Essential Properties Realty Trust combines best-in-class operating fundamentals — a Piotroski score of 9 out of 9, a Rule of 40 reading of 73, and 43% margins — with three consecutive earnings beats, but the stock is trading below its 200-day moving average amid falling on-balance volume, creating a near-term headwind that must resolve before the setup becomes compelling.
Thesis pillars
- Best In Class Operating Quality→Stable
- Earnings Beat Consistency↓Deteriorating
- Momentum Headwind Pullback↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 11, 2026
Essential Properties Realty Tru (EPRT) Stock Analysis
Recovery setup
Real Estate · REIT - Retail
Sell if holding. Multiple concerning factors at $26.54: Consecutive earnings misses (2); Sector modifier (Real Estate): -1.2.
Essential Properties Realty Trust acquires and net-leases single-tenant commercial properties to middle-market, service-oriented and experience-based businesses across 48 states. As of December 31, 2025, the portfolio had 2,300 properties with $555.0 million in annualized base... Read more
Sell if holding. Multiple concerning factors at $26.54: Consecutive earnings misses (2); Sector modifier (Real Estate): -1.2. Chart setup: Death cross but MACD improving, RSI 63. Score 6.1/10, moderate confidence.
Passes 7/10 gates (positive momentum, favorable risk/reward ratio, clean insider activity, positive momentum, earnings proximity 104d clear, semi cycle peak clear, materials cycle peak clear). Suitability: moderate.
About Essential Properties Realty Tru
About Essential Properties Realty Tru
Essential Properties Realty Trust's 2,300 single-tenant, net-leased properties across 48 states generated $555.0 million in total annualized base rent at 99.7% occupancy as of December 31, 2025, with total gross investment reaching $7.2 billion. The company completed $1.3 billion of new investments in 270 properties during 2025; the portfolio's weighted average remaining lease term was 14.4 years, with 97.3% of annualized base rent from triple-net leases.
Essential Properties focuses on middle-market companies — operators with 10 to 250 locations and $20 million to $1 billion in revenue — that the company believes are underserved by traditional capital providers. The sale-leaseback model dominates: 95% of 2025 investments were internally originated sale-leasebacks, and 82% of new investments involved parties with prior transaction history with the senior management team. Master lease structures covered 66.8% of annualized base rent; under these structures, a tenant in default at one property is in default across all properties under the same lease. Contractual rent escalation provisions cover 97.9% of leases, averaging 1.8% per year, with only approximately 0.9% tied to CPI adjustments. Texas represented 12.7% of annualized base rent as of December 31, 2025, the portfolio's largest single-state concentration; Florida (7.4%) and Georgia (6.5%) followed. Tenants contributing 17.4% of annualized base rent operated under franchise or license agreements with terms that may expire before the underlying leases, with no notice or cure rights available to EPRT on franchise termination.
Show full overview
The portfolio's credit quality depends heavily on internal analysis since the vast majority of tenants are unrated; creditworthiness is assessed using Moody's Analytics RiskCalc alongside property-level rent coverage ratios, which averaged 3.6x as of December 31, 2025. Tenant concentration is deliberately constrained: the top 10 tenants contributed 16.5% of annualized base rent and no single tenant exceeded 3.4%. Only 5.2% of annualized base rent expires before January 1, 2031, limiting near-term renewal risk; however, if a franchise or license is terminated before lease expiration, the affected tenant's ability to meet rent obligations could be materially impaired.
See also: Real Estate · REIT - Retail
From Essential Properties Realty Tru's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-10-29Recent Developments — Essential Properties Realty Tru
Latest news
- NEWS Essential Properties Q2 Earnings: Still Looking Expensive (NYSE:EPRT) - Seeking Alpha — Seeking Alpha negative
- NEWS Cantor raises Essential Properties stock price target on guidance - Investing.com — Investing.com positive
- NEWS EPRT Maintained by Cantor Fitzgerald -- Price Target Raised to $37.00 - GuruFocus — GuruFocus positive
- NEWS [Form 4] ESSENTIAL PROPERTIES REALTY TRUST, INC. Insider Trading Activity - Stock Titan — Stock Titan neutral
- NEWS Essential Properties Realty Raises 2026 AFFO Guidance - TipRanks — TipRanks positive
Generated 2026-10-29T11:53:51Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- LOWGeographicTexas13%10-K Item 1A: 'substantial holdings in the following states as of December 31, 2025 (based on annualized base rent): Texas (12.7%), Florida (7.4%), Georgia (6.5%)'
- LOWCustomerten largest tenants17%10-K Item 1A: 'our ten largest tenants contributed 16.5% of our annualized base rent'
Material Events(8-K, last 90d)
- 2026-05-08Item 5.02LOWAmendment No. 1 to Dec 17, 2025 8-K. CFO Robert W. Salisbury (appointed effective Jan 1, 2026) employment agreement effective May 7, 2026: initial term through May 7, 2030; base salary ≥$475,000; target annual bonus ≥125% of base salary.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
10 dimensions · all in-band
Price Targets
Position Sizing
Analyst Consensus
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Multiple concerning factors at $26.54: Consecutive earnings misses (2); Sector modifier (Real Estate): -1.2. Chart setup: Death cross but MACD improving, RSI 63. Prior stop was $25.22. Score 6.1/10, moderate confidence.
Analyst target: $30.18 (+13.7% upside). Prior stop was $25.22. Stop-loss: $25.22.
Sector modifier (Real Estate): -1.2; Consecutive earnings misses (2); Below 200-MA, MA slope -1.6%/30d (confirmed downtrend).
Essential Properties Realty Tru trades at a P/E of 21.4 (forward 19.7). TrendMatrix value score: 5.5/10. Verdict: Sell.
26 analysts cover EPRT with a consensus score of 4.2/5. Average price target: $34.
What does Essential Properties Realty Tru do?Essential Properties Realty Trust acquires and net-leases single-tenant commercial properties to middle-market,...
Essential Properties Realty Trust acquires and net-leases single-tenant commercial properties to middle-market, service-oriented and experience-based businesses across 48 states. As of December 31, 2025, the portfolio had 2,300 properties with $555.0 million in annualized base rent and $7.2 billion in total gross investment; no single tenant exceeded 3.4% of annualized base rent.