Essential Properties Revenue Jumps 23% to $158.8M in Q1 2026
Essential Properties Realty Trust, a commercial real estate investment trust, reported revenue of $158.8 million for the first quarter ended March 31, 2026, up from $129.4 million in the same period last year. Net income rose to $59.8 million from $56.1 million.
Essential Properties Realty Trust, Inc. (NYSE: EPRT), an internally managed real estate company that acquires single-tenant properties, reported revenue of $158.8 million for the three months ended March 31, 2026, a 23% increase from $129.4 million in the first quarter of 2025. Read more earnings reports.
Net income for the quarter reached $59.8 million, up 7% from $56.1 million in the year-ago period. Operating income climbed to $89.6 million from $79.6 million, a gain of 13%.
Diluted earnings per share edged down to $0.28 from $0.29, reflecting a significantly larger share count. Weighted average diluted shares outstanding increased to 212.1 million from 191.0 million, an expansion of 11%.
Balance Sheet Expansion
Total assets grew to $7.15 billion as of March 31, 2026, compared with $6.86 billion at the end of December 2025. The company held $15.2 million in cash and cash equivalents, down from $60.2 million at year-end 2025.
Long-term debt stood at $2.63 billion as of quarter-end. Total liabilities increased to $2.76 billion from $2.66 billion at the end of the prior quarter.
Stockholders' equity rose to $4.39 billion from $4.20 billion. Common shares outstanding increased to 216.2 million from 209.7 million over the same period.
Cash Flow Activity
Cash from operations totaled $99.8 million for the quarter, up 29% from $77.2 million in the first quarter of 2025. Investing activities consumed $373.0 million, compared with $284.1 million in the year-ago period. Financing activities generated $219.0 million versus $209.0 million.
Depreciation and amortization charges increased to $43.2 million from $35.0 million, a rise of 23%.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Total Revenue | $158.8M | $129.4M | +23% |
| Operating Income | $89.6M | $79.6M | +13% |
| Net Income | $59.8M | $56.1M | +7% |
| Diluted EPS | $0.28 | $0.29 | -3% |
| Cash from Operations | $99.8M | $77.2M | +29% |
The company's retained deficit widened to $124.8 million from $109.3 million at the end of December 2025. Additional paid-in capital increased to $4.52 billion from $4.33 billion.
Income tax expense remained minimal at $160,000 for the quarter, essentially flat with $158,000 in the prior-year period. Other income rose to $779,000 from $37,000.