Essential Properties Realty Trust Nareit Management Meeting Takeaways

Takeaways from a Nareit meeting with Essential Properties Realty Trust (EPRT) management highlight a robust $370mn acquisition pipeline and a focus on consistent 7-8% AFFO/share growth.

Key Takeaways

• 1.EPRT maintains a strong forward acquisition pipeline of $370mn, supporting FY26 investment guidance of $1.1bn-$1.5bn.
• 2.Management prioritizes consistent 7%-8% annual AFFO/share growth over maximizing volume by selectively buying at ~200bps spreads.
• 3.A 2027 term loan refinancing presents a ~200bp earnings headwind, but management views it as manageable through acquisition spreads.

Table of Contents

• Key management meeting highlights
• Price target
• Downside risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures