ESSENTIAL PROPERTIES REALTY TRUST, INC.

For the period ended Dec 31, 2025. Filed Feb 11, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 11, 2026

EPRT$28.29+1.1%Stored close · as of Nov 9, 2026

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Contents

Item 2. Properties

Our Real Estate Investment Portfolio

As of December 31, 2025, we had a portfolio of 2,300 properties, inclusive of one undeveloped land parcel and 150 properties that secure our investments in mortgage loans receivable, that was diversified by tenant, concept, industry and geography and had annualized base rent of $555.0 million. Our tenants operate 659 different concepts across 48 states. None of our tenants represented more than 3.4% of our portfolio at December 31, 2025 and our top ten largest tenants represented 16.5% of our annualized base rent as of that date.

As of December 31, 2025, 97.3% of our leases (based on annualized base rent) were triple-net, where the tenant is typically responsible for all improvements and is contractually obligated to pay all operating expenses, such as maintenance, insurance, utility and tax expense, related to the leased property. Due to the triple-net structure of our leases, we do not expect to incur significant capital expenditures relating to our triple-net leased properties, and the potential impact of inflation on our operating expenses is reduced.

Diversification by Tenant

As of December 31, 2025, our top ten tenants included ten different concepts. The following table details information about our tenants and the related concepts they operate as of December 31, 2025 (dollars in thousands):

Tenant (1)	Concept	Number ofProperties (2)	AnnualizedBase Rent	% ofAnnualizedBase Rent
EquipmentShare.com Inc.	EquipmentShare	57	$18,934	3.4%
Express Wash Operations, LLC	Whistle Express Car Wash	33	10,900	2.0%
CNP Holdings, LLC	Chicken N Pickle	8	8,641	1.6%
BW Ultimate Parent, LLC	Allsup's/YesWay	13	8,337	1.5%
Dave & Buster's Inc.	Dave & Buster's	5	8,078	1.5%
Undefeated Tribe Operating Company, LLC	Crunch Fitness	13	7,823	1.4%
Busy Bees US Holdings Limited	Various	32	7,344	1.3%
Early Foundations LLC	Primrose School	21	7,329	1.3%
Denali Midco 2 LLC	Super Star Car Wash	19	6,961	1.3%
GSP Flagstop LLC	Flagstop Car Wash	20	6,787	1.2%
Top 10 Subtotal		221	91,134	16.5%
Other		2,072	463,855	83.5%
Total		2,293	$554,989	100.0%

(1)Represents tenant, guarantor or parent company.

(2)Excludes one undeveloped land parcel and six vacant properties.

Diversification by Concept

Our tenants operate their businesses across 659 concepts (i.e., brands). The following table provides information about the top ten concepts in our portfolio as of December 31, 2025 (dollars in thousands):

Concept	Type ofBusiness	AnnualizedBase Rent	% ofAnnualizedBase Rent	Number ofProperties (1)	Building(Sq. Ft.) (1)
EquipmentShare	Service	$18,934	3.4%	57	1,104,897
Crunch Fitness	Experience	14,977	2.7%	26	962,740
Whistle Express Car Wash	Service	10,900	2.0%	33	135,867
Chicken N Pickle	Experience	8,641	1.6%	8	279,483
Allsup's/YesWay	Service	8,337	1.5%	13	75,429
Primrose School	Service	8,289	1.5%	23	272,636
Super Star Car Wash	Service	6,961	1.3%	19	91,470
John Deere	Service	6,813	1.2%	31	654,285
Captain D's	Service	6,792	1.2%	86	223,411
Flagstop Car Wash	Service	6,787	1.2%	20	93,538
Top 10 Subtotal		97,431	17.6%	316	3,893,756
Other		457,558	82.4%	1,977	21,887,349
Total		$554,989	100.0%	2,293	25,781,105

(1)Excludes one undeveloped land parcel and six vacant properties.

Diversification by Industry

Our tenants' business concepts are diversified across various industries. The following table summarizes those industries as of December 31, 2025 (dollars in thousands except per sq. ft amounts):

Tenant Industry	Type ofBusiness	AnnualizedBase Rent	% ofAnnualizedBase Rent	Number ofProperties (1)	Building(Sq. Ft.) (1)	Rent PerSq. Ft. (2)
Car Washes	Service	$75,854	13.7%	220	1,083,076	$69.73
Medical / Dental	Service	69,431	12.5%	279	2,273,733	29.97
Early Childhood Education	Service	62,970	11.3%	255	2,773,263	22.51
Quick Service	Service	48,290	8.7%	461	1,244,290	39.87
Automotive Service	Service	44,491	8.0%	297	2,314,388	19.08
Convenience Stores	Service	37,024	6.7%	178	774,644	48.43
Casual Dining	Service	33,556	6.0%	132	936,979	35.91
Equipment Rental and Sales	Service	25,746	4.6%	88	1,759,182	14.64
Other Services	Service	17,227	3.1%	70	877,164	19.64
Pet Care Services	Service	7,024	1.3%	34	270,434	25.29
Family Dining	Service	6,537	1.2%	26	205,924	31.75
Service Subtotal		428,150	77.1%	2,040	14,513,077	29.41
Entertainment	Experience	51,530	9.3%	72	2,523,151	19.22
Health and Fitness	Experience	23,877	4.3%	46	1,738,193	13.49
Movie Theaters	Experience	4,429	0.8%	6	293,206	15.11
Experience Subtotal		79,836	14.4%	124	4,554,550	16.77
Other Industrial	Industrial	26,718	4.8%	62	3,673,369	7.12
Building Materials	Industrial	4,808	0.9%	24	1,297,669	3.71
Industrial Subtotal		31,526	5.7%	86	4,971,038	6.23
Grocery	Retail	14,715	2.7%	41	1,635,542	9.00
Home Furnishings	Retail	762	0.1%	2	106,898	7.12
Retail Subtotal		15,477	2.8%	43	1,742,440	8.88
Total/Weighted Average		$554,989	100.0%	2,293	25,781,105	$21.30

(1)Excludes one undeveloped land parcel and six vacant properties.

(2)Excludes properties with no annualized base rent and properties under construction.

As of December 31, 2025, our tenants operating service-oriented businesses had a weighted average rent coverage ratio of 3.5x, our tenants operating experience-based businesses had a weighted average rent coverage ratio of 2.5x, our tenants operating retail businesses had a weighted average rent coverage ratio of 3.9x and our tenants operating other types of businesses had a weighted average rent coverage ratio of 8.6x.

Diversification by Geography

Our 2,300 properties locations are located in 48 states. The following table details the geographical locations of our properties as of December 31, 2025 (dollars in thousands):

State	Annualized Base Rent	% of Annualized Base Rent	Number of Properties	Building (Sq. Ft.)
Texas	$70,519	12.7%	249	3,240,002
Florida	41,138	7.4%	128	1,179,748
Georgia	36,305	6.5%	168	1,285,477
Ohio	30,099	5.4%	143	1,681,799
Wisconsin	25,423	4.6%	97	1,452,393
Missouri	19,520	3.5%	89	1,201,110
Oklahoma	19,013	3.4%	74	992,576
North Carolina	18,177	3.3%	86	790,650
Arizona	16,823	3.0%	66	711,434
Illinois	16,507	3.0%	64	789,679
Alabama	14,894	2.7%	65	931,287
South Carolina	14,011	2.5%	67	558,561
Michigan	13,896	2.5%	65	1,184,067
Indiana	13,130	2.4%	69	620,979
Pennsylvania	12,675	2.3%	66	681,534
New Jersey	12,622	2.3%	32	475,202
Virginia	12,426	2.2%	38	408,583
Tennessee	12,114	2.2%	61	434,505
Minnesota	11,373	2.0%	44	638,333
Mississippi	10,995	2.0%	74	411,690
Louisiana	10,586	1.9%	37	352,037
New York	10,534	1.9%	65	508,928
Arkansas	9,818	1.8%	66	507,946
Colorado	8,979	1.6%	33	367,634
California	8,369	1.5%	21	196,715
New Mexico	8,154	1.5%	28	187,680
Massachusetts	7,708	1.4%	35	488,841
Kentucky	7,582	1.4%	51	327,218
Iowa	7,540	1.4%	35	414,813
Connecticut	7,166	1.3%	22	555,537
Utah	6,919	1.2%	7	528,350
Nevada	6,693	1.2%	16	168,720
Kansas	4,914	0.9%	18	201,900
Maryland	4,461	0.8%	13	257,335
New Hampshire	3,719	0.7%	13	268,937
Oregon	3,233	0.6%	9	138,785
South Dakota	2,765	0.5%	9	130,152
North Dakota	2,573	0.5%	7	97,442
Washington	2,404	0.4%	11	90,459
West Virginia	2,335	0.4%	24	85,800
Nebraska	2,248	0.4%	11	138,797
Vermont	1,282	0.2%	10	80,819
Maine	1,167	0.2%	4	71,000
Idaho	777	0.1%	3	43,588
Rhode Island	480	0.1%	2	22,865
Delaware	415	0.1%	1	4,186
Wyoming	294	0.1%	2	14,001
Alaska	214	—%	2	6,630
Total	$554,989	100.0%	2,300	25,926,724

Lease Expirations

As of December 31, 2025, the weighted average remaining term of our leases was 14.4 years (based on annualized base rent), with only 5.2% of our annualized base rent attributable to leases expiring prior to January 1, 2031. The following table sets forth our lease expirations for leases in place as of December 31, 2025 (dollars in thousands):

Lease Expiration Year (1) · AnnualizedBase Rent · % ofAnnualizedBase Rent · Number ofProperties (2) · WeightedAverage RentCoverage Ratio (3)
2026	$3,444	0.6%	25	2.9	x
2027	5,488	1.0%	36	3.8	x
2028	4,470	0.8%	16	3.0	x
2029	10,138	1.8%	114	5.1	x
2030	5,382	1.0%	51	4.0	x
2031	10,910	2.0%	54	2.8	x
2032	13,223	2.4%	42	4.1	x
2033	7,200	1.3%	27	3.0	x
2034	29,169	5.3%	190	5.8	x
2035	20,217	3.6%	122	3.8	x
2036	38,283	6.9%	161	3.9	x
2037	23,361	4.2%	121	3.4	x
2038	50,720	9.1%	186	4.3	x
2039	40,226	7.2%	156	3.6	x
2040	45,841	8.3%	162	4.8	x
2041	18,879	3.4%	89	2.4	x
2042	25,831	4.7%	123	2.8	x
2043	52,122	9.4%	190	2.4	x
2044	46,801	8.4%	165	2.7	x
2045	70,871	12.8%	205	3.0	x
Thereafter	32,413	5.8%	58	4.7	x
Total/Weighted Average	$554,989	100.0%	2,293	3.6	x

(1)Expiration year of leases in place as of December 31, 2025, excluding any tenant option renewal periods that have not been exercised.

(2)Excludes one undeveloped land parcel and six vacant properties.

(3)Weighted by annualized base rent.

Unit Level Rent Coverage

Generally, we seek to acquire investments with healthy rent coverage ratios, and as of December 31, 2025, the weighted average rent coverage ratio of our portfolio was 3.6x. Our portfolio’s unit-level rent coverage ratios (by annualized base rent and excluding leases that do not report unit-level financial information) as of December 31, 2025 are displayed below:

Unit Level Coverage Ratio	% of Total
≥ 2.00x	68.5%
1.50x to 1.99x	14.8%
1.00x to 1.49x	12.8%
< 1.00x	3.2%
Not reported	0.7%
	100.0%

Implied Tenant Credit Ratings

Tenant financial distress is typically caused by consistently poor or deteriorating operating performance, near-term liquidity issues or unexpected liabilities. To assess the probability of tenant insolvency, we utilize Moody’s Analytics RiskCalc, which is a model for predicting private company defaults based on Moody’s Analytics Credit Research Database, which incorporates both market and company-specific risk factors. The following table illustrates the portions of our annualized base rent as of December 31, 2025 attributable to leases with tenants having specified implied credit ratings based on their Moody’s RiskCalc scores:

Credit Rating	NR	< 1.00x	1.00 to 1.49x	1.50 to 1.99x	≥ 2.00x
CCC+	—%	0.1%	0.5%	0.4%	0.4%
B-	0.1%	0.2%	0.9%	0.7%	2.9%
B	—%	1.2%	2.7%	1.2%	6.4%
B+	0.1%	0.4%	2.4%	2.8%	12.0%
BB-	0.1%	0.2%	0.5%	3.8%	10.6%
BB	—%	0.5%	1.9%	2.8%	6.5%
BB+	—%	—%	1.9%	0.6%	11.6%
BBB-	—%	0.1%	0.9%	0.5%	9.3%
BBB	—%	—%	0.6%	1.5%	3.4%
BBB+	—%	0.3%	0.4%	0.3%	1.6%
A-	—%	—%	0.1%	—%	2.4%
A	—%	—%	—%	—%	0.3%
A+	—%	—%	—%	—%	—%
AA-	—%	—%	—%	—%	—%

NR Not reported

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.