--- title: "Essential Properties Realty | 8-K: FY2026 Q1 Revenue: USD 158.8 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/283718453.md" datetime: "2026-04-22T20:17:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283718453.md) - [en](https://longbridge.com/en/news/283718453.md) - [zh-HK](https://longbridge.com/zh-HK/news/283718453.md) --- # Essential Properties Realty | 8-K: FY2026 Q1 Revenue: USD 158.8 M Revenue: As of FY2026 Q1, the actual value is USD 158.8 M. EPS: As of FY2026 Q1, the actual value is USD 0.28, missing the estimate of USD 0.32. EBIT: As of FY2026 Q1, the actual value is USD 119.18 M. ### Financial and Operational Metrics #### Net Income - Net income for the three months ended March 31, 2026, was $59,950 thousand, compared to $56,281 thousand for the same period in 2025 . - Net income attributable to stockholders was $59,792 thousand in 2026, up from $56,108 thousand in 2025 . #### Income from Operations - Income from operations was $89,647 thousand for the three months ended March 31, 2026, an increase from $79,618 thousand in 2025 . #### Total Expenses - Total expenses for the three months ended March 31, 2026, were $74,463 thousand, compared to $54,720 thousand in 2025 . - General and administrative expense increased to $12,327 thousand in 2026 from $11,543 thousand in 2025 . - Property expenses decreased to $1,495 thousand in 2026 from $2,257 thousand in 2025 . - Depreciation and amortization rose to $43,189 thousand in 2026 from $34,993 thousand in 2025 . - Provision for impairment of real estate was $16,830 thousand in 2026, up from $5,883 thousand in 2025 . - Change in provision for credit losses (or loan losses) increased to $622 thousand in 2026 from $44 thousand in 2025 . #### Funds from Operations (FFO) - FFO was $114,598 thousand for the three months ended March 31, 2026, an increase from $92,130 thousand in 2025 . - Basic FFO per share was $0.54 in 2026, up from $0.49 in 2025, representing a 13% increase . #### Core Funds from Operations (Core FFO) - Core FFO was $114,646 thousand in 2026, up from $92,130 thousand in 2025 . - Basic Core FFO per share was $0.54 in 2026, up from $0.49 in 2025, marking a 13% increase . #### Adjusted Funds from Operations (AFFO) - AFFO totaled $105,804 thousand in 2026, an increase from $85,701 thousand in 2025 . - Basic AFFO per share was $0.50 in 2026, up from $0.45 in 2025, an 11% increase . #### Investment Activity (First Quarter 2026) - Essential Properties Realty Trust, Inc. closed investments of $388.6 million across 126 properties at a 7.7% Weighted Average Cash Cap Rate . These investments involved 22 transactions, with 100% being sale-leaseback transactions and 57% with existing relationships . The weighted average lease term (WALT) for these investments was 17.7 years . #### Disposition Activity (First Quarter 2026) - Net proceeds from dispositions totaled $10.2 million from 6 properties, resulting in a net gain of $5.3 million and a weighted average cash cap rate of 6.9% . Closed dispositions amounted to approximately $10 million at a 6.9% cash yield, with a realized gain/(loss) of -20.9% from 5 leased properties sold . #### Loan Repayments (First Quarter 2026) - Proceeds from principal repayments totaled $6.2 million across 3 properties, with a weighted average interest rate of 9.2% . #### Portfolio Highlights (as of March 31, 2026) - The portfolio consisted of 2,417 properties with a weighted average lease term (WALT) of 14.6 years and a weighted average rent coverage ratio of 3.5x . - Weighted average occupancy was 99.7% (with 7 vacant properties) . - Service-oriented or experience-based properties accounted for 91.6% of cash ABR, and 65.3% of cash ABR was subject to master leases . - The top 10 tenant concentration was 15.8% of cash ABR, and the top 20 tenant concentration was 26.0% of cash ABR . - Segmental Cash ABR was distributed as: Service at $451,039 thousand (77.2%), Experience at $83,867 thousand (14.4%), Industrial at $34,105 thousand (5.8%), and Retail at $15,155 thousand (2.6%) . #### Debt, Equity & Leverage (as of March 31, 2026) - Essential Properties Realty Trust, Inc. raised $402.5 million in equity (gross) at $32.20/share through a follow-on offering and $16.7 million via an ATM Program at $31.83/share . Common equity raised in Q1 2026 was approximately $419 million, including approximately $402 million from a February 2026 overnight forward offering . - Pro Forma Net Debt to Annualized Adjusted EBITDAre was 3.5x, while Net debt to Annualized Adjusted EBITDAre was 4.4x . - Cash and cash equivalents and restricted cash totaled $16.2 million (actual) and $456.8 million (pro forma) . Cash and cash equivalents were $15,176 thousand as of March 31, 2026, down from $60,181 thousand as of December 31, 2025 . - Total available liquidity was $1.5 billion, with $900.0 million in unused revolving credit facility capacity (actual) and $1.0 billion (pro forma) . Pro forma liquidity was approximately $1.5 billion . - Net debt was $2,613,831 thousand, and pro forma net debt was $2,073,249 thousand . - The company had $540.6 million in unsettled forward equity sales . #### Outlook / Guidance Essential Properties Realty Trust, Inc. increased its 2026 AFFO per share estimate to a new range of $2.00 to $2.05, up from $1.99 to $2.04 . The company also raised its 2026 investment volume guidance to $1.1 billion to $1.5 billion, an increase from $1.0 billion to $1.4 billion . 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