Essential Properties Realty Trust, Inc 8-K, filed Oct 21, 2026
Essential Properties Realty Trust, Inc. (EPRT)
8-K
2026-10-21
For: 2026-10-21
View Original
Added on
October 21, 2026
About this 8-K
Essential Properties Realty Trust, Inc filed this 8-K on October 21, 2026.
Essential Properties Realty Trust, Inc. reported AFFO per share of $0.51, closed $342.2 million of investments at a 7.7% cash cap rate, raised 2026 AFFO guidance to $2.02 to $2.05 per share, and issued 2027 guidance of $2.10 to $2.18 per share. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Item 2.02 — Results of Operations and Financial Condition.
On October 21, 2026, Essential Properties Realty Trust, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the three and nine months ended September 30, 2026. The press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7.01— Regulation FD Disclosure.
On October 21, 2026, the Company issued its Investor Presentation and Supplemental Information—Third Quarter 2026. The Investor Presentation and Supplemental Information—Third Quarter 2026 is furnished hereto as Exhibit 99.2 and incorporated herein by reference.
The foregoing information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition,” and Item 7.01, “Regulation FD Disclosure.” The information in Items 2.02 and 7.01 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.
Item 9.01 — Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
Earnings Press Release dated October 21, 2026 for the three and nine months ended September 30, 2026 | |||||
Investor Presentation and Supplemental Information—Third Quarter 2026 | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 21, 2026 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | |||||||
| By: | /s/ Robert W. Salisbury | |||||||
| Robert W. Salisbury | ||||||||
| Executive Vice President, Chief Financial Officer, Chief Strategy Officer and Secretary | ||||||||
Exhibit 99.1
Essential Properties Announces Third Quarter 2026 Results
- Third Quarter Net Income per Share of $0.27 and AFFO per Share of $0.51 -
- Closed Investments of $342.2 million at a 7.7% Weighted Average Cash Cap Rate -
- Increases 2026 AFFO Guidance to $2.02 to $2.05 per Share -
- Issues 2027 AFFO Guidance of $2.10 to $2.18 per Share -
October 21, 2026
PRINCETON, N.J.--(BUSINESS WIRE)--Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential Properties” or the “Company”) today announced operating results for the three and nine months ended September 30, 2026.
Third Quarter 2026 Financial and Operating Highlights:
Operating Results (compared to Third Quarter 2025): | ||||||||
•Investments (100 properties) | $ Invested | $342.2 million | ||||||
| Weighted Avg Cash Cap Rate | 7.7% | |||||||
| Weighted Avg GAAP Cap Rate | 9.4% | |||||||
•Dispositions (11 properties) | Net Proceeds | $17.9 million | ||||||
| Weighted Avg Cash Cap Rate | 6.1% | |||||||
•Net Income per Share | Decreased by 18% | $0.27 | ||||||
•Funds from Operations (“FFO”) per Share (1) | Increased by 4% | $0.54 | ||||||
•Core Funds from Operations (“Core FFO”) per Share (1) | Increased by 6% | $0.55 | ||||||
•Adjusted Funds from Operations (“AFFO”) per Share (1) | Increased by 6% | $0.51 | ||||||
| Debt, Equity & Leverage: | ||||||||
•Equity Raised (Gross) - ATM Program (2) | $31.13/share | $28.4 million | ||||||
•Credit Facility Amendment - Upsized | 5 bps Spread Reduction | $1.3 billion Capacity | ||||||
•Pro Forma Net Debt to Annualized Adjusted EBITDAre (1) | As of Quarter End | 3.8x | ||||||
Year to Date 2026 Financial and Operating Highlights:
Operating Results (compared to YTD Third Quarter 2025): | ||||||||
•Investments (329 properties) | $ Invested | $1.1 billion | ||||||
| Weighted Avg Cash Cap Rate | 7.7% | |||||||
| Weighted Avg GAAP Cap Rate | 9.1% | |||||||
•Dispositions (34 properties) | Net Proceeds | $82.3 million | ||||||
| Weighted Avg Cash Cap Rate | 7.0% | |||||||
•Net Income per Share | Decreased by 4% | $0.90 | ||||||
•FFO per Share (1) | Increased by 7% | $1.61 | ||||||
•Core FFO per Share (1) | Increased by 8% | $1.63 | ||||||
•AFFO per Share (1) | Increased by 9% | $1.51 | ||||||
| Debt, Equity & Leverage: | ||||||||
•Public Debt Issuance (June 4, 2026) | 10 years; 5.38% coupon | $400.0 million | ||||||
•Equity Raised (Gross) - Follow-On Offering & ATM Program (2) | $32.00/share | $484.2 million | ||||||
•Equity Raised (Gross) - Common OP Units | $30.39/unit | $36.6 million | ||||||
1.See page 8 for reconciliations of non-GAAP financial measures to corresponding GAAP metrics.
2.All shares were sold on a forward basis and a total of 15,828,249 shares remain unsettled for estimated net proceeds of $482.8 million.
1
CEO Comments
Commenting on the third quarter 2026 results, the Company's Chief Executive Officer, Pete Mavoides, said, “We delivered a strong third quarter, supported by healthy portfolio performance and investment momentum across our origination platform. Our well-positioned balance sheet and capital position provide us with meaningful flexibility to execute on the pipeline of opportunities. With an eye toward 2027, we expect to remain disciplined in our investment approach, ensuring that our cap rates appropriately reflect the evolving cost of capital environment, while continuing to serve as a trusted capital partner to our operators and drive attractive risk-adjusted returns for our shareholders.”
Portfolio Highlights
The Company’s investment portfolio as of September 30, 2026 is summarized as follows:
September 30, 2026 | ||||||||||||||
| Number of properties | 2,580 | |||||||||||||
| Weighted average lease term (WALT) | 14.2 years | |||||||||||||
| Weighted average unit-level rent coverage ratio | 3.5x | |||||||||||||
| Top 10 tenant concentration (% of cash ABR) | 15.2% | |||||||||||||
| Top 20 tenant concentration (% of cash ABR) | 25.1% | |||||||||||||
Weighted average occupancy (11 vacant properties) | 99.6% | |||||||||||||
| Total square feet of rentable space | 29.3 million | |||||||||||||
| Service-oriented or experience-based (% of cash ABR) | 91.7% | |||||||||||||
Properties subject to master lease (% of cash ABR) (1) | 67.4% | |||||||||||||
1.Includes investments in mortgage loans receivable collateralized by more than one property.
Portfolio Update
Investments
During the three months ended September 30, 2026, the Company's $342.2 million of investment activity had a weighted average closing date of September 6, 2026. Additional details about the Company’s investment activity during the three and nine months ended September 30, 2026 are summarized as follows:
Quarter Ended September 30, 2026 | Year to Date September 30, 2026 | |||||||||||||
| Investments: | ||||||||||||||
| Investment volume | $342.2 million | $1.1 billion | ||||||||||||
| Number of transactions | 31 | 89 | ||||||||||||
| Property count | 100 | 329 | ||||||||||||
| Weighted average cash / GAAP cap rate | 7.7%/9.4% | 7.7%/9.1% | ||||||||||||
| Weighted average lease escalation | 2.3% | 2.0% | ||||||||||||
% Subject to master lease(1) | 65% | 54% | ||||||||||||
% Sale-leaseback transactions(1) | 91% | 92% | ||||||||||||
| % Existing relationship | 60% | 63% | ||||||||||||
| % Required financial reporting (tenant/guarantor) | 100% | 100% | ||||||||||||
| WALT | 17.9 years | 17.2 years | ||||||||||||
1.Includes investments in mortgage loans receivable collateralized by more than one property or made in support of sale-leaseback transactions.
2
Dispositions
The Company’s disposition activity during the three and nine months ended September 30, 2026 is summarized as follows:
| Quarter Ended September 30, 2026 | Year to Date September 30, 2026 | |||||||||||||
| Dispositions: | ||||||||||||||
| Net proceeds | $17.9 million | $82.3 million | ||||||||||||
| Number of properties sold | 11 | 34 | ||||||||||||
| Net gain / (loss) | $4.2 million | $14.2 million | ||||||||||||
| Weighted average cash cap rate (excludes vacant property sales and properties repurchased by the tenant) | 6.1% | 7.0% | ||||||||||||
Loan Repayments
Loan repayments received by the Company during the three and nine months ended September 30, 2026 are summarized as follows:
| Quarter Ended September 30, 2026 | Year to Date September 30, 2026 | |||||||||||||
| Loan Repayments: | ||||||||||||||
| Proceeds—Principal | $1.8 million | $35.9 million | ||||||||||||
| Number of properties | 2 | 15 | ||||||||||||
| Weighted average interest rate | 7.0% | 9.2% | ||||||||||||
Leverage and Liquidity
The Company's leverage and liquidity as of September 30, 2026 are summarized in the following table.
September 30, 2026 | Pro Forma (1) September 30, 2026 | |||||||||||||
| Leverage: | ||||||||||||||
Net debt to Annualized Adjusted EBITDAre | 4.6x | 3.8x | ||||||||||||
| Liquidity: | ||||||||||||||
| Cash and cash equivalents and restricted cash | $29.6 million | $21.4 million | ||||||||||||
| Unused revolving credit facility capacity | $809.0 million | $1.3 billion | ||||||||||||
| Forward equity sales - unsettled | $482.8 million | — | ||||||||||||
| Total available liquidity | $1.3 billion | $1.3 billion | ||||||||||||
| ATM Program: | ||||||||||||||
| 2026 ATM Program initial availability | $750.0 million | |||||||||||||
| Aggregate gross sales under the 2026 ATM Program | $14.1 million | |||||||||||||
| Availability remaining under the 2026 ATM Program | $735.9 million | |||||||||||||
1.Pro forma adjustments have been made to reflect 15,828,249 unsettled shares sold on a forward basis as if they had been physically settled for cash on September 30, 2026.
3
Equity Activity
The Company's equity activity during the three months ended September 30, 2026 is summarized in the following table.
| Shares | Price (Net) (1) | Net Proceeds (000s) | ||||||||||||||||||||||||||||||||||||||||||
| Forward Shares Unsettled - June 30, 2026 | 18,887,181 | $30.40 | $574,262 | |||||||||||||||||||||||||||||||||||||||||
| Shares Sold - Current Quarter | 910,636 | 30.75 | 28,002 | |||||||||||||||||||||||||||||||||||||||||
| Shares Settled - Current Quarter | (3,969,568) | 30.10 | (119,503) | |||||||||||||||||||||||||||||||||||||||||
Forward Shares Unsettled - September 30, 2026 | 15,828,249 | $30.50 | $482,762 | |||||||||||||||||||||||||||||||||||||||||
1.Prices are inclusive of forward price adjustments as of September 30, 2026.
Guidance
2027 Guidance
The Company currently expects 2027 AFFO per share on a fully diluted basis to be within a range of $2.10 to $2.18. The guidance range includes an estimate for investment volume of $1.0 billion to $1.5 billion, and Cash G&A expense of $32.0 million to $37.0 million.
2026 Guidance
The Company is increasing its previously issued 2026 AFFO per share estimate from $2.01 to $2.05 to a new range of $2.02 to $2.05. The Company is also increasing its guidance range for 2026 investment volume from $1.2 billion to $1.5 billion to an updated range of $1.3 billion to $1.5 billion, and is reiterating its prior guidance range for 2026 Cash G&A of $30.0 million to $34.0 million.
Note: The Company does not provide guidance for the most comparable GAAP financial measures, net income and general and administrative expense, or a reconciliation of the forward-looking non-GAAP financial measures of AFFO to net income computed in accordance with GAAP and Cash G&A expense to general and administrative expense computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measures, including items that are not indicative of the Company's ongoing operations, such as, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses and non-cash compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company's GAAP results for the guidance period.
Dividend Information
As previously announced, on September 4, 2026, Essential Properties' board of directors declared a cash dividend of $0.32 per share of common stock for the quarter ended September 30, 2026. The third quarter 2026 dividend represents an annualized dividend of $1.28 per share of common stock. The dividend was paid on October 14, 2026 to stockholders of record as of the close of business on September 30, 2026.
Conference Call Information
In conjunction with the release of Essential Properties’ operating results, the Company will host a conference call on Thursday, October 22, 2026 at 10:00 a.m. ET to discuss the results. To access the conference, dial 800-274-8461 (International: 203-518-9814) and use the conference ID: EPRT. A live webcast will also be available in listen-only mode by clicking on the webcast link in the Investor Relations section at www.essentialproperties.com.
A telephone replay of the conference call can also be accessed by calling 844-512-2921 (International: 412-317-6671) and entering the access code: 11162626. The telephone replay will be available through November 5, 2026.
A replay of the conference call webcast will be available on our website approximately three hours after the conclusion of the live broadcast. The webcast replay will be available for 90 days. No access code is required for this replay.
4
Supplemental Materials
The Company’s Investor Presentation and Supplemental Information—Third Quarter 2026 is available on Essential Properties’ website at investors.essentialproperties.com.
About Essential Properties Realty Trust, Inc.
Essential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single- tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of September 30, 2026, the Company’s portfolio consisted of 2,580 freestanding net lease properties with a weighted average lease term of 14.2 years and a weighted average unit-level rent coverage ratio of 3.5x. In addition, as of September 30, 2026, the Company’s portfolio was 99.6% leased to tenants operating 727 different concepts across 49 states.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters, are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and the Company may not be able to realize them. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur as described, or at all.
Additional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained in the Company’s Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the Company’s most recent Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release.
The results reported in this press release are preliminary and not final. There can be no assurance that these results will not vary from the final results reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 that it will file with the Commission.
5
Essential Properties Realty Trust, Inc.
Consolidated Statements of Operations
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| (unaudited, in thousands, except share and per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
Rental revenue (1)(2) | $ | 157,763 | $ | 136,544 | $ | 458,267 | $ | 387,444 | ||||||||||||||||||
Interest on loans and direct financing lease receivables | 10,478 | 8,129 | 28,910 | 23,228 | ||||||||||||||||||||||
| Other revenue | 430 | 261 | 2,180 | 680 | ||||||||||||||||||||||
| Total revenues | 168,671 | 144,934 | 489,357 | 411,352 | ||||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
General and administrative | 14,107 | 10,211 | 37,347 | 32,423 | ||||||||||||||||||||||
Property expenses (2) | 2,140 | 1,850 | 4,716 | 5,604 | ||||||||||||||||||||||
| Depreciation and amortization | 46,925 | 38,976 | 136,244 | 112,559 | ||||||||||||||||||||||
| Provision for impairment of real estate | 15,032 | 1,439 | 33,227 | 7,934 | ||||||||||||||||||||||
| Change in provision for credit losses | 196 | 83 | 3,453 | 83 | ||||||||||||||||||||||
| Total expenses | 78,400 | 52,559 | 214,987 | 158,603 | ||||||||||||||||||||||
| Other operating income: | ||||||||||||||||||||||||||
| Gain on dispositions of real estate, net | 4,234 | 1,361 | 14,200 | 8,421 | ||||||||||||||||||||||
| Income from operations | 94,505 | 93,736 | 288,570 | 261,170 | ||||||||||||||||||||||
| Other (expense)/income: | ||||||||||||||||||||||||||
Loss on debt extinguishment | (138) | — | (138) | — | ||||||||||||||||||||||
| Interest expense | (34,214) | (28,348) | (94,429) | (77,139) | ||||||||||||||||||||||
| Interest income | 722 | 582 | 1,711 | 1,907 | ||||||||||||||||||||||
| Other income, net | — | — | 387 | — | ||||||||||||||||||||||
| Income before income tax expense | 60,875 | 65,970 | 196,101 | 185,938 | ||||||||||||||||||||||
| Income tax expense | 218 | 170 | 1,013 | 485 | ||||||||||||||||||||||
| Net income | 60,657 | 65,800 | 195,088 | 185,453 | ||||||||||||||||||||||
| Net income attributable to non-controlling interests | (500) | (180) | (852) | (511) | ||||||||||||||||||||||
| Net income attributable to stockholders | $ | 60,157 | $ | 65,620 | $ | 194,236 | $ | 184,942 | ||||||||||||||||||
| Basic weighted-average shares outstanding | 216,679,914 | 198,141,272 | 214,396,578 | 194,753,085 | ||||||||||||||||||||||
| Basic net income per share | $ | 0.28 | $ | 0.33 | $ | 0.90 | $ | 0.95 | ||||||||||||||||||
| Diluted weighted-average shares outstanding | 219,121,415 | 199,875,244 | 216,394,255 | 196,853,561 | ||||||||||||||||||||||
| Diluted net income per share | $ | 0.27 | $ | 0.33 | $ | 0.90 | $ | 0.94 | ||||||||||||||||||
1.Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $238, $229, $608 and $671 for the three and nine months ended September 30, 2026 and 2025, respectively.
2.Includes reimbursable income or reimbursable expenses from the Company’s tenants of $1,095, $1,198, $2,400 and $3,680 for the three and nine months ended September 30, 2026 and 2025, respectively.
6
Essential Properties Realty Trust, Inc.
Consolidated Balance Sheets
| (in thousands, except share and per share data) | September 30, 2026 | December 31, 2025 | ||||||||||||
| (Unaudited) | (Audited) | |||||||||||||
| ASSETS | ||||||||||||||
| Investments: | ||||||||||||||
| Real estate investments, at cost: | ||||||||||||||
| Land and improvements | $ | 2,465,500 | $ | 2,200,829 | ||||||||||
| Building and improvements | 4,916,832 | 4,388,959 | ||||||||||||
| Lease incentives | 25,113 | 24,154 | ||||||||||||
| Construction in progress | 37,298 | 49,881 | ||||||||||||
| Intangible lease assets | 119,712 | 99,217 | ||||||||||||
| Total real estate investments, at cost | 7,564,455 | 6,763,040 | ||||||||||||
| Less: accumulated depreciation and amortization | (730,526) | (612,674) | ||||||||||||
| Total real estate investments, net | 6,833,929 | 6,150,366 | ||||||||||||
| Loans and direct financing lease receivables, net | 495,209 | 401,323 | ||||||||||||
| Real estate investments held for sale, net | 18,863 | 2,635 | ||||||||||||
| Net investments | 7,348,001 | 6,554,324 | ||||||||||||
| Cash and cash equivalents | 25,222 | 60,181 | ||||||||||||
| Restricted cash | 4,373 | 10,184 | ||||||||||||
| Straight-line rent receivable, net | 241,136 | 191,008 | ||||||||||||
| Derivative assets | 20,462 | 7,861 | ||||||||||||
| Rent receivables, prepaid expenses and other assets, net | 50,357 | 39,465 | ||||||||||||
| Total assets | $ | 7,689,551 | $ | 6,863,023 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Unsecured term loans, net of deferred financing costs | $ | 1,297,361 | $ | 1,725,010 | ||||||||||
| Senior unsecured notes, net | 1,176,756 | 786,708 | ||||||||||||
| Revolving credit facility | 491,000 | — | ||||||||||||
| Intangible lease liabilities, net | 13,929 | 10,766 | ||||||||||||
| Dividends and distributions payable | 71,469 | 65,391 | ||||||||||||
| Derivative liabilities | 8 | 26,226 | ||||||||||||
| Accrued liabilities and other payables | 54,804 | 41,028 | ||||||||||||
| Total liabilities | 3,105,327 | 2,655,129 | ||||||||||||
| Commitments and contingencies | — | — | ||||||||||||
| Stockholders' equity: | ||||||||||||||
| Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of September 30, 2026 and December 31, 2025 | — | — | ||||||||||||
Common stock, $0.01 par value; 500,000,000 authorized; 220,275,169 and 209,702,433 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 2,203 | 2,097 | ||||||||||||
| Additional paid-in capital | 4,651,877 | 4,328,137 | ||||||||||||
| Distributions in excess of cumulative earnings | (131,154) | (109,261) | ||||||||||||
| Accumulated other comprehensive income (loss) | 17,974 | (20,979) | ||||||||||||
| Total stockholders' equity | 4,540,900 | 4,199,994 | ||||||||||||
| Non-controlling interests | 43,324 | 7,900 | ||||||||||||
| Total equity | 4,584,224 | 4,207,894 | ||||||||||||
| Total liabilities and equity | $ | 7,689,551 | $ | 6,863,023 | ||||||||||
7
Essential Properties Realty Trust, Inc.
Reconciliation of Non-GAAP Financial Measures
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| (unaudited, in thousands except per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net income | $ | 60,657 | $ | 65,800 | $ | 195,088 | $ | 185,453 | ||||||||||||||||||
| Depreciation and amortization of real estate | 46,690 | 38,936 | 135,574 | 112,435 | ||||||||||||||||||||||
| Provision for impairment of real estate | 15,032 | 1,439 | 33,227 | 7,934 | ||||||||||||||||||||||
| Gain on dispositions of real estate, net | (4,234) | (1,361) | (14,200) | (8,421) | ||||||||||||||||||||||
| Funds from Operations | 118,145 | 104,814 | 349,689 | 297,401 | ||||||||||||||||||||||
Non-core expense, net (1) | 3,505 | — | 3,287 | — | ||||||||||||||||||||||
| Core Funds from Operations | 121,650 | 104,814 | 352,976 | 297,401 | ||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Straight-line rental revenue, net | (15,404) | (14,446) | (45,902) | (37,524) | ||||||||||||||||||||||
| Non-cash interest | 1,517 | 1,396 | 4,411 | 4,032 | ||||||||||||||||||||||
| Non-cash compensation expense | 3,493 | 3,553 | 11,119 | 11,018 | ||||||||||||||||||||||
| Other amortization expense | (35) | 858 | 1,198 | 1,378 | ||||||||||||||||||||||
| Change in provision for credit losses | 196 | 83 | 3,453 | 83 | ||||||||||||||||||||||
| Other non-cash adjustments | 811 | 574 | 2,006 | 1,307 | ||||||||||||||||||||||
| Capitalized interest expense | (320) | (619) | (1,430) | (2,756) | ||||||||||||||||||||||
| Adjusted Funds from Operations | $ | 111,908 | $ | 96,213 | $ | 327,831 | $ | 274,939 | ||||||||||||||||||
Net income per share: (2) | ||||||||||||||||||||||||||
| Basic | $ | 0.28 | $ | 0.33 | $ | 0.90 | $ | 0.95 | ||||||||||||||||||
| Diluted | $ | 0.27 | $ | 0.33 | $ | 0.90 | $ | 0.94 | ||||||||||||||||||
FFO per share: (2) | ||||||||||||||||||||||||||
| Basic | $ | 0.54 | $ | 0.53 | $ | 1.63 | $ | 1.52 | ||||||||||||||||||
| Diluted | $ | 0.54 | $ | 0.52 | $ | 1.61 | $ | 1.51 | ||||||||||||||||||
Core FFO per share: (2) | ||||||||||||||||||||||||||
| Basic | $ | 0.56 | $ | 0.53 | $ | 1.64 | $ | 1.52 | ||||||||||||||||||
| Diluted | $ | 0.55 | $ | 0.52 | $ | 1.63 | $ | 1.51 | ||||||||||||||||||
AFFO per share: (2) | ||||||||||||||||||||||||||
| Basic | $ | 0.51 | $ | 0.48 | $ | 1.52 | $ | 1.40 | ||||||||||||||||||
| Diluted | $ | 0.51 | $ | 0.48 | $ | 1.51 | $ | 1.39 | ||||||||||||||||||
1.During the three and nine months ended September 30, 2026, includes severance and accelerated non-cash compensation expense, loss on debt extinguishment and non-core technology expenses and, during the nine months ended September 30, 2026, includes net insurance recovery income.
2.Calculations exclude $407, $227, $1,146 and $682 from the numerator for the three and nine months ended September 30, 2026 and 2025, respectively, related to dividend equivalents and distributions paid on unvested restricted stock units and LTIP units.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| (unaudited, in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| General and administrative expense | $ | 14,107 | $ | 10,211 | $ | 37,347 | $ | 32,423 | ||||||||||||||||||
Non-core general and administrative expense (1) | (3,367) | — | (3,536) | — | ||||||||||||||||||||||
| Non-cash compensation expense | (3,493) | (3,553) | (11,119) | (11,018) | ||||||||||||||||||||||
| Straight-line rent expense, net | 6 | 11 | (244) | 32 | ||||||||||||||||||||||
| Cash G&A | $ | 7,253 | $ | 6,669 | $ | 22,448 | $ | 21,437 | ||||||||||||||||||
1.Includes severance and accelerated non-cash compensation expense and non-core technology expenses during the three and nine months ended September 30, 2026.
8
Essential Properties Realty Trust, Inc.
Reconciliation of Non-GAAP Financial Measures
(unaudited, in thousands) | Three months ended September 30, 2026 | |||||||
| Net income | $ | 60,657 | ||||||
| Depreciation and amortization | 46,925 | |||||||
| Interest expense | 34,214 | |||||||
| Interest income | (722) | |||||||
| Income tax expense | 218 | |||||||
| EBITDA | 141,292 | |||||||
| Provision for impairment of real estate | 15,032 | |||||||
| Gain on dispositions of real estate, net | (4,234) | |||||||
EBITDAre | 152,090 | |||||||
Adjustment for current quarter re-leasing, acquisition and disposition activity (1) | 5,720 | |||||||
Adjustment for other non-core or non-recurring activity (2) | 5,289 | |||||||
Adjustment to exclude termination/prepayment fees and certain percentage rent (3) | (531) | |||||||
Adjusted EBITDAre - Current Estimated Run Rate | 162,568 | |||||||
| General and administrative expense | 11,063 | |||||||
| Adjusted net operating income ("NOI") | 173,631 | |||||||
Straight-line rental revenue, net (1) | (17,144) | |||||||
| Other amortization expense | 283 | |||||||
| Adjusted Cash NOI | $ | 156,770 | ||||||
Annualized EBITDAre | $ | 608,360 | ||||||
Annualized Adjusted EBITDAre | $ | 650,272 | ||||||
| Annualized Adjusted NOI | $ | 694,524 | ||||||
| Annualized Adjusted Cash NOI | $ | 627,080 | ||||||
1.Adjustment is made to reflect EBITDAre, NOI and Cash NOI as if all re-leasing activity, investments in and dispositions of real estate and loan repayments completed during the three months ended September 30, 2026 had occurred on July 1, 2026.
2.Adjustment is made to i) exclude non-core adjustments made in computing Core FFO, if any, ii) exclude changes in the Company's provision for credit losses, iii) exclude the write-off of receivables from prior periods and iv) eliminate the impact of seasonal fluctuation in certain non-cash compensation expense recorded in the period.
3.Adjustment excludes lease termination or loan prepayment fees and contingent rent (based on a percentage of the tenant's gross sales at the leased property) where payment is subject to exceeding a sales threshold specified in the lease, if any.
9
Essential Properties Realty Trust, Inc.
Reconciliation of Non-GAAP Financial Measures
| (unaudited, dollars in thousands, except share and per share data) | September 30, 2026 | Rate | Wtd. Avg. Maturity | |||||||||||||||||
| Unsecured debt: | ||||||||||||||||||||
January 2028 term loan (1) | 400,000 | 4.46% | 1.3 years | |||||||||||||||||
February 2029 term loan (1)(2) | 450,000 | 5.20% | 2.4 years | |||||||||||||||||
January 2030 term loan (1)(2) | 450,000 | 4.62% | 3.3 years | |||||||||||||||||
| Senior unsecured notes due July 2031 | 400,000 | 3.12% | 4.8 years | |||||||||||||||||
| Senior unsecured notes due December 2035 | 400,000 | 5.40% | 9.2 years | |||||||||||||||||
| Senior unsecured notes due July 2036 | 400,000 | 5.38% | 9.8 years | |||||||||||||||||
Revolving credit facility maturing February 2030 - Fixed(2)(3) | 430,000 | 2.13% | 3.4 years | |||||||||||||||||
Revolving credit facility maturing February 2030 - Floating (2)(3) | 61,000 | 4.60% | 3.4 years | |||||||||||||||||
| Total unsecured debt | 2,991,000 | 4.33% | 4.8 years | |||||||||||||||||
| Gross debt | 2,991,000 | |||||||||||||||||||
| Less: cash & cash equivalents | (25,222) | |||||||||||||||||||
| Less: restricted cash available for future investment | (4,373) | |||||||||||||||||||
| Net debt | 2,961,405 | |||||||||||||||||||
| Equity: | ||||||||||||||||||||
| Preferred stock | — | |||||||||||||||||||
Common stock, OP Units & vested LTIP Units (222,069,873 shares @ $25.81/share as of 9/30/26) (4) | 5,731,623 | |||||||||||||||||||
| Total equity | 5,731,623 | |||||||||||||||||||
| Total enterprise value ("TEV") | $ | 8,693,028 | ||||||||||||||||||
Pro forma adjustments to Net debt and TEV: (5) | ||||||||||||||||||||
| Net debt | $ | 2,961,405 | ||||||||||||||||||
Less: Unsettled forward equity (15,828,249 shares @ $30.50/share as of 9/30/26) | (482,762) | |||||||||||||||||||
| Pro forma net debt | 2,478,643 | |||||||||||||||||||
| Total equity | 5,731,623 | |||||||||||||||||||
Common stock — unsettled forward equity (15,828,249 shares @ $25.81/share as of 9/30/26) | 408,527 | |||||||||||||||||||
| Pro forma TEV | $ | 8,618,793 | ||||||||||||||||||
| Gross Debt / Undepreciated Gross Assets | 35.5 | % | ||||||||||||||||||
| Net Debt / TEV | 34.1 | % | ||||||||||||||||||
Net Debt / Annualized Adjusted EBITDAre | 4.6x | |||||||||||||||||||
| Pro Forma Gross Debt / Undepreciated Gross Assets | 33.6 | % | ||||||||||||||||||
| Pro Forma Net Debt / Pro Forma TEV | 28.8 | % | ||||||||||||||||||
Pro Forma Net Debt / Annualized Adjusted EBITDAre | 3.8x | |||||||||||||||||||
1.Rates presented for the Company's term loans are fixed at the stated rates after giving effect to its interest rate swaps plus applicable margin of 80bps.
2.Weighted average maturity calculation is made after giving effect to extension options exercisable at the Company's election.
3.The Company's revolving credit facility permits maximum aggregate principal of up to $1.3 billion and includes an accordion feature to increase the maximum availability by up to $700.0 million. $61.0 million of borrowings bear interest at Term SOFR plus applicable margin of 72.5bps. Interest on remaining $430.0 million of borrowings has been effectively fixed via interest rate swap agreements.
4.Includes 220,275,169 shares of common stock outstanding and 1,794,704 OP Units and vested LTIP Units held by non-controlling interests.
5.Pro forma adjustments have been made to reflect the unsettled portion of shares sold on a forward basis as if they had been physically settled for cash on September 30, 2026.
10
Investor/Media:
Essential Properties Realty Trust, Inc.
Sheryl Kaul
Director, Financial Planning & Data Analytics
609-436-0619
investors@essentialproperties.com
Source: Essential Properties Realty Trust, Inc.
11
Non-GAAP Financial Measures and Certain Definitions
The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: FFO, Core FFO, AFFO, earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA further adjusted to exclude gains (or losses) on sales of depreciable property and real estate impairment losses (“EBITDAre”), net debt, net operating income (“NOI”), cash NOI (“Cash NOI”), adjusted EBITDAre, adjusted NOI, adjusted Cash NOI and cash general and administrative expense (“Cash G&A”). The Company believes these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs.
FFO, Core FFO and AFFO
The Company computes FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO is used by management, and may be useful to investors and analysts, to facilitate meaningful comparisons of operating performance between periods and among the Company’s peers primarily because it excludes the effect of real estate depreciation and amortization and net gains and losses on sales (which are dependent on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions).
The Company computes Core FFO by adjusting FFO, as defined by NAREIT, to exclude certain GAAP income and expense amounts that it believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of our core business operations. Items included in calculating FFO that may be excluded in calculating Core FFO include certain transaction related gains, losses, income or expenses or other non-core amounts as they occur.
To derive AFFO, the Company modifies its computation of Core FFO to include other adjustments to GAAP net income related to certain items that it believes are not indicative of the Company’s operating performance, including straight-line rental revenue, non-cash interest, non-cash compensation expense, other amortization expense, the change in our provision for credit losses, other non-cash adjustments and capitalized interest expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. The Company believes that AFFO is an additional useful supplemental measure for investors to consider when assessing the Company’s operating performance without the distortions created by non-cash items and certain other revenues and expenses.
FFO, Core FFO and AFFO do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of FFO, Core FFO and AFFO may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.
EBITDA and EBITDAre
The Company computes EBITDA as earnings before interest, income taxes and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. The Company computes EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as
12
defined above) excluding gains (or losses) from the sales of depreciable property and real estate impairment losses. The Company presents EBITDA and EBITDAre as they are measures commonly used in its industry and the Company believes that these measures are useful to investors and analysts because they provide supplemental information concerning its operating performance, exclusive of certain non-cash items and other costs. The Company uses EBITDA and EBITDAre as measures of its operating performance and not as measures of liquidity.
EBITDA and EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, the Company’s computation of EBITDA and EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.
Net Debt
The Company calculates its net debt as its gross debt (defined as total debt plus net deferred financing costs on its secured borrowings) less cash and cash equivalents and restricted cash available for future investment. The Company believes excluding cash and cash equivalents and restricted cash available for future investment from gross debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to investors and analysts.
NOI and Cash NOI
The Company computes NOI as total revenues less property expenses. NOI excludes all other items of expense and income included in the financial statements in calculating net income or loss. Cash NOI further excludes non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash adjustments. The Company believes NOI and Cash NOI provide useful information because they reflect only those revenue and expense items that are incurred at the property level and present such items on an unlevered basis.
NOI and Cash NOI are not measures of financial performance under GAAP. You should not consider the Company’s NOI and Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, the Company’s computation of NOI and Cash NOI may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.
Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI
The Company further adjusts EBITDAre, NOI and Cash NOI i) based on an estimate calculated as if all investment and disposition activity that took place during the quarter had occurred on the first day of the quarter, ii) to exclude certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and iii) to eliminate the impact of lease termination or loan prepayment fees and contingent rental revenue from its tenants which is subject to sales thresholds specified in the lease. The Company then annualizes these estimates for the current quarter by multiplying them by four, which it believes provides a meaningful estimate of the Company’s current run rate for all investments as of the end of the current quarter. You should not unduly rely on these measures, as they are based on assumptions and estimates that may prove to be inaccurate. The Company’s actual reported EBITDAre, NOI and Cash NOI for future periods may be significantly less than these estimates of current run rates.
Cash G&A
The Company computes Cash G&A as general and administrative expense, as determined in accordance with GAAP, less non-core general and administrative expense, non-cash compensation expense and straight-line rent expense on leases where it is the lessee. The Company excludes non-core general and administrative expense, non-cash compensation expense and straight-line rent expense because they may cause short-term fluctuations in general and administrative
13
expense but have no impact on operating cash flows or long-term operating performance. The Company believes that Cash G&A is a useful supplemental measure for investors to consider when assessing its operating performance without the distortion created by non-cash and non-core items.
Cash G&A is not a measure of financial performance under GAAP. You should not consider the Company's Cash G&A as an alternative to general and administrative expense determined in accordance with GAAP. Additionally, the Company's computation of Cash G&A may differ from the methodology for calculating this metric used by other equity REITs, and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.
Cash ABR
Cash ABR means annualized contractually specified cash base rent in effect as of the end of the current quarter for all of the Company’s leases (including those accounted for as direct financing leases) commenced as of that date and annualized cash interest on its mortgage loans receivable as of that date.
Cash Cap Rate
Cash Cap Rate means expected annual contractually specified cash rent and interest at the time of investment or disposition divided by the gross investment or sale price, as applicable, for the property, including transaction costs for new investments but excluding transaction costs for dispositions.
GAAP Cap Rate
GAAP Cap Rate means expected annual rental and interest income computed in accordance with GAAP at the time of investments divided by the gross investment in the property, including transaction costs.
Unit-Level Rent Coverage Ratio
Unit-level rent coverage ratio means the ratio of (x) tenant-reported or, when unavailable, management's estimate (based on tenant-reported financial information) of annual EBITDA and cash rent attributable to the leased property (or properties, in the case of a master lease) to (y) the annualized base rental obligation, excluding properties with no cash ABR and properties under construction.
Weighted Average Annual Escalation
Weighted average annual escalation rate means the entire portfolio reflects as if all escalations occur annually. For leases in which rent escalates by the greater of a stated fixed percentage or CPI, we have assumed an escalation equal to the stated fixed percentage in the lease. As any future increase in CPI is unknowable at this time, we have not included an increase in the rent pursuant to these leases in the weighted average annual escalation rate presented.
14
Investor Presentation and Supplemental Information Third Quarter 2026 Exhibit 99.2
Investor Presentation and Supplemental Information | As of September 30, 20261 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Disclaimer 242, 242, 242 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words such as “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” and other similar expressions that do not relate to historical matters. These forward-looking statements are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, our continued ability to source new investments, risks associated with using debt and equity financing to fund our business activities (including refinancing and interest rate risks, changes in interest rates and/or credit spreads, changes in the price of our common shares, and conditions of the equity and debt capital markets, generally), unknown liabilities acquired in connection with acquired properties or interests in real estate-related entities, general risks affecting the real estate industry and local real estate markets (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants’ financial condition and operating performance, and competition from other developers, owners and operators of real estate), the financial performance of our retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers, potential fluctuations in the consumer price index, risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended, and other additional risks discussed in our filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Presentation and Supplemental Information | As of September 30, 20262 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Table of Contents 242, 242, 242 Operating Update 3 Investment Highlights 4 Portfolio Review 8 Leverage & Liquidity 17 Peer Comparison 20 Commitment to ESG 23 Financials 25 Glossary 31
Investor Presentation and Supplemental Information | As of September 30, 20263 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Healthy Net Lease Portfolio1 • Stable Portfolio: 99.6% leased; same-store rent growth has averaged 1.5% over the last four quarters • Strong Coverage: Unit-level rent coverage of 3.5x with ~99% of ABR required to report unit-level P&Ls • De Minimis Lease Expiration Risk: Only 2.0% of ABR (3.4x coverage) expiring through 2028 • Fungible & Diversified: Average asset size is $3.2mm; Top 10 tenants represent just 15.2% of ABR Well Positioned Balance Sheet And Liquidity • Balance Sheet Strength: In 3Q'26, upsized Revolving Credit Facility to $1.3 billion. Raised ~$28 million of common equity through ATM Program, leaving total unsettled forward equity of ~$483 million as of September 30, 2026. • Investment Grade Balance Sheet: Asset base is 100% unencumbered with no secured debt • Low Leverage2: Pro forma Net Debt / Annualized Adjusted EBITDAre of 3.8x at 3Q'26-end • Excellent Liquidity2: ~$1.3 billion of pro forma liquidity • Well-Laddered Low-Cost Debt: Weighted average debt maturity is 4.8 years, and weighted average interest rate is 4.33% Consistent & Disciplined External Growth • Investment Activity Remains Healthy at Attractive Cap Rates: Closed investments of ~$342 million3 at an initial cash yield of ~7.7% and a GAAP yield of ~9.4% • Accretive Capital Recycling: Closed ~$18 million of dispositions3 at 6.1% cash yield and continue to selectively recycle capital at attractive prices 1. As of September 30, 2026. 2. Pro forma adjustments made to reflect the unsettled portion of shares sold on a forward basis as if they had been physically settled on September 30, 2026. 3. Completed investments or dispositions from July 1, 2026 through September 30, 2026. Includes transaction costs. Third Quarter 2026 Operating Update Continuing to Execute Our Business Plan
Investor Presentation and Supplemental Information | As of September 30, 20264 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Investment Highlights
Investor Presentation and Supplemental Information | As of September 30, 20265 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 BBB/BBB/ Baa2 Investment Grade Rated • Originating bespoke capital solutions; 91% structured as Sale-Leasebacks in 3Q'26 • Focused on core industries in the net lease sector, intentionally selected for e-commerce resilience • Granular focus on fungible properties in essential consumer industries with ~92%2 in the service and experiential sectors Investment Highlights Differentiated Model Built for Higher Growth with Lower Risk, Addressing a Large and Underserved Marketplace 242, 242, 242 14.2 Years Weighted Average Lease Term (WALT)2 3.5x Average Unit-Level Rent Coverage2 $3.2mm Average Investment per Property2 3.8x Net Debt to Annualized Adjusted EBITDAre3 $8.4B Undepreciated Gross Assets2 Higher Growth with Methodical Deployment • Consistent sector leading annual AFFO growth of ~9%1 per share since 2019 • Methodically expanding the pipeline with compelling risk-adjusted returns through relationship- driven sourcing, highlighted by 60% repeat business in 3Q'26 • Size enables platform efficiency while facilitating growth off a smaller asset base of ~$8.4 billion2 Lower Reliance on Capital Markets • Low leverage with PF Net Debt / Annualized Adjusted EBITDAre of 3.8x3 • Conservative payout ratio of 63%2 results in ~$167 million annualized retained free cash flow2 • No debt maturities until 2028 with a weighted average maturity of 4.8 years2 Focused, Differentiated Investment Strategy Large, Growing Addressable Market • More than 200,000 businesses in the middle market, generating 1/3 of US GDP • Growth in sponsor activity among the middle market with tenants focusing on increasing store count • Structural changes in banking system driving tighter lending conditions, creating secular demand for private credit solutions Operational and Financial Highlights 1. AFFO growth calculated from 2019 to 2025. 2. As of September 30, 2026. 3. Pro forma adjustments made to reflect the unsettled portion of shares sold on a forward basis as if they had been physically settled on September 30, 2026.
Investor Presentation and Supplemental Information | As of September 30, 20266 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Historical Credit Performance Comparable to Investment Grade (BBB-) Bonds1 Disciplined Underwriting Approach — Four Key Risk Mitigants Provide Downside Protection Business Concept & Unit-Level Profitability Real Estate Underwriting Portfolio Construction and Industry Selection Tenant Corporate Credit Analysis High Unit-Level Coverage Conservative rental rates and cash flow cushions provide a margin of safety Profitable Units Are Vital for the Operator Unit revenue production and low rental rates enhance the probability of a lease affirmation in adverse scenarios Fungible Property Investments Liquidity in transaction and leasing markets is more favorable for smaller properties, driving better recovery rates Comprehensive Real Estate Analysis Focus on investing at attractive cost basis: discount to replacement cost and comparable transactions Thorough Credit Analysis of New Tenants Leveraging data insights from our existing tenants, with ~99%2 reporting financial data on a regular basis Meticulous Diligence Process Underwriting teams constantly improving pre-closing processes Carefully Curated Industries Focused on growth-oriented operators in our targeted e-commerce resilient service industries Disciplined Portfolio Construction Diversification provides further risk mitigation, with our top 10 tenants representing just 15.2%2 of Cash ABR Since Inception3 28 bps annualized credit loss 1. Moody’s Annual Default Study 2023; BBB– corporate bonds averaged ~50 bps annualized default rate from 1983-2022 with an average senior unsecured bond recovery rate of ~42% for a calculated annualized credit loss of 30 bps. 2. Based on Cash ABR as of September 30, 2026. 3. Rent loss statistics based on most recent portfolio credit study (calculated from inception in 2016 through May 2026).
Investor Presentation and Supplemental Information | As of September 30, 20267 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Historical Portfolio Performance Durable Cash Flow Profile Backed by Strong Occupancy and Internal Growth Minimal Historical Vacancy Reflects Portfolio Stability Consistent Same-Store Rent Growth (% Change Yr/Yr in Same Store Rent)(Count of Total and Vacant Properties) Consistently High Portfolio Occupancy Rates (Occupancy as % of Total Portfolio by Property Count) • Steady Portfolio Operating Performance: Healthy occupancy trends since inception reflect the resilient nature of the portfolio. • Limited Vacant Properties as Portfolio Scales: Vacant properties have remained limited even as the portfolio has scaled meaningfully since IPO, underscoring disciplined asset management. • Consistent Same-Store Growth: Excluding the pandemic period, average same-store rent growth has remained consistent at 1.6% since IPO. Avg. Post IPO: 4 Avg. Post IPO: 0.9% Vacant Properties Total Properties 2Q 18 4Q 18 2Q 19 4Q 19 2Q 20 4Q 20 2Q 21 4Q 21 2Q 22 4Q 22 2Q 23 4Q 23 2Q 24 4Q 24 2Q 25 4Q 25 2Q 26 0 400 800 1,200 1,600 2,000 2,400 2,800 0 5 10 15 20 2Q 18 4Q 18 2Q 19 4Q 19 2Q 20 4Q 20 2Q 21 4Q 21 2Q 22 4Q 22 2Q 23 4Q 23 2Q 24 4Q 24 2Q 25 4Q 25 2Q 26 98.0% 98.5% 99.0% 99.5% 100.0% 2Q 18 4Q 18 2Q 19 4Q 19 2Q 20 4Q 20 2Q 21 4Q 21 2Q 22 4Q 22 2Q 23 4Q 23 2Q 24 4Q 24 2Q 25 4Q 25 2Q 26 (4.0)% (3.0)% (2.0)% (1.0)% —% 1.0% 2.0% Avg. Post IPO: 99.8% Avg. Post IPO (Ex- COVID): 1.6%
Investor Presentation and Supplemental Information | As of September 30, 20268 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227
Investor Presentation and Supplemental Information | As of September 30, 20269 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 242, 242, 242 1. As of September 30, 2026. 2. Includes 157 properties that secure mortgage loans receivable. 3. Includes investments in mortgage loans receivable collateralized by more than one property or made in support of sale-leaseback transactions. September 30, 2026 Investment Properties (#)2 2,580 Square Footage (mm) 29.3 Weighted Average Remaining Lease Term (Years) 14.2 Weighted Average Annual Escalations 1.9 % Master Leases (% of Cash ABR)3 67.4 % Sale-Leaseback (% of Cash ABR)3 89.9 % Unit-Level Rent Coverage 3.5x Unit-Level Financial Reporting (% of Cash ABR) 99.3 % Leased (%) 99.6 % Top 10 Tenants (% of Cash ABR) 15.2 % Top 20 Tenants (% of Cash ABR) 25.1 % Average Investment Per Property ($mm) $3.2 New Vintage Portfolio Focused on Targeted Industries Disciplined Investing Focused on Service-Oriented and Experience-Based Businesses with Unit-Level Reporting Portfolio Highlights • E-Commerce Resistant1: • Focused on Core Industries: • Long WALT Limits Near-Term Cash Flow Erosion1: • Highly Transparent with No Legacy Issues1: ~92% of cash ABR comes from service-oriented and experience-based tenants Results in greater sector expertise and more efficient asset management 2.0% of our ABR expires through 2028 99.3% unit-level reporting; investment program started in June 2016 Tenant Industry Diversification
Investor Presentation and Supplemental Information | As of September 30, 202610 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Top 10 Tenants1 Properties2 % of Cash ABR 57 3.0% 33 1.8% 6 1.5% 23 1.4% 13 1.4% 8 1.4% 13 1.3% 32 1.2% 13 1.1% 7 1.1% Top 10 Tenants 205 15.2% Total 2,568 100.0% 1. Represents tenant, guarantor or parent company. 2. Property count includes 157 properties that secure mortgage loans receivable, but excludes 11 vacant properties and one undeveloped land parcel. 3. Calculation excludes 11 vacant properties, one undeveloped land parcel, properties with no cash ABR and properties under construction. 4. Primrose Schools: Tenant is Early Foundations LLC, a franchisee of the concept. Allsup's: Tenant is BW Ultimate Parent, LLC, which operates Allsup's branded convenience stores. Portfolio Summary Tenant and Industry Diversification 242, 242, 242 Top 10 Tenants Diversification by Industry Tenant Industry Type of Business Cash ABR ($'000s) % of Cash ABR # of Properties2 Building SqFt3 Rent Per SqFt3 Early Childhood Education Service $ 80,246 12.7 % 331 3,434 $ 23.01 Health and Wellness Service 79,469 12.6 % 314 2,713 28.85 Car Washes Service 75,831 12.0 % 220 1,085 68.54 Quick Service Service 51,926 8.2 % 489 1,300 41.90 Automotive Service Service 50,875 8.1 % 328 2,569 19.78 Convenience Stores Service 38,011 6.0 % 179 782 49.95 Casual Dining Service 34,143 5.4 % 130 927 36.45 Equipment Rental and Sales Service 29,849 4.7 % 101 2,021 14.77 Other Services Service 19,896 3.2 % 78 1,083 18.36 Family Dining Service 14,806 2.5 % 88 498 30.28 Pet Care Services Service 8,437 1.4 % 36 304 27.77 Service Subtotal 483,489 76.8 % 2,294 16,716 28.84 Entertainment Experience 60,265 9.6 % 80 2,744 21.50 Fitness Experience 29,551 4.7 % 52 2,046 14.33 Movie Theaters Experience 4,436 0.7 % 6 293 15.13 Experience Subtotal 94,252 15.0 % 138 5,083 18.25 Other Industrial Industrial 31,692 5.0 % 69 4,358 7.23 Building Materials Industrial 4,866 0.8 % 24 1,298 3.75 Industrial Subtotal 36,558 5.8 % 93 5,656 6.43 Grocery Retail 14,998 2.3 % 42 1,666 9.00 Home Furnishings Retail 417 0.1 % 1 26 15.92 Retail Subtotal 15,415 2.4 % 43 1,692 9.11 Total/Weighted Average $ 629,714 100.0 % 2,568 29,147 $ 21.46 4 4
Investor Presentation and Supplemental Information | As of September 30, 202611 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Diversified Portfolio – Our Tenants Identify the Location of Opportunities Geographic Diversity is an Output of our Strategy • Geographic Diversity1 ~78% of Total Cash ABR comes from Top 21 States (States with >2.0% of our total ABR) ~49% of Total Cash ABR comes from Sunbelt states, as our tenants increasingly seek to expand their businesses in higher-growth markets % of Total ABR1 >0.0% to 0.9% 1.0% to 1.9% 2.0% to 2.9% 3.0% to 3.9% ≥ 4.0% 2.5% 12.7% 3.4% 3.3% 2.5% 4.3% 2.9% 3.1% 3.3% 5.0% 3.8% 6.7% 2.5% 6.2% 2.0% 2.1% 3.0% 1. As of September 30, 2026. 2.4% 2.1% 2.0% 2.5%
Investor Presentation and Supplemental Information | As of September 30, 202612 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Includes investments in mortgage loans receivable. 2. Calculation excludes amounts funded for ongoing development projects. 3. As a percentage of cash ABR for the quarter. 4. Includes investments in mortgage loans receivable collateralized by more than one property. 5. Includes investments in mortgage loans receivable made in support of sale-leaseback transactions. Net Investment Activity Investment Summary 242, 242, 242 Investments1 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Number of Transactions 37 21 25 35 34 22 36 31 Property Count 78 48 77 87 58 126 103 100 Avg. Investment per Unit (in 000s)2 $3,281 $5,453 $3,971 $3,849 $4,588 $2,887 $3,079 $2,995 Cash Cap Rate 8.0 % 7.8 % 7.9 % 8.0 % 7.7 % 7.7 % 7.8 % 7.7 % GAAP Cap Rate 9.2 % 9.4 % 9.7 % 10.0 % 9.1 % 8.8 % 9.1 % 9.4 % Weighted Average Lease Escalation 2.0 % 1.8 % 2.2 % 1.8 % 2.2 % 1.8 % 2.3 % 2.0 % 1.8 % 1.9 % 2.3 % Master Lease %3,4 69 % 71 % 69 % 76 % 76 % 49 % 50 % 65 % Sale-Leaseback %3,5 100 % 90 % 93 % 97 % 100 % 100 % 84 % 91 % Existing Relationship %3 79 % 86 % 88 % 70 % 85 % 57 % 72 % 60 % % of Financial Reporting3 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % Rent Coverage Ratio 3.4x 3.0x 3.4x 5.9x 4.7x 3.1x 2.9x 3.5x Lease Term (Years) 17.7 17.5 19.5 18.6 19.4 17.7 16.0 17.9 $333,435 $307,706 $334,041 $369,848 $295,814 $388,632 $332,435 $342,219 In ve st m en t A ct iv ity ($ 00 0s )
Investor Presentation and Supplemental Information | As of September 30, 202613 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Net Investment Activity Disposition Summary 242, 242, 242 1. Includes the impact of transaction costs. 2. Gains/(losses) based on our initial purchase price. 3. Cash ABR at time of sale divided by gross sale price (excluding transaction costs) for the property. 4. Excludes vacant property sales and properties purchased by the tenant. 5. Property count excludes dispositions of undeveloped land parcels or dispositions where only a portion of the owned parcel was sold. Dispositions 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Realized Gain/(Loss) 1,2 (2.1) % 9.3 % (17.8) % (18.9) % (2.1) % (20.9) % (0.9) % 8.0 % Cash Cap Rate on Leased Assets 3,4 7.0 % 6.9 % 7.3 % 6.6 % 6.9 % 6.9 % 7.3 % 6.1 % Leased Properties Sold 5 24 10 18 6 13 5 15 10 Vacant Properties Sold 5 — 1 5 1 6 1 2 1 Rent Coverage Ratio 3.6x 7.9x 3.2x 0.8x 1.8x 0.5x 1.4x 2.0x $60,449 $24,338 $46,193 $11,455 $48,083 $10,175 $54,258 $17,916 D is po si tio n A ct iv ity ($ 00 0s )1
Investor Presentation and Supplemental Information | As of September 30, 202614 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Same-Store Analysis 242, 242, 242 Same-Store Portfolio Performance¹ Contractual Cash Rent ($000s)² % Type of Business 3Q'25 3Q'26 Change Service $ 95,341 $ 96,388 1.1% Experience 19,103 19,543 2.3% Industrial 4,701 4,828 2.7% Retail 3,552 3,595 1.2% Total Same-Store Rent $ 122,697 $ 124,354 1.4% 1.4% 1.5% 1.4% 1.6% 1.6% 1.4% 1.5% 1.4% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Trailing 8 Qtr. Avg. Same-Store Rent Growth¹ 1. All properties owned for the entire same-store measurement period, which is July 1, 2025 through September 30, 2026. The same-store portfolio for 3Q'26 is comprised of 2,120 properties and represents 79% of our total portfolio as measured by contractual cash rent and interest divided by our cash ABR at September 30, 2026. 2. The amount of cash rent and interest our tenants are contractually obligated to pay per the in-place lease or mortgage as of September 30, 2026; excludes (i) percentage rent that is subject to sales breakpoints per the lease, (ii) increases in cash rent generated by funding of additional investment at properties under construction and (iii) redevelopment properties in a free rent period.
Investor Presentation and Supplemental Information | As of September 30, 202615 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 ≥ 2.00x: 68.4% Not Reported 0.4% 1.50x to 1.99x: 16.0% 1.00x to 1.49x: 11.3% < 1.00x: 3.9% % o f C as h A B R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2.00x NR C C C + B - B B + B B - B B B B + B B B - B B B B B B + A - A A + A A - —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% % o f C as h A B R < 1.00x 1.00 to 1.49x 1.50 to 1.99x ≥ 2.00x NR 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 A fte r —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 49% Portfolio Summary Portfolio Health Tenant Financial Reporting Requirements % of Cash ABR by Unit-Level Rent Coverage Unit-Level Rent Coverage by Lease ExpirationUnit-Level Rent Coverage by Tenant Credit1 Note: ‘NR’ means not reported. 1. The chart illustrates the portions of annualized base rent as of September 30, 2026 attributable to leases with tenants having specified implied credit ratings based on their Moody’s RiskCalc scores. Moody’s equates the EDF scores generated using RiskCalc with a corresponding credit rating. Rent Coverage Ratio (x) Reporting Requirements % of Cash ABR Unit-Level Financial Information 99.3% Corporate-Level Financial Reporting 98.7% Both Unit-Level and Corporate-Level Financial Information 98.0% No Financial Information 0.1% Rent Coverage Ratio (x) Expiring through 2028: 2.0% of ABR, 3.4x coverage
Investor Presentation and Supplemental Information | As of September 30, 202616 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Lease Expiration Schedule, Lease Renewal Activity and Statistics 242, 242, 242 1. Expiration year of contracts in place as of September 30, 2026 and excludes any tenant option renewal periods that have not been exercised. 2. Property count includes 157 properties that secure mortgage loans receivable, but excludes 11 vacant properties and one undeveloped land parcel. 3. Weighted by cash ABR as of September 30, 2026. 4. New cash ABR reflects full lease rental rate without giving effect to free rent or discounted rent periods. 5. New cash ABR divided by total cash ABR as of September 30, 2026. Annual Lease Expiration by Cash ABR Leasing Activity – Trailing 12 Months Leasing Statistics Lease Terminated Leases Re-Leased Total ($000s) Renewals Without Vacancy After Vacancy Leasing Prior Cash ABR $ 2,284 $ 5,998 $ 975 $ 9,256 New Cash ABR4 2,324 4,868 613 7,805 Recovery Rate 101.8 % 81.2 % 62.9 % 84.3 % Number of Properties 13 33 7 53 Average Months Vacant — — 5.5 — % of Total Cash ABR5 0.4 % 0.8 % 0.1 % 1.2 % Vacant Properties at June 30, 2026 9 Expiration Activity 2 Lease Termination 7 (Vacant Property Sales) (1) (Leasing Activity) (6) Vacant Properties at September 30, 2026 11 Cash ABR % of # of Wgt. Avg. Year1 ($000s) Cash ABR Properties2 Coverage3 2026 $ 3,045 0.5 % 15 3.1x 2027 4,911 0.8 % 34 4.0x 2028 4,347 0.7 % 17 3.0x 2029 11,354 1.8 % 124 4.5x 2030 5,815 0.9 % 54 3.8x 2031 12,080 1.9 % 62 3.1x 2032 14,496 2.3 % 46 3.9x 2033 6,977 1.1 % 23 4.3x 2034 32,194 5.1 % 191 5.1x 2035 20,553 3.3 % 122 4.1x 2036 42,166 6.7 % 181 3.3x 2037 23,644 3.8 % 120 3.2x 2038 49,169 7.8 % 178 4.5x 2039 45,637 7.3 % 181 3.5x 2040 46,013 7.3 % 153 4.4x 2041 45,566 7.2 % 213 2.7x 2042 20,692 3.3 % 104 3.7x 2043 49,997 7.9 % 186 2.1x 2044 48,113 7.6 % 167 2.9x 2045 71,793 11.4 % 197 2.8x Thereafter 71,152 11.3 % 200 3.9x Total $ 629,714 100.0 % 2,568 3.5x
Investor Presentation and Supplemental Information | As of September 30, 202617 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leverage & Liquidity
Investor Presentation and Supplemental Information | As of September 30, 202618 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 M at ur in g P rin ci pa l B al an ce ($ m m ) $400 $450 $941 $400 $400 $400 Unsecured Term Loans Public Unsecured Bonds Revolving Credit Facility 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 3.8x 3.4x 3.5x 3.8x 3.8x 3.5x 3.5x 3.8x 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Conservative and Flexible Debt Structure Investment Grade Balance Sheet with Strong Credit Profile 242, 242, 242 1. Pro forma adjustments made to reflect the unsettled portion of shares sold on a forward basis as if they had been physically settled on September 30, 2026. 2. Cash Adjusted EBITDAre divided by cash interest expense for the three months ended September 30, 2026. 3. As of September 30, 2026. 4. See prior period disclosures for further details on pro forma adjustments. • Well-Laddered Maturities: Weighted avg. maturity 4.8 yrs • Low-Cost Debt Structure: Weighted avg. interest rate 4.33% • Low Leverage1: PF Net Debt / Adjusted EBITDAre 3.8x • High Cash Flow Coverage2: Fixed Charge Coverage 4.6x • 100% Unsecured Balance Sheet: Asset base 100% Measure Actual3 Aggregate Debt <=60% 37 % Debt Service >=1.50x 4.5x Maintenance of Total Unencumbered Assets >=150% 272 % Secured Debt <=40% — % Consistently Conservative Leverage Credit Highlights Minimal Near-Term Debt Maturities Unsecured Senior Note Covenants (PF Net Debt to Annualized Adjusted EBITDAre)4 Leverage Position Supporting External Growth 1
Investor Presentation and Supplemental Information | As of September 30, 202619 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Consistently Strong Liquidity to Fund Growth ($mm) Strong Liquidity to Drive Leading AFFO/sh Growth $1.3B of Liquidity and Balance Sheet Capacity to Support External Growth Aspirations 242, 242, 242 ($mm) 3Q'26 Pro Forma 3Q'261 Cash $ 29.6 $ 21.4 Unused Revolver Capacity 809.0 1,300.0 Forward Equity - Unsettled 482.8 — Total Available Liquidity $ 1,321.4 $ 1,321.4 1. Pro forma adjustments made to reflect the unsettled portion of shares sold on a forward basis as if they had been physically settled on September 30, 2026. Strong Liquidity for Near-Term Investment Opportunities $1,426 $1,457 $1,329 $1,424 $1,403 $1,457 $1,709 $1,321 Total Liquidity Investment Volume 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26
Investor Presentation and Supplemental Information | As of September 30, 202620 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Peer Comparison
Investor Presentation and Supplemental Information | As of September 30, 202621 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Source: Public filings and press releases. Note: Peer data based on reported filings for period ending June 30, 2026, not adjusted for post quarter-end subsequent events. EPRT data as of September 30, 2026, not adjusted for post quarter-end subsequent events. ‘NR’ means not reported. Companies may define service-oriented and experience-based tenants differently, may calculate weighted average remaining lease term differently, may calculate unit-level coverage differently (including peers on a mean or median basis with EPRT representing a weighted average) and may calculate the percentage of their tenants reporting differently than EPRT. Accordingly, such data for these companies and EPRT may not be comparable. 1. Designations entitled “other” are counted as one industry, even though the “other” segment could represent multiple industries. 2. Investment value includes land and improvements, building and improvements, lease incentives, CIP, intangible lease assets, loans and direct financing lease receivables and real estate investments held for sale, all at cost. 3. EPRT, GTY, and O coverage based on four-wall. Differentiated Net Lease Investment Opportunity Portfolio Mix and Underlying Fundamentals are Favorable Relative to Peers Strong Unit-Level Rent Coverage3 & Transparency Service-Oriented & Experience-Based Industries Limited Intermediate-Term Lease Maturities 242, 242, 242 (% of ABR) (% of Rent Expiring through 2028) Less Reliance on Top 10 Tenancy – Fungible Properties (% of ABR) 15% 18% 21% 23% 29% 31% 35% 58% 61% EPRT WPC BNL O NNN NTST ADC GTY FCPT 100% 92% 86% 69% 39% 38% 28% 22% 10% GTY EPRT FCPT NNN O NTST ADC BNL WPC 5.2x 3.5x 3.2x 2.5x FCPT EPRT BNL GTY O ADC NNN NTST WPC Total Number of Tenant Industries1 % Unit-Level Financial Reporting Average Investment Per Property ($mm)2 Weighted Average Lease Term (# of Years) NR NR NR NR 2% 6% 6% 8% 10% 11% 13% 15% 20% EPRT GTY NTST WPC ADC NNN BNL O FCPT 6 18 4 37 92 28 32 56 26 $3.0 $12.2 $8.2 $4.6 $3.2 $3.6 $4.2 $2.1 $2.8 61% 99% 13% 75% NR NR NR NR NR 14.2 10.3 10.0 12.2 7.7 10.1 9.3 8.6 6.6 NR
Investor Presentation and Supplemental Information | As of September 30, 202622 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Source: Public filings, FactSet and S&P Capital IQ. Note: Market data as of September 30, 2026. Peer data based on reported filings for period ending June 30, 2026, not adjusted for post quarter-end subsequent events. EPRT data as of September 30, 2026, not adjusted for post quarter-end subsequent events. 1. 2026E AFFO per share multiple calculated using current price per share and FactSet mean 2026E AFFO per share estimates. 2. 2026E AFFO per share growth is calculated using FactSet mean 2026E AFFO per share estimates and 2025A AFFO per share. 3. Based on consensus NAV per S&P Capital IQ. 4. Net Debt plus Preferred is adjusted for forward equity. 5. Companies may define annualized adjusted EBITDAre differently. Accordingly, data for these companies and EPRT may not be comparable. 3.2x 3.8x 4.0x 4.3x 5.1x 5.2x 5.2x 5.4x 5.9x NTST EPRT ADC GTY WPC O FCPT NNN BNL 2026E AFFO per Share Multiple1 2026E AFFO per Share Growth2 242, 242, 242 Relative Valuation, Growth and Leverage Compelling Valuation, Projected AFFO/sh Growth Relative to Net Lease Peers, and Conservative Leverage Net Debt + Preferred4 / EBITDAre (Net Debt plus Preferred-to-Annualized Adjusted EBITDAre5) 7.9% 5.9% 5.9% 5.7% 4.7% 4.3% 4.0% 4.0% 3.7% EPRT WPC NTST ADC BNL GTY NNN FCPT O 14.6x 12.7x 12.7x 12.3x 12.2x 11.9x 11.8x 11.5x 11.1x ADC EPRT NTST WPC O BNL FCPT NNN GTY Premium / Discount to NAV3 1% (1)% (5)% (8)% (8)% (10)% (11)% (17)% (20)% WPC ADC BNL EPRT NTST NNN O FCPT GTY
Investor Presentation and Supplemental Information | As of September 30, 202623 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Commitment to ESG
