EQUITY RESEARCH | DEEP VALUE RESEARCH
Essential Properties Realty Trust, Inc. (EPRT)
Sector: Real Estate / Net Lease REIT |
Published: 2026-10-10 |
Pages: 6
Price at publication: $25.37
Themes: REIT Net lease Income
Executive Summary
Essential Properties Realty Trust closed at $25.37 on October 9, 12.5 times the midpoint of 2026 AFFO guidance, the lowest multiple at any point since its 2018 IPO. AFFO per share has grown about 9% a year since 2019, second-quarter AFFO rose 9%, and management raised guidance in July. The stock has fallen 24% since that report with no company news, as the Fed hiked and the 10-year Treasury moved above 5.2%. Forward equity sold near $30 funds growth into 2027.
What’s Inside The Full Report
- Executive summary and key points
- How Essential makes money
- Nine percent a year
- Credit: car washes and the weaker stores
- Funding growth at 12.5x
- A new chief investment officer
- What I think it’s worth
- The risks
- What I’m watching
- TTCM rating and position disclosure
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