Symbol: EPRT
CIK: 1728951
Exchange: NYSE
Founded: 2016 (10 years)
HQ: Princeton, NJ, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Retail
Internally Managed REIT
REITRating™ Score: 7.9
See EPRT on Yahoo Finance
See EPRT on SEC.gov
Essential Properties Realty Trust, Inc. (NYSE: EPRT) is a publicly traded real estate investment trust focused on acquiring and managing single-tenant, operationally essential commercial properties subject to long-term net leases. Its strategy targets necessity-oriented tenants—often small to mid-sized businesses—whose locations provide predictable rental cash flow and potential for portfolio diversification across industries and geography. The REIT emphasizes lease structures (net leases) that transfer many property-level expenses to tenants, supporting stable, distributable income and the ability to pursue accretive acquisitions. Key considerations for investors include exposure to interest-rate cycles, tenant-credit quality and concentration, and execution of growth-through-acquisition plans. As a traded REIT, EPRT’s performance reflects portfolio occupancy, rental rate growth, acquisition discipline and broader real estate and capital-market conditions.
*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes. This graph does not include extraordinary dividend.
Below are the FFO amounts, dividends, and payout ratios for the last two quarters for EPRT. Compare FFO to other REITs at REITFFO.
| Year | Quarter | Type | Amount | Dividend Paid | Payout Ratio |
|---|---|---|---|---|---|
| 2026 | Q1 | AFFO | $0.37 | $0.31 | 83.78% |
| 2025 | Q4 | AFFO | $0.29 | $0.31 | 106.90% |
REITNotes uses the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes™ calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter. FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information. The “Payout Ratio” is calculated by dividing the “Dividends Paid” column by the “FFO Amount” column. Some REITs may have two types of FFO (eg. FFO and Modified FFO) while others may have just one type of FFO.
REITNotes' Dividend to FFO Payout Ratio graph is based on the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes™ calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter. FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information.
REITNotes' Price to FFO (P/FFO) Multiples graph is calculated by dividing the REIT’s closing stock price for the day by the Trailing Twelve Month (TTM) Funds from Operations (FFO). For some REITs we also display the Price-to-Adjusted Funds From Operations (P/AFFO), Price-to-Core FFO (P/CFFO), Price-to-Normalized FFO (P/NFFO), Price-to-Modified FFO (P/MFFO), Price-to-Operating (P/FFO), depending on the data provided in the REIT’s Quarterly Earning Reports.
As you may be familiar with, the price-to-earnings ratio (P/E ratio) is a useful tool for investors to gauge the market's valuation of a company’s stock price. The price-to-FFO ratio (or multiple) is a comparable measure used in the REIT industry that compares the REIT’s stock price to its FFO per share instead of its earnings per share (EPS).
Sample of REIT’s Properties. Image Source - REIT’s website
Different REITs may report Occupancy levels in various forms/calculations. Some of the terms used to describe occupancy are Portfolio Occupancy, Weighted Average Occupancy, Ending Occupancy, Economic Occupancy, Leased Occupancy, Physical Occupancy, Pro Forma Occupancy, Same-Property Occupancy, Stabilized Portfolio Occupancy, Comparable Occupancy, Lease Rate, Percent Leased, among others. Some REITs interchange the words Occupancy and Leased while others use them to distinguish between data points. Some REITs also vary the use of the words over time through their earning reports. Therefore the information provided here is our best attempt at collecting data on occupancy/leased trends. However, it may not be accurate or comparable between different REITs.
Below is a simulation of how much money you would have made in dividends, and how much the shares would be worth had you purchased them 1 year ago for the amounts below.
| With $1,000 USD | With $500 USD | With $250 USD | With $100 USD | With $50 USD | |
|---|---|---|---|---|---|
| Initial investment | @ $30.75 per share you would have been able to buy 32 shares of EPRT on 2025-08-05 costing $984.00 | @ $30.75 per share you would have been able to buy 16 shares of EPRT on 2025-08-05 costing $492.00 | @ $30.75 per share you would have been able to buy 8 shares of EPRT on 2025-08-05 costing $246.00 | @ $30.75 per share you would have been able to buy 3 shares of EPRT on 2025-08-05 costing $92.25 | @ $30.75 per share you would have been able to buy 1 shares of EPRT on 2025-08-05 costing $30.75 |
| Current worth | On 2026-08-05 these 32 shares would be worth $983.68 @ $30.74 | On 2026-08-05 these 16 shares would be worth $491.84 @ $30.74 | On 2026-08-05 these 8 shares would be worth $245.92 @ $30.74 | On 2026-08-05 these 3 shares would be worth $92.22 @ $30.74 | On 2026-08-05 these 1 shares would be worth $30.74 @ $30.74 |
| Dividends earned | $39.68 in dividends would have been earned since 2025-08-05 with 32 shares. | $20 in dividends would have been earned since 2025-08-05 with 16 shares. | $9.92 in dividends would have been earned since 2025-08-05 with 8 shares. | $3.72 in dividends would have been earned since 2025-08-05 with 3 shares. | $1.24 in dividends would have been earned since 2025-08-05 with 16 shares. |
| Net (gain / loss)* | 39.36 USD | 19.68 USD | 9.84 USD | 3.69 USD | 1.23 USD |
| ROI** | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
*Net (Gains/Loss): Includes the stock price (appreciate or depreciate ) + dividends earned during period held. Stock prices based on closing price for the date. **ROI: Is based on the Net (gain/loss) divided by the initial investment value. Note: Past performance is no guarantee of future results. This is a high-level simulation and does not account for many factors such as inflation and taxes so we cannot guarantee the accuracy of this simulation.
Below are the most recent cash dividends paid by EPRT. The percent difference from one dividend payment to the next has also been calculated for your convenience. Dividends flagged as [E] are extraordinary dividend payments.
| Symbol | Ex Date | Cash Amount | Change in Dividend | Declaration Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| EPRT | 2026-06-30 | 0.320 | 3.23% | 2026-06-01 | 2026-06-30 | 2026-07-14 |
| EPRT | 2026-03-31 | 0.310 | --- | 2026-03-09 | 2026-03-31 | 2026-04-14 |
| EPRT | 2025-12-31 | 0.310 | 3.33% | 2025-12-08 | 2025-12-31 | 2026-01-14 |
| EPRT | 2025-09-30 | 0.300 | --- | 2025-09-05 | 2025-09-30 | 2025-10-14 |
| EPRT | 2025-06-30 | 0.300 | 1.69% | 2025-05-30 | 2025-06-30 | 2025-07-14 |
| EPRT | 2025-03-31 | 0.295 | --- | 2025-03-10 | 2025-03-31 | 2025-04-11 |
| EPRT | 2024-12-31 | 0.295 | 1.72% | 2024-12-09 | 2024-12-31 | 2025-01-14 |
| EPRT | 2024-09-30 | 0.290 | --- | 2024-09-09 | 2024-09-30 | 2024-10-11 |
| EPRT | 2024-06-28 | 0.290 | --- | 2024-06-03 | 2024-06-28 | 2024-07-12 |
| EPRT | 2024-06-12 | 0.290 | 1.75% | 2024-06-03 | 2024-06-12 | 2024-06-28 |
| EPRT | 2024-03-27 | 0.285 | --- | 2024-03-07 | 2024-03-29 | 2024-04-12 |
| EPRT | 2023-12-28 | 0.285 | 1.79% | 2023-12-04 | 2023-12-29 | 2024-01-12 |