Investor Presentation and Supplemental Information | As of September 30, 202624 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Governance • Leading governance practices, Board accountability, strong board diversity, required minimum stock ownership, published compensation clawback policy, and no hedging or pledging • Industry recognized investor engagement and disclosure practices Environmental, Social and Governance Strong Governance and Innovative Approach to Sustainability Environmental Social Implementing sustainability upgrades at our properties to positively impact our tenants’ profitability and prospects for success • Providing dynamic work environment, rewarding work experience and career development for our team • Providing positive work environment, valuing equal opportunity and fair employment practices • Strive to offer our employees attractive and equitable compensation and healthy work/ life balance • Providing our employees with outlets to pursue professional development and civic engagement 30% Racial/Ethnic Diversity 38% Women 35% Racial/Ethnic Diversity 55% Women Total Company Non-Executive Management 95%1 Green Leases 1. Measured by the number of properties acquired during the three months ended September 30, 2026. 2020-2025 Champion of Board Diversity Avg. Tenure 6.0 yrs. 7 Independent Directors 50% Women 13% Racial/Ethnic Diversity Investing in Green Leases88% Independent Low Tenure Strong Diversity 2023 Silver Winner of Investor CARE Award Is now our standard lease form and it provides us with contractual rights to install sustainability improvements at our properties and receive annual utility billing/ usage data. The EPRT Green Lease 2024 Corporate Board Diversity Award
Investor Presentation and Supplemental Information | As of September 30, 202625 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financials
Investor Presentation and Supplemental Information | As of September 30, 202626 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Includes contingent rent (based on a percentage of the tenant's gross sales at the leased property) of $238, $229, $608 and $671 for the three and nine months ended September 30, 2026 and 2025, respectively. 2. Includes reimbursable income or reimbursable expenses from the Company's tenants of $1,095, $1,198, $2,400 and $3,680 for the three and nine months ended September 30, 2026 and 2025, respectively. Three Months Ended September 30, Nine Months Ended September 30, (unaudited, in thousands, except share and per share data) 2026 2025 2026 2025 Revenues: Rental revenue1,2 $ 157,763 $ 136,544 $ 458,267 $ 387,444 Interest on loans and direct financing lease receivables 10,478 8,129 28,910 23,228 Other revenue, net 430 261 2,180 680 Total revenues 168,671 144,934 489,357 411,352 Expenses: General and administrative 14,107 10,211 37,347 32,423 Property expenses2 2,140 1,850 4,716 5,604 Depreciation and amortization 46,925 38,976 136,244 112,559 Provision for impairment of real estate 15,032 1,439 33,227 7,934 Change in provision for loan losses 196 83 3,453 83 Total expenses 78,400 52,559 214,987 158,603 Other operating income: Gain on dispositions of real estate, net 4,234 1,361 14,200 8,421 Income from operations 94,505 93,736 288,570 261,170 Other (expense)/income: Loss on debt extinguishment (138) — (138) — Interest expense (34,214) (28,348) (94,429) (77,139) Interest income 722 582 1,711 1,907 Other income, net — — 387 — Income before income tax expense 60,875 65,970 196,101 185,938 Income tax expense 218 170 1,013 485 Net income 60,657 65,800 195,088 185,453 Net income attributable to non-controlling interests (500) (180) (852) (511) Net income attributable to stockholders $ 60,157 $ 65,620 $ 194,236 $ 184,942 Basic weighted-average shares outstanding 216,679,914 198,141,272 214,396,578 194,753,085 Basic net income per share $ 0.28 $ 0.33 $ 0.90 $ 0.95 Effects of dilutive securities: OP Units and vested LTIP Units 1,780,796 553,847 1,066,862 553,847 Unvested RSUs and LTIP Units 596,987 979,277 610,310 905,163 Forward sales 63,718 200,848 320,505 641,466 Diluted weighted-average shares outstanding 219,121,415 199,875,244 216,394,255 196,853,561 Diluted net income per share $ 0.27 $ 0.33 $ 0.90 $ 0.94 Financial Summary Consolidated Statements of Operations 242, 242, 242
Investor Presentation and Supplemental Information | As of September 30, 202627 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financial Summary Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) 1. During the three and nine months ended September 30, 2026, includes severance and accelerated non-cash compensation expense, loss on debt extinguishment and non-core technology expenses, and during the nine months ended September 30, 2026, includes net insurance recovery income. 2. Calculations exclude $407, $227, $1,146 and $682 from the numerator for the three and nine months ended September 30, 2026 and 2025, respectively, related to dividend equivalents and distributions paid on unvested restricted stock units and LTIP units. 242, 242, 242 Three Months Ended September 30, Nine Months Ended September 30, (unaudited, in thousands except per share amounts) 2026 2025 2026 2025 Net income $ 60,657 $ 65,800 $ 195,088 $ 185,453 Depreciation and amortization of real estate 46,690 38,936 135,574 112,435 Provision for impairment of real estate 15,032 1,439 33,227 7,934 Gain on dispositions of real estate, net (4,234) (1,361) (14,200) (8,421) Funds from Operations 118,145 104,814 349,689 297,401 Non-core expense, net (1) 3,505 — 3,287 — Core Funds from Operations 121,650 104,814 352,976 297,401 Adjustments: Straight-line rental revenue, net (15,404) (14,446) (45,902) (37,524) Non-cash interest 1,517 1,396 4,411 4,032 Non-cash compensation expense 3,493 3,553 11,119 11,018 Other amortization expense (35) 858 1,198 1,378 Change in provision for loan losses 196 83 3,453 83 Other non-cash adjustments 811 574 2,006 1,307 Capitalized interest expense (320) (619) (1,430) (2,756) Adjusted Funds from Operations $ 111,908 $ 96,213 $ 327,831 $ 274,939 Net income per share2: Basic $ 0.28 $ 0.33 $ 0.90 $ 0.95 Diluted $ 0.27 $ 0.33 $ 0.90 $ 0.94 FFO per share2: Basic $ 0.54 $ 0.53 $ 1.63 $ 1.52 Diluted $ 0.54 $ 0.52 $ 1.61 $ 1.51 Core FFO per share2: Basic $ 0.56 $ 0.53 $ 1.64 $ 1.52 Diluted $ 0.55 $ 0.52 $ 1.63 $ 1.51 AFFO per share2: Basic $ 0.51 $ 0.48 $ 1.52 $ 1.40 Diluted $ 0.51 $ 0.48 $ 1.51 $ 1.39
Investor Presentation and Supplemental Information | As of September 30, 202628 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financial Summary Consolidated Balance Sheets 242, 242, 242 (in thousands, except share and per share amounts) September 30, 2026 December 31, 2025 ASSETS (Unaudited) (Audited) Investments: Real estate investments, at cost: Land and improvements $ 2,465,500 $ 2,200,829 Building and improvements 4,916,832 4,388,959 Lease incentives 25,113 24,154 Construction in progress 37,298 49,881 Intangible lease assets 119,712 99,217 Total real estate investments, at cost 7,564,455 6,763,040 Less: accumulated depreciation and amortization (730,526) (612,674) Total real estate investments, net 6,833,929 6,150,366 Loans and direct financing lease receivables, net 495,209 401,323 Real estate investments held for sale, net 18,863 2,635 Net investments 7,348,001 6,554,324 Cash and cash equivalents 25,222 60,181 Restricted cash 4,373 10,184 Straight-line rent receivable, net 241,136 191,008 Derivative assets 20,462 7,861 Rent receivables, prepaid expenses and other assets, net 50,357 39,465 Total assets $ 7,689,551 $ 6,863,023 LIABILITIES AND EQUITY Unsecured term loans, net of deferred financing costs $ 1,297,361 $ 1,725,010 Senior unsecured notes, net 1,176,756 786,708 Revolving credit facility 491,000 — Intangible lease liabilities, net 13,929 10,766 Dividends and distributions payable 71,469 65,391 Derivative liabilities 8 26,226 Accrued liabilities and other payables 54,804 41,028 Total liabilities 3,105,327 2,655,129 Commitments and contingencies — — Stockholders' equity: Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of 9/30/26 and 12/31/25 — — Common stock, $0.01 par value; 500,000,000 authorized; 220,275,169 and 209,702,433 issued and outstanding as of 9/30/26 and 12/31/25, respectively 2,203 2,097 Additional paid-in capital 4,651,877 4,328,137 Distributions in excess of cumulative earnings (131,154) (109,261) Accumulated other comprehensive income (loss) 17,974 (20,979) Total stockholders' equity 4,540,900 4,199,994 Non-controlling interests 43,324 7,900 Total equity 4,584,224 4,207,894 Total liabilities and equity $ 7,689,551 $ 6,863,023
Investor Presentation and Supplemental Information | As of September 30, 202629 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financial Summary GAAP Reconciliations to EBITDAre, GAAP NOI, Cash NOI and Estimated Run Rate Metrics 242, 242, 242 1. Adjustment is made to reflect EBITDAre, NOI and Cash NOI as if all re-leasing activity, investments in and dispositions of real estate and loan repayments completed during the three months ended September 30, 2026 had occurred on July 1, 2026. 2. Adjustment is made to i) exclude non-core adjustments made in computing Core FFO, if any, ii) exclude changes in our provision for credit losses, iii) exclude the write-off of receivables from prior periods and iv) eliminate the impact of seasonal fluctuation in certain non-cash compensation expense recorded in the period. 3. Adjustment excludes lease termination or loan prepayment fees and contingent rent (based on a percentage of the tenant's gross sales at the leased property) where payment is subject to exceeding a sales threshold specified in the lease, if any. Three Months Ended (unaudited, in thousands) September 30, 2026 Net income $ 60,657 Depreciation and amortization 46,925 Interest expense 34,214 Interest income (722) Income tax expense 218 EBITDA 141,292 Provision for impairment of real estate 15,032 Gain on dispositions of real estate, net (4,234) EBITDAre 152,090 Adjustment for current quarter re-leasing, acquisition and disposition activity1 5,720 Adjustment for other non-core and non-recurring activity2 5,289 Adjustment to exclude termination/prepayment fees and certain percentage rent3 (531) Adjusted EBITDAre - Current Estimated Run Rate 162,568 General and administrative 11,063 Adjusted net operating income ("NOI") 173,631 Straight-line rental revenue, net1 (17,144) Other amortization expense 283 Adjusted Cash NOI $ 156,770 Annualized EBITDAre $ 608,360 Annualized Adjusted EBITDAre $ 650,272 Annualized Adjusted NOI $ 694,524 Annualized Adjusted Cash NOI $ 627,080
