Revenue: As of FY2026 Q1, the actual value is USD 158.8 M.EPS: As of FY2026 Q1, the actual value is USD 0.28, missing the estimate of USD 0.32.EBIT: As of FY2026 Q1, the actual value is USD 119.18 M.<h3>Financial and Operational Metrics</h3><h4>Net Income</h4><ul><li>Net income for the three months ended March 31, 2026, was $59,950 thousand, compared to $56,281 thousand for the same period in 2025 .</li><li>Net income attributable to stockholders was $59,792 thousand in 2026, up from $56,108 thousand in 2025 .</li></ul><h4>Income from Operations</h4><ul><li>Income from operations was $89,647 thousand for the three months ended March 31, 2026, an increase from $79,618 thousand in 2025 .</li></ul><h4>Total Expenses</h4><ul><li>Total expenses for the three months ended March 31, 2026, were $74,463 thousand, compared to $54,720 thousand in 2025 .</li><li>General and administrative expense increased to $12,327 thousand in 2026 from $11,543 thousand in 2025 .</li><li>Property expenses decreased to $1,495 thousand in 2026 from $2,257 thousand in 2025 .</li><li>Depreciation and amortization rose to $43,189 thousand in 2026 from $34,993 thousand in 2025 .</li><li>Provision for impairment of real estate was $16,830 thousand in 2026, up from $5,883 thousand in 2025 .</li><li>Change in provision for credit losses (or loan losses) increased to $622 thousand in 2026 from $44 thousand in 2025 .</li></ul><h4>Funds from Operations (FFO)</h4><ul><li>FFO was $114,598 thousand for the three months ended March 31, 2026, an increase from $92,130 thousand in 2025 .</li><li>Basic FFO per share was $0.54 in 2026, up from $0.49 in 2025, representing a 13% increase .</li></ul><h4>Core Funds from Operations (Core FFO)</h4><ul><li>Core FFO was $114,646 thousand in 2026, up from $92,130 thousand in 2025 .</li><li>Basic Core FFO per share was $0.54 in 2026, up from $0.49 in 2025, marking a 13% increase .</li></ul><h4>Adjusted Funds from Operations (AFFO)</h4><ul><li>AFFO totaled $105,804 thousand in 2026, an increase from $85,701 thousand in 2025 .</li><li>Basic AFFO per share was $0.50 in 2026, up from $0.45 in 2025, an 11% increase .</li></ul><h4>Investment Activity (First Quarter 2026)</h4><ul><li>Essential Properties Realty Trust, Inc. closed investments of $388.6 million across 126 properties at a 7.7% Weighted Average Cash Cap Rate . These investments involved 22 transactions, with 100% being sale-leaseback transactions and 57% with existing relationships . The weighted average lease term (WALT) for these investments was 17.7 years .</li></ul><h4>Disposition Activity (First Quarter 2026)</h4><ul><li>Net proceeds from dispositions totaled $10.2 million from 6 properties, resulting in a net gain of $5.3 million and a weighted average cash cap rate of 6.9% . Closed dispositions amounted to approximately $10 million at a 6.9% cash yield, with a realized gain/(loss) of -20.9% from 5 leased properties sold .</li></ul><h4>Loan Repayments (First Quarter 2026)</h4><ul><li>Proceeds from principal repayments totaled $6.2 million across 3 properties, with a weighted average interest rate of 9.2% .</li></ul><h4>Portfolio Highlights (as of March 31, 2026)</h4><ul><li>The portfolio consisted of 2,417 properties with a weighted average lease term (WALT) of 14.6 years and a weighted average rent coverage ratio of 3.5x .</li><li>Weighted average occupancy was 99.7% (with 7 vacant properties) .</li><li>Service-oriented or experience-based properties accounted for 91.6% of cash ABR, and 65.3% of cash ABR was subject to master leases .</li><li>The top 10 tenant concentration was 15.8% of cash ABR, and the top 20 tenant concentration was 26.0% of cash ABR .</li><li>Segmental Cash ABR was distributed as: Service at $451,039 thousand (77.2%), Experience at $83,867 thousand (14.4%), Industrial at $34,105 thousand (5.8%), and Retail at $15,155 thousand (2.6%) .</li></ul><h4>Debt, Equity &amp; Leverage (as of March 31, 2026)</h4><ul><li>Essential Properties Realty Trust, Inc. raised $402.5 million in equity (gross) at $32.20/share through a follow-on offering and $16.7 million via an ATM Program at $31.83/share . Common equity raised in Q1 2026 was approximately $419 million, including approximately $402 million from a February 2026 overnight forward offering .</li><li>Pro Forma Net Debt to Annualized Adjusted EBITDAre was 3.5x, while Net debt to Annualized Adjusted EBITDAre was 4.4x .</li><li>Cash and cash equivalents and restricted cash totaled $16.2 million (actual) and $456.8 million (pro forma) . Cash and cash equivalents were $15,176 thousand as of March 31, 2026, down from $60,181 thousand as of December 31, 2025 .</li><li>Total available liquidity was $1.5 billion, with $900.0 million in unused revolving credit facility capacity (actual) and $1.0 billion (pro forma) . Pro forma liquidity was approximately $1.5 billion .</li><li>Net debt was $2,613,831 thousand, and pro forma net debt was $2,073,249 thousand .</li><li>The company had $540.6 million in unsettled forward equity sales .</li></ul><h4>Outlook / Guidance</h4>Essential Properties Realty Trust, Inc. increased its 2026 AFFO per share estimate to a new range of $2.00 to $2.05, up from $1.99 to $2.04 . The company also raised its 2026 investment volume guidance to $1.1 billion to $1.5 billion, an increase from $1.0 billion to $1.4 billion . Additionally, the guidance range for 2026 Cash G&amp;A was reduced to $30.0 million to $34.0 million, from $31.0 million to $35.0 million .

Essential Properties Realty | 8-K: FY2026 Q1 Revenue: USD 158.8 M