Essential Properties Realty Trust Management
Management criteria checks 3/4
Essential Properties Realty Trust's CEO is Pete Mavoides, appointed in Jan 2018, has a tenure of 8.67 years. total yearly compensation is $9.63M, comprised of 8.3% salary and 91.7% bonuses, including company stock and options. directly owns 0.16% of the company’s shares, worth $9.20M. The average tenure of the management team and the board of directors is 1.5 years and 7.5 years respectively.
Key information
Pete Mavoides
Chief executive officer
US$9.6m
Total compensation
| CEO salary percentage | 8.30% |
| CEO tenure | 8.7yrs |
| CEO ownership | 0.2% |
| Management average tenure | 1.5yrs |
| Board average tenure | 7.5yrs |
Recent management updates
Recent updates
Seeking Alpha • Sep 07
Essential Properties Realty Trust: A Strong Business Model That Delivers - A Value Equation Forensic Deep Dive
Summary Essential Properties Realty Trust delivers sector-leading AFFO per share growth, robust dividend protection, and disciplined external growth, underpinned by a transparent, potent business model. EPRT's low payout ratio (~64%) enables superior internal growth, dividend safety, and significant reinvestment capacity, supporting double-digit annual total return potential. Portfolio diversification, prudent asset recycling, and stable acquisition pacing position EPRT for continued outperformance and potential credit rating upgrades. I rate EPRT a Buy, as shares trade at 2024 levels despite 16% higher AFFO per share and 10% higher dividends, offering compelling relative value in a volatile market. Read the full article on Seeking Alpha
Narrative Update • Jun 24
EPRT: Peer-Leading Investment Spreads Expected To Support Future Acquisitions
Analysts have trimmed the fair value estimate for Essential Properties Realty Trust slightly to $37.05 from $37.13. This reflects updated assumptions around discount rates, growth, and margins, while still indicating what they view as an attractive entry point supported by earnings growth potential and investment spreads relative to other REITs. Analyst Commentary Recent Street research on Essential Properties Realty Trust reflects a mix of optimism around earnings power and caution around macro and interest rate risk, which is feeding directly into how analysts think about valuation and price targets.Analysis Article • Jun 22
Essential Properties Realty Trust (EPRT) Stock Could Be 20.9% Undervalued After Recent Weakness
Recent Performance Puts Essential Properties Realty Trust Under the Microscope Essential Properties Realty Trust (EPRT) has been under pressure recently, with the stock down 6.3% over the past month and 6.2% over the past 3 months. This has prompted fresh questions about its current valuation. See our latest analysis for Essential Properties Realty Trust. Looking beyond the recent weakness, Essential Properties Realty Trust’s 1-year total shareholder return is down 5.53%, even though longer...Narrative Update • Jun 05
EPRT: Low Cost Capital And Forward Equity Expected To Support Future Acquisitions
Analysts have trimmed the blended price target for Essential Properties Realty Trust by about $0.25 to $37.13, reflecting slightly higher discount-rate assumptions tied to macro and rate uncertainty, while also factoring in modestly stronger revenue growth, margins, and a lower future P/E. Analyst Commentary Recent Street research on Essential Properties Realty Trust has been active, with several firms adjusting price targets across a relatively tight range in response to sector-level and macro considerations.Narrative Update • May 02
EPRT: Low Cost Capital And Forward Equity Expected To Drive Future Acquisitions
Analyst price targets for Essential Properties Realty Trust have edged higher, with the model fair value moving from $37.05 to $37.38 as analysts point to the company's low cost of capital, available growth capital, diversified tenant base and updated REIT sector assumptions in recent research. Analyst Commentary Recent research on Essential Properties Realty Trust reflects a broadly constructive tone, with multiple price target increases clustered in a relatively short period.Narrative Update • Apr 17
EPRT: Low Cost Capital And Forward Equity Expected To Support Expansion
Analysts have increased the price target for Essential Properties Realty Trust to a range centered around $37, up from previous targets clustered near $35 to $36. They cite factors such as the company’s cost of capital, investment pipeline, tenant diversification, and access to forward equity.Narrative Update • Apr 02
EPRT: Low Cost Capital And Forward Equity Poised To Support Future Deals
The analyst price target for Essential Properties Realty Trust edges up by $0.05 to $37.05, reflecting recent Street research in which analysts cite factors such as low cost of capital, wide investment spreads, forward equity capacity, diversified tenants and an emphasis on selective REIT exposure in their updated targets and ratings. Analyst Commentary Recent research coverage on Essential Properties Realty Trust clusters around price targets in the mid to high $30s, with several firms updating their views following Q4 results and ahead of upcoming quarters.Narrative Update • Mar 19
EPRT: Low Cost Capital And Forward Equity Will Support Future Acquisition Pipeline
Essential Properties Realty Trust's updated analyst price target has moved by $0.60 to $37.00 per share, with analysts pointing to factors such as low cost of capital, wide investment spreads, available growth capital and a diversified tenant base as key reasons for their refreshed views. Analyst Commentary Recent research updates show a cluster of higher price targets for Essential Properties Realty Trust, generally centered around the mid to high $30s, with one target at $40.Narrative Update • Mar 05
EPRT: Fair View Balances Acquisition Plans With Recent Equity Offering And Dividend
Analysts have nudged their price targets on Essential Properties Realty Trust higher into a $35 to $37 range, supporting a refined fair value estimate of about $36.40. They point to updated REIT sector assumptions and a focus on near term funds from operations per share impact, as well as external growth from acquisitions.Seeking Alpha • Mar 02
Essential Properties Realty Trust: Quality Comes At A Price
Summary Essential Properties Realty Trust (EPRT) boasts a diversified portfolio with over 2100 properties, a 99.7% occupancy rate, and a 14-year average lease term. EPRT's 2024 investments totaled $1.2B, yielding an 8% cash cap rate and a 2.4% investment spread, driving 5.5% AFFO per share growth. Despite a strong 2025 outlook with 7.5% AFFO growth expected, I maintain a 'hold' rating due to valuation concerns and better opportunities elsewhere. EPRT's 3.6% dividend yield and high valuation multiple, coupled with market uncertainties, suggest waiting for more attractive buying opportunities. Read the full article on Seeking AlphaSeeking Alpha • Jan 24
Essential Properties: Emerging Tenant Woes In Net Lease
Summary Commercial real estate, especially net lease REITs, faces volatility due to rising interest rates and inflation, impacting valuations and investor sentiment. Essential Properties Realty Trust stands out with a sale-leaseback model, outperforming peers despite recent share price declines linked to rising treasury yields. EPRT's reliance on tenants with lower creditworthiness poses risks, contrasting with more stable investment-grade portfolios like ADC. Despite EPRT's strong performance, its premium valuation offers limited upside compared to peers like NNN, which trades at a significant discount. Read the full article on Seeking AlphaSeeking Alpha • Dec 31
Essential Properties: Quality Net Lease REIT With Durable AFFO Growth
Summary Essential Properties Realty Trust, Inc. reported strong Q3 2024 results, with AFFO per share up 2% and total AFFO growing 17% year-over-year. The company maintains high occupancy rates and strong tenant profitability, with a weighted average unit level rent coverage ratio of 3.6x. Essential Properties plans to invest $900 million to $1.1 billion in 2025, focusing on service and experience-oriented tenants. Risks include a potential recession affecting tenants and fewer than expected interest rate cuts. These risks are largely mitigated by an exceptional balance sheet. At nearly 18x P/AFFO, EPRT stock trades in line with its historical valuation but well above other net lease REIT peers. Read the full article on Seeking AlphaSeeking Alpha • Nov 29
Essential Properties: One Of The Best REITs To Own, Just No Margin Of Safety (Rating Downgrade)
Summary Owning REITs like Essential Properties Realty Trust offers real estate exposure without dealing with taxes, tenants, and toilets, making it a hassle-free investment. EPRT has shown strong performance with a 42.71% increase, solid fundamentals, low leverage, and a conservative payout ratio, but currently offers no margin of safety. Despite missing FFO estimates, EPRT's revenue growth, long lease terms, and high occupancy rates highlight its robust portfolio and growth potential. I recommend waiting for a pullback to around $28 per share before investing in EPRT due to its current overvaluation and potential market risks. Read the full article on Seeking AlphaSeeking Alpha • Nov 21
EPR Properties: The Simon Property Group Effect
Summary EPR Properties remains a buy due to its attractive valuation, solid fundamentals, and focus on experiential assets despite recent share price declines. EPR's strategic shift from theaters to experiential real estate, including hot springs and resorts, strengthens its portfolio amid market mispricing. Despite recent financial declines, EPR's strong balance sheet, conservative payout ratio, and declining interest rates support long-term investment potential. Continued volatility and economic uncertainty pose risks, but EPR's attractive dividend yield and valuation below peers justify a buy rating. Read the full article on Seeking AlphaSeeking Alpha • Oct 11
Essential Properties Realty Trust Is Not A Buy Anymore (Downgrade)
Summary EPRT boasts top-tier business metrics, including 99.8% occupancy, 14.1-year average lease term, and strong tenant diversification, ensuring cash flow stability and predictability. Despite high interest rates, EPRT secured $582.7m in investments in Q1-Q2 2024, demonstrating robust investment activity with attractive cap rates. EPRT's safe financing structure features 100% fixed-rate debt, no maturities until 2027, and a $600m undrawn credit facility, limiting interest rate impact. Given EPRT's current valuation, I assign a 'hold' rating. I will closely monitor its valuation in search of other attractive entry points. Read the full article on Seeking AlphaSeeking Alpha • Sep 09
Essential Properties Realty Trust: Great Business At Wrong Price (Rating Downgrade)
Summary In September 2023, I published my initial bull thesis on Essential Properties Realty Trust driven by a low P/FFO multiple, robust balance sheet, and an attractive dividend yield of ~5%. Since then, EPRT's share price has surged higher, increasing the P/FFO multiple to 16.9x, and reducing the dividend yield to 3.6%. Despite strong Q2 2024 AFFO growth and a solid investment pipeline, the valuations still seem too rich, given the current interest rate environment. I am downgrading EPRT from buy to hold because of an exhausted return potential, which is primarily driven by the massive multiple expansion dynamic. Read the full article on Seeking Alpha
New Narrative • Aug 29
Strategic Focus On Valued Industries Powers Growth And Earnings Stability
Focusing on high-value industries in volatile markets and leveraging strong liquidity for growth in targeted sectors enhances revenue and future earnings prospects.Seeking Alpha • Aug 09
Essential Properties: Not Essential To My Portfolio
Summary Essential Properties Trust benefits from sale and leaseback trend, with a focus on single-tenant properties across 49 states in the U.S. Stable tenant profile with long-term leases, recession and e-commerce resilient businesses, and diversified geographical presence are traits to like about the company. Strong balance sheet, low cost of debt, and improving leverage reduces risks, but an expensive valuation at 16.3x P/AFFO, limits potential upside for investors. Read the full article on Seeking AlphaSeeking Alpha • Jul 08
Essential Properties: 4 Reasons Why This REIT Continues To Outperform
Summary Essential Properties Realty Trust continues to outperform peers due to lower-rated (non-investment grade) tenants, longer leases, and their conservative payout ratio. EPRT's strong fundamentals, including a lower leveraged balance sheet at just 3.6x, support future growth efforts. Despite being a potential M&A target, EPRT's performance, structure, and growth potential make it a buy recommendation. Even with their strong performance YTD, EPRT stock still offers double-digit upside to their long-term price target of roughly $33. Read the full article on Seeking AlphaSeeking Alpha • Jun 06
Essential Properties: 2 Reasons This REIT Is Outperforming Net Lease Peers
Summary Essential Properties Realty Trust is a high-quality net lease REIT that has outperformed the broader sector with a highly occupied portfolio. EPRT owns a diverse portfolio of nearly 2,000 single tenant retail properties on long-term triple net leases. We explore two reasons why this REIT could continue to outperform peers. Read the full article on Seeking AlphaSeeking Alpha • May 02
Essential Properties Realty Trust: The Value Potential Is Still There After Q1 Earnings
Summary Essential Properties Realty Trust has a depressed P/FFO multiple, strong growth potential, and a conservative AFFO payout ratio. For these reasons, since the publication of my bull thesis on EPRT back in September 2023, I have consistently purchased this REIT, diversifying my exposure to Realty Income Corporation. I dissect the key items of the 1Q24 report and explain why I am still bullish on EPRT after it has delivered ~13% in alpha relative to the overall REIT market. Read the full article on Seeking AlphaSeeking Alpha • Mar 25
Essential Properties: An Outperforming REIT You Should Accumulate Before Rate Cuts
Summary Essential Properties Realty Trust has outperformed its peers in the REIT sector over the past year, up 10% and up 9% since my last article back in December. EPRT's success can be attributed to longer and better lease terms, and slightly higher rent escalators compared to its peers. In my opinion, this led to their outperformance vs peers. The company reported strong Q4 earnings, with FFO increasing by 7.6% year-over-year and revenue growing by nearly 32%. Their lower tenant quality gives the REIT a higher risk, higher reward profile. It also makes them more susceptible to economic downturns like a recession, impacting EPRT's growth going forward. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2026 | n/a | n/a | US$267m |
| Mar 31 2026 | n/a | n/a | US$256m |
| Dec 31 2025 | US$10m | US$800k | US$252m |
| Sep 30 2025 | n/a | n/a | US$240m |
| Jun 30 2025 | n/a | n/a | US$223m |
| Mar 31 2025 | n/a | n/a | US$212m |
| Dec 31 2024 | US$8m | US$750k | US$203m |
| Sep 30 2024 | n/a | n/a | US$196m |
| Jun 30 2024 | n/a | n/a | US$193m |
| Mar 31 2024 | n/a | n/a | US$194m |
| Dec 31 2023 | US$7m | US$700k | US$190m |
| Sep 30 2023 | n/a | n/a | US$177m |
| Jun 30 2023 | n/a | n/a | US$167m |
| Mar 31 2023 | n/a | n/a | US$150m |
| Dec 31 2022 | US$10m | US$600k | US$134m |
| Sep 30 2022 | n/a | n/a | US$128m |
| Jun 30 2022 | n/a | n/a | US$119m |
| Mar 31 2022 | n/a | n/a | US$107m |
| Dec 31 2021 | US$6m | US$600k | US$95m |
| Sep 30 2021 | n/a | n/a | US$71m |
| Jun 30 2021 | n/a | n/a | US$56m |
| Mar 31 2021 | n/a | n/a | US$43m |
| Dec 31 2020 | US$3m | US$500k | US$42m |
| Sep 30 2020 | n/a | n/a | US$51m |
| Jun 30 2020 | n/a | n/a | US$52m |
| Mar 31 2020 | n/a | n/a | US$49m |
| Dec 31 2019 | US$2m | US$500k | US$41m |
Compensation vs Market: Pete's total compensation ($USD9.63M) is about average for companies of similar size in the US market ($USD8.46M).
Compensation vs Earnings: Pete's compensation has been consistent with company performance over the past year.
CEO
Pete Mavoides (59 yo)
8.7yrs
Tenure
US$9,634,000
Compensation
Mr. Peter M. Mavoides, also known as Pete, is the Chief Executive Officer of Essential Properties Realty Trust, Inc. since January 12, 2018 and also served as President since January 12, 2018 and he held s...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 8.7yrs | US$9.63m | 0.16% $ 9.2m | |
| President & Chief Operating Officer | 1.5yrs | US$2.04m | 0.0047% $ 274.7k | |
| EVP, CFO | 1.5yrs | no data | 0.0038% $ 224.0k | |
| Executive Vice President & Chief Investment Officer | no data | no data | no data | |
| Senior VP | 6.7yrs | no data | 0.027% $ 1.6m | |
| Executive Vice President of Portfolio Operations | 3.1yrs | no data | no data | |
| Senior Vice President of Investments | less than a year | no data | no data |
1.5yrs
Average Tenure
42yo
Average Age
Experienced Management: EPRT's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 8.7yrs | US$9.63m | 0.16% $ 9.2m | |
| Independent Director | 8.7yrs | US$202.00k | 0.083% $ 4.8m | |
| Independent Chairman of the Board | 8.3yrs | US$327.00k | 0.046% $ 2.7m | |
| Independent Director | 6.7yrs | US$219.00k | 0.0099% $ 579.8k | |
| Independent Director | 6.7yrs | US$207.00k | 0.013% $ 750.1k | |
| Independent Director | 6.7yrs | US$203.00k | 0.012% $ 725.6k | |
| Independent Director | 8.7yrs | US$204.00k | 0.013% $ 776.3k | |
| Director | 1.2yrs | US$229.00k | no data |
7.5yrs
Average Tenure
57yo
Average Age
Experienced Board: EPRT's board of directors are considered experienced (7.5 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/20 00:40 |
| End of Day Share Price | 2026/09/18 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Essential Properties Realty Trust, Inc. is covered by 31 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Rich Hightower | Barclays |
| Richard Hightower | Barclays |
| Kai Klose | Berenberg |