{"id":42755,"date":"2026-07-23T01:16:00","date_gmt":"2026-07-22T23:16:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=088979d390a539f22e15e3a09d305a95"},"modified":"2026-07-23T01:16:00","modified_gmt":"2026-07-22T23:16:00","slug":"essential-properties-announces-second-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=42755","title":{"rendered":"Essential Properties Announces Second Quarter 2026 Results"},"content":{"rendered":"

\n- Second Quarter Net Income per Share of $0.34 and AFFO per Share of $0.50 -<\/i>- Closed Investments of $332.4 million at a 7.8% Weighted Average Cash Cap Rate -<\/i>- Increases 2026 AFFO Guidance to $2.01 to $2.05 per Share -<\/i>- Increases 2026 Investment Guidance to $1.2 billion to $1.5 billion -<\/i><\/p>

PRINCETON, N.J.--(BUSINESS WIRE)--Essential Properties Realty Trust, Inc. (NYSE: EPRT; \u201cEssential Properties\u201d or the \u201cCompany\u201d) today announced operating results for the three and six months ended June 30, 2026.<\/p><\/a><\/a>

\nSecond Quarter 2026 Financial and Operating Highlights:<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nOperating Results (compared to Second Quarter 2025):<\/p><\/td>

\n

\n\u00a0<\/p><\/td>

\n

\n\u00a0<\/p><\/td><\/tr>\n

\n\u2022 Investments (103 properties)<\/p><\/td>

\n

\n$ Invested<\/p><\/td>

\n

\n$332.4 million<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n

\nWeighted Avg Cash Cap Rate<\/p><\/td>

\n

\n7.8%<\/p><\/td><\/tr>\n

\n\u2022 Dispositions (17 properties)<\/p><\/td>

\n

\nNet Proceeds<\/p><\/td>

\n

\n$54.3 million<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n

\nWeighted Avg Cash Cap Rate<\/p><\/td>

\n

\n7.3%<\/p><\/td><\/tr>\n

\n\u2022 Net Income per Share<\/p><\/td>

\n

\nIncreased by 6%<\/p><\/td>

\n

\n$0.34<\/p><\/td><\/tr>\n

\n\u2022 Funds from Operations (\u201cFFO\u201d) per Share (1)<\/sup><\/p><\/td>

\n

\nIncreased by 6%<\/p><\/td>

\n

\n$0.53<\/p><\/td><\/tr>\n

\n\u2022 Core Funds from Operations (\u201cCore FFO\u201d) per Share (1)<\/sup><\/p><\/td>

\n

\nIncreased by 6%<\/p><\/td>

\n

\n$0.53<\/p><\/td><\/tr>\n

\n\u2022 Adjusted Funds from Operations (\u201cAFFO\u201d) per Share (1)<\/sup><\/p><\/td>

\n

\nIncreased by 9%<\/p><\/td>

\n

\n$0.50<\/p><\/td><\/tr>\n

\nDebt, Equity & Leverage:<\/p><\/td>

\n

\n\u00a0<\/p><\/td>

\n

\n\u00a0<\/p><\/td><\/tr>\n

\n\u2022 Public Debt Issuance (June 4, 2026)<\/p><\/td>

\n

\n10 years; 5.38% coupon<\/p><\/td>

\n

\n$400.0 million<\/p><\/td><\/tr>\n

\n\u2022 Equity Raised (Gross) - ATM Program (2)<\/sup><\/p><\/td>

\n

\n$30.70\/share<\/p><\/td>

\n

\n$36.6 million<\/p><\/td><\/tr>\n

\n\u2022 Equity Raised (Gross) - Common OP Units<\/p><\/td>

\n

\n$30.39\/unit<\/p><\/td>

\n

\n$36.6 million<\/p><\/td><\/tr>\n

\n\u2022 Pro Forma Net Debt to Annualized Adjusted EBITDAre <\/i>(1)<\/sup><\/p><\/td>

\n

\nAs of Quarter End<\/p><\/td>

\n

\n3.5x<\/p><\/td><\/tr>\n<\/table>

\nFull Year 2026 Financial and Operating Highlights:<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n