Investor Presentation and Supplemental Information | As of September 30, 202630 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 1. Rates presented for our term loans are fixed at the stated rates after giving effect to our interest rate swaps plus applicable margin of 80bps. 2. Weighted average maturity calculation is made after giving effect to extension options exercisable at our election. 3. Revolving credit facility permits maximum aggregate principal of up to $1.3 billion and includes an accordion feature to increase the maximum availability by up to $700.0 million. $61.0 million of borrowings bear interest at Term SOFR plus applicable margin of 72.5bps. Interest on remaining $430.0 million of borrowings has been effectively fixed via interest rate swap agreements. 4. Includes 220,275,169 shares of common stock outstanding and 1,794,704 OP Units and vested LTIP Units held by non-controlling interests. 5. Pro forma adjustments have been made to reflect the unsettled portion of shares sold on a forward basis as if they had been physically settled for cash on September 30, 2026. Financial Summary Market Capitalization, Debt Summary and Leverage Metrics 242, 242, 242 (dollars in thousands, except share and per share amounts) September 30, 2026 Rate Wtd. Avg. Maturity Unsecured debt: January 2028 term loan1 400,000 4.46% 1.3 years February 2029 term loan1,2 450,000 5.20% 2.4 years January 2030 term loan1,2 450,000 4.62% 3.3 years Senior unsecured notes due July 2031 400,000 3.12% 4.8 years Senior unsecured notes due December 2035 400,000 5.40% 9.2 years Senior unsecured notes due July 2036 400,000 5.38% 9.8 years Revolving credit facility maturing February 2030 - Fixed2,3 430,000 2.13% 3.4 years Revolving credit facility maturing February 2030 - Floating2,3 61,000 4.60% 3.4 years Total unsecured debt 2,991,000 4.33% 4.8 years Gross debt 2,991,000 Less: cash & cash equivalents (25,222) Less: restricted cash available for future investment (4,373) Net debt 2,961,405 Equity: Preferred stock — Common stock, OP Units & vested LTIP Units (222,069,873 shares @ $25.81/share as of 9/30/26)4 5,731,623 Total equity 5,731,623 Total enterprise value ("TEV") $ 8,693,028 Pro forma adjustments to Net Debt and TEV:5 Net debt $ 2,961,405 Less: Unsettled forward equity (15,828,249 shares @ $30.50/share as of 9/30/26) (482,762) Pro forma net debt 2,478,643 Total equity 5,731,623 Common stock — unsettled forward equity (15,828,249 shares @ $25.81/share as of 9/30/26) 408,527 Pro forma TEV $ 8,618,793 Gross Debt / Undepreciated Gross Assets 35.5% Net Debt / TEV 34.1% Net Debt / Annualized Adjusted EBITDAre 4.6x Pro Forma Gross Debt / Undepreciated Gross Assets 33.6% Pro Forma Net Debt / Pro Forma TEV 28.8% Pro Forma Net Debt / Annualized Adjusted EBITDAre 3.8x
Investor Presentation and Supplemental Information | As of September 30, 202631 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary
Investor Presentation and Supplemental Information | As of September 30, 202632 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary Supplemental Reporting Measures 242, 242, 242 FFO, Core FFO and AFFO Our reported results are presented in accordance with U.S. generally accepted accounting principles ("GAAP"). We also disclose funds from operations (“FFO”), core funds from operations (“Core FFO”) and adjusted funds from operations (“AFFO”), each of which is a non-GAAP financial measure. We believe these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO is used by management, and may be useful to investors and analysts, to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains and losses on sales (which are dependent on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions). We compute Core FFO by adjusting FFO, as defined by NAREIT, to exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature and/or not related to our core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of our core business operations. Items included in calculating FFO that may be excluded in calculating Core FFO include certain transaction related gains, losses, income or expense or other non-core amounts as they occur. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain items that we believe are not indicative of our operating performance, including straight- line rental revenue, non-cash interest expense, non-cash compensation expense, other amortization expense, the change in our provision for credit losses, other non-cash adjustments and capitalized interest expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We believe that AFFO is an additional useful supplemental measure for investors to consider to assess our operating performance without the distortions created by non-cash and certain other revenues and expenses. FFO, Core FFO and AFFO do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities, and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of FFO, Core FFO and AFFO may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.
Investor Presentation and Supplemental Information | As of September 30, 202633 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary Supplemental Reporting Measures 242, 242, 242 We also present our earnings before interest, taxes and depreciation and amortization for real estate (“EBITDA”), EBITDA further adjusted to exclude gains (or losses) on sales of depreciable property and real estate impairment losses (“EBITDAre”), net debt, net operating income (“NOI”) and cash NOI (“Cash NOI”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are accepted industry measures used by analysts and investors to compare the operating performance of REITs. EBITDA and EBITDAre We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and real estate impairment losses. We present EBITDA and EBITDAre as they are measures commonly used in our industry and we believe that these measures are useful to investors and analysts because they provide important supplemental information concerning our operating performance, exclusive of certain non-cash and other costs. We use EBITDA and EBITDAre as measures of our operating performance and not as measures of liquidity. EBITDA and EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of EBITDA and EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt We calculate our net debt as our gross debt (defined as total debt plus net deferred financing costs on our secured borrowings) less cash and cash equivalents and restricted cash deposits held for the benefit of lenders. We believe excluding cash and cash equivalents and restricted cash deposits held for the benefit of lenders from gross debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which we believe is a beneficial disclosure to investors and analysts. NOI and Cash NOI We compute NOI as total revenues less property expenses. NOI excludes all other items of expense and income included in the financial statements in calculating net income or loss. Cash NOI further excludes non-cash items included in total revenues and property expenses, such as straight- line rental revenue and other amortization and non-cash adjustments. We believe NOI and Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. NOI and Cash NOI are not measurements of financial performance under GAAP. You should not consider our NOI and Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, our computation of NOI and Cash NOI may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.
Investor Presentation and Supplemental Information | As of September 30, 202634 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 GAAP Cap Rate GAAP Cap Rate means expected annual rental and interest income computed in accordance with GAAP, plus principal payments on leasehold interest loans, at the time of investment divided by the gross investment in the property, including transactions costs. Cash Cap Rate Cash Cap Rate means expected annual contractually specified cash rent and interest at the time of investment or disposition divided by the gross investment or sale price, as applicable, for the property, including transaction costs for new investments but excluding transaction costs for dispositions. Weighted Average Annual Escalation Weighted average annual escalation rate means the entire portfolio reflects as if all escalations occur annually. For leases in which rent escalates by the greater of a stated fixed percentage or CPI, we have assumed an escalation equal to the stated fixed percentage in the lease. As any future increase in CPI is unknowable at this time, we have not included an increase in the rent pursuant to these leases in the weighted average annual escalation rate presented. Unit-Level Rent Coverage Tenant-reported or, when unavailable, management's estimate (based on tenant-reported financial information) of annual EBITDA and cash rent attributable to the unit (or units, in the case of a master lease), divided by cash ABR for the unit(s). Excludes properties with no cash ABR and properties under construction. Glossary Supplemental Reporting Measures 242, 242, 242 Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI We further adjust EBITDAre, NOI and Cash NOI i) based on an estimate calculated as if all investment and disposition activity that took place during the quarter had been made on the first day of the quarter, ii) to exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature and iii) to eliminate the impact of lease termination fees and contingent rental revenue from our tenants which is subject to sales thresholds specified in the lease. We then annualize these estimates for the current quarter by multiplying them by four, which we believe provides a meaningful estimate of our current run rate for all investments as of the end of the current quarter. You should not unduly rely on these measures, as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre, NOI and Cash NOI for future periods may be significantly less than these estimates of current run rates. Cash ABR Cash ABR means annualized contractually specified cash base rent in effect as of the end of the current quarter for all of our leases (including those accounted for as direct financing leases) commenced as of that date and annualized cash interest on our mortgage loans receivable as of that date. Rent Coverage Ratio Rent coverage ratio means the ratio of tenant-reported or, when unavailable, management’s estimate based on tenant-reported financial information, annual EBITDA and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date.