Essential Properties Realty Trust Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Essential Properties Realty Trust Inc reported revenue of $561.2M (+24.8% year on year) and net income of $253.7M (+24.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental revenue | $527.5M | $425.7M | $339.9M | $269.8M |
| Interest on loans and direct financing lease receivables | $31.6M | $23.4M | $18.1M | $15.5M |
| Other revenue, net | $2.1M | $452.0K | $1.6M | $1.2M |
| Total revenues | $561.2M | $449.6M | $359.6M | $286.5M |
| General and administrative | $40.9M | $35.2M | $30.7M | $29.5M |
| Property expenses | $7.6M | $5.0M | $4.7M | $3.5M |
| Depreciation and amortization | $153.6M | $122.2M | $102.2M | $88.6M |
| Provision for impairment of real estate | $12.0M | $14.8M | $3.5M | $20.2M |
| Change in provision for credit losses | $108.0K | $230.0K | ($99.0K) | $88.0K |
| Total expenses | $214.1M | $177.4M | $141.0M | $141.7M |
| Gain on dispositions of real estate, net | $12.8M | $6.0M | $24.2M | $30.6M |
| Income from operations | $359.9M | $278.2M | $242.8M | $175.4M |
| Loss on debt extinguishment | $0 | $0 | ($116.0K) | ($2.1M) |
| Interest expense | ($108.1M) | ($78.5M) | ($52.6M) | ($40.4M) |
| Interest income | $2.5M | $3.1M | $2.0M | $2.8M |
| Other income | $0 | $1.5M | — | — |
| Income before income tax expense | $254.4M | $204.3M | $192.1M | $135.7M |
| Income tax expense | $644.0K | $628.0K | $636.0K | $998.0K |
| Net income | $253.7M | $203.6M | $191.4M | $134.7M |
| Net income attributable to non-controlling interests | ($718.0K) | ($634.0K) | ($708.0K) | ($612.0K) |
| Net income attributable to stockholders | $253.0M | $203.0M | $190.7M | $134.1M |
| Basic weighted average shares outstanding (in shares) | 196.1M | 173.9M | 152.1M | 134.9M |
| Basic net income per share (in USD per share) | $1.29 | $1.16 | $1.25 | $0.99 |
| Diluted weighted average shares outstanding (in shares) | 198.1M | 177.1M | 153.5M | 135.9M |
| Diluted net income per share (in USD per share) | $1.28 | $1.15 | $1.24 | $0.99 |
| Line item | Sep 30, 2026 · Q3 | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 |
|---|---|---|---|---|
| Rental revenue | $157.8M | $151.1M | $149.4M | $136.5M |
| Interest on loans and direct financing lease receivables | $10.5M | $9.8M | $8.6M | $8.1M |
| Other revenue, net | $430.0K | $970.0K | $779.0K | $261.0K |
| Total revenues | $168.7M | $161.9M | $158.8M | $144.9M |
| General and administrative | $14.1M | $10.9M | $12.3M | $10.2M |
| Property expenses | $2.1M | $1.1M | $1.5M | $1.9M |
| Depreciation and amortization | $46.9M | $46.1M | $43.2M | $39.0M |
| Provision for impairment of real estate | $15.0M | $1.4M | $16.8M | $1.4M |
| Change in provision for credit losses | $196.0K | $2.6M | $622.0K | $83.0K |
| Total expenses | $78.4M | $62.1M | $74.5M | $52.6M |
| Gain on dispositions of real estate, net | $4.2M | $4.7M | $5.3M | $1.4M |
| Income from operations | $94.5M | $104.4M | $89.6M | $93.7M |
| Loss on debt extinguishment | ($138.0K) | — | — | — |
| Interest expense | ($34.2M) | ($30.3M) | ($29.9M) | ($28.3M) |
| Interest income | $722.0K | $580.0K | $410.0K | $582.0K |
| Other income, net | $0 | $387.0K | — | $0 |
| Income before income tax expense | $60.9M | $75.1M | $60.1M | $66.0M |
| Income tax expense | $218.0K | $635.0K | $160.0K | $170.0K |
| Net income | $60.7M | $74.5M | $60.0M | $65.8M |
