Essential Properties Realty Trust, Inc. is a real estate investment trust (REIT) that focuses on acquiring, owning, and managing single-tenant commercial properties throughout the United States. The company utilizes a triple-net lease structure and sale-leaseback transactions to provide growth capital to middle-market businesses while generating predictable, long-term rental income. Under its triple-net leases, tenants are responsible for all property operating expenses, including taxes, insurance, and maintenance.
EPRT's portfolio is highly diversified across multiple industries, with a strategic emphasis on service-oriented and experience-based businesses that are resistant to e-commerce pressures. Key tenant industries include quick-service and casual dining restaurants, car washes, automotive services, medical and dental services, convenience stores, entertainment venues, and early childhood education facilities. The company also holds a smaller percentage of industrial properties. As of early 2026, the company's portfolio consists of over 2,400 properties spread across 48 states, leased to nearly 500 distinct tenants.
The company's business model is built on disciplined underwriting, targeting properties that are essential to the day-to-day operations of its tenants. By maintaining a granular portfolio with low tenant concentration—aiming to derive no more than 5% of its annualized base rent from any single tenant—EPRT mitigates risk and ensures stable cash flows. Substantially all of its revenue is derived from rental income.