\nOperating Results (compared to YTD Second Quarter 2025):<\/p><\/td>

\n

\n\u00a0<\/p><\/td>

\n

\n\u00a0<\/p><\/td><\/tr>\n

\n\u2022 Investments (229 properties)<\/p><\/td>

\n

\n$ Invested<\/p><\/td>

\n

\n$721.1 million<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n

\nWeighted Avg Cash Cap Rate<\/p><\/td>

\n

\n7.7%<\/p><\/td><\/tr>\n

\n\u2022 Dispositions (23 properties)<\/p><\/td>

\n

\nNet Proceeds<\/p><\/td>

\n

\n$64.4 million<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n

\nWeighted Avg Cash Cap Rate<\/p><\/td>

\n

\n7.2%<\/p><\/td><\/tr>\n

\n\u2022 Net Income per share<\/p><\/td>

\n

\nIncreased by 2%<\/p><\/td>

\n

\n$0.62<\/p><\/td><\/tr>\n

\n\u2022 FFO per share (1)<\/sup><\/p><\/td>

\n

\nIncreased by 9%<\/p><\/td>

\n

\n$1.07<\/p><\/td><\/tr>\n

\n\u2022 Core FFO per share (1)<\/sup><\/p><\/td>

\n

\nIncreased by 9%<\/p><\/td>

\n

\n$1.07<\/p><\/td><\/tr>\n

\n\u2022 AFFO per share (1)<\/sup><\/p><\/td>

\n

\nIncreased by 10%<\/p><\/td>

\n

\n$1.00<\/p><\/td><\/tr>\n

\nDebt, Equity & Leverage:<\/p><\/td>

\n

\n\u00a0<\/p><\/td>

\n

\n\u00a0<\/p><\/td><\/tr>\n

\n\u2022 Public Debt Issuance (June 4, 2026)<\/p><\/td>

\n

\n10 years; 5.38% coupon<\/p><\/td>

\n

\n$400.0 million<\/p><\/td><\/tr>\n

\n\u2022 Equity Raised (Gross) - Follow-On Offering & ATM Program (2)<\/sup><\/p><\/td>

\n

\n$32.06\/share<\/p><\/td>

\n

\n$455.8 million<\/p><\/td><\/tr>\n<\/table>\n\n\n\n
_______________<\/td>\n<\/tr>\n

\n1.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nSee page 8 for reconciliations of non-GAAP financial measures to corresponding GAAP metrics.<\/p><\/td><\/tr>\n

\n2.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nAll shares were sold on a forward basis and a total of 18,887,181 shares remain unsettled for estimated net proceeds of $574.7 million.<\/p><\/td><\/tr>\n<\/table>

\nCEO Comments<\/b><\/p>

\nCommenting on the second quarter 2026 results, the Company's Chief Executive Officer, Pete Mavoides, said, \u201cThe second quarter was highlighted by strong execution across our investment activity, reflecting the strength of our sourcing platform and deep operator relationships across the middle market industries in which we invest. With continued strong portfolio performance and our debt and equity capital needs largely addressed for the remainder of the year and well into 2027, we are able to increase our AFFO per share guidance for the year.\u201d<\/p>

\nPortfolio Highlights<\/b><\/p>

\nThe Company\u2019s investment portfolio as of June 30, 2026 is summarized as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nJune 30, 2026<\/b><\/p><\/td><\/tr>\n

\nNumber of properties<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,493<\/p><\/td><\/tr>\n

\nWeighted average lease term (WALT)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n14.3 years<\/p><\/td><\/tr>\n

\nWeighted average rent coverage ratio<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3.5x<\/p><\/td><\/tr>\n

\nTop 10 tenant concentration (% of cash ABR)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n15.2%<\/p><\/td><\/tr>\n

\nTop 20 tenant concentration (% of cash ABR)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n25.4%<\/p><\/td><\/tr>\n

\nWeighted average occupancy (9 vacant properties)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n99.6%<\/p><\/td><\/tr>\n

