Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Investor Presentation (December 2025)
35 slides from Essential Properties Realty Trust's investor presentation, Dec 9, 2025
Slide 1: Investor Presentation and Supplemental Information December 2025
Investor Presentation and Supplemental Information December 2025 Exhibit 99.1
Slide 2: Disclaimer
Investor Presentation and Supplemental Information | December 20251 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Disclaimer 242, 242, 242 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and
Slide 3: Table of Contents
Investor Presentation and Supplemental Information | December 20252 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Table of Contents 242, 242, 242 Operating Update 3 Investment Highlights 4 Portfolio Review 7 Leverage & Liquidity 17 Peer Comparison 20 Commitment to ESG 23
Slide 4: Operating Update: Healthy Net Lease Portfolio
Investor Presentation and Supplemental Information | December 20253 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Healthy Net Lease Portfolio1 • Stable Portfolio: 99.8% leased; same-store rent growth has averaged 1.5% over the last four quarters • Strong Coverage: Unit-l
Slide 5: Investment Highlights
Investor Presentation and Supplemental Information | December 20254 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Investment Highlights
Slide 6: Investment Highlights
Investor Presentation and Supplemental Information | December 20255 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 BBB/BBB- Investment Grade Rated • Originating bespoke capital solutions, 97% structured as Sale-Leasebacks in 3Q'25 • Focused on core industries in the net l
Slide 7: Historical Credit Performance and Disciplined Underwriting Approach
Investor Presentation and Supplemental Information | December 20256 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Historical Credit Performance Comparable to Investment Grade (BBB-) Bonds1 Disciplined Underwriting Approach — Four Key Risk Mitigants Provide Downside Prote
Slide 8: Portfolio Review
Investor Presentation and Supplemental Information | December 20257 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227
Slide 9: Portfolio Summary: New Vintage Portfolio Focused on Targeted Industries
Investor Presentation and Supplemental Information | December 20258 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 242, 242, 242 1. As of September 30, 2025 2. Includes 153 properties that secure mortgage loans receivable. 3. Includes investments in mortgage loans receiva
Slide 10: Top Tenants and Industry Diversification
Investor Presentation and Supplemental Information | December 20259 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Top 10 Tenants1 Properties2 % of Cash ABR 57 3.5% 33 2.0% 8 1.6% 13 1.5% 5 1.5% 13 1.4% 32 1.4% 20 1.4% 20 1.3% 16 1.3% Top 10 Tenants 217 16.9% Total 2,261
Slide 11: Diversified Portfolio – Geographic Diversity
Investor Presentation and Supplemental Information | December 202510 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Diversified Portfolio – Our Tenants Identify the Location of Opportunities Geographical Diversity is an Output of our Strategy • Geographic Diversity1 ~78%
Slide 12: Net Investment Activity: Investment Summary
Investor Presentation and Supplemental Information | December 202511 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Net Investment Activity Investment Summary 242, 242, 242 1. Includes investments in mortgage loans receivable. 2. As a percentage of cash ABR for the quarte
Slide 13: Net Investment Activity: Disposition Summary
Investor Presentation and Supplemental Information | December 202512 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Net Investment Activity Disposition Summary 242, 242, 242 1. Includes the impact of transaction costs. 2. Gains/(losses) based on our initial purchase price
Slide 14: Leasing Summary: Lease Escalations
Investor Presentation and Supplemental Information | December 202513 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Lease Escalations 242, 242, 242 1. Based on cash ABR as of September 30, 2025. 2. Represents the weighted average annual escalation rate of
Slide 15: Leasing Summary: Same-Store Analysis
Investor Presentation and Supplemental Information | December 202514 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Same-Store Analysis 242, 242, 242 Same-Store Portfolio Performance¹ Contractual Cash Rent ($000s)² % Type of Business 3Q'24 3Q'25 Change Ser
Slide 16: Portfolio Health: Unit-Level Coverage
Investor Presentation and Supplemental Information | December 202515 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 % o f C as h A B R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2.00x NR C C C + B - B B + B B - B B B B + B B B - B B B B B B + A - A A + A A - —% 2.0% 4.0% 6.0%
Slide 17: Leasing Expiration Schedule, Renewal Activity and Statistics
Investor Presentation and Supplemental Information | December 202516 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Leasing Expiration Schedule, Lease Renewal Activity and Statistics 242, 242, 242 1. Expiration year of contracts in place as of September 30
