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Get filing alertsEPRT raises 2026 AFFO guidance to $2.01–$2.05/share on strong Q2 execution
Filed July 22, 2026 · Period ending July 22, 2026 · ~1 min read
Key Changes
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high
Q2 2026 AFFO of $0.50/share, up 9% year-over-year; full-year 2026 AFFO guidance raised to $2.01–$2.05/share from $2.00–$2.05/share on strong investment activity and portfolio performance.
Exhibit 99.1 view on EDGAR → -
high
Invested $332.4M in 103 properties at 7.8% weighted average cash cap rate in Q2; raised full-year investment guidance to $1.2–$1.5B from $1.1–$1.5B.
Exhibit 99.1 view on EDGAR → -
high
Raised $455.8M in gross equity proceeds at $32.06/share via follow-on and ATM; 18.9M shares remain unsettled on forward basis for estimated net proceeds of $574.7M.
Exhibit 99.1 view on EDGAR → -
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Issued $400M of 10-year senior unsecured notes at 5.375% coupon in June 2026, maturing July 2036; combined with equity raises, addresses capital needs through 2027.
Exhibit 99.1 view on EDGAR → -
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Portfolio 99.6% leased with 1.5% average same-store rent growth over trailing four quarters; pro forma net debt to annualized adjusted EBITDAre of 3.5x after forward equity settlement.
Exhibit 99.2 view on EDGAR →
Summary
Essential Properties reported strong second-quarter 2026 results and raised its full-year AFFO guidance, reflecting robust investment activity and stable portfolio performance. The company delivered $0.50 per share in AFFO for Q2, a 9% year-over-year increase, and raised the midpoint of its 2026 AFFO guidance by $0.015 per share to $2.01–$2.05.
Investment activity accelerated with $332.4 million deployed across 103 properties at a 7.8% weighted average cash cap rate, prompting management to lift the low end of full-year investment guidance to $1.2 billion.
The company executed a balanced capital plan during the quarter, issuing $400 million of 10-year senior unsecured notes at 5.375% and raising $455.8 million in gross equity proceeds at $32.06 per share through its follow-on offering and ATM program. With $574.7 million of unsettled forward equity remaining as of June 30, 2026, Essential Properties has substantial dry powder for continued acquisitions. Pro forma for forward settlement, net debt to annualized adjusted EBITDAre stands at a conservative 3.5 times, providing balance sheet flexibility. The portfolio remains 99.6% leased with steady 1.5% same-store rent growth, underscoring the quality and stability of the company's net lease assets. Retail holders should view this as evidence of disciplined execution in a competitive acquisition environment, with the raised guidance reflecting management's confidence in sustaining momentum through year-end.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
EPRT furnished Q2 2026 investor presentation and supplemental information under Regulation FD.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On July 22, 2026, the Company issued its Investor Presentation and Supplemental Information—Second Quarter 2026.
The company released its quarterly investor presentation and supplemental information for the second quarter of 2026. This is a routine disclosure furnished under Regulation FD to ensure fair public access to company information. The filing explicitly states this information is not deemed filed under securities laws and will not be incorporated by reference into other filings.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Investments (103 properties) | $ Invested | $332.4 million Weighted Avg Cash Cap Rate 7.8%
The company invested $332.4 million in 103 properties during Q2 2026 at a weighted average cash cap rate of 7.8%. For the first half of 2026, total investments reached $721.1 million across 229 properties at a 7.7% weighted average cash cap rate. The company also raised its full-year 2026 investment guidance from $1.1–$1.5 billion to $1.2–$1.5 billion.
Added in current filing · view on EDGAR →
Equity Raised (Gross) - Follow-On Offering & ATM Program (2) $32.06/share $455.8 million ... All shares were sold on a forward basis and a total of 18,887,181 shares remain unsettled for estimated net proceeds of $574.7 million.
The company raised $455.8 million in gross equity proceeds during the first half of 2026 at an average price of $32.06 per share through its follow-on offering and ATM program. As of June 30, 2026, 18,887,181 shares remain unsettled on a forward basis, representing estimated net proceeds of $574.7 million. On a pro forma basis assuming settlement, net debt to annualized adjusted EBITDAre would be 3.5x versus 4.5x reported.
Added in current filing · view on EDGAR →
on May 29, 2026, Essential Properties' board of directors declared a cash dividend of $0.32 per share of common stock for the quarter ended June 30, 2026. The second quarter 2026 dividend represents an annualized dividend of $1.28 per share of common stock. The dividend was paid on July 14, 2026 to stockholders of record as of the close of business on June 30, 2026.
The board declared a quarterly dividend of $0.32 per share for Q2 2026, representing an annualized rate of $1.28 per share. The dividend was paid on July 14, 2026, to shareholders of record as of June 30, 2026.
Event · Exhibit 99.2
EPRT issued $400M of 5.375% senior unsecured notes due 2036, raised ~$37M via ATM, and closed ~$332M of investments at 7.8% initial cash yield.
Added in current filing · view on EDGAR →
In 2Q'26, issued $400 million of 5.375% senior unsecured notes due 2036 and raised ~$37 million of common equity through ATM Program, leaving total unsettled forward equity of ~$575 million as of June 30, 2026. Additionally, issued ~$37 million of common OP Units.
Essential Properties raised $400 million of 10-year senior unsecured notes at 5.375% and approximately $37 million of common equity through its at-the-market program during the second quarter of 2026. The company also issued approximately $37 million of common operating partnership units. As of June 30, 2026, the company had approximately $575 million of unsettled forward equity commitments outstanding, providing substantial capital for future investments.
Added in current filing · view on EDGAR →
Closed ~$54 million of dispositions ... at 7.3% cash yield and continue to selectively recycle capital at attractive prices
Essential Properties sold approximately $54 million of properties during the second quarter of 2026 at a 7.3% cash yield. The company is actively recycling capital by selling select assets and redeploying proceeds into new investments, a strategy that can improve portfolio quality and support accretive growth.
Added in current filing · view on EDGAR →
Proforma Net Debt / Annualized Adjusted EBITDAre of 3.5x at 2Q'26-end
After adjusting for the unsettled forward equity as if it had been physically settled on June 30, 2026, the company's pro forma net debt to annualized adjusted EBITDAre ratio stood at 3.5 times. This reflects a conservative leverage profile and strong balance sheet capacity to support future growth.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify