Essential Properties Realty Trust, Inc. (EPRT) SEC Filings & Earnings Calls

Net income per share decreased 18% YoY due to higher depreciation and amortization from investment activity.

“Net Income per Share decreased by 18% to $0.27”

Forward equity sales create potential dilution; 15.8M shares unsettled.

“15,828,249 shares remain unsettled for estimated net proceeds of $482.8 million.” · word for word

Impairment Risk

“Provision for impairment of real estate increased to $15.0 million from $1.4 million in the prior-year quarter.”

Interest Rate Risk

“Interest expense increased 20.7% YoY to $34.2 million.”

Interest rate risk; tenant concentration in retail; economic downturn impact.

“Risks associated with using debt and equity financing ... changes in interest rates ... financial performance of retail tenants.”

Key person risk with CIO departure; new hire integration

“CIO departure; new CIO appointed with experience at W.P. Carey”

Potential dilution from equity issuance

“Shares may be offered and sold in amounts and at times to be determined” · word for word

Interest rate sensitivity on debt

“Public Debt Issuance ... 5.38% coupon”

Tenant credit risk

“3.9% of annualized base rent from tenants with rent coverage <1.0x”

Interest rate risk

“Interest expense increased by $5.3 million during the three months ended June 30, 2026” · word for word

Increased leverage from new debt; interest rate risk if rates rise further.

“Notes bear interest at 5.375%; effectively subordinated to secured debt.”

Minimal lease expiration risk; only 2.8% of ABR expiring through 2028.

“De Minimis Lease Expiration Risk: Only 2.8% of ABR (3.2x coverage) expiring through 2028” · word for word

Tenant credit risk

“Provision for impairment of real estate $16.8 million in Q1 2026 vs $5.9 million in Q1 2025”

Interest rate risk

“Interest expense increased by $6.2 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.” · word for word

Macroeconomic uncertainty could impact tenant credit quality and investment cap rates.

“Though the macroeconomic backdrop remains dynamic, the building momentum in our business allowed us to increase guidance” · word for word

Interest rate risk and refinancing risk.

“Risks associated with using debt and equity financing, including refinancing and interest rate risks.” · word for word

Tenant financial performance and retail sector challenges.

“Financial performance of retail tenants and demand for retail space, particularly challenges being experienced by general merchandise retailers.”

Tenant concentration risk

“As of December 31, 2025, our top ten tenants accounted for 16.5% of our annualized base rent, with our largest tenant accounting for just 3.4%” · word for word

Interest rate sensitivity

“In August 2025, we completed a public offering of unsecured senior notes, issuing $400.0 million aggregate principal amount of 5.400% Senior Notes due 2035” · word for word

Potential dilution from forward settlement, though structure allows timing flexibility.

“deliver, upon physical settlement ... an aggregate of 12,499,999 shares of Common Stock”

Tenant concentration: top 10 tenants 16.5% of cash ABR, top 20 27.1%. Moderate concentration risk.

“Top 10 tenant concentration (% of cash ABR) ... 16.5%” · word for word

Interest rate risk

“Interest expense increased by $29.5 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This increase in interest expense was primarily due to an increase in our outstanding debt balance and increased interest rates” · word for word

Tenant concentration risk

“No specific tenant concentration disclosed; single-tenant properties inherently carry concentration risk.”

Impairment risk

“Provision for impairment of real estate $ 11,997”