\nTotal square feet of rentable space<\/p><\/td>

\n\u00a0<\/p><\/td>

\n28.5 million<\/p><\/td><\/tr>\n

\nService-oriented or experience-based (% of cash ABR)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n91.6%<\/p><\/td><\/tr>\n

\nProperties subject to master lease (% of cash ABR)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n64.6%<\/p><\/td><\/tr>\n<\/table>

\nPortfolio Update<\/b><\/p>

\nInvestments<\/i><\/b><\/p>

\nDuring the three months ended June 30, 2026, the Company's $332.4 million of investment activity had a weighted average closing date of June 11, 2026. Additional details about the Company\u2019s investment activity during the three and six months ended June 30, 2026 are summarized as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nQuarter Ended<\/b><\/p>

\nJune 30, 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nYear to Date<\/b><\/p>

\nJune 30, 2026<\/b><\/p><\/td><\/tr>\n

\nInvestments:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInvestment volume<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$332.4 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$721.1 million<\/p><\/td><\/tr>\n

\nNumber of transactions<\/p><\/td>

\n\u00a0<\/p><\/td>

\n36<\/p><\/td>

\n\u00a0<\/p><\/td>

\n58<\/p><\/td><\/tr>\n

\nProperty count<\/p><\/td>

\n\u00a0<\/p><\/td>

\n103<\/p><\/td>

\n\u00a0<\/p><\/td>

\n229<\/p><\/td><\/tr>\n

\nWeighted average cash \/ GAAP cap rate<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7.8%\/9.1%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7.7%\/8.9%<\/p><\/td><\/tr>\n

\nWeighted average lease escalation<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1.9%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1.9%<\/p><\/td><\/tr>\n

\n% Subject to master lease<\/p><\/td>

\n\u00a0<\/p><\/td>

\n50%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n49%<\/p><\/td><\/tr>\n

\n% Sale-leaseback transactions<\/p><\/td>

\n\u00a0<\/p><\/td>

\n84%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n92%<\/p><\/td><\/tr>\n

\n% Existing relationship<\/p><\/td>

\n\u00a0<\/p><\/td>

\n72%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n64%<\/p><\/td><\/tr>\n

\n% Required financial reporting (tenant\/guarantor)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n100%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n100%<\/p><\/td><\/tr>\n

\nWALT<\/p><\/td>

\n\u00a0<\/p><\/td>

\n16.0 years<\/p><\/td>

\n\u00a0<\/p><\/td>

\n16.9 years<\/p><\/td><\/tr>\n<\/table>

\nDispositions<\/i><\/b><\/p>

\nThe Company\u2019s disposition activity during the three and six months ended June 30, 2026 is summarized as follows:<\/p>\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nQuarter Ended<\/b><\/p>

\nJune 30, 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nYear to Date<\/b><\/p>

\nJune 30, 2026<\/b><\/p><\/td><\/tr>\n

\nDispositions:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet proceeds<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$54.3 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$64.4 million<\/p><\/td><\/tr>\n

\nNumber of properties sold<\/p><\/td>

\n\u00a0<\/p><\/td>

\n17<\/p><\/td>

\n\u00a0<\/p><\/td>

\n23<\/p><\/td><\/tr>\n

\nNet gain \/ (loss)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$4.7 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$10.0 million<\/p><\/td><\/tr>\n

\nWeighted average cash cap rate<\/p>

\n(excluding vacant properties and sales subject to a tenant purchase option)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7.3%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7.2%<\/p><\/td><\/tr>\n<\/table>

\nLoan Repayments<\/i><\/b><\/p>

\nLoan repayments received by the Company during the three and six months ended June 30, 2026 are summarized as follows:<\/p>\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nQuarter Ended<\/b><\/p>

\nJune 30, 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nYear to Date<\/b><\/p>

\nJune 30, 2026<\/b><\/p><\/td><\/tr>\n

\nLoan Repayments:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nProceeds\u2014Principal<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$27.9 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$34.1 million<\/p><\/td><\/tr>\n

\nNumber of properties<\/p><\/td>

\n\u00a0<\/p><\/td>

\n10<\/p><\/td>

\n\u00a0<\/p><\/td>

\n13<\/p><\/td><\/tr>\n

\nWeighted average interest rate<\/p><\/td>

\n\u00a0<\/p><\/td>

\n9.3%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n9.3%<\/p><\/td><\/tr>\n<\/table>

