What Essential Properties does

Essential Properties Realty Trust, Inc. (NYSE: EPRT) is a publicly traded triple-net lease REIT headquartered in Princeton, New Jersey, that acquires, owns, and manages single-tenant commercial properties leased to middle-market companies operating service-oriented and experience-based businesses. Founded in 2016 as a predecessor LLC and established as a public REIT in 2018 under CEO Pete Mavoides, the company has grown to a portfolio of 2,417 properties across 48 states with approximately 374 tenants, generating $158.8 million in Q1 2026 revenue (up 22.76% year-over-year) and a market capitalization of $6.7 billion.

The company generates revenue primarily through long-term triple-net rental payments, under which tenants are responsible for property taxes, insurance, and common area maintenance. Its core transaction structures include sale-leaseback transactions (acquiring owned real estate and leasing it back to operators), M&A partnership financing (providing real estate capital at closing of operator acquisitions), third-party landlord refinancing, and build-to-suit construction financing. Deal sourcing is overwhelmingly relationship-driven, with 85% of investments originating from existing direct relationships and the company offering 30-day closing capability on an all-cash basis. Operational metrics include 99.7% portfolio occupancy, 3.5x rent coverage, 14.6-year average lease term, and a 7.7% weighted average initial cap rate on acquisitions.

The business is supported by a lean team of 11-50 employees and an experienced management group that includes former Spirit Realty Capital executives. The company has raised approximately $5 billion across debt and equity offerings since 2023 to fund portfolio growth, maintains 3.8x net debt/EBITDA leverage, and has delivered eight consecutive years of dividend increases. Recent product extensions include a $50 million Essential Sustainability Loan Program providing tenant financing for energy efficiency and EV charging infrastructure.

Name

Essential Properties

Legal name

Essential Properties Realty Trust, Inc.

Website

https://essentialproperties.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Essential Properties Realty Trust (NYSE: EPRT) is a triple-net lease REIT that acquires and owns 2,417 single-tenant properties across 48 states leased to middle-market service-oriented and experience-based operators, generating revenue through long-term rental payments averaging 14.6 years in term.

Ownership category

akta.pro rank

Product category

Net Lease REIT / Commercial Real Estate

NAICS

Lessors of Real Estate (5311)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Single-tenant net lease
• Sale-leaseback transactions
• Commercial real estate
• Triple net lease
• Middle-market properties

Headquarters

HQ city

Princeton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Rental Income from Single-Tenant Net Lease Properties: Essential Properties generates revenue primarily through long-term rental payments from tenants occupying its single-tenant, freestanding commercial properties under triple net lease agreements. Tenants are responsible for property taxes, insurance, and common area maintenance (CAM). The company has demonstrated consistent occupancy rates above 99.7% and receives quarterly dividends from AFFO.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Essential Properties Realty Trust is a triple-net lease REIT that acquires, owns, and manages a portfolio of approximately 2,417 single-tenant freestanding commercial properties across 48 U.S. states. The company primarily provides sale-leaseback financing to middle-market service-oriented and experience-based businesses, and complements this with M&A real estate partnerships, third-party landlord refinancing, and build-to-suit construction financing. Tenants operate under long-term triple-net leases averaging 14.6 years.

Product overview

Essential Properties Realty Trust operates as a single unified REIT platform offering multiple interconnected real estate capital solutions. The core offering centers on sale-leaseback transactions where the company acquires single-tenant properties and leases them back to tenants. This is complemented by M&A partnership services for acquisition financing, third-party landlord refinancing, and build-to-suit construction financing. Additionally, the Essential Sustainability Loan Program provides dedicated financing for tenants' environmental initiatives. All services are delivered through a network of approximately 2,400+ properties across 48 U.S. states, primarily serving middle-market service-oriented and experience-based businesses.

Differentiator

Problem solved

Functional benefit

Products and services

• Sale-Leaseback Transactions
• Mergers & Acquisitions (M&A) Partnership
• Third Party Landlord Refinancing
• Build-to-Suit / Construction Financing
• Essential Sustainability Loan Program

Quantifiable outcome

• 99.7% portfolio occupancy rate
• +5 more outcomes

Named customers16 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• National Retail Properties: National Retail Properties (NYSE: NNN) is a long-established net-lease REIT focused on single-tenant retail properties, overlapping with EPRT in restaurant, convenience, and service-tenant exposure. Similar dividend growth philosophy and triple-net lease structure.
• Realty Income Corporation: Realty Income (NYSE: O) is the largest net-lease REIT and EPRT's most direct public competitor, also acquiring single-tenant commercial properties under long-term triple-net leases. Both target middle-market service-oriented tenants with sale-leaseback structures and emphasize consistent dividend growth.
• Agree Realty Corporation: Agree Realty (NYSE: ADC) is a net-lease REIT focused on retail and service-oriented tenants with a similar middle-market sale-leaseback strategy. Comparable in scale, tenant profile, and capital deployment cadence to EPRT.
• Global Net Lease: Global Net Lease (NYSE: GNL) is a net-lease REIT with single-tenant properties across retail, industrial, and office, overlapping with EPRT in retail/service exposure. Comparable scale and dividend distribution model, though with international exposure.
• Four Corners Property Trust: Four Corners Property Trust (NYSE: FCPT) is a net-lease REIT focused on restaurant properties leased to middle-market operators, overlapping significantly with EPRT's restaurant tenant concentration. Uses similar sale-leaseback structures targeting franchisees and middle-market concepts.
• Broadstone Net Lease: Broadstone Net Lease (NYSE: BNL) is a diversified net-lease REIT acquiring single-tenant properties across industrial, restaurant, retail, and healthcare, overlapping with EPRT's service-oriented and experience-based verticals. Comparable portfolio construction and acquisition approach.
• Getty Realty Corp. Getty Realty (NYSE: GTY) is a net-lease REIT focused on convenience stores, automotive service, and restaurant properties leased to middle-market tenants. Highly comparable to EPRT in tenant credit profile, property type, and triple-net lease structure.

Others

• Spirit Realty Capital (acquired by Realty Income): Spirit Realty Capital was acquired by Realty Income in 2024 but is highly relevant contextually as the prior platform of EPRT's CEO Pete Mavoides and CIO AJ Peil. Spirit's strategy of middle-market service-operator sale-leaseback directly informed EPRT's current approach.

Broad incumbents

• W. P. Carey Inc. W. P. Carey (NYSE: WPC) is a diversified net-lease REIT with industrial, retail, office, and self-storage exposure, considerably larger and broader than EPRT. Operates as a broad incumbent in net lease with a portfolio-management focus rather than EPRT's middle-market service-operator specialization.

Emerging players

• NetSTREIT Corp. NetSTREIT (NYSE: NTST) is an emerging net-lease REIT focused on high-quality retail single-tenant properties, with overlap to EPRT's service-tenant strategy. Smaller and earlier-stage than EPRT, but pursuing similar middle-market sale-leaseback opportunities.

Market position

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/EssentialPropRT
• LinkedInlinkedin.com/company/essential-properties-realty-trust
• Instagraminstagram.com/essentialproperties

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds9 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Essential Properties