# EDGAR Filing Document

**Accession Number:** 0001728951
**File Stem:** 0001728951-26-000024
**Filing Date:** 2026-4
**Character Count:** 57656
**Document Hash:** a019f79b732a6a0b80b47fa6599789ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001728951-26-000024.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001728951-26-000024

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20260407

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ESSENTIAL PROPERTIES REALTY TRUST, INC.
- **CENTRAL INDEX KEY:** 0001728951
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 824005693
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38530
- **FILM NUMBER:** 26842980

**BUSINESS ADDRESS:**
- **STREET 1:** 5 VAUGHN DRIVE
- **STREET 2:** SUITE 202
- **CITY:** PRINCETON
- **STATE:** NJ
- **BUSINESS PHONE:** 6094360619

**MAIL ADDRESS:**
- **STREET 1:** 5 VAUGHN DRIVE
- **STREET 2:** SUITE 202
- **CITY:** PRINCETON
- **STATE:** NJ

?xml version='1.0' encoding='ASCII'? eprt-20260407

**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**

**April 7, 2026**

Date of Report (Date of earliest event reported)

**Essential Properties Realty Trust, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **001-38530** | **82-4005693** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| **5 Vaughn Drive, Suite 202** | **5 Vaughn Drive, Suite 202** |  |
| **Princeton, New Jersey** | **Princeton, New Jersey** | **08540** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **(609) 436-0619** |

---

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| | |
|:---|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act 17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Common stock, $0.01 par value | EPRT | New York Stock Exchange |

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&nbsp;&nbsp;&nbsp;&nbsp;

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

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**Item 7.01 — Regulation FD Disclosure.**

*Investor Presentation*

On April 7, 2026, Essential Properties Realty Trust, Inc. released a presentation that it intends to use from time to time in meetings with investors. A copy of the presentation is attached hereto as Exhibit 99.1.

The information set forth in this item 7.01 and in the attached Exhibit 99.1 is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any filing of the company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

**Item 9.01 — Financial Statements and Exhibits.**

(d) Exhibits. The following exhibit is being filed herewith:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](supplementaipapril2026.htm)</u> | Investor Presentation and Supplemental Information**—**April 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**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.

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| | | |
|:---|:---|:---|
| Date: April 7, 2026 | **ESSENTIAL PROPERTIES REALTY TRUST, INC.** | **ESSENTIAL PROPERTIES REALTY TRUST, INC.** |
|  | By: | /s/ Robert W. Salisbury |
|  |  | **Robert W. Salisbury** |
|  |  | **Executive Vice President, Chief Financial Officer and Secretary** |

---

## Exhibit 99.1

![](supplementaipapril2026001.jpg)

Investor Presentation and Supplemental Information April 2026 Exhibit 99.1

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![](supplementaipapril2026002.jpg)

Investor Presentation and Supplemental Information \| April 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.

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![](supplementaipapril2026003.jpg)

Investor Presentation and Supplemental Information \| April 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

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![](supplementaipapril2026004.jpg)

Investor Presentation and Supplemental Information \| April 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: 99.7% leased; same-store rent growth has averaged 1.5% over the last four quarters • Strong Coverage: Unit-level coverage of 3.6x with ~99% of ABR required to report unit-level P&Ls • De Minimis Lease Expiration Risk: Only 5.2% of ABR (4.1x coverage) expiring through 2030 • Fungible & Diversified: Average asset size is $3.1mm; Top 10 tenants represent just 16.5% of ABR Well Positioned Balance Sheet And Liquidity • Equity Execution: In 1Q'26, raised ~$419mm of common equity, including ~$402mm through February 2026 overnight forward offering, and settled ~$183mm of forward common equity, leaving total unsettled forward equity of ~$541mm as of April 3, 2026 • Investment Grade Balance Sheet1: Asset base is 100% unencumbered with no secured debt • Low Leverage2: Proforma Net Debt / Annualized Adjusted EBITDAre of 3.1x at 4Q'25-end, adjusted for February 2026 overnight offering • Excellent Liquidity2: ~$1.8bn of pro forma liquidity • Well-Laddered Low-Cost Debt1: Weighted average debt maturity is 4.5 years, and weighted average interest rate is 4.3% Consistent & Disciplined External Growth • Investment Activity Remains Healthy at Attractive Cap Rates: Closed investments of over $385mm in 2026 to date3 at ~7.7% cash yield and ~$233mm of investments under PSA or LOI4 • Accretive Capital Recycling: With ~$10 million of dispositions closed in 2026 to date3 at 6.9% cash yield and ~$50mm under PSA4 at 6.9% yield, we continue to selectively recycle capital at attractive prices 1. As of December 31, 2025. 2. Adjusted to reflect, on a pro forma basis, 10,900,920 shares sold on a forward basis as of December 31, 2025 as if they had been physically settled for cash on December 31, 2025 and the estimated net proceeds of the outstanding forward equity pursuant to our offering completed on February 19, 2026. 3. Completed investments and dispositions from January 1, 2026 through April 3, 2026. Includes transaction costs. 4. As of April 3, 2026, we were party to purchase and sale agreements, letters of intent or similar agreements relating to potential investments and purchase and sale agreements relating to potential dispositions. There can be no assurance that these investments and dispositions will be completed. Operating Update Continuing to Execute Our Business Plan

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![](supplementaipapril2026005.jpg)

Investor Presentation and Supplemental Information \| April 20264 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Investment Highlights

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![](supplementaipapril2026006.jpg)

Investor Presentation and Supplemental Information \| April 20265 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 BBB/BBB- Investment Grade Rated • Originating bespoke capital solutions, 100% structured as Sale-Leasebacks in 4Q'25 • 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 14.4Years Weighted Average Lease Term (WALT)2 3.6x Average Unit-Level Rent Coverage2 $3.1mm Average Investment per Property2 3.1x Net Debt to Annualized Adjusted EBITDAre3 $7.5B 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 85% repeat business in 4Q'25 • Size enables platform efficiency while facilitating growth off a smaller base of ~$7.5 bn of assets2 Lower Reliance on Capital Markets • Low leverage with PF Net Debt / EBITDAre of 3.1x3 • Conservative payout ratio of 63%2 results in nearly $160mm retained free cash flow2 per year • No debt maturities until 2027 with a weighted average maturity of 4.2 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 December 31, 2025. 3. Adjusted to reflect, on a pro forma basis, 10,900,920 shares sold on a forward basis as of December 31, 2025 as if they had been physically settled for cash on December 31, 2025 and the estimated net proceeds of the outstanding forward equity pursuant to our offering completed on February 19, 2026.

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![](supplementaipapril2026007.jpg)

Investor Presentation and Supplemental Information \| April 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%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 16.5%2 of Cash ABR Since Inception3 ~30 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 December 31, 2025. 3. Rent loss statistics based on most recent portfolio credit study (calculated from inception in 2016 through 12/31/2024)

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![](supplementaipapril2026008.jpg)

Investor Presentation and Supplemental Information \| April 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. Since IPO:3 Avg. Since IPO: 0.8% 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 0 5 10 15 20 0 300 600 900 1,200 1,500 1,800 2,100 2,400 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 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 (4.0)% (3.0)% (2.0)% (1.0)% —% 1.0% 2.0% Avg. Since IPO: 99.8% Avg. Since IPO (Ex- COVID): 1.6%

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![](supplementaipapril2026009.jpg)

Investor Presentation and Supplemental Information \| April 20268 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227

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![](supplementaipapril2026010.jpg)

Investor Presentation and Supplemental Information \| April 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 December 31, 2025 2. Includes 150 properties that secure mortgage loans receivable. 3. Includes investments in mortgage loans receivable made in support of sale-leaseback transactions. December 31, 2025 Investment Properties (#)2 2,300 Square Footage (mm) 25.9 Weighted Average Remaining Lease Term (Years) 14.4 Weighted Average Annual Escalations 1.8 % Master Leases (% of Cash ABR) 66.8 % Sale-Leaseback (% of Cash ABR)3 91.0 % Unit-Level Rent Coverage 3.6x Unit-Level Financial Reporting (% of Cash ABR) 99.2 % Leased (%) 99.7 % Top 10 Tenants (% of Cash ABR) 16.5 % Top 20 Tenants (% of Cash ABR) 27.1 % Average Investment Per Property ($mm) $3.1 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 5.2% of our ABR expires through 2030 99.2% unit-level reporting; investment program started in June 2016 Tenant Industry Diversification

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![](supplementaipapril2026011.jpg)

Investor Presentation and Supplemental Information \| April 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 3.4% 33 2.0% 8 1.6% 13 1.5% 5 1.5% 13 1.4% 32 1.3% 21 1.3% 19 1.3% 20 1.2% Top 10 Tenants 221 16.5% Total 2,293 100% 1. Represents tenant, guarantor or parent company. 2. Property count includes 150 properties that secure mortgage loans receivable, but excludes six vacant properties and one undeveloped land parcel. 3. Calculation excludes six vacant properties, one undeveloped land parcel, properties with no annualized base rent, and properties under construction. 4. Allsup's: Tenant is BW Ultimate Parent, LLC, which operates Allsup's and YesWay branded convenience stores. Crunch Fitness: Tenant is Undefeated Tribe, a franchisee of the concept. Primrose Schools: Tenant is Early Foundations LLC, a franchisee of the concept. 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 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 % 2,293 25,781,105 $21.30 4 4 4