\nLeverage and Liquidity<\/b><\/p>

\nThe Company's leverage and liquidity as of June 30, 2026 are summarized in the following table.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nJune 30, 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nPro Forma (1)<\/sup> June 30, 2026<\/b><\/p><\/td><\/tr>\n

\nLeverage:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet debt to Annualized Adjusted EBITDAre<\/i><\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.5x<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3.5x<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLiquidity:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCash and cash equivalents and restricted cash<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$134.2 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$708.9 million<\/p><\/td><\/tr>\n

\nUnused revolving credit facility capacity<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$1.0 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$1.0 billion<\/p><\/td><\/tr>\n

\nForward equity sales - unsettled<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$574.7 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td><\/tr>\n

\nTotal available liquidity<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$1.7 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$1.7 billion<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nATM Program:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOctober 2024 ATM Program initial availability<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$750.0 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAggregate gross sales under the October 2024 ATM Program<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$455.9 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAvailability remaining under the October 2024 ATM Program<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$294.1 million<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n
_______________<\/td>\n<\/tr>\n

\n1.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nPro forma adjustments have been made to reflect 18,887,181 unsettled shares sold on a forward basis as if they had been physically settled for cash on June 30, 2026.<\/p><\/td><\/tr>\n<\/table>

\nEquity Activity<\/b><\/p>

\nThe Company's equity activity during the three months ended June 30, 2026 is summarized in the following table.<\/p>\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nShares<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nPrice<\/b><\/p>

\n(Net) (1)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nNet Proceeds (000s)<\/b><\/p><\/td><\/tr>\n

\nForward Shares Unsettled - March 31, 2026<\/p><\/td>

\n\u00a0<\/p><\/td>

\n17,695,008<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$30.44<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$538,686<\/p><\/td><\/tr>\n

\nShares Sold - Current Quarter<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,192,173<\/p><\/td>

\n\u00a0<\/p><\/td>

\n30.24<\/p><\/td>

\n\u00a0<\/p><\/td>

\n36,051<\/p><\/td><\/tr>\n

\nShares Settled - Current Quarter<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td><\/tr>\n

\nForward Shares Unsettled - June 30, 2026<\/p><\/td>

\n\u00a0<\/p><\/td>

\n18,887,181<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$30.43<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$574,737<\/p><\/td><\/tr>\n<\/table>\n\n\n
_______________<\/td>\n<\/tr>\n

\n1.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nPrices are inclusive of forward price adjustments as of June 30, 2026.<\/p><\/td><\/tr>\n<\/table>

\nGuidance<\/b><\/p>

\n2026 Guidance<\/i><\/b><\/p>

\nThe 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 Company is also increasing its guidance range for 2026 investment volume from $1.1 billion to $1.5 billion to an updated range of $1.2 billion to $1.5 billion, and is reiterating its prior guidance range for 2026 Cash G&A of $30.0 million to $34.0 million.<\/p>

\nNote: The Company does not provide guidance for the most comparable GAAP financial measures, net income and general and administrative expense, or a reconciliation of the forward-looking non-GAAP financial measures of AFFO to net income computed in accordance with GAAP and Cash G&A expense to general and administrative expense computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measures, including items that are not indicative of the Company's ongoing operations, such as, without limitation, potential impairments of real estate assets, net gain\/loss on dispositions of real estate assets, changes in allowance for credit losses and non-cash compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company's GAAP results for the guidance period.<\/p>

\nDividend Information<\/b><\/p>

\nAs previously announced, on May 29, 2026, Essential Properties' board of directors declared a cash dividend of $0.32 per share of common stock for the quarter ended June 30, 2026. The second quarter 2026 dividend represents an annualized dividend of $1.28 per share of common stock. The dividend was paid on July 14, 2026 to stockholders of record as of the close of business on June 30, 2026.<\/p>

