Essential Properties Realty Trust, Inc. · NYSE:EPRT
Essential Properties Realty Trust — Q1 2026 Earnings Presentation
35 slides from Essential Properties Realty Trust's earnings presentation, Apr 22, 2026
Slide 1: Investor Presentation and Supplemental Information First Quarter 2026
Investor Presentation and Supplemental Information First Quarter 2026 Exhibit 99.2
Slide 2: Disclaimer
Investor Presentation and Supplemental Information | As of March 31, 20261 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 1
Slide 3: Table of Contents
Investor Presentation and Supplemental Information | As of March 31, 20262 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 8 Leverage & Liquidity 17 Peer Comparison 20 Commitment to
Slide 4: Operating Update
Investor Presentation and Supplemental Information | As of March 31, 20263 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Healthy Net Lease Portfolio1 • Stable Portfolio: 99.7% leased; same-store rent growth has averaged 1.5% over the last four quarters • Strong Coverage:
Slide 5: Investment Highlights
Investor Presentation and Supplemental Information | As of March 31, 20264 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 | As of March 31, 20265 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 BBB/BBB/ Baa2 Investment Grade Rated • Originating bespoke capital solutions, 100% structured as Sale-Leasebacks in 1Q'26 • Focused on core industries
Slide 7: Historical Credit Performance and Disciplined Underwriting Approach
Investor Presentation and Supplemental Information | As of March 31, 20266 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 Downsid
Slide 8: Historical Portfolio Performance
Investor Presentation and Supplemental Information | As of March 31, 20267 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Historical Portfolio Performance Durable Cash Flow Profile Backed by Strong Occupancy and Internal Growth Minimal Historical Vacancy Reflects Portfoli
Slide 9: Portfolio Review
Investor Presentation and Supplemental Information | As of March 31, 20268 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227
Slide 10: Portfolio Summary
Investor Presentation and Supplemental Information | As of March 31, 20269 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 242, 242, 242 1. As of March 31, 2026 2. Includes 150 properties that secure mortgage loans receivable. 3. Includes investments in mortgage loans rece
Slide 11: Top Tenants and Industry Diversification
Investor Presentation and Supplemental Information | As of March 31, 202610 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 3.2% 33 1.9% 8 1.5% 13 1.4% 5 1.4% 13 1.4% 32 1.3% 21 1.3% 19 1.2% 20 1.2% Top 10 Tenants 221 15.8% Tota
Slide 12: Diversified Portfolio – Geographic Diversity
Investor Presentation and Supplemental Information | As of March 31, 202611 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 Diversity
Slide 13: Net Investment Activity: Investment Summary
Investor Presentation and Supplemental Information | As of March 31, 202612 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
Slide 14: Net Investment Activity: Disposition Summary
Investor Presentation and Supplemental Information | As of March 31, 202613 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 purchas
Slide 15: Leasing Summary: Same-Store Analysis
Investor Presentation and Supplemental Information | As of March 31, 202614 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 ($000s)² % Type of Business 1Q'25 1Q'26 Cha
Slide 16: Portfolio Health: Unit-Level Coverage
Investor Presentation and Supplemental Information | As of March 31, 202615 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 ≥ 2.00x: 68.3% Not Reported 0.6% 1.50x to 1.99x: 16.5% 1.00x to 1.49x: 11.2% < 1.00x: 3.4% % o f C as h A B R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2
Slide 17: Leasing Expiration Schedule, Renewal Activity and Statistics
Investor Presentation and Supplemental Information | As of March 31, 202616 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Leasing Expiration Schedule, Lease Renewal Activity and Statistics 242, 242, 242 1. Expiration year of contracts in place as of March
Slide 18: Leverage & Liquidity
Investor Presentation and Supplemental Information | As of March 31, 202617 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leverage & Liquidity
Slide 19: Conservative and Flexible Debt Structure
Investor Presentation and Supplemental Information | As of March 31, 202618 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 M at ur in g P rin ci pa l B al an ce ($ m m ) $430 $400 $450 $450 $400 $400 Unsecured Term Loans Public Unsecured Bonds Revolving Credit Facility 20
Slide 20: Consistently Strong Liquidity to Fund Growth
Investor Presentation and Supplemental Information | As of March 31, 202619 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Consistently Strong Liquidity to Fund Growth ($mm) Strong Liquidity to Drive Leading AFFO/sh Growth $1.5B of Liquidity and Balance Sheet Capacity to
Slide 21: Peer Comparison
Investor Presentation and Supplemental Information | As of March 31, 202620 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Peer Comparison
Slide 22: Peer Comparison: Portfolio Metrics
Investor Presentation and Supplemental Information | As of March 31, 202621 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: Peer data based on reported filings for period ended December 31, 2025, not adjusted for post quarte
Slide 23: Peer Comparison: Valuation and Leverage
Investor Presentation and Supplemental Information | As of March 31, 202622 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of March 31, 2026. Peer data based on reported filings for period ending Dec
Slide 24: Commitment to ESG
Investor Presentation and Supplemental Information | As of March 31, 202623 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 | As of March 31, 202624 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 cla
Slide 26: Financials
Investor Presentation and Supplemental Information | As of March 31, 202625 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 | As of March 31, 202626 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 $93 and $207 for the three months ended Mar
Slide 28: Financial Summary: FFO and AFFO
Investor Presentation and Supplemental Information | As of March 31, 202627 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financial Summary Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) 1. Includes non-core technology expenses during the three mon
Slide 29: Financial Summary: Consolidated Balance Sheets
Investor Presentation and Supplemental Information | As of March 31, 202628 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) March 31, 2026 December 31, 2025 ASSET
Slide 30: GAAP Reconciliations to EBITDAre, NOI, Cash NOI
Investor Presentation and Supplemental Information | As of March 31, 202629 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
Slide 31: Debt Summary and Capitalization
Investor Presentation and Supplemental Information | As of March 31, 202630 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 of 85bps. 2
Slide 32: Glossary
Investor Presentation and Supplemental Information | As of March 31, 202631 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
Investor Presentation and Supplemental Information | As of March 31, 202632 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 ac
Slide 34: Glossary: EBITDAre, NOI and Net Debt
Investor Presentation and Supplemental Information | As of March 31, 202633 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
Slide 35: Glossary: Cap Rates and Escalations
Investor Presentation and Supplemental Information | As of March 31, 202634 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 GAAP Cap Rate GAAP Cap Rate means expected annual rental and interest income computed in accordance with GAAP, plus principal payments on leasehold i
Essential Properties Realty Trust — Q1 2026 Earnings Presentation on 6ix