Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q3 2026 Earnings Presentation
35 slides from Essential Properties Realty Trust's earnings presentation, Oct 22, 2026
Slide 1: Investor Presentation and Supplemental Information Third Quarter 2026
Investor Presentation and Supplemental Information Third Quarter 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words such as “expect,” “plan,” “will,” “estimate,” “project
Slide 3: Table of Contents
Table of Contents Operating Update 3 Investment Highlights 4 Portfolio Review 8 Leverage & Liquidity 17 Peer Comparison 20 Commitment to ESG 23 Financials 25 Glossary 31 2 Investor Presentation and Supplemental Information | As of September 30, 2026
Slide 4: Third Quarter 2026 Operating Update
Third Quarter 2026 Operating Update Continuing to Execute Our Business Plan • Stable Portfolio: 99.6% leased; same-store rent growth has averaged 1.5% over the last four quarters Healthy • Strong Coverage: Unit-level rent coverage of 3.5x with ~99% of ABR required to report unit-level P&Ls Net Lease
Slide 5: Investment Highlights
Investment Highlights 4 Investor Presentation and Supplemental Information | As of September 30, 2026
Slide 6: Investment Highlights
Investment Highlights Differentiated Model Built for Higher Growth with Lower Risk, Addressing a Large and Underserved Marketplace • Consistent sector leading annual AFFO growth of ~9%1 per share since 2019 Higher Growth with • Methodically expanding the pipeline with compelling risk-adjusted return
Slide 7: Historical Credit Performance Comparable to Investment Grade (BBB-) Bonds
Historical Credit Performance Comparable to Investment Grade (BBB-) Bonds1 Disciplined Underwriting Approach — Four Key Risk Mitigants Provide Downside Protection Business Concept & Unit-Level Profitability Tenant Corporate Credit Analysis High Unit-Level Coverage Conservative rental rates and cash
Slide 8: Historical Portfolio Performance
Historical Portfolio Performance Durable Cash Flow Profile Backed by Strong Occupancy and Internal Growth • Steady Portfolio Operating Performance: Healthy Consistently High Portfolio Occupancy Rates occupancy trends since inception reflect the resilient (Occupancy as % of Total Portfolio by Propert
Slide 9: Portfolio Review
8 Investor Presentation and Supplemental Information | As of September 30, 2026
Slide 10: New Vintage Portfolio Focused on Targeted Industries
New Vintage Portfolio Focused on Targeted Industries Disciplined Investing Focused on Service-Oriented and Experience-Based Businesses with Unit-Level Reporting • E-Commerce Resistant1: ~92% of cash ABR comes from service-oriented and experience-based tenants • Focused on Core Industries: Results in
Slide 11: Portfolio Summary
Portfolio Summary Tenant and Industry Diversification Top 10 Tenants Diversification by Industry % of Cash Type of Cash ABR % of Cash # of Building Rent Per Top 10 Tenants1 Properties2 ABR Tenant Industry Business ($'000s) ABR Properties2 SqFt3 SqFt3 Early Childhood Education Service $ 80,246 12.7%
Slide 12: Diversified Portfolio – Our Tenants Identify the Location of Opportunities
Diversified Portfolio – Our Tenants Identify the Location of Opportunities Geographic Diversity is an Output of our Strategy • Geographic Diversity1 ~78% of Total Cash ABR comes from Top 21 States (States with >2.0% of our total ABR) ~49% of Total Cash ABR comes from Sunbelt states, as our tenants i
Slide 13: Investment Summary
Net Investment Activity Investment Summary $388,632 $369,848 $333,435 $334,041 $342,219 $332,435 $307,706 $295,814 Activity ($000s) Investment Investments1 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Number of Transactions 37 21 25 35 34 22 36 31 Property Count 78 48 77 87 58 126 103 100 Avg. In
Slide 14: Disposition Summary
Net Investment Activity Disposition Summary $60,449 $54,258 Activity ($000s)1 $46,193 $48,083 Disposition $24,338 $17,916 $11,455 $10,175 Dispositions 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Realized Gain/(Loss) 1,2 (2.1)% 9.3% (17.8)% (18.9)% (2.1)% (20.9)% (0.9)% 8.0% Cash Cap Rate on Leas
Slide 15: Leasing Summary: Same-Store Analysis
Leasing Summary Same-Store Analysis Same-Store Portfolio Performance¹ Contractual Cash Rent ($000s)² % Type of Business 3Q'25 3Q'26 Change Service $ 95,341 $ 96,388 1.1% Experience 19,103 19,543 2.3% Industrial 4,701 4,828 2.7% Retail 3,552 3,595 1.2% Total Same-Store Rent $ 122,697 $ 124,354 1.4% T
Slide 16: Portfolio Health
Portfolio Summary Portfolio Health Tenant Financial Reporting Requirements % of Cash ABR by Unit-Level Rent Coverage % of Cash < 1.00x: Reporting Requirements ABR 3.9% Unit-Level Financial Information 99.3% 1.00x to Corporate-Level Financial Reporting 98.7% 1.49x: Both Unit-Level and Corporate-Level
Slide 17: Lease Expiration Schedule, Renewal Activity and Statistics
Leasing Summary Lease Expiration Schedule, Lease Renewal Activity and Statistics Annual Lease Expiration by Cash ABR Leasing Activity – Trailing 12 Months Cash ABR % of # of Wgt. Avg. Lease Terminated Leases Re-Leased Total Year1 ($000s) Cash ABR Properties2 Coverage3 ($000s) Renewals Without Vacanc
Slide 18: Leverage & Liquidity
Leverage & Liquidity 17 Investor Presentation and Supplemental Information | As of September 30, 2026
Slide 19: Conservative and Flexible Debt Structure
Conservative and Flexible Debt Structure Investment Grade Balance Sheet with Strong Credit Profile Credit Highlights Unsecured Senior Note Covenants • Well-Laddered Maturities: Weighted avg. maturity 4.8 yrs Measure Actual3 Aggregate Debt <=60% 37% • Low-Cost Debt Structure: Weighted avg. interest r
Slide 20: Strong Liquidity to Drive Leading AFFO/sh Growth
Strong Liquidity to Drive Leading AFFO/sh Growth $1.3B of Liquidity and Balance Sheet Capacity to Support External Growth Aspirations Strong Liquidity for Near-Term Investment Opportunities Pro Forma 3Q'26 ($mm) 3Q'261 Cash $ 29.6 $ 21.4 Unused Revolver Capacity 809.0 1,300.0 Forward Equity - Unsett
Slide 21: Peer Comparison
Peer Comparison 20 Investor Presentation and Supplemental Information | As of September 30, 2026
Slide 22: Differentiated Net Lease Investment Opportunity
Differentiated Net Lease Investment Opportunity Portfolio Mix and Underlying Fundamentals are Favorable Relative to Peers Service-Oriented & Experience-Based Industries Less Reliance on Top 10 Tenancy – Fungible Properties (% of ABR) (% of ABR) Total Number of Tenant Industries1 Average Investment P
Slide 23: Relative Valuation, Growth and Leverage
Relative Valuation, Growth and Leverage Compelling Valuation, Projected AFFO/sh Growth Relative to Net Lease Peers, and Conservative Leverage 2026E AFFO per Share Multiple1 2026E AFFO per Share Growth2 7.9% 14.6x 12.7x 12.7x 12.3x 12.2x 11.9x 11.8x 11.5x 11.1x 5.9% 5.9% 5.7% 4.7% 4.3% 4.0% 4.0% 3.7%
Slide 24: Commitment to ESG
Commitment to ESG 23 Investor Presentation and Supplemental Information | As of September 30, 2026
Slide 25: Environmental, Social and Governance
Environmental, Social and Governance Strong Governance and Innovative Approach to Sustainability Governance Environmental Social • Leading governance practices, Board Implementing sustainability upgrades at • Providing dynamic work environment, accountability, strong board diversity, our properties
Slide 26: Financials
Financials 25 Investor Presentation and Supplemental Information | As of September 30, 2026
Slide 27: Financial Summary: Consolidated Statements of Operations
Financial Summary Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, (unaudited, in thousands, except share and per share data) 2026 2025 2026 2025 Revenues: Rental revenue1,2 $ 157,763 $ 136,544 $ 458,267 $ 387,444 Interest on loans and direct fin
Slide 28: Financial Summary: FFO and AFFO
Financial Summary Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) Three Months Ended September 30, Nine Months Ended September 30, (unaudited, in thousands except per share amounts) 2026 2025 2026 2025 Net income $ 60,657 $ 65,800 $ 195,088 $ 185,453 Depreciation and amortizati
Slide 29: Financial Summary: Consolidated Balance Sheets
Financial Summary Consolidated Balance Sheets (in thousands, except share and per share amounts) September 30, 2026 December 31, 2025 ASSETS (Unaudited) (Audited) Investments: Real estate investments, at cost: Land and improvements $ 2,465,500 $ 2,200,829 Building and improvements 4,916,832 4,388,95
Slide 30: GAAP Reconciliations to EBITDAre, NOI and Run Rate Metrics
Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics Three Months Ended (unaudited, in thousands) September 30, 2026 Net income $ 60,657 Depreciation and amortization 46,925 Interest expense 34,214 Interest income (722) Income tax expense 218 EBITDA 1
Slide 31: Market Capitalization, Debt Summary and Leverage Metrics
Financial Summary Market Capitalization, Debt Summary and Leverage Metrics (dollars in thousands, except share and per share amounts) September 30, 2026 Rate Wtd. Avg. Maturity Unsecured debt: January 2028 term loan1 400,000 4.46% 1.3 years February 2029 term loan1,2 450,000 5.20% 2.4 years January
Slide 32: Glossary
Glossary 31 Investor Presentation and Supplemental Information | As of September 30, 2026
Slide 33: Glossary: Supplemental Reporting Measures
Glossary Supplemental Reporting Measures FFO, Core FFO and AFFO evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it Our reported results are presented in accordance with U.S. generally removes the effect of unusual i
Slide 34: Glossary: Supplemental Reporting Measures
Glossary Supplemental Reporting Measures We also present our earnings before interest, taxes and depreciation and may not be comparable to similarly titled measures reported by other amortization for real estate (“EBITDA”), EBITDA further adjusted to equity REITs. exclude gains (or losses) on sales
Slide 35: Glossary: Supplemental Reporting Measures
Glossary Supplemental Reporting Measures Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI GAAP Cap Rate We further adjust EBITDAre, NOI and Cash NOI i) based on an estimate GAAP Cap Rate means expected annual rental and interest income calculated as if all investment and disposition activity tha
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