\nConference Call Information<\/b><\/p>

\nIn conjunction with the release of Essential Properties\u2019 operating results, the Company will host a conference call on Thursday, July 23, 2026 at 10:00 a.m. ET to discuss the results. To access the conference, dial 800-579-2543 (International: 785-424-1789) and use the conference ID: EPRT. A live webcast will also be available in listen-only mode by clicking on the webcast link in the Investor Relations section at www.essentialproperties.com<\/a>.<\/p>

\nA telephone replay of the conference call can also be accessed by calling 844-512-2921 (International: 412-317-6671) and entering the access code: 11162070. The telephone replay will be available through August 6, 2026.<\/p>

\nA replay of the conference call webcast will be available on our website approximately three hours after the conclusion of the live broadcast. The webcast replay will be available for 90 days. No access code is required for this replay.<\/p>

\nSupplemental Materials<\/b><\/p>

\nThe Company\u2019s Investor Presentation and Supplemental Information\u2014Second Quarter 2026 is available on Essential Properties\u2019 website at investors.essentialproperties.com<\/a>.<\/p>

\nAbout Essential Properties Realty Trust, Inc.<\/b><\/p>

\nEssential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single- tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of June 30, 2026, the Company\u2019s portfolio consisted of 2,493 freestanding net lease properties with a weighted average lease term of 14.3 years and a weighted average rent coverage ratio of 3.5x. In addition, as of June 30, 2026, the Company\u2019s portfolio was 99.6% leased to tenants operating 715 different concepts across 48 states.<\/p>

\nForward-Looking Statements<\/b><\/p>

\nThis press release contains forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words \u201cestimate,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseek,\u201d \u201capproximately\u201d or \u201cplan,\u201d or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters, are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and the Company may not be able to realize them. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect the Company\u2019s good faith beliefs, they are not guarantees of future performance. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur as described, or at all.<\/p>

\nAdditional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained in the company\u2019s Securities and Exchange Commission (the \u201cCommission\u201d) filings, including, but not limited to, the Company\u2019s most recent Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company\u2019s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release.<\/p>

\nThe results reported in this press release are preliminary and not final. There can be no assurance that these results will not vary from the final results reported in the Company\u2019s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 that it will file with the Commission.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nEssential Properties Realty Trust, Inc.<\/b><\/p><\/td><\/tr>\n

\nConsolidated Statements of Operations<\/b><\/p><\/td><\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nThree months ended June 30,<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nSix months ended June 30,<\/b><\/p><\/td><\/tr>\n

\n(unaudited, in thousands, except share and per share data)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nRevenues:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nRental revenue (1)(2)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n151,113<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n129,108<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n300,505<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n250,900<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInterest on loans and direct financing lease receivables<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n9,805<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,573<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n18,432<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n15,098<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOther revenue<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n970<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n381<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,749<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n418<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal revenues<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n161,888<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n137,062<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n320,686<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n266,416<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nExpenses:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nGeneral and administrative<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n10,913<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n10,670<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n23,240<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n22,213<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nProperty expenses (2)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,081<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,497<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,575<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3,754<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDepreciation and amortization<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n46,130<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n38,590<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n89,319<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n73,583<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nProvision for impairment of real estate<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,365<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n612<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n18,195<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,495<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nChange in provision for credit losses<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,635<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(44<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3,257<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal expenses<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n62,124<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n51,325<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n136,586<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n106,045<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOther operating income:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nGain on dispositions of real estate, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,654<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,076<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n9,966<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,060<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nIncome from operations<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n104,418<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n87,813<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n194,066<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n167,431<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOther (expense)\/income:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInterest expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(30,269<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(24,998<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(60,215<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(48,791<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nInterest income<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n580<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n711<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n990<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,325<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOther income, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n387<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n387<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nIncome before income tax expense<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n75,116<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n63,526<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n135,228<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n119,965<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nIncome tax expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n635<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n156<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n795<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n314<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet income<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n74,481<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n63,370<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n134,433<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n119,651<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet income attributable to non-controlling interests<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(194<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(158<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(353<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(331<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nNet income attributable to stockholders<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n74,287<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n63,212<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n134,080<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n119,320<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBasic weighted-average shares outstanding<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n216,260,528<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n197,551,003<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n213,235,988<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n193,030,913<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBasic net income per share<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.34<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.32<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.63<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.62<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted weighted-average shares outstanding<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n217,918,955<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n199,632,311<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n215,008,074<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n195,317,678<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted net income per share<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.34<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.32<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.62<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.61<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n\n
_______________<\/td>\n<\/tr>\n

