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EarningsQ2 2026 Earnings Report
EPRT Q2 2026 EPS Results
Actual EPS$0.34
Consensus EPS$0.33
Beat/MissBeat by +<$0.01
One Year Ago EPS$0.32
EPRT Q2 2026 Revenue Results
Actual Revenue$165.41M
Expected Revenue$155.94M
Beat/MissBeat by +$9.48M
YoY Revenue Growth+20.22%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
EPRT Upcoming Earnings
Essential Properties Realty's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
EPRT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call conveyed strong operational and financial performance: healthy AFFO growth, increased guidance, robust Q2 investment activity with attractive yields, high occupancy, improving same-store rent growth and a strong balance sheet with $1.7B liquidity. Headwinds were modest and largely manageable — a small treasury dilution impact, conservative noncash loan reserves, some short-term coverage bucket movement, and potential dilution when replacing a 2027 term loan. Management emphasized diversified portfolio construction, disciplined capital deployment, and a sizable pipeline, suggesting continued execution and upside.Company Guidance
Strong Earnings and AFFO Growth
Reported GAAP net income of $74.5 million and AFFO of $110.1 million for Q2. AFFO per share was $0.50, up 9% versus Q2 2025, and nominal AFFO increased 18% year-over-year.
Increased 2026 AFFO and Investment Guidance
Raised 2026 AFFO per share guidance to $2.01–$2.05 (implying >7% growth at the midpoint and >8% at the high end) and increased full-year investment volume guidance to $1.2 billion–$1.5 billion.
Robust Investment Activity and Attractive Yields
Invested $332 million in Q2 across 36 transactions (103 properties) with an average initial cash yield of 7.8% and average GAAP yield of 9.1%. Average investment size was $3.1 million per property and ~84% of volume was sale-leasebacks.
Strong Portfolio Fundamentals
Portfolio of 2,493 properties leased to over 500 tenants; occupancy at 99.6% (only 9 vacant properties); weighted average lease term >14 years; weighted average rent escalations 1.9%; same-store rent growth improved sequentially to 1.5%.
Healthy Credit Metrics and Diversification
Portfolio rent coverage stable at 3.5x and ABR with rent coverage below 1.5x declined 50 basis points sequentially. Top 10 tenants represent just 15.2% of ABR and top 20 tenants 25.4%, with top industry exposure reduced 40 basis points to 12.6%.
Strong Balance Sheet and Liquidity
Pro forma net debt/adjusted EBITDA of 3.5x and total available liquidity increased to $1.7 billion (bolstered by a $400 million 10-year unsecured bond issued at 5.375%). Income-producing gross assets totaled $7.8 billion.
Operational Efficiency and Capital Generation
Cash G&A was $7.2 million (4.4% of total revenue), down from 5.2% year-over-year and trending toward the bottom half of guidance. Declared a cash dividend of $0.32 (AFFO payout ratio 64%); retained free cash flow after dividends totaled $43 million in the quarter (~$170 million annualized).
Pipeline and Deal Sourcing Strength
Over $1 billion of closed plus identified opportunities year-to-date; cap-rate pricing in the forward pipeline remains in the mid-to-high 7% range, supporting ability to achieve raised investment guidance.
EPRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed