Essential Properties Realty Trust, Inc., a real estate company, acquires, owns, and manages single-tenant properties in the United States. The company leases its properties to middle-market companies, such as restaurants, car washes, automotive services, medical and dental services, convenience stores, equipment rental, entertainment, early childhood education, grocery, and health and fitness on a long-term basis. As of December 31, 2021, it had a portfolio of 1, 451 properties. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 2016 and is headquartered in Princeton, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $561M | $516M | $253M | $381M | 6.0% | 24.8% | 24.6% |
| 2024 | $450M | $405M | $203M | $308M | 5.7% | 25.0% | 6.4% |
| 2023 | $360M | $347M | $191M | $255M | 6.4% | 25.5% | 42.2% |
| 2022 | $287M | $265M | $134M | $211M | 5.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 286.51 | 359.60 | 449.61 | 561.22 |
| Cost Of Revenue | - | 3.45 | 4.66 | 5 | 7.58 |
| Gross Profit | - | 283.05 | 354.93 | 444.61 | 553.64 |
| Operating Expense | - | 118.11 | 132.80 | 157.55 | 194.57 |
| Operating Income | - | 164.94 | 222.13 | 287.06 | 359.07 |
| EBITDA | - | 264.67 | 346.87 | 404.97 | 516.06 |
| EBIT | - | 176.11 | 244.65 | 282.81 | 362.46 |
| Pretax Income | - | 135.74 | 192.05 | 204.27 | 254.38 |
| Tax Provision | - | 1 | 0.64 | 0.63 | 0.64 |
| Net Income | - | 134.13 | 190.71 | 203 | 253.01 |
| Net Income Common Stockholders | - | 133.76 | 190.30 | 202.53 | 252.12 |
| Total Expenses | - | 121.57 | 137.46 | 162.55 | 202.15 |
| Interest Expense | - | 40.37 | 52.60 | 78.54 | 108.08 |
| Interest Income | - | 2.82 | 2.01 | 3.07 | 2.54 |
| Selling General And Administration | - | 29.46 | 30.68 | 35.16 | 40.86 |
| Normalized EBITDA | - | 256.33 | 326.36 | 413.84 | 515.21 |
| Normalized Income | - | 125.85 | 170.27 | 211.84 | 252.16 |
| Market Cap | 6,794.45 | 6,794.45 | 6,794.45 | 6,794.45 | 6,794.45 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Essential Properties Realty Trust, Inc.this co. | EPRT | $6.2B | 26.85β discount | 1.62 | 6.0% | 17.94 |
| Terreno Realty Corporation | TRNO | $6.7B | 17.21 | 1.67 | 9.7% | 14.09 |
| Ryman Hospitality Properties, Inc. | RHP | $6.3B | 26.50 | 8.60 | 32.5% | 13.07 |
| OUTFRONT Media Inc. | OUT | $5.3B | 35.95 | 7.44 | 20.7% | 20.56 |
| Phillips Edison & Company, Inc. |
| 2021 | - | - | - | - | - | - | - |
| PECO |
| $4.9B |
| 44.66 |
| 2.17 |
| 4.9% |
| 14.93 |
| Millrose Properties, Inc. | MRP | $4.8B | 13.43 | 0.87 | 6.5% | 14.59 |
| Tanger Inc. | SKT | $4.2B | 36.59 | 5.94 | 16.2% | 17.45 |
| The St. Joe Company | JOE | $4.1B | 35.34 | 5.33 | 15.1% | 19.43 |
| Broadstone Net Lease, Inc. | BNL | $3.8B | 39.75 | 1.32 | 3.3% | 17.58 |
| Peer Median | - | 35.65 | 3.75 | 12.4% | 16.19 | |