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Essential Properties Realty Trust, Inc. ( EPRT ) Q3 2026 Earnings Call October 22, 2026 10:00 AM EDT Company Participants Sheryl Kaul Peter Mavoides - CEO & Director Craig Vachris Max Jenkins - President & Chief Operating Officer Robert Salisbury - EVP, CFO, Head of Corporate Finance, Chief Strategy Officer & Secretary Conference Call Participants Michael Goldsmith - UBS Investment Bank, Research Division Haendel St. Juste - Mizuho Securities USA LLC, Research Division Jana Galan - BofA Securities, Research Division Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Bennett Rose - Citigroup Inc., Research Division Eric Borden - BMO Capital Markets Equity Research Richard Hightower - Barclays Bank PLC, Research Division Linda Tsai James Kammert - Evercore ISI Institutional Equities, Research Division Greg McGinniss - Scotiabank Global Banking and Markets, Research Division James Feldman - Wells Fargo Securities, LLC, Research Division Spenser Allaway - Green Street Advisors, LLC, Research Division John Massocca - B. Riley Securities, Inc., Research Division Presentation Operator Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust Third Quarter 2026 Earnings Conference Call.
Essential Properties Realty Trust NYSE: EPRT raised its 2026 outlook and issued initial 2027 guidance after reporting third-quarter results supported by investment activity, portfolio occupancy and internally generated cash flow.
Essential Properties Realty Trust offers a recession-resistant, well-diversified triple-net REIT portfolio with minimal tenant concentration risk. EPRT maintains a strong investment-grade balance sheet, featuring low leverage (net debt/EBITDA under 4x) and a low average interest rate of 4.33%. With no major debt refinancing until 2030, EPRT faces negligible near-term refinancing risk amid a high-rate environment.
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Essential Properties (EPRT) came out with quarterly funds from operations (FFO) of $0.51 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.48 per share a year ago.
PRINCETON, N.J.--(BUSINESS WIRE)--Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential Properties” or the “Company”) today announced operating results for the three and nine months ended September 30, 2026. Third Quarter 2026 Financial and Operating Highlights: Operating Results (compared to Third Quarter 2025): • Investments (100 properties) $ Invested $342.2 million Weighted Avg Cash Cap Rate 7.7% Weighted Avg GAAP Cap Rate 9.4% • Dispositions (11 properties) Net Proceeds $.
Rate Shock: REITs enter earnings season on their back foot amid a renewed surge in long-term rates, facing a materially different cost-of-capital and financing environment than just three months ago. The rate surge is again stressing highly leveraged borrowers, particularly across private markets. Public REITs are better positioned, but remain exposed through refinancing, tenant credit, and equity valuations. Higher rates have brought an important silver lining: years of expensive capital are finally curbing construction, with shrinking pipelines beginning to support occupancy, rents, and landlord pricing power.
EPRT has just sold-off by roughly 14%, creating a great buying opportunity. EPRT's well-laddered debt maturities and unit-level tenant monitoring position it to weather higher interest rates, though refinancing risk remains. At 11.9x forward P/E, EPRT's valuation is compelling, with Wall Street consensus suggesting ~38.5% upside potential from current levels.