ESSENTIAL PROPERTIES REALTY TRUST, INC.

Listed Company

EPRTCIK 0001728951NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$561.22M

Net Income

$253.01M

Total Assets

$6.86B

Equity

$4.20B

Shares Out

216.25M

Op. Cash Flow

$381.08M

Business

ESSENTIAL PROPERTIES REALTY TRUST, INC. is an internally managed real estate company that acquires, owns and manages primarily single-tenant properties net leased on a long-term basis to middle-market companies in service-oriented and experience-based businesses. It offers net-lease real estate investments, originates sale-leaseback transactions, underwrites mortgage loans receivable, and provides property and asset management and tenant-focused capital solutions. Its operations emphasize freestanding small-box single-tenant assets, master lease structures, disciplined underwriting and active asset management. It targets properties across the United States and deploys capital via direct acquisitions, master leases and financing programs.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenue	528	426	340	270	213
Interest on loans and direct financing lease receivables	32	23	18	15	16
Other revenue, net	2	452,000	2	1	1
Total revenues	561	450	360	287	230
General and administrative	41	35	31	29	24
Property expenses	8	5	5	3	6
Depreciation and amortization	154	122	102	89	69
Provision for impairment of real estate	12	15	4	20	6
Change in provision for credit losses	108,000	230,000	−99,000	88,000	—
Total expenses	214	177	141	142	105
Gain on dispositions of real estate, net	13	6	24	31	9
Income from operations	360	278	243	175	134
Loss on debt extinguishment	0	0	−116,000	−2	−4
Interest expense	−108	−79	−53	−40	—
Interest income	3	3	2	3	94,000
Other income	0	2	0	0	—
Income before income tax expense	254	204	192	136	96
Income tax expense	644,000	628,000	636,000	998,000	227,000
Net income	254	204	191	135	96
Net income attributable to non-controlling interests	−718,000	−634,000	−708,000	−612,000	−486,000
Net income attributable to stockholders	253	203	191	134	96
Basic weighted average shares outstanding (in shares)	196	174	152	135	116
Basic net income per share (in USD per share)	1.29	1.16	1.25	0.99	0.82
Diluted weighted average shares outstanding (in shares)	198	177	154	136	117
Diluted net income per share (in USD per share)	1.28	1.15	1.24	0.99	0.82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land and improvements	2,201	1,866	1,542	1,229	1,004
Building and improvements	4,389	3,536	2,938	2,441	2,036
Lease incentives	24	18	18	18	14
Construction in progress	50	154	97	35	9
Intangible lease assets	99	94	89	88	88
Total real estate investments, at cost	6,763	5,667	4,684	3,811	3,151
Less: accumulated depreciation and amortization	−613	−477	−367	−276	−200
Total real estate investments, net	6,150	5,191	4,317	3,534	2,951
Loans and direct financing lease receivables, net	401	352	224	240	189
Real estate investments held for sale, net	3	10	7	5	15
Net investments	6,554	5,553	4,548	3,779	3,155
Cash and cash equivalents	60	41	40	62	60
Restricted cash	10	4	9	9	0
Straight-line rent receivable, net	191	143	108	79	58
Derivative assets	8	28	31	48	0
Rent receivables, prepaid expenses and other assets, net	39	30	33	23	26
Total assets	6,863	5,799	4,768	4,000	3,299
Unsecured term loans, net of deferred financing costs	1,725	1,721	1,273	1,025	627
Senior unsecured notes, net	787	396	396	395	395
Revolving credit facility	0	0	0	0	144
Intangible lease liabilities, net	11	11	11	12	13
Dividend payable	65	56	47	39	33
Derivative liabilities	26	8	23	2	12
Accrued liabilities and other payables	41	35	31	29	32
Total liabilities	2,655	2,227	1,781	1,503	1,255
Commitments and contingencies (see Note 11)	—	—	—	0	0
Preferred stock, $0.01 par value per share; 150,000,000 authorized; none issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.01 par value per share; 500,000,000 authorized; 209,702,433 and 187,537,592 issued and outstanding as of December 31, 2025 and 2024, respectively	2	2	2	1	1
Additional paid-in capital	4,328	3,658	3,078	2,563	2,151
Distributions in excess of cumulative earnings	−109	−113	−106	−117	−101
Accumulated other comprehensive (loss) income	−21	17	4	41	−15
Total stockholders' equity	4,200	3,564	2,979	2,488	2,037
Non-controlling interests	8	8	8	9	7
Total equity	4,208	3,572	2,987	2,497	2,044
Total liabilities and equity	6,863	5,799	4,768	4,000	3,299

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	154	122	102	89	69
Amortization of lease incentives	2	2	2	3	3
Amortization of above/below market leases and right of use assets, net	−129,000	−238,000	−275,000	−217,000	749,000
Amortization of deferred financing costs and other non-cash interest expense	7	5	4	3	3
Straight-line rent receivable, net	−52	−39	−28	−21	−20
Equity-based compensation expense	13	11	9	9	6
Adjustment to rental revenue for tenant credit	3	635,000	640,000	371,000	−3
Rent receivables, prepaid expenses and other assets, net	−7	−7	−6	5	2
Accrued liabilities and other payables	8	1	767,000	−4	14
Net cash provided by operating activities	381	308	255	211	167
Proceeds from sales of investments, net	129	97	129	127	58
Principal collections on loans and direct financing lease receivables	29	10	28	70	100
Investments in loans receivable	−93	−136	−13	−115	−136
Deposits for prospective real estate investments	−6	−4	189,000	−26,000	−590,000
Investment in real estate, including capital expenditures	−1,103	−826	−895	−729	−840
Investment in construction in progress	−100	−263	−105	−52	−9
Lease incentives paid	−9	−991,000	−1	−7	−2
Net cash used in investing activities	−1,154	−1,123	−857	−706	−830
Borrowings under term loans	0	175	248	398	0
Borrowings under revolving credit facility	855	490	70	299	393
Repayments under revolving credit facility	−855	−220	−70	−443	−267
Proceeds from issuance of senior unsecured notes, net	391	0	0	0	397
Payments for taxes related to net settlement of equity awards	−6	−3	−4	−2	−353,000
Payment of deferred financing costs	−9	−115,000	−2	−5	−2
Proceeds from issuance of common stock, net	658	570	507	404	458
Offering costs	−748,000	−1	−948,000	−1	−1
Dividends paid	−234	−200	−168	−142	−112
Net cash provided by financing activities	798	811	580	507	689
Net increase (decrease) in cash and cash equivalents and restricted cash	25	−4	−23	12	27
Cash paid for interest, net of amounts capitalized	99	74	50	37	24
Cash paid for income taxes	244,000	902,000	1	1	637,000
Reclassification from construction in progress upon project completion	199	201	46	27	4
Net settlement of proceeds on the sale of investments	−2	−2	−5	−29	−960,000
Non-cash investment in real estate and loan receivable activity	18	2	0	23	1
Transfer from real estate to direct financing lease receivable	3	0	0	—	—
Unrealized (loss) gain on cash flow hedges	−22	42	−9	−57	−28
Non-cash deferred financing costs	3	5	2	0	0
Non-cash repayment of term loan facility	0	270	200	0	—
Non-cash borrowing under term loan facility	0	−270	−202	0	—
Payable and accrued offering and deferred financing costs	0	115,000	24,000	30,000	0
Discounts and fees on capital raised through issuance of common stock	0	0	38,000	10	11

Filings

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