ESSENTIAL PROPERTIES REALTY TRUST, INC.

Overview

Essential Properties Realty Trust, Inc. is a real estate investment trust focused on acquiring, owning, and managing commercial properties leased primarily to service-oriented and experience-based businesses under long-term net leases. Its tenants span categories such as restaurants, car washes, automotive and medical services, convenience stores, entertainment, fitness, and early-childhood education.[1][2]

The company’s stated primary objective is to maximize stockholder value through attractive risk-adjusted returns. Its portfolio is concentrated in the United States: as of June 30, 2026, the company reported rental properties across 48 states and tenants operating 715 concepts.[3][1]

At June 30, 2026, the company reported 2,329 rental properties and $6.6 billion of net real estate investments. For fiscal 2025, total revenue was approximately $561 million, including approximately $528 million in rental revenue.[4][5] [1]+6

Products & services

Essential Properties Realty Trust’s core product is the ownership and leasing of primarily freestanding, single-tenant commercial properties, generally under long-term triple-net leases. Its portfolio spans service-oriented businesses, experience-based businesses, industrial properties and retail, with service and experience-based properties together accounting for 91.6% of annualized base rent (ABR) as of June 30, 2026. Typical lease features include an initial term of 15 years or more, renewal options and contractual rent increases; the portfolio’s weighted-average remaining lease term was 14.3 years at that date.[6]+3

The largest property categories by ABR at June 30, 2026 included car washes (12.6%), medical and dental properties (12.2%), early-childhood education (11.9%), automotive service (8.3%), quick-service restaurants (8.2%), convenience stores (6.3%) and casual dining (5.6%). Other holdings include equipment rental and sales, family dining, pet care, entertainment, health and fitness, movie theaters, industrial uses, grocery stores and home furnishings.[9]

The company’s leasing and property portfolio services are structured around tenant relationships and property-level lease performance: it seeks rent coverage and tenant financial reporting, and prefers master leases when multiple properties can be leased together. At June 30, 2026, 97.1% of ABR was subject to future rent increases, averaging 1.9% annually; weighted-average rent coverage was 3.5x, and tenants on leases representing 99.2% of ABR were obligated to provide periodic unit-level financial reporting.[8][10] [6]+5

Geographic presence

As of June 30, 2026, Essential Properties Realty Trust’s portfolio comprised 2,493 properties across 48 U.S. states, generating $604.9 million in annualized base rent; its tenants operated 715 concepts [1]. In 2025, Texas was the only state accounting for at least 10% of rental revenue, at 12.5% [11].

The company lists its office at 5 Vaughn Drive, Suite 202, Princeton, New Jersey 08540 [12]. [1]+2

Business segments

Essential Properties Realty Trust reports one operating and reportable segment, aggregating its real estate investments and assessing performance on a consolidated basis. It does not report separate business segments or segment-level contribution percentages.[13]

As a portfolio—not segment—breakdown, its Q2 2026 tenant-industry disclosure allocates annualized base rent (ABR) as follows: Service, 76.9%; Experience, 14.7%; Industrial, 5.9%; and Retail, 2.5%. These categories describe the businesses operating at its properties, rather than reportable segments.[14] The company’s portfolio is primarily single-tenant, long-term net-leased properties, and 91.6% of ABR came from properties operated by service-oriented or experience-based businesses.[6] [13]+5

Company history

Essential Properties Realty Trust’s operating predecessor began operations on March 30, 2016. The public-company issuer was incorporated in Maryland on January 12, 2018.[15][16]

In June 2018, the company completed its initial public offering and began trading on the New York Stock Exchange under the ticker EPRT.[16][17] Peter Mavoides, who had held leadership roles at the predecessor since March 2016, became the public company’s president and chief executive officer in 2018.[2]

The company reported reaching 1,000 properties by the end of 2019, following investment in 375 properties that year.[18] Its portfolio grew to 1,653 properties by the end of 2022 and 2,104 by the end of 2024.[19][20] [15]+6

Sources

• ESSENTIAL PROPERTIES REALTY TRUST, INC. — Full financial report (2026 Q 2)
  9 citations

  [1][3][4][6][8][9][10][13][14]
• essentialproperties.com[2]
• ESSENTIAL PROPERTIES REALTY TRUST, INC. — Full financial report (2025 Y)
  3 citations

  [5][7][11]
• essentialproperties.com[12]
• ESSENTIAL PROPERTIES REALTY TRUST, INC. — Full financial report (2018 Y)[15][16]
• investors.essentialproperties.com[17]
• investors.essentialproperties.com[18]
• investors.essentialproperties.com[19]
• investors.essentialproperties.com[20]