| Net income attributable to non-controlling interests | ($500.0K) | ($194.0K) | ($158.0K) | ($180.0K) |
| Net income attributable to stockholders | $60.2M | $74.3M | $59.8M | $65.6M |
| Basic weighted average shares outstanding (in shares) | 216.7M | 216.3M | 210.2M | 198.1M |
| Basic net income per share (in USD per share) | $0.28 | $0.34 | $0.28 | $0.33 |
| Diluted weighted average shares outstanding (in shares) | 219.1M | 217.9M | 212.1M | 199.9M |
| Diluted net income per share (in USD per share) | $0.27 | $0.34 | $0.28 | $0.33 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land and improvements | $2.2B | $1.9B | $1.5B | $1.2B |
| Building and improvements | $4.4B | $3.5B | $2.9B | $2.4B |
| Lease incentives | $24.2M | $17.9M | $17.9M | $18.4M |
| Construction in progress | $49.9M | $153.8M | $96.5M | $34.5M |
| Intangible lease assets | $99.2M | $94.0M | $89.2M | $88.4M |
| Total real estate investments, at cost | $6.8B | $5.7B | $4.7B | $3.8B |
| Less: accumulated depreciation and amortization | ($612.7M) | ($476.8M) | ($367.1M) | ($276.3M) |
| Total real estate investments, net | $6.2B | $5.2B | $4.3B | $3.5B |
| Loans and direct financing lease receivables, net | $401.3M | $352.1M | $223.9M | $240.0M |
| Real estate investments held for sale, net | $2.6M | $10.0M | $7.5M | $4.8M |
| Net investments | $6.6B | $5.6B | $4.5B | $3.8B |
| Cash and cash equivalents | $60.2M | $40.7M | $39.8M | $62.3M |
| Restricted cash | $10.2M | $4.3M | $9.2M | $9.2M |
| Straight-line rent receivable, net | $191.0M | $143.4M | $107.5M | $78.6M |
| Derivative assets | $7.9M | $27.7M | $31.0M | $47.9M |
| Rent receivables, prepaid expenses and other assets, net | $39.5M | $29.9M | $32.7M | $23.0M |
| Total assets | $6.9B | $5.8B | $4.8B | $4.0B |
| Unsecured term loans, net of deferred financing costs | $1.7B | $1.7B | $1.3B | $1.0B |
| Senior unsecured notes, net | $786.7M | $396.4M | $395.8M | $395.3M |
| Revolving credit facility | $0 | $0 | $0 | $0 |
| Intangible lease liabilities, net | $10.8M | $10.7M | $11.2M | $11.6M |
| Dividend payable | $65.4M | $55.6M | $47.2M | $39.4M |
| Derivative liabilities | $26.2M | $7.6M | $23.0M | $2.3M |
| Accrued liabilities and other payables | $41.0M | $35.1M | $31.2M | $29.3M |
| Total liabilities | $2.7B | $2.2B | $1.8B | $1.5B |
| Preferred stock, $0.01 par value per share; 150,000,000 authorized; none issued and outstanding as of December 31, 2025 and 2024 | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock, $0.01 par value per share; 500,000,000 authorized; 209,702,433 and 187,537,592 issued and outstanding as of December 31, 2025 and 2024, respectively | $2097000.00 | $1875000.00 | $1646000.00 | $1424000.00 |
| Additional paid-in capital | $4.3B | $3.7B | $3.1B | $2.6B |
| Distributions in excess of cumulative earnings | ($109.3M) | ($113.3M) | ($105.5M) | ($117.2M) |
| Accumulated other comprehensive (loss) income | ($21.0M) | $16.9M | $4.0M | $40.7M |
| Total stockholders' equity | $4.2B | $3.6B | $3.0B | $2.5B |
| Non-controlling interests | $7.9M | $8.4M | $8.4M | $8.5M |
| Total equity | $4.2B | $3.6B | $3.0B | $2.5B |
| Total liabilities and equity | $6.9B | $5.8B | $4.8B | $4.0B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 |
|---|---|---|---|---|
| Land and improvements | $2.5B | $2.4B | $2.3B | $2.1B |
| Building and improvements | $4.9B | $4.7B | $4.6B | $4.2B |
| Lease incentives | $25.1M | $23.2M | $23.7M | $18.4M |
| Construction in progress | $37.3M | $39.1M | $57.2M | $42.9M |
| Intangible lease assets | $119.7M | $116.4M | $113.7M | $101.2M |
| Total real estate investments, at cost | $7.6B | $7.3B | $7.1B | $6.5B |
| Less: accumulated depreciation and amortization | ($730.5M) | ($688.3M) | ($654.0M) | ($577.4M) |
| Total real estate investments, net | $6.8B | $6.6B | $6.4B | $6.0B |
| Loans and direct financing lease receivables, net | $495.2M | $457.1M | $447.7M | $403.3M |
| Real estate investments held for sale, net | $18.9M | $3.9M | $18.2M | $1.4M |
| Net investments | $7.3B | $7.1B | $6.9B | $6.4B |
| Cash and cash equivalents | $25.2M | $126.2M | $15.2M | $23.8M |
| Restricted cash | $4.4M | $8.1M | $993.0K | $0 |
| Straight-line rent receivable, net | $241.1M | $225.8M | $211.5M | $179.7M |
| Derivative assets | $20.5M | $7.5M | $7.2M | $10.6M |
| Rent receivables, prepaid expenses and other assets, net | $50.4M | $46.0M | $46.4M | $38.8M |
| Total assets | $7.7B | $7.5B | $7.2B | $6.6B |
| Unsecured term loans, net of deferred financing costs | $1.3B | $1.7B | $1.7B | $1.7B |
| Senior unsecured notes, net | $1.2B | $1.2B | $787.1M | $786.3M |
| Revolving credit facility | $491.0M | $0 | $100.0M | $120.0M |
| Intangible lease liabilities, net | $13.9M | $14.2M | $13.8M | $10.9M |
| Dividends and distributions payable | $71.5M | $70.2M | $67.6M | $59.8M |
| Derivative liabilities | $8.0K | $6.8M | $17.1M | $28.5M |
| Accrued liabilities and other payables | $54.8M | $44.1M | $44.5M | $36.0M |
| Total liabilities | $3.1B | $3.0B | $2.8B | $2.8B |
| Commitments and contingencies (see Note 11) | $0 | $0 | — | — |
| Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of September 30, 2026 and December 31, 2025 | $0 | $0 | $0 | $0 |
| Common stock, $0.01 par value; 500,000,000 authorized; 220,275,169 and 209,702,433 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | $2.2M | $2.2M | $2.2M | $2.0M |
| Additional paid-in capital | $4.7B | $4.5B | $4.5B | $4.0B |
| Distributions in excess of cumulative earnings | ($131.2M) | ($119.8M) | ($124.8M) | ($112.2M) |
| Accumulated other comprehensive income (loss) | $18.0M | ($1.7M) | ($12.4M) | ($20.6M) |
| Total stockholders' equity | $4.5B | $4.4B | $4.4B | $3.8B |
| Non-controlling interests | $43.3M | $43.6M | $7.6M | $8.0M |
| Total equity | $4.6B | $4.5B | $4.4B | $3.8B |
| Total liabilities and equity | $7.7B | $7.5B | $7.2B | $6.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $253.7M | $203.6M | $191.4M | $134.7M |
| Depreciation and amortization | $153.6M | $122.2M | $102.2M | $88.6M |
| Amortization of lease incentives | $1.9M | $2.0M | $1.8M | $3.5M |
| Amortization of above/below market leases and right of use assets, net | ($129.0K) | ($238.0K) | ($275.0K) | ($217.0K) |
| Amortization of deferred financing costs and other non-cash interest expense | $7.5M | $5.4M | $3.9M | $3.1M |
| Loss on debt extinguishment | $0 | $0 | $116.0K | $2.1M |
| Provision for impairment of real estate | $12.0M | $14.8M | $3.5M | $20.2M |
| Change in provision for credit losses | $108.0K | $230.0K | ($99.0K) | $88.0K |
| Gain on dispositions of real estate, net | ($12.8M) | ($6.0M) | ($24.2M) | ($30.6M) |
| Straight-line rent receivable, net | ($52.2M) | ($38.9M) | ($28.3M) | ($20.8M) |
| Equity-based compensation expense | $13.2M | $10.8M | $9.0M | $9.5M |
| Adjustment to rental revenue for tenant credit | $3.5M | $635.0K | $640.0K | $371.0K |
