.1% | 0.07 | 74.1% |
| Equity (SPY) | 13.0% | 17.1% | 0.59 | 48.6% |
| Gold (GLD) | 17.0% | 18.3% | 0.75 | 10.8% |
| Commodities (DBC) | 7.8% | 19.5% | 0.29 | 11.1% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.06 | 77.0% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 21.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPRT | |
|---|---|---|---|---|
| EPRT | 12.7% | 38.4% | 0.51 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 60.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 47.4% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 7.1% |
| Commodities (DBC) | 6.3% | 18.0% | 0.28 | 21.5% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 66.9% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 20.7% |
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Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | -1.8% | -2.9% | -2.2% |
| 2/11/2026 | 0.3% | 3.2% | 4.4% |
| 10/22/2025 | 1.6% | -3.8% | -1.6% |
| 7/23/2025 | -0.1% | 0.3% | 1.8% |
| 4/23/2025 | -1.8% | 0.2% | -1.2% |
| 2/12/2025 | 1.4% | 3.6% | 3.3% |
| 10/23/2024 | -1.6% | -4.8% | -1.2% |
| 7/24/2024 | -1.4% | -2.6% | 2.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 13 |
| # Negative | 9 | 11 | 11 |
| Median Positive | 2.1% | 3.2% | 4.4% |
| Median Negative | -1.8% | -2.9% | -2.4% |
| Max Positive | 4.0% | 12.7% | 27.2% |
| Max Negative | -4.5% | -8.0% | -12.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | -1.8% | -2.9% | -2.2% |
| 2/11/2026 | 0.3% | 3.2% | 4.4% |
| 10/22/2025 | 1.6% | -3.8% | -1.6% |
| 7/23/2025 | -0.1% | 0.3% | 1.8% |
| 4/23/2025 | -1.8% | 0.2% | -1.2% |
| 2/12/2025 | 1.4% | 3.6% | 3.3% |
| 10/23/2024 | -1.6% | -4.8% | -1.2% |
| 7/24/2024 | -1.4% | -2.6% | 2.6% |
| 4/24/2024 | -2.3% | 0.1% | 2.1% |
| 2/14/2024 | 1.4% | 2.0% | 4.8% |
| 10/25/2023 | 3.7% | 8.9% | 14.7% |
| 7/26/2023 | -4.5% | -8.0% | -9.7% |
| 4/26/2023 | 3.6% | 3.9% | -1.3% |
| 2/15/2023 | 2.1% | 3.7% | -2.4% |
| 10/27/2022 | 4.0% | 2.3% | 9.4% |
| 7/28/2022 | 0.0% | -0.4% | -3.4% |
| 4/27/2022 | 2.2% | -4.3% | -9.8% |
| 2/16/2022 | 0.3% | -1.1% | 0.7% |
| 11/1/2021 | 0.9% | -1.8% | -12.6% |
| 7/28/2021 | 2.8% | 1.4% | 8.1% |
| 5/3/2021 | -1.9% | -4.1% | 0.4% |
| 2/23/2021 | 3.6% | -0.8% | -3.6% |
| 11/4/2020 | -1.2% | 12.7% | 27.2% |
| 8/5/2020 | 2.5% | 7.3% | 9.1% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 13 |
| # Negative | 9 | 11 | 11 |
| Median Positive | 2.1% | 3.2% | 4.4% |
| Median Negative | -1.8% | -2.9% | -2.4% |
| Max Positive | 4.0% | 12.7% | 27.2% |
| Max Negative | -4.5% | -8.0% | -12.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | 2 | 2.02 | 2.05 | Raised | Guidance: 2.02 for 2026 | ||
| 2026 Investment volume | 1.10 Bil | 1.30 Bil | 1.50 Bil | Raised | Guidance: 1.20 Bil for 2026 | ||
| 2026 Cash G&A | 30.00 Mil | 32.00 Mil | 34.00 Mil | Lowered | Guidance: 33.00 Mil for 2026 | ||
Prior: Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | 1.99 | 2.02 | 2.04 | 0.2% | Raised | Guidance: 2.01 for 2026 | |
| 2026 Investment volume | 1.00 Bil | 1.20 Bil | 1.40 Bil | 0 | Affirmed | Guidance: 1.20 Bil for 2026 | |
| 2026 Cash G&A | 31.00 Mil | 33.00 Mil | 35.00 Mil | 0 | Affirmed | Guidance: 33.00 Mil for 2026 | |
Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO per share | 1.87 | 1.88 | 1.89 | 0.3% | Raised | Guidance: 1.88 for 2025 | |
| 2025 Investment volume | 1.20 Bil | 1.30 Bil | 1.40 Bil | 18.2% | Raised | Guidance: 1.10 Bil for 2025 | |
| 2025 Cash G&A expense | 28.00 Mil | 29.50 Mil | 31.00 Mil | 0 | Affirmed | Guidance: 29.50 Mil for 2025 | |
| 2026 AFFO per share | 1.98 | 2.01 | 2.04 | ||||
| 2026 Investment volume | 1.00 Bil | 1.20 Bil | 1.40 Bil | ||||
| 2026 Cash G&A expense | 31.00 Mil | 33.00 Mil | 35.00 Mil | ||||
Insider Activity
Updated 5/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Salisbury, Robert Webb | Executive VP and CFO | Direct | Sell | 3232026 | 31.88 | 5,851 | 186,530 | 264,923 | Form |
| 2 | Peil, A Joseph | Executive VP and CIO | Direct | Sell | 3232026 | 32.10 | 19,657 | 630,990 | 2,456,452 | Form |
| 3 | Peil, A Joseph | Executive VP and CIO | Direct | Sell | 6112025 | 32.96 | 13,227 | 435,962 | 2,524,406 | Form |
| 4 | Mavoides, Peter M | President and CEO | Direct | Sell | 5012025 | 32.01 | 35,493 | 1,136,131 | 13,388,727 | Form |
| 5 | Mavoides, Peter M | President and CEO | Direct | Sell | 5012025 | 32.02 | 42,632 | 1,365,077 | 14,529,395 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Salisbury, Robert Webb | Executive VP and CFO | Direct | Sell | 3232026 | 31.88 | 5,851 | 186,530 | 264,923 | Form |
| 2 | Peil, A Joseph | Executive VP and CIO | Direct | Sell | 3232026 | 32.10 | 19,657 | 630,990 | 2,456,452 | Form |
| 3 | Peil, A Joseph | Executive VP and CIO | Direct | Sell | 6112025 | 32.96 | 13,227 | 435,962 | 2,524,406 | Form |
| 4 | Mavoides, Peter M | President and CEO | Direct | Sell | 5012025 | 32.01 | 35,493 | 1,136,131 | 13,388,727 | Form |
| 5 | Mavoides, Peter M | President and CEO | Direct | Sell | 5012025 | 32.02 | 42,632 | 1,365,077 | 14,529,395 | Form |
Investor Activity (13F)
Updated Jul 14, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager |
|---|
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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