EPRT Q3 AFFO $0.51, Raises 2026 Guidance, Introduces 2027 AFFO of $2.10-$2.18
EPRT is trading near its 52-week low of $24.62 (4.8% above the low).
Summary
Essential Properties reported Q3 2026 AFFO of $0.51 per share, up 6%, raised 2026 AFFO guidance to $2.02-$2.05 and issued initial 2027 guidance of $2.10-$2.18 per share.
Key Events · Earnings and Guidance · EPRT
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Q3 AFFO Grows 6% to $0.51
Third-quarter AFFO per share rose to $0.51 from $0.48, on total revenue of $168.7M versus $144.9M a year earlier. Net income per share fell 18% to $0.27, weighed by a $15.0M real estate impairment provision versus $1.4M in Q3 2025.
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2026 Guidance Raised, 2027 Initiated
2026 AFFO guidance moves to $2.02-$2.05 per share from $2.01-$2.05, and 2026 investment volume guidance rises to $1.3B-$1.5B. Initial 2027 AFFO guidance is $2.10-$2.18 per share on $1.0B-$1.5B of investment volume and $32M-$37M cash G&A.
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$342M Invested at 7.7% Cap Rate
Q3 investments totaled $342.2M across 100 properties at a 7.7% weighted average cash cap rate and 9.4% GAAP cap rate; year-to-date volume is $1.1B at 7.7% cash. Dispositions of 11 properties generated $17.9M at a 6.1% cash cap rate.
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Leverage at 3.8x, $1.3B Liquidity
Pro forma net debt to annualized adjusted EBITDAre was 3.8x at quarter end, with $1.3B of pro forma liquidity. A total of 15,828,249 forward shares remain unsettled for estimated net proceeds of $482.8M.
Analysis · EPRT · Real Estate & Construction
Third-quarter AFFO of $0.51 per share rose 6% year over year on $168.7M of revenue, and management raised the top end of 2026 AFFO guidance while lifting the investment-volume range to $1.3B-$1.5B. The bigger item is the first 2027 outlook of $2.10-$2.18 per share, which gives the market a forward earnings base at a time when the stock sits near its 52-week low. Net income per share fell 18% to $0.27, driven largely by a $15.0M impairment provision versus $1.4M a year ago, so the GAAP line looks weak even as cash earnings grow. The balance sheet remains conservative at 3.8x pro forma net debt to annualized adjusted EBITDAre with $1.3B of liquidity, and $482.8M of unsettled forward equity is already contracted.
How filings like this one have moved
In the 30 days to Oct 21, 2026, 28.9% of the 1511 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.54%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, EPRT was trading at $25.81 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.4B. The 52-week trading range was $24.62 to $34.73. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.