$EPRT

ESSENTIAL PROPERTIES REALTY TRUST, INC.

CIK:0001728951|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental revenue	$ 151,113	$ 129,108	$ 300,505	$ 250,900
Interest on loans and direct financing lease receivables	9,805	7,573	18,432	15,098
Other revenue, net	970	381	1,749	418
Total revenues	161,888	137,062	320,686	266,416
Expenses:
General and administrative	10,913	10,670	23,240	22,213
Property expenses	1,081	1,497	2,575	3,754
Depreciation and amortization	46,130	38,590	89,319	73,583
Provision for impairment of real estate	1,365	612	18,195	6,495
Change in provision for credit losses	2,635	(44)	3,257	0
Total expenses	62,124	51,325	136,586	106,045
Other operating income:
Gain on dispositions of real estate, net	4,654	2,076	9,966	7,060
Income from operations	104,418	87,813	194,066	167,431
Other (expense)/income:
Interest expense	(30,269)	(24,998)	(60,215)	(48,791)
Interest income	580	711	990	1,325
Other income, net	387	0	387	0
Income before income tax expense	75,116	63,526	135,228	119,965
Income tax expense	635	156	795	314
Net income	74,481	63,370	134,433	119,651
Net income attributable to non-controlling interests	(194)	(158)	(353)	(331)
Net income attributable to stockholders	$ 74,287	$ 63,212	$ 134,080	$ 119,320
Basic weighted average shares outstanding (in shares)	216,260,528	197,551,003	213,235,988	193,030,913
Basic net income per share (in USD per share)	$ 0.34	$ 0.32	$ 0.63	$ 0.62
Diluted weighted average shares outstanding (in shares)	217,918,955	199,632,311	215,008,074	195,317,678
Diluted net income per share (in USD per share)	$ 0.34	$ 0.32	$ 0.62	$ 0.61

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 134,433	$ 119,651
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	89,319	73,583
Amortization of lease incentives	1,029	602
Amortization of above/below market leases and right of use assets, net	204	(82)
Amortization of deferred financing costs and other non-cash interest expense	4,151	3,520
Provision for impairment of real estate	18,195	6,495
Change in provision for credit losses	3,257	0
Gain on dispositions of real estate, net	(9,966)	(7,060)
Straight-line rent receivable, net	(32,946)	(24,233)
Equity-based compensation expense	7,626	7,465
Adjustment to rental revenue for tenant credit	4,310	1,759
Changes in other assets and liabilities:
Rent receivables, prepaid expenses and other assets, net	(11,779)	(2,592)
Accrued liabilities and other payables	2,096	(2,169)
Net cash provided by operating activities	209,929	176,939
Cash flows from investing activities:
Proceeds from sales of investments, net	63,452	69,044
Principal collections on loans and direct financing lease receivables	34,283	6,342
Investments in loans receivable	(90,065)	(33,839)
Deposits for prospective real estate investments	(2,268)	(2,803)
Investment in real estate, including capital expenditures	(547,737)	(548,275)
Investment in construction in progress	(43,853)	(59,092)
Lease incentives paid	(45)	(2,353)
Net cash used in investing activities	(586,233)	(570,976)
Cash flows from financing activities:
Borrowings under revolving credit facility	460,000	355,000
Repayments under revolving credit facility	(460,000)	(155,000)
Proceeds from issuance of senior unsecured notes, net	389,876	0
Payments for taxes related to net settlement of equity awards	(8,181)	(6,307)
Payment of deferred financing costs	(769)	(7,508)
Proceeds from issuance of common stock, net	192,725	298,809
Offering costs	(516)	(603)
Dividends and distributions paid	(132,967)	(114,263)
Net cash provided by financing activities	440,168	370,128
Net increase (decrease) in cash and cash equivalents and restricted cash	63,864	(23,909)
Cash and cash equivalents and restricted cash, beginning of period	70,365	44,978
Cash and cash equivalents and restricted cash, end of period	134,229	21,069
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	126,165	20,777
Restricted cash	8,064	292
Cash and cash equivalents and restricted cash, end of period	134,229	21,069
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	56,431	45,312
Cash paid for income taxes	1,076	998
Non-cash investing and financing activities:
Reclassification from construction in progress upon project completion	53,150	129,889
Net settlement of proceeds on the sale of investments	(2,375)	(1,650)
Non-cash investment in real estate and loan receivable activity	3,259	(7,949)
Contribution of real estate in exchange for OP Units	36,569	0
Unrealized gain (loss) on cash flow hedges	22,010	(26,375)
Accrued offering and deferred financing costs	622	0
Dividends and distributions declared and unpaid	$ 70,152	$ 59,836

Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Real estate investments, at cost:

Land and improvements

$ 2,401,926

$ 2,200,829

Building and improvements

4,723,454

4,388,959

Lease incentives

23,192

24,154

Construction in progress

39,075

49,881

Intangible lease assets

116,423

99,217

Total real estate investments, at cost

7,304,070

6,763,040

Less: accumulated depreciation and amortization

(688,346)

(612,674)

Total real estate investments, net

6,615,724

6,150,366

Loans and direct financing lease receivables, net

457,107

401,323

Real estate investments held for sale, net

3,918

2,635

Net investments

7,076,749

6,554,324

Cash and cash equivalents

126,165

60,181

Restricted cash

8,064

10,184

Straight-line rent receivable, net

225,831

191,008

Derivative assets

7,535

7,861

Rent receivables, prepaid expenses and other assets, net

45,969

39,465

Total assets

^[1]

7,490,313

6,863,023

LIABILITIES AND EQUITY

Unsecured term loans, net of deferred financing costs

1,726,971

1,725,010

Senior unsecured notes, net

1,176,075

786,708

Revolving credit facility

Intangible lease liabilities, net

14,196

10,766

Intangible lease liabilities held for sale, net

Dividends and distributions payable

70,152

65,391

Derivative liabilities

6,784

26,226

Accrued liabilities and other payables

44,088

41,028

Total liabilities

^[1]

3,038,342

2,655,129

Commitments and contingencies (see Note 11)

Stockholders' equity:

Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025

Common stock, $0.01 par value; 500,000,000 authorized; 216,271,958 and 209,702,433 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

2,163

2,097

Additional paid-in capital

4,527,700

4,328,137

Distributions in excess of cumulative earnings

(119,778)

(109,261)

Accumulated other comprehensive loss

(1,674)

(20,979)

Total stockholders' equity

4,408,411

4,199,994

Non-controlling interests

43,560

7,900

Total equity

4,451,971

4,207,894

Total liabilities and equity

$ 7,490,313

$ 6,863,023

[1]

The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 2—Summary of Significant Accounting Policies. As of June 30, 2026 and December 31, 2025, all of the assets and liabilities of the Company were held by its operating partnership, Essential Properties, L.P., a consolidated VIE, with the exception of $69.3 million and $65.1 million, respectively, of dividends payable.