\n1.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nIncludes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $276, $236, $370 and $442 for the three and six months ended June 30, 2026 and 2025, respectively.<\/p><\/td><\/tr>\n

\n2.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nIncludes reimbursable income or reimbursable expenses from the Company\u2019s tenants of $502, $954, $1,305 and $2,483 for the three and six months ended June 30, 2026 and 2025, respectively.<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nEssential Properties Realty Trust, Inc.<\/b><\/p><\/td><\/tr>\n

\nConsolidated Balance Sheets<\/b><\/p><\/td><\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n

\n(in thousands, except share and per share data)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nJune 30, 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nDecember 31, 2025<\/b><\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(Unaudited)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n(Audited)<\/b><\/p><\/td><\/tr>\n

\nASSETS<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInvestments:<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nReal estate investments, at cost:<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLand and improvements<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n2,401,926<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n2,200,829<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBuilding and improvements<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,723,454<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,388,959<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLease incentives<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n23,192<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n24,154<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nConstruction in progress<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n39,075<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n49,881<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nIntangible lease assets<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n116,423<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n99,217<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal real estate investments, at cost<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,304,070<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,763,040<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLess: accumulated depreciation and amortization<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(688,346<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(612,674<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nTotal real estate investments, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,615,724<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,150,366<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLoans and direct financing lease receivables, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n457,107<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n401,323<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nReal estate investments held for sale, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3,918<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,635<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet investments<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,076,749<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,554,324<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCash and cash equivalents<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n126,165<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n60,181<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nRestricted cash<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n8,064<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n10,184<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nStraight-line rent receivable, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n225,831<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n191,008<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDerivative assets<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,535<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,861<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nRent receivables, prepaid expenses and other assets, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n45,969<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n39,465<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal assets<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n7,490,313<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n6,863,023<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLIABILITIES AND EQUITY<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nUnsecured term loans, net of deferred financing costs<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,726,971<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,725,010<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nSenior unsecured notes, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,176,075<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n786,708<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nRevolving credit facility<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nIntangible lease liabilities, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n14,196<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n10,766<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nIntangible lease liabilities held for sale, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n76<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDividends and distributions payable<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n70,152<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n65,391<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDerivative liabilities<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,784<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n26,226<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAccrued liabilities and other payables<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n44,088<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n41,028<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal liabilities<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3,038,342<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,655,129<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCommitments and contingencies<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nStockholders' equity:<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPreferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCommon 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<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,163<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,097<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdditional paid-in capital<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,527,700<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,328,137<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDistributions in excess of cumulative earnings<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(119,778<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(109,261<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nAccumulated other comprehensive loss<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(1,674<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(20,979<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nTotal stockholders' equity<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,408,411<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,199,994<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNon-controlling interests<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n43,560<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,900<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal equity<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,451,971<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,207,894<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal liabilities and equity<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n7,490,313<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n6,863,023<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nEssential Properties Realty Trust, Inc.<\/b><\/p><\/td><\/tr>\n

\nReconciliation of Non-GAAP Financial Measures<\/b><\/p><\/td><\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nThree months ended June 30,<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nSix months ended June 30,<\/b><\/p><\/td><\/tr>\n