Slide 18: Leverage & Liquidity
Investor Presentation and Supplemental Information | December 202517 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leverage & Liquidity
Slide 19: Conservative and Flexible Debt Structure
Investor Presentation and Supplemental Information | December 202518 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 M at ur in g P rin ci pa l B al an ce ($ m m ) $430 $400 $450 $1,450 $400 $400 Unsecured Term Loans Public Unsecured Bonds Revolving Credit Facility Revolvi
Slide 20: Consistently Strong Liquidity to Fund Growth
Investor Presentation and Supplemental Information | December 202519 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Consistently Strong Liquidity to Fund Growth ($mm) Strong Liquidity to Drive Leading AFFO/sh Growth $1.4B of Liquidity and Balance Sheet Capacity to Support
Slide 21: Peer Comparison
Investor Presentation and Supplemental Information | December 202520 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Peer Comparison
Slide 22: Net Lease Peer Comparison
Investor Presentation and Supplemental Information | December 202521 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Source: Public filings and press releases. Note: Data based on reported filings for period ending September 30, 2025, not adjusted for post quarter-end subs
Slide 23: Relative Valuation, Growth and Leverage
Investor Presentation and Supplemental Information | December 202522 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 3.7x 3.8x 3.8x 4.5x 4.7x 5.2x 5.4x 5.6x 5.8x NTST EPRT ADC GTY FCPT O BNL NNN WPC 2025E AFFO per Share Multiple1 2025E AFFO per Share Growth2 242, 242, 242
Slide 24: Commitment to ESG
Investor Presentation and Supplemental Information | December 202523 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Commitment to ESG
Slide 25: Environmental, Social and Governance
Investor Presentation and Supplemental Information | December 202524 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Governance • Leading governance practices, Board accountability, strong board diversity, required minimum stock ownership, published compensation clawback p
Slide 26: Financials
Investor Presentation and Supplemental Information | December 202525 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financials
Slide 27: Consolidated Statements of Operations
Investor Presentation and Supplemental Information | December 202526 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $229, $285, $671 and $619 for the three and nine m
Slide 28: Financial Summary: FFO and AFFO
Investor Presentation and Supplemental Information | December 202527 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Calculations exclude $227, $118, $682 and $352 from the numerator for the three and nine months ended September 30, 2025 and 2024, respectively, related
Slide 29: Consolidated Balance Sheets
Investor Presentation and Supplemental Information | December 202528 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financial Summary Consolidated Balance Sheets 242, 242, 242 (in thousands, except share and per share amounts) September 30, 2025 December 31, 2024 ASSETS (
Slide 30: GAAP Reconciliations to EBITDAre, NOI and Cash NOI
Investor Presentation and Supplemental Information | December 202529 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics 242, 242, 242 1. Adjustment is made to reflect EBITDAr
Slide 31: Capitalization and Debt Summary
Investor Presentation and Supplemental Information | December 202530 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Rates presented for our term loans are fixed at the stated rates after giving effect to our interest rate swaps plus applicable margin and SOFR premium o
Slide 32: Glossary
Investor Presentation and Supplemental Information | December 202531 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary
Slide 33: Glossary: Supplemental Reporting Measures – FFO, Core FFO and AFFO
Investor Presentation and Supplemental Information | December 202532 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary Supplemental Reporting Measures 242, 242, 242 FFO, Core FFO and AFFO Our reported results are presented in accordance with U.S. generally accepted
Slide 34: Glossary: Supplemental Reporting Measures – EBITDA and EBITDAre
Investor Presentation and Supplemental Information | December 202533 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary Supplemental Reporting Measures 242, 242, 242 We also present our earnings before interest, taxes and depreciation and amortization for real estate
Slide 35: Glossary: Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
Investor Presentation and Supplemental Information | December 202534 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary Supplemental Reporting Measures 242, 242, 242 Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI We further adjust EBITDAre, NOI and Cash NOI i)
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