NYSE : EPRT
Essential Properties Realty Trust, Inc. — Financial statements
Real Estate · REIT - Retail · United States
Last price 26.75 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 5.94B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 598.36M | 527.53M | 425.75M | 339.90M | 269.83M | 213.33M |
| Other Revenue | 3.56M | 2.06M | 452.00K | 1.57M | 1.18M | 1.20M |
| Total Revenue | 639.22M | 561.22M | 449.61M | 359.60M | 286.51M | 230.23M |
| Property Expenses | 6.69M | 7.58M | 5.00M | 4.66M | 3.45M | 5.76M |
| Selling, General & Administrative | 45.79M | 40.86M | 35.16M | 30.68M | 29.46M | 24.33M |
| Depreciation & Amortization | 177.29M | 153.60M | 122.16M | 102.22M | 88.56M | 69.15M |
| Provision for Loan Losses | -3.48M | -108.00K | -230.00K | 99.00K | -88.00K | 204.00K |
| Total Operating Expenses | 233.24M | 202.15M | 162.55M | 137.46M | 121.57M | 99.03M |
| Operating Income | 405.98M | 359.07M | 287.06M | 222.13M | 164.94M | 131.20M |
| Interest Expense | -125.37M | -108.08M | -78.54M | -52.60M | -40.37M | -33.61M |
| Interest & Investment Income | 2.34M | 2.54M | 3.07M | 2.01M | 2.83M | 94.00K |
| Other Non-Operating Income | -13.00K | 48.00K | ||||
| EBT Excluding Unusual Items | 282.94M | 253.52M | 211.63M | 171.55M | 127.39M | 97.68M |
| Gain (Loss) on Sale of Assets | 18.63M | 12.85M | 5.98M | 24.17M | 30.65M | 9.34M |
| Asset Writedown | -37.29M | -12.00M | -14.85M | -3.55M | -20.16M | -6.12M |
| Total Legal Settlements | 1.50M | |||||
| Other Unusual Items | -138.00K | -116.00K | -2.14M | -4.46M | ||
| Pretax Income | 264.54M | 254.38M | 204.27M | 192.05M | 135.74M | 96.44M |
| Income Tax Expense | 1.17M | 644.00K | 628.00K | 636.00K | 998.00K | 227.00K |
| Earnings From Continuing Operations | 263.37M | 253.73M | 203.64M | 191.41M | 134.74M | 96.21M |
| Minority Interest in Earnings | -1.06M | -718.00K | -634.00K | -708.00K | -612.00K | -486.00K |
| Net Income | 262.31M | 253.01M | 203.00M | 190.71M | 134.13M | 95.72M |
| Preferred Dividends & Other Adjustments | 1.36M | 893.00K | 472.00K | 407.00K | 374.00K | 311.00K |
| Net Income to Common | 260.95M | 252.12M | 202.53M | 190.30M | 133.76M | 95.41M |
| Basic Shares Outstanding | 210.78M | 196.05M | 173.86M | 152.14M | 134.94M | 116.36M |
| Diluted Shares Outstanding | 212.71M | 198.05M | 177.12M | 153.52M | 135.86M | 117.47M |
| EPS (Basic) | 1.24 | 1.29 | 1.16 | 1.25 | 0.99 | 0.82 |
| EPS (Diluted) | 1.23 | 1.28 | 1.15 | 1.24 | 0.99 | 0.82 |
| Dividend Per Share | 1.26 | 1.21 | 1.16 | 1.12 | 1.07 | 1.00 |
| Operating Margin | 63.51% | 63.98% | 63.85% | 61.77% | 57.57% | 56.99% |
| Profit Margin | 40.82% | 44.92% | 45.05% | 52.92% | 46.69% | 41.44% |
| EBITDA | 583.09M | 512.54M | 408.98M | 324.08M | 252.94M | 199.95M |
| EBITDA Margin | 91.22% | 91.33% | 90.96% | 90.12% | 88.28% | 86.84% |
| D&A For Ebitda | 177.11M | 153.47M | 121.92M | 101.94M | 88.00M | 68.75M |
| EBIT | 405.98M | 359.07M | 287.06M | 222.13M | 164.94M | 131.20M |
| EBIT Margin | 63.51% | 63.98% | 63.85% | 61.77% | 57.57% | 56.99% |
| Funds From Operations (FFO) | 458.62M | 406.33M | 334.50M | 272.90M | 212.72M | 162.04M |
| Adjusted Funds From Operations (AFFO) | 427.54M | 374.64M | 307.87M | 253.40M | 208.82M | 158.00M |
| FFO Payout Ratio | 57.34% | 57.57% | 59.69% | 61.65% | 66.61% | 69.33% |
| Effective Tax Rate | 0.44% | 0.25% | 0.31% | 0.33% | 0.73% | 0.24% |
| Revenue as Reported | 639.22M | 561.22M | 449.61M | 359.60M | 286.51M | 230.23M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 6.78B | 6.11B | 5.15B | 4.28B | 3.49B | 2.90B |
| Cash & Equivalents | 25.22M | 60.18M | 40.71M | 39.81M | 62.34M | 59.76M |
| Accounts Receivable | 241.14M | 215.07M | 163.28M | 128.81M | 78.59M | 74.83M |
| Investment In Debt and Equity Securities | 69.85M | 29.40M | 50.19M | 33.29M | 51.86M | 5.61M |
| Other Intangible Assets | 67.06M | 48.12M | 47.59M | 47.86M | 53.23M | 59.01M |
| Restricted Cash | 4.37M | 10.18M | 4.26M | 9.16M | 9.15M | |
| Other Current Assets | 18.86M | 2.63M | 10.02M | 7.46M | 4.78M | 15.43M |
| Deferred Long-Term Charges | 7.80M | 6.70M | 1.30M | 2.50M | 3.70M | 1.40M |
| Other Long-Term Assets | 35.12M | 4.36M | 1.31M | 1.44M | 14.10M | 2.31M |
| Total Assets | 7.69B | 6.86B | 5.80B | 4.77B | 4.00B | 3.30B |
| Current Portion of Leases | 376.00K | 923.00K | ||||
| Long-Term Debt | 2.97B | 2.54B | 2.13B | 1.69B | 1.42B | 1.18B |
| Long-Term Leases | 13.28M | 7.91M | 9.50M | 9.80M | 9.00M | 9.40M |
| Accrued Expenses | 41.15M | 32.20M | 25.64M | 21.45M | 20.26M | 22.75M |
| Other Current Liabilities | 71.75M | 66.03M | 55.61M | 47.18M | 39.40M | 32.61M |
| Other Long-Term Liabilities | 13.65M | 10.12M | 10.70M | 11.21M | 11.55M | 12.69M |
| Total Liabilities | 3.11B | 2.66B | 2.23B | 1.78B | 1.50B | 1.25B |
| Common Stock | 2.20M | 2.10M | 1.88M | 1.65M | 1.42M | 1.25M |
| Additional Paid-In Capital | 4.65B | 4.33B | 3.66B | 3.08B | 2.56B | 2.15B |
| Distributions in Excess of Earnings | -131.15M | -109.26M | -113.30M | -105.55M | -117.19M | -100.98M |
| Comprehensive Income & Other | 17.97M | -20.98M | 16.89M | 4.02M | 40.72M | -14.79M |
| Total Common Equity | 4.54B | 4.20B | 3.56B | 2.98B | 2.49B | 2.04B |
| Minority Interest | 43.32M | 7.90M | 8.45M | 8.42M | 8.51M | 7.24M |
| Shareholders' Equity | 4.58B | 4.21B | 3.57B | 2.99B | 2.50B | 2.04B |