| Rent receivables, prepaid expenses and other assets, net | ($7.3M) | ($7.3M) | ($6.0M) | $4.5M |
| Accrued liabilities and other payables | $8.1M | $1.1M | $767.0K | ($3.9M) |
| Net cash provided by operating activities | $381.1M | $308.5M | $254.6M | $211.0M |
| Proceeds from sales of investments, net | $128.6M | $96.9M | $128.6M | $126.6M |
| Principal collections on loans and direct financing lease receivables | $28.6M | $10.0M | $27.9M | $70.4M |
| Investments in loans receivable | ($93.1M) | ($136.3M) | ($13.1M) | ($115.0M) |
| Deposits for prospective real estate investments | ($6.3M) | ($3.9M) | $189.0K | ($26.0K) |
| Investment in real estate, including capital expenditures | ($1.1B) | ($825.8M) | ($894.5M) | ($728.7M) |
| Investment in construction in progress | ($100.0M) | ($263.2M) | ($105.1M) | ($51.9M) |
| Lease incentives paid | ($8.6M) | ($991.0K) | ($1.1M) | ($7.5M) |
| Net cash used in investing activities | ($1.2B) | ($1.1B) | ($857.1M) | ($706.1M) |
| Borrowings under term loans | $0 | $174.6M | $248.0M | $397.5M |
| Borrowings under revolving credit facility | $855.0M | $490.0M | $70.0M | $299.0M |
| Repayments under revolving credit facility | ($855.0M) | ($220.0M) | ($70.0M) | ($443.0M) |
| Proceeds from issuance of senior unsecured notes, net | $390.7M | — | $0 | $0 |
| Payments for taxes related to net settlement of equity awards | ($6.4M) | ($3.3M) | ($3.7M) | ($2.5M) |
| Payment of deferred financing costs | ($8.8M) | ($115.0K) | ($2.4M) | ($5.0M) |
| Proceeds from issuance of common stock, net | $657.6M | $570.2M | $507.3M | $403.9M |
| Offering costs | ($748.0K) | ($1.0M) | ($948.0K) | ($1.0M) |
| Dividends paid | ($233.9M) | ($199.7M) | ($168.2M) | ($141.7M) |
| Net cash provided by financing activities | $798.4M | $810.7M | $580.0M | $506.8M |
| Net increase (decrease) in cash and cash equivalents and restricted cash | $25.4M | ($4.0M) | ($22.5M) | $11.7M |
| Cash and cash equivalents and restricted cash, beginning of period | $45.0M | $49.0M | $71.5M | $59.8M |
| Cash and cash equivalents | $60.2M | $40.7M | $39.8M | $62.3M |
| Restricted cash | $10.2M | $4.3M | $9.2M | $9.2M |
| Cash and cash equivalents and restricted cash, end of period | $70.4M | $45.0M | $49.0M | $71.5M |
| Cash paid for interest, net of amounts capitalized | $99.1M | $73.7M | $49.6M | $36.8M |
| Cash paid for income taxes | $244.0K | $902.0K | $1.5M | $1.2M |
| Reclassification from construction in progress upon project completion | $199.5M | $200.6M | $45.5M | $26.9M |
| Net settlement of proceeds on the sale of investments | ($1.6M) | ($2.2M) | ($4.6M) | ($28.9M) |
| Non-cash investment in real estate and loan receivable activity | $18.3M | $2.2M | $0 | $22.7M |
| Transfer from real estate to direct financing lease receivable | $3.1M | — | — | — |
| Unrealized (loss) gain on cash flow hedges | ($22.4M) | $42.2M | ($9.2M) | ($56.6M) |
| Line item | Sep 30, 2026 · YTD | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $195.1M | $134.4M | $60.0M | $185.5M |
| Depreciation and amortization | $136.2M | $89.3M | $43.2M | $112.6M |
| Amortization of lease incentives | $1.4M | $1.0M | $364.0K | $1.5M |
| Amortization of above/below market leases and right of use assets, net | ($185.0K) | $204.0K | ($78.0K) | ($133.0K) |
| Amortization of deferred financing costs and other non-cash interest expense | $6.4M | $4.2M | $2.1M | $5.4M |
| Loss on debt extinguishment | $138.0K | — | — | — |
