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Net-lease REIT that owns single-tenant properties leased to service-oriented and experience-based businesses.
Net-lease REIT that owns single-tenant properties leased to service-oriented and experience-based businesses.
Buys sites from small and mid-sized multi-unit operators and leases them back on long net leases, where the tenant pays property taxes, insurance and upkeep, with scheduled rent increases. It picks tenants on how profitable each individual site is. It listed in 2018 and, as a REIT, pays out most of its taxable income.
Moat: narrow (scale, switching costs). Long-term net leases on operationally critical sites make relocation costly for tenants.
Headquarters: Denver, Colorado, United States · Founded: 2016 · Employees: 56
Size Essential Properties Realty Trust (EPRT) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $6.21B, the 1040th largest of 3,117 United States companies the cockpit tracks. Shares closed at $27.97 on 6 Nov 2026.
Performance Over six months the shares fell 10.9%, against +2.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 20.7% over the last twelve months (peer median +7.1%); the operating margin is 63.7% (peer median 34.0%).
Valuation It trades at 21.6× forward earnings against a peer median of 23.8× (8th cheapest of 20).
Credit Essential Properties Realty Trust has 3 bonds outstanding ($1.20B), rated BBB by the agencies and trading like BBB- at a weighted spread of 123 bp.
Short interest Short interest is 6.1% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $648M | $567M | $452M | $361M | $287M |
| Revenue growth | — | +25% | +26% | +26% | — |
| Gross profit | $462M | $403M | $323M | $253M | $195M |
| EBITDA | $592M | $530M | $441M | $352M | $280M |
| Net income | $262M | $253M | $203M | $191M | $134M |
| Free cash flow | -$669M | -$722M | -$517M | -$640M | $211M |
| Capital expenditure | $1.10B | $1.10B | $826M | $895M | $0 |
| Total debt | $2.99B | $2.53B | $2.14B | $1.69B | $1.44B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Essential Properties Realty Trust EPRT | $6.21B | -11% | +21% | 64% | 21.6× | n/a |
| Realty Income O | $56.1B | -4% | +11% | 46% | 36.0× | n/a |
| NNN REIT NNN | $7.89B | -7% | +7% | 61% | 19.6× | n/a |
| Agree Realty ADC | $9.09B | -8% | +18% | 48% | 35.9× | n/a |
| Four Corners Property Trust FCPT | $2.57B | -7% | +10% | 56% | 21.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EPRT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.7% | +8.9% | 8th highest of 21 |
| 6-month return | -10.9% | +2.1% | 3rd lowest of 21 |
| Distance from 52-week high | -19.5% | -13.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +20.7% | +7.1% | 3rd highest of 21 |
| Operating margin | 63.7% | 34.0% | 4th highest of 21 |
| Forward P/E | 21.6× | 23.8× | 8th cheapest of 20 |
| Bond spread | 123 bp | 108 bp | 3rd widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 64% | 21.6× | n/a | n/a |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 89% | 13.6× | n/a | n/a |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 15% | 36.0× | n/a | n/a |
| British Land BLND.L | United Kingdom | $5.94B | +17% | +15% | 52% | 14.1× | n/a | n/a |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | 12% | 421.5× | n/a | n/a |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 9% | n/a | n/a | n/a |
| Phillips Edison & PECO | United States | $5.72B | +2% | +7% | 29% | 49.4× | n/a | n/a |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 45% | 23.8× | n/a | n/a |
| Covivio COV.PA | France | $5.64B | -16% | +5% | 54% | 9.2× | n/a | n/a |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 69% | 14.5× | n/a | n/a |
| Sabra Health Care REIT SBRA | United States | $5.51B | +1% | +21% | 18% | 29.4× | n/a | n/a |
| Macerich MAC | United States | $7.04B | +14% | +9% | -6% | 187.0× | n/a | n/a |
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 68% | 9.8× | n/a | n/a |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 38% | 32.0× | n/a | n/a |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 20% | 22.2× | n/a | n/a |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 42% | 30.8× | n/a | n/a |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 41% | 34.7× | n/a | n/a |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 47% | 19.1× | n/a | n/a |
| Mirvac MGR.AX | Australia | $5.27B | +14% | +6% | 20% | 14.8× | n/a | n/a |
| Chartwell Retirement Residences CSH-UN.TO | Canada | $5.25B | +3% | +24% | 13% | 147.6× | n/a | n/a |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 30% | 22.3× | n/a | n/a |
Essential Properties Realty Trust has 3 bonds outstanding with $1.20B face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 5.98%, a spread of 123 bp over government bonds.