\n(unaudited, in thousands except per share data)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet income<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n74,481<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n63,370<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n134,433<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n119,651<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDepreciation and amortization of real estate<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n45,755<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n38,549<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n88,884<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n73,499<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nProvision for impairment of real estate<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,365<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n612<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n18,195<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,495<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nGain on dispositions of real estate, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(4,654<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(2,076<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(9,966<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(7,060<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nFunds from Operations<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n116,947<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n100,455<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n231,546<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n192,585<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNon-core (income) expense, net (1)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(266<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(218<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCore Funds from Operations<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n116,681<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n100,455<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n231,328<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n192,585<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdjustments:<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nStraight-line rental revenue, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(15,133<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(12,105<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(30,498<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(23,078<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nNon-cash interest<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,452<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,357<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,894<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,635<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNon-cash compensation expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3,461<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3,496<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,626<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7,464<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOther amortization expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n946<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n268<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,233<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n520<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nChange in provision for credit losses<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,635<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(44<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3,257<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOther non-cash adjustments<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n625<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n505<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,194<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n733<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCapitalized interest expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(550<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(911<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(1,111<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(2,137<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nAdjusted Funds from Operations<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n110,117<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n93,021<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n215,923<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n178,722<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet income per share: (2)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBasic<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.34<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.32<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.63<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.62<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.34<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.32<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.62<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.61<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nFFO per share: (2)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBasic<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.54<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.51<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1.08<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.99<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.53<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.50<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1.07<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.98<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCore FFO per share: (2)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBasic<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.54<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.51<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1.08<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.99<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.53<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.50<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1.07<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.98<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAFFO per share: (2)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBasic<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.51<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.47<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1.01<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.92<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.50<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.46<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1.00<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.91<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n\n
_______________<\/td>\n<\/tr>\n

\n1.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nIncludes net insurance recovery income during the three months ended June 30, 2026 and non-core technology expenses during the three and six months ended June 30, 2026.<\/p><\/td><\/tr>\n

\n2.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nCalculations exclude $377, $229, $739 and $455 from the numerator for the three and six months ended June 30, 2026 and 2025, respectively, related to dividend equivalents and distributions paid on unvested restricted stock units and LTIP units.<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nThree months ended June 30,<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nSix months ended June 30,<\/b><\/p><\/td><\/tr>\n

\n(unaudited, in thousands)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nGeneral and administrative expense<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n10,913<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n10,670<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n23,240<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n22,213<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNon-core general and administrative expense (1)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(121<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(169<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNon-cash compensation expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(3,461<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(3,496<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(7,626<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(7,464<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nStraight-line rent expense, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(151<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n10<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(250<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n21<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCash G&A<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n7,180<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n7,184<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n15,195<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n14,770<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n
_______________<\/td>\n<\/tr>\n

\n1.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nIncludes non-core technology expenses during the three and six months ended June 30, 2026.<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nEssential Properties Realty Trust, Inc.<\/b><\/p><\/td><\/tr>\n

\nReconciliation of Non-GAAP Financial Measures<\/b><\/p><\/td><\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n

\n(unaudited, in thousands)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nThree months ended June 30, 2026<\/b><\/p><\/td><\/tr>\n

\nNet income<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n74,481<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDepreciation and amortization<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n46,130<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInterest expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n30,269<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInterest income<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(580<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nIncome tax expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n635<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nEBITDA<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n150,935<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nProvision for impairment of real estate<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,365<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nGain on dispositions of real estate, net<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(4,654<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nEBITDAre<\/i><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n147,646<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdjustment for current quarter re-leasing, acquisition and disposition activity (1)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n5,623<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdjustment for other non-core or non-recurring activity (2)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,406<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdjustment to exclude termination\/prepayment fees and certain percentage rent (3)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(856<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nAdjusted EBITDAre<\/i> - Current Estimated Run Rate<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n156,819<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nGeneral and administrative expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n11,115<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdjusted net operating income (\"NOI\")<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n167,934<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nStraight-line rental revenue, net (1)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(18,172<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nOther amortization expense<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n946<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdjusted Cash NOI<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n150,708<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAnnualized EBITDAre<\/i><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n590,584<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAnnualized Adjusted EBITDAre<\/i><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n627,276<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAnnualized Adjusted NOI<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n671,736<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAnnualized Adjusted Cash NOI<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n602,832<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n
_______________<\/td>\n<\/tr>\n

\n1.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nAdjustment is made to reflect EBITDAre<\/i>, NOI and Cash NOI as if all re-leasing activity, investments in and dispositions of real estate and loan repayments completed during the three months ended June 30, 2026 had occurred on April 1, 2026.<\/p><\/td><\/tr>\n

