Essential Properties Realty Trust Inc
essentialproperties.comWhat Do They Do?
Acquires and leases single-tenant commercial properties to middle-market companies operating service-oriented or experience-based businesses.
10-K for FY2025, filed Feb 11, 2026
How Do They Make Money?
The company earns rent from tenants under long-term leases; some leases also add rent tied to tenant sales after a stated sales threshold is reached.
10-K for FY2025, filed Feb 11, 2026We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on…View ↗
Revenue RecognitionView ↗
Certain properties in the Company’s investment portfolio are subject to leases that provide for contingent rent based on a percentage of…View ↗
$561.2M
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10-K for FY2025, filed Feb 11, 2026
$561.2M ↗
Who Are Their Customers?
Its tenants are mainly middle-market operators in service-oriented or experience-based businesses, along with some smaller companies; it leases properties directly to the operators.
10-K for FY2025, filed Feb 11, 2026We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on…View ↗
Significant Use of Sale-Leaseback Structure. Because the focus of our investment strategy is on middle-market and select smaller operators…View ↗
We define middle-market companies as regional and national operators with between 10 and 250 locations and $20 million to $1 billion in…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 45 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 11, 2026
How Are They Changing?
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Jul 22, 2026
Raised 2026 AFFO and investment guidance
Raised its 2026 AFFO-per-share range to $2.01 to $2.05 and investment-volume range to $1.2 billion to $1.5 billion.
Sources
8-K, filed Jul 22, 2026
The Company is increasing its previously issued 2026 AFFO per share estimate from $2.00 to $2.05 to a new range of $2.01 to $2.05. The…View ↗
Growing. Revenue grew 2.4x in 4 years, from $230.2M in FY2021 to $561.2M in FY2025, about 25% a year.
Broader middle-market tenant range
The latest report sets a higher stated annual-revenue ceiling for middle-market tenants, extending the target to larger operators while retaining smaller companies as opportunistic tenants.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 11, 2026We focus on properties leased to middle-market companies, which we define as regional and national operators with between 10 and 250…View ↗
We define middle-market companies as regional and national operators with between 10 and 250 locations and $20 million to $1 billion in…View ↗
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