| Total Liabilities & Equity | 7.69B | 6.86B | 5.80B | 4.77B | 4.00B | 3.30B |
| Total Debt | 2.98B | 2.55B | 2.13B | 1.70B | 1.43B | 1.19B |
| Net Cash (Debt) | -2.95B | -2.49B | -2.09B | -1.66B | -1.37B | -1.13B |
| Net Cash Per Share | -13.89 | -12.56 | -11.82 | -10.82 | -10.08 | -9.60 |
| Filing Date Shares Outstanding | 220.28M | 209.88M | 187.69M | 166.10M | 144.34M | 125.59M |
| Total Common Shares Outstanding | 220.28M | 209.70M | 187.54M | 164.64M | 142.37M | 124.63M |
| Book Value Per Share | 20.61 | 20.03 | 19.00 | 18.09 | 17.48 | 16.34 |
| Tangible Book Value | 4.47B | 4.15B | 3.52B | 2.93B | 2.44B | 1.98B |
| Tangible Book Value Per Share | 20.31 | 19.80 | 18.75 | 17.80 | 17.10 | 15.87 |
| Land | 2.47B | 2.20B | 1.87B | 1.54B | 1.23B | 1.00B |
| Buildings | 4.92B | 4.39B | 3.54B | 2.94B | 2.44B | 2.04B |
| Construction In Progress | 37.30M | 49.88M | 153.79M | 96.52M | 34.54M | 8.86M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 262.31M | 253.01M | 203.00M | 190.71M | 134.13M | 95.72M |
| Depreciation & Amortization | 177.11M | 153.47M | 121.92M | 101.94M | 88.00M | 69.89M |
| Other Amortization | 10.15M | 9.34M | 7.41M | 5.64M | 6.58M | 5.81M |
| Gain (Loss) on Sale of Assets | -18.63M | -12.85M | -5.98M | -24.17M | -30.65M | -9.34M |
| Asset Writedown | 37.29M | 12.00M | 14.85M | 3.55M | 20.16M | 6.12M |
| Stock-Based Compensation | 14.94M | 13.18M | 10.83M | 9.01M | 9.49M | 5.68M |
| Change in Accounts Receivable | -20.06M | -7.26M | -7.26M | -5.96M | 4.51M | 2.22M |
| Change in Other Net Operating Assets | 20.51M | 8.11M | 1.09M | 767.00K | -3.94M | 14.43M |
| Other Operating Activities | -60.90M | -51.49M | -38.25M | -27.46M | -17.71M | -20.05M |
| Operating Cash Flow | 433.15M | 381.08M | 308.48M | 254.57M | 211.02M | 167.39M |
| Acquisition of Real Estate Assets | -1.18B | -1.21B | -1.09B | -999.62M | -780.62M | -849.97M |
| Net Sale / Acq. of Real Estate Assets | -1.18B | -1.21B | -1.09B | -999.62M | -780.62M | -849.97M |
| Investment in Marketable & Equity Securities | 128.79M | 128.56M | 96.93M | 128.60M | 126.61M | 58.38M |
| Other Investing Activities | -7.78M | -8.59M | -991.00K | -915.00K | -7.49M | -2.20M |
| Investing Cash Flow | -1.15B | -1.15B | -1.12B | -857.12M | -706.08M | -829.68M |
| Long-Term Debt Issued | 1.25B | 664.57M | 317.97M | 696.52M | 789.60M | |
| Total Debt Issued | 1.53B | 1.25B | 664.57M | 317.97M | 696.52M | 789.60M |
| Long-Term Debt Repaid | -855.00M | -220.00M | -70.00M | -443.00M | -442.78M | |
| Total Debt Repaid | -1.20B | -855.00M | -220.00M | -70.00M | -443.00M | -442.78M |
