Essential Properties Realty Trust (EPRT): 2Q26 Update: Minimal estimate shifts reflect steady portfolio trends and consistent growth

Research evidence excerpt

Essential Properties Realty Trust (EPRT): 2Q26 Update: Minimal estimate shifts reflect steady portfolio trends and consistent growth

Equity Research

24 July 2026 | 6:19AM EDT

Essential Properties Realty Trust (EPRT): 2Q26 Update: Minimal

estimate shifts reflect steady portfolio trends and consistent growth

Following 2Q26 earnings, we provide earnings call takeaways, discuss recent investor Caitlin Burrows

+1(212)902-4736 |

feedback and our views, and update our estimates and price target. We believe caitlin.burrows@gs.com

Goldman Sachs & Co. LLC

EPRT’s ability to consistently achieve mid-to-high-single-digit growth over

Jeremy Kuhl

consecutive years is a differentiating factor versus other REITs. We estimate average +1(212)357-1704 | jeremy.kuhl@gs.com

annual AFFO/share growth on a Company/GS-calculated basis of +7.2%/+7.5% in Goldman Sachs & Co. LLC

Shailee Lnu2026 through 2028, while EPRT’s discount versus the REIT sector is currently at 35% +1(332)245-7913 |

vs. a historical average of 20%. shailee.x.lnu@gs.comGoldman Sachs India SPL

Harrison Slater, CFAFor more earnings highlights given with the earnings release, see EPRT: 2Q26 First +1(212)902-7428 |

Take: Solid 2Q acquisitions and cap rates, with a FY guidance bump up (Buy). harrison.slater@gs.comGoldman Sachs & Co. LLC

Earnings call highlights

Highlights from the earnings call

n Management increased 2026 AFFO per share guidance by a penny at the low

end, to $2.01-$2.05 (+7.4% y/y at the midpoint), driven by

better-than-expected portfolio performance, stronger investment volume and

pricing, and continued cost discipline in 2Q. EPRT also raised FY26 investment

volume guidance to $1.2bn-$1.5bn from $1.1bn-$1.5bn, reflecting $721mn of

investments closed YTD and a total of over $1bn YTD when you also include