| Provision for impairment of real estate | $33.2M | $18.2M | $16.8M | $7.9M |
| Change in provision for credit losses | $3.5M | $3.3M | $622.0K | $83.0K |
| Gain on dispositions of real estate, net | ($14.2M) | ($10.0M) | ($5.3M) | ($8.4M) |
| Straight-line rent receivable, net | ($49.1M) | ($32.9M) | ($16.3M) | ($39.2M) |
| Equity-based compensation expense | $12.8M | $7.6M | $4.2M | $11.0M |
| Adjustment to rental revenue for tenant credit | $6.2M | $4.3M | $1.4M | $2.8M |
| Rent receivables, prepaid expenses and other assets, net | ($16.6M) | ($11.8M) | ($10.0M) | ($3.8M) |
| Accrued liabilities and other payables | $13.1M | $2.1M | $2.9M | $713.0K |
| Net cash provided by operating activities | $328.0M | $209.9M | $99.8M | $275.9M |
| Proceeds from sales of investments, net | $80.7M | $63.5M | $9.8M | $80.5M |
| Principal collections on loans and direct financing lease receivables | $36.4M | $34.3M | $6.1M | $10.2M |
| Investments in loans receivable | ($129.9M) | ($90.1M) | ($52.5M) | ($79.9M) |
| Deposits for prospective real estate investments | ($3.1M) | ($2.3M) | ($50.0K) | ($7.3M) |
| Investment in real estate, including capital expenditures | ($831.9M) | ($547.7M) | ($311.0M) | ($832.6M) |
| Investment in construction in progress | ($64.8M) | ($43.9M) | ($25.3M) | ($84.8M) |
| Lease incentives paid | ($2.0M) | ($45.0K) | $0 | ($2.9M) |
| Net cash used in investing activities | ($914.5M) | ($586.2M) | ($373.0M) | ($916.8M) |
| Borrowings under revolving credit facility | $948.5M | $460.0M | $290.0M | $665.0M |
| Repayments under revolving credit facility | ($460.0M) | ($460.0M) | ($190.0M) | ($545.0M) |
| Repayment of unsecured term loan | ($430.0M) | — | — | — |
| Proceeds from issuance of senior unsecured notes, net | $389.9M | $389.9M | $0 | $390.7M |
| Payments for taxes related to net settlement of equity awards | ($9.1M) | ($8.2M) | ($8.2M) | ($6.4M) |
| Payment of deferred financing costs | ($2.0M) | ($769.0K) | $0 | ($8.6M) |
| Proceeds from issuance of common stock, net | $312.2M | $192.7M | $192.7M | $298.8M |
| Offering costs | ($609.0K) | ($516.0K) | ($152.0K) | ($679.0K) |
| Dividends and distributions paid | ($203.1M) | ($133.0M) | ($65.4M) | ($174.1M) |
| Net cash provided by financing activities | $545.8M | $440.2M | $219.0M | $619.7M |
| Net decrease in cash and cash equivalents and restricted cash | ($40.8M) | $63.9M | ($54.2M) | ($21.1M) |
| Cash and cash equivalents and restricted cash, beginning of period | $70.4M | $70.4M | $70.4M | $45.0M |
| Cash and cash equivalents | $25.2M | $126.2M | $15.2M | $23.8M |
| Restricted cash | $4.4M | $8.1M | $993.0K | $0 |
| Cash and cash equivalents and restricted cash, end of period | $29.6M | $134.2M | $16.2M | $23.8M |
| Cash paid for interest, net of amounts capitalized | $86.2M | $56.4M | $25.6M | $72.4M |
| Cash paid for income taxes | $1.4M | $1.1M | $42.0K | $1.1M |
| Reclassification from construction in progress upon project completion | $75.2M | $53.1M | $17.5M | $191.4M |
| Net settlement of proceeds on the sale of investments | ($2.4M) | ($2.4M) | $0 | ($1.6M) |
| Non-cash investment in real estate and loan receivable activity | $3.6M | $3.3M | ($575.0K) | $18.3M |
| Transfer from real estate to direct financing lease receivable | $285.0K | — | — | — |
| Contribution of real estate in exchange for OP Units | $36.6M | $36.6M | — | — |
Essential Properties Realty Trust Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.