ESSENTIAL PROPERTIES REALTY TRUST, INC. EPRT
We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. We have assembled a diversified portfolio using a disciplined strategy that focuses on properties leased to tenants in businesses including, but not limited to:
•Grocery.
We believe that, in general, properties leased to tenants in these industries and similar businesses are essential to the generation of the tenants' sales and profits. We also believe that these businesses have favorable growth potential and, because of their nature, they are more insulated from the competitive pressures presented by e-commerce than many other businesses.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $561.2M | $449.6M | $359.6M | $286.5M | $230.2M | $164.0M | $139.4M | $96.2M | $54.4M | — |
| SG&A | $40.9M | $35.2M | $30.7M | $29.5M | $24.3M | $24.4M | $21.7M | $13.8M | $8.8M | — |
| Total operating expenses | $214.1M | $177.4M | $141.0M | $141.7M | $105.2M | $97.0M | $70.5M | $51.6M | $54.8M | — |
| Operating income | $359.9M | $278.2M | $242.8M | $175.4M | $134.4M | $72.8M | $79.8M | $50.1M | $6.4M | — |
| Interest expense | $108.1M | $78.5M | $52.6M | $40.4M | $33.6M | $29.7M | $27.0M | $30.2M | $22.6M | — |
| Pre-tax income | $254.4M | $204.3M | $192.1M | $135.7M | $96.4M | $42.7M | $48.3M | $20.8M | $6.5M | — |
| Income tax | $644.0K | $628.0K | $636.0K | $998.0K | $227.0K | $212.0K | $303.0K | $195.0K | $161.0K | — |
| Net income | $253.0M | $203.0M | $190.7M | $134.1M | $95.7M | $42.3M | $41.8M | $15.6M | $6.3M | — |
| EPS, basic | 1.29 | 1.16 | 1.25 | 0.99 | 0.82 | 0.44 | 0.65 | — | — | — |
| EPS, diluted | 1.28 | 1.15 | 1.24 | 0.99 | 0.82 | 0.44 | 0.63 | — | — | — |
| Shares, diluted (wtd. avg.) | $198.1M | $177.1M | $153.5M | $135.9M | $117.5M | $96.2M | $75.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $60.2M | $40.7M | $39.8M | $71.5M | $59.8M | $33.0M | $21.3M | $16.2M | $19.4M | $11.9M |
| Other intangibles | $48.1M | $47.6M | $47.9M | $53.2M | $59.0M | $57.4M | $60.5M | $52.8M | $53.0M | — |
| Total assets | $6.86B | $5.80B | $4.77B | $4.00B | $3.30B | $2.49B | $1.98B | $1.38B | $942.2M | — |
| Long-term debt | $2.53B | $2.13B | $1.68B | $1.43B | $1.17B | $821.2M | $239.1M | $515.1M | — | — |
| Total liabilities | $2.66B | $2.23B | $1.78B | $1.50B | $1.25B | $906.9M | $773.3M | $569.9M | $760.8M | — |
| Retained earnings | -$109.3M | -$113.3M | -$105.5M | -$117.2M | -$101.0M | -$77.7M | -$27.5M | -$7.7M | — | — |
| Total equity | $4.20B | $3.56B | $2.99B | $2.50B | $2.04B | $1.58B | $1.20B | $811.0M | $181.4M | $174.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $381.1M | $308.5M | $254.6M | $211.0M | $167.4M | $99.4M | $88.6M | $45.9M | $22.5M | — |
| Depreciation and amortisation | $147.6M | $115.4M | $95.5M | $80.6M | $61.2M | $51.7M | $36.4M | $24.8M | — | — |
| Capital expenditure | — | — | — | — | — | — | — | $1.7M | $48.0K | — |
| Investing cash flow | -$1.15B | -$1.12B | -$857.1M | -$706.1M | -$829.7M | -$545.5M | -$607.8M | -$461.9M | -$464.4M | — |
| Financing cash flow | $798.4M | $810.7M | $580.0M | $506.8M | $689.1M | $457.8M | $524.4M | $412.8M | $449.4M | — |
| Dividends paid | $233.9M | $199.7M | $168.2M | $141.7M | $112.3M | $86.5M | $63.9M | $14.1M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001728951-26-000008.
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