\n2.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nAdjustment is made to i) exclude non-core adjustments made in computing Core FFO, if any, ii) exclude changes in the Company's provision for credit losses and iii) eliminate the impact of seasonal fluctuation in certain non-cash compensation expense recorded in the period.<\/p><\/td><\/tr>\n

\n3.<\/p><\/td>

\n\u00a0<\/p><\/td>

\nAdjustment excludes lease termination or loan prepayment fees and contingent rent (based on a percentage of the tenant's gross sales at the leased property) where payment is subject to exceeding a sales threshold specified in the lease, if any.<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nEssential Properties Realty Trust, Inc.<\/b><\/p><\/td><\/tr>\n

\nReconciliation of Non-GAAP Financial Measures<\/b><\/p><\/td><\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n

\n(unaudited, dollars in thousands, except share and per share data)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nJune 30, 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nRate<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nWtd. Avg. Maturity<\/b><\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nUnsecured debt:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nFebruary 2027 term loan (1)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n430,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2.26<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.6 years<\/p><\/td><\/tr>\n

\nJanuary 2028 term loan (1)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n400,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.51<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1.6 years<\/p><\/td><\/tr>\n

\nFebruary 2029 term loan (1)(2)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n450,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.25<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2.7 years<\/p><\/td><\/tr>\n

\nJanuary 2030 term loan (1)(2)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n450,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.67<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3.5 years<\/p><\/td><\/tr>\n

\nSenior unsecured notes due July 2031<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n400,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3.12<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.0 years<\/p><\/td><\/tr>\n

\nSenior unsecured notes due December 2035<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n400,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.40<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n9.4 years<\/p><\/td><\/tr>\n

\nSenior unsecured notes due July 2036<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n400,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.38<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n10.0 years<\/p><\/td><\/tr>\n

\nRevolving credit facility (2)(3)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3.6 years<\/p><\/td><\/tr>\n

\nTotal unsecured debt<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,930,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.37<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.6 years<\/p><\/td><\/tr>\n

\nGross debt<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,930,000<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLess: cash & cash equivalents<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(126,165<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLess: restricted cash available for future investment<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(8,064<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet debt<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,795,771<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nEquity:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPreferred stock<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCommon stock, OP Units & vested LTIP Units (218,048,119 shares @ $29.85\/share as of 6\/30\/26) (4)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,508,736<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal equity<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,508,736<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal enterprise value (\"TEV\")<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n9,304,507<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPro forma adjustments to Net debt and TEV: (5)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet debt<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n2,795,771<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nLess: Unsettled forward equity (18,887,181 shares @ $30.43\/share as of 6\/30\/26)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(574,737<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPro forma net debt<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,221,034<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal equity<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6,508,736<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCommon stock \u2014 unsettled forward equity (18,887,181 shares @ $29.85\/share as of 6\/30\/26)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n563,782<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPro forma TEV<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n9,293,552<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nGross Debt \/ Undepreciated Gross Assets<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n35.8<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet Debt \/ TEV<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n30.0<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet Debt \/ Annualized Adjusted EBITDAre<\/i><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.5x<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPro Forma Gross Debt \/ Undepreciated Gross Assets<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n33.5<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPro Forma Net Debt \/ Pro Forma TEV<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n23.9<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPro Forma Net Debt \/ Annualized Adjusted EBITDAre<\/i><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n3.5x<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table> Contacts<\/b>

\nInvestor\/Media:<\/b>Essential Properties Realty Trust, Inc.\nSheryl Kaul\nDirector, Financial Planning & Data Analytics\n609-436-0619\ninvestors@essentialproperties.com<\/a><\/p> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"

– Second Quarter Net Income per Share of $0.34 and AFFO per Share of $0.50 — Closed Investments of $332.4 million at a 7.8% Weighted Average Cash Cap Rate — Increases 2026 AFFO Guidance to $2.01 to $2.05 per Share — Increases 2026 Investment Guidan…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-42755","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/42755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42755"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/42755\/revisions"}],"predecessor-version":[{"id":42756,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/42755\/revisions\/42756"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}