Essential Properties Realty Trust

EPRT · NYSE

$25.76+$0.25 (+0.98%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $25.51

EPRT analyst rating

BuyConsensus of 14 analysts over the last 12 months. 93% rate it a buy.

Strong buy1
Buy12
Hold1
Underperform0
Sell0

12-month price target · 21 analysts

Average $37.47 (+45.5% upside)

Low: $30.30
Now: $25.76
High: $42.00

Upgrades and downgrades

The latest rating actions, newest first

EPRT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Deutsche Bank	Oct 20, 2026	Downgrade	Buy → Hold	$38.00 → $28.00	64%
Barclays	Oct 20, 2026	Maintains	Overweight	$37.00 → $34.00	38%
Wells Fargo	Oct 19, 2026	Maintains	Overweight	$36.00 → $30.00	48%
Mizuho	Oct 19, 2026	Maintains	Outperform	$30.00 → $29.00	44%
Truist Securities	Oct 2, 2026	Initiates	Buy	$35.00 → $31.00	54%
Scotiabank	Sep 24, 2026	Maintains	Sector Outperform	$33.00 → $30.00	39%
Evercore ISI Group	Sep 21, 2026	Maintains	Outperform	$38.00 → $37.00	47%
Mizuho	Sep 17, 2026	Maintains	Outperform	$34.00 → $30.00	44%
Cantor Fitzgerald	Jul 29, 2026	Maintains	Overweight	$36.00 → $37.00	40%
Stifel	Jul 23, 2026	Maintains	Buy	$36.00 → $36.25	54%

The case for and against

Updated Oct 14, 2026

Bull case

Essential Properties is one of the fastest-growing net-lease REITs because its low base and cost of capital spread support efficient external growth and strong earnings expansion. In 1Q, AFFO per share rose to $0.50, up 11.1% year over year and $0.01 above the Street, while FFO per share increased to $0.54, up 12.5% and ahead of both estimates. Those results, combined with among the lowest dividend payout ratios in the space, suggest the company is retaining meaningful cash flow capacity to reinvest and compound returns.

Bear case

Essential Properties is facing a negative outlook because its 2Q26 results only modestly grew while still missing expectations, with AFFO per share of $0.50 and FFO per share of $0.53 coming in below both internal and Street estimates. The reliance on a 16.5x multiple for 2027E AFFO of about $2.20-$2.21 appears vulnerable given the stated risks of a prolonged downturn, interest rate volatility, and continued weakness in commercial real estate fundamentals. Even with year-over-year growth of 9% in AFFO and 6% in FFO, the repeated earnings shortfall suggests limited operating momentum and heightened sensitivity to macro pressure.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.