| Net Debt Issued (Repaid) | 328.41M | 390.67M | 444.57M | 247.97M | 253.52M | 346.82M |
| Issuance of Common Stock | 671.01M | 657.59M | 570.24M | 507.32M | 403.88M | 458.27M |
| Repurchase of Common Stock | -9.14M | -6.41M | -3.31M | -3.67M | -2.45M | -353.00K |
| Common Dividends Paid | -262.96M | -233.94M | -199.66M | -168.23M | -141.69M | -112.33M |
| Other Financing Activities | -2.93M | -9.56M | -1.14M | -3.37M | -6.47M | -3.34M |
| Net Cash Flow | 5.75M | 25.39M | -3.98M | -22.54M | 11.74M | 26.77M |
| Levered Free Cash Flow | 344.22M | 300.77M | 250.96M | 178.63M | 183.96M | 151.56M |
| Unlevered Free Cash Flow | 414.15M | 360.84M | 294.68M | 207.64M | 206.10M | 169.83M |
| Cash Interest Paid | 112.88M | 99.08M | 73.70M | 49.59M | 36.83M | 24.16M |
| Cash Income Tax Paid | 576.00K | 244.00K | 902.00K | 1.49M | 1.21M | 637.00K |
| Change in Working Capital | 453.00K | 852.00K | -6.17M | -5.19M | 564.00K | 16.65M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.08B | 5.88B | 5.48B | 3.99B | 3.34B | 3.50B |
| Enterprise Value | 9.03B | 8.53B | 7.71B | 5.56B | 4.49B | 4.53B |
| Last Close Price | 26.75 | 28.70 | 29.11 | 22.86 | 20.02 | 23.44 |
| PE Ratio | 22.23 | 23.31 | 27.08 | 20.96 | 24.98 | 36.73 |
| PS Ratio | 9.48 | 10.47 | 12.20 | 11.09 | 11.66 | 15.22 |
| PB Ratio | 1.30 | 1.40 | 1.53 | 1.33 | 1.34 | 1.72 |
| P/OCF Ratio | 14.00 | 15.42 | 17.78 | 15.66 | 15.83 | 20.93 |
| EV/Sales Ratio | 14.10 | 15.20 | 17.14 | 15.47 | 15.68 | 19.69 |
| EV/EBITDA Ratio | 15.46 | 16.64 | 18.84 | 17.16 | 17.76 | 22.68 |
| EV/EBIT Ratio | 22.21 | 23.75 | 26.85 | 25.04 | 27.24 | 34.56 |
| Debt / Equity Ratio | 0.65 | 0.60 | 0.60 | 0.57 | 0.57 | 0.58 |
| Debt / EBITDA Ratio | 5.10 | 4.96 | 5.20 | 5.22 | 5.63 | 5.89 |
| Net Debt / Equity Ratio | 0.64 | 0.59 | 0.59 | 0.56 | 0.55 | 0.55 |
| Net Debt / EBITDA Ratio | 5.07 | 4.85 | 5.12 | 5.13 | 5.42 | 5.64 |
| Asset Turnover | 0.09 | 0.09 | 0.09 | 0.08 | 0.08 | 0.08 |
| Quick Ratio | 2.35 | 2.78 | 2.51 | 2.46 | 2.36 | 2.43 |
| Current Ratio | 2.56 | 2.90 | 2.69 | 2.70 | 2.60 | 2.71 |
| Return on Equity (ROE) | 6.25% | 6.52% | 6.21% | 6.98% | 5.93% | 5.31% |
| Return on Assets (ROA) | 3.55% | 3.55% | 3.40% | 3.17% | 2.83% | 2.83% |
| Return on Invested Capital (ROIC) | 5.41% | 5.75% | 5.51% | 5.14% | 4.57% | 4.61% |
| Earnings Yield | 4.50% | 4.30% | 3.70% | 4.78% | 4.01% | 2.73% |
| Dividend Yield | 4.67% | 4.30% | 3.97% | 4.62% | 4.58% | 3.56% |
| Payout Ratio | 102.29% | 92.46% | 98.35% | 88.21% | 105.64% | 117.35% |
| Buyback Yield / Dilution | -10.08% | -11.82% | -15.37% | -13.00% | -15.65% | -22.11% |
| Total Shareholder Return | -5.38% | -7.52% | -11.40% | -8.38% | -11.07% | -18.55% |