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![](supplementaipapril2026012.jpg)

Investor Presentation and Supplemental Information \| April 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 Geographical Diversity is an Output of our Strategy • Geographic Diversity1 ~76% of Total Cash ABR comes from Top 20 States (States with >2.0% of our total ABR) ~51% 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% 2.3% 12.7% 3.0% 3.5% 2.0% 4.6% 2.5% 3.0% 3.4% 2.0% 5.4% 3.3% 6.5%2.7% 7.4% 2.2% 2.4% 2.5% 1. As of December 31, 2025. 2.3% 2.2%

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![](supplementaipapril2026013.jpg)

Investor Presentation and Supplemental Information \| April 202612 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Net Investment Activity Investment Summary 242, 242, 242 1. Includes investments in mortgage loans receivable. 2. As a percentage of cash ABR for the quarter. 3. Includes investments in mortgage loan receivables collateralized by more than one property. 4. Includes investments in mortgage loans receivable made in support of sale-leaseback transactions. Investments1 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Number of Transactions 36 35 37 37 21 25 35 34 Property Count 79 83 57 78 48 77 87 58 Avg. Investment per Unit (in 000s) $2,767 $3,393 $4,102 $3,281 $5,453 $3,971 $3,849 $4,588 Cash Cap Rate 8.1 % 8.0 % 8.1 % 8.0 % 7.8 % 7.9 % 8.0 % 7.7 % GAAP Cap Rate 9.3 % 9.1 % 9.1 % 9.2 % 9.4 % 9.7 % 10.0 % 9.1 % Weighted Average Lease Escalation 1.9 % 1.8 % 1.9 % 1.8 % 2.1 % 1.8 % 2.0 % 2.2 % 2.2 % 2.3 % 2.0 % Master Lease %2,3 82 % 76 % 57 % 69 % 71 % 69 % 76 % 76 % Sale-Leaseback %2,4 100 % 100 % 89 % 100 % 90 % 93 % 97 % 100 % Existing Relationship %2 87 % 82 % 79 % 79 % 86 % 88 % 70 % 85 % % of Financial Reporting2 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % Rent Coverage Ratio 2.7x 3.0x 4.7x 3.4x 3.0x 3.4x 5.9x 4.7x Lease Term Years 17.2 17.8 17.2 17.7 17.5 19.5 18.6 19.4 $248,770 $333,910 $307,615 $333,435 $307,706 $334,041 $369,848 $295,814 $120,000 $160,000 $200,000 $240,000 $280,000 $320,000 $360,000 $400,000 In ve st m en t A ct iv ity ($00 0s)

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![](supplementaipapril2026014.jpg)

Investor Presentation and Supplemental Information \| April 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 properties sold pursuant to an existing tenant purchase option or 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 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Realized Gain/(Loss) 1,2 (20.1) % (49.0) % (25.5) % (2.1) % 9.3 % (17.8) % (18.9) % (2.1) % Cash Cap Rate on Leased Assets 3,4 6.5 % 7.3 % 6.8 % 7.0 % 6.9 % 7.3 % 6.6 % 6.9 % Leased Properties Sold 5 6 4 7 24 10 18 6 13 Vacant Properties Sold 5 1 2 2 — 1 5 1 6 Rent Coverage Ratio 2.7x 0.5x 13.2x 3.6x 7.9x 3.2x 0.8x 1.8x $11,949 $4,783 $16,973 $60,449 $24,338 $46,193 $11,455 $48,083 $— $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 D is po si tio n A ct iv ity ($00 0s)1

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![](supplementaipapril2026015.jpg)

Investor Presentation and Supplemental Information \| April 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 4Q'24 4Q'25 Change Service $78,279 $79,509 1.6% Experience 12,048 12,423 3.1% Industrial 3,612 3,708 2.7% Retail 3,624 3,471 (4.2)% Total Same-Store Rent $97,563 $99,111 1.6% 1.5% 1.4% 1.4% 1.4% 1.5% 1.4% 1.6% 1.6% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 —% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 1. All properties owned, excluding new sites under construction, for the entire same-store measurement period, which is October 1, 2024 through December 31, 2025. The same-store portfolio for 4Q'25 is comprised of 1,865 properties and represents 71% of our total portfolio as measured by contractual cash rent and interest divided by our cash ABR at December 31, 2025. 2. The amount of cash rent and interest our tenants are contractually obligated to pay per the in-place lease or mortgage as of December 31, 2025; excludes (i) percentage rent that is subject to sales breakpoints per the lease and (ii) redevelopment properties in a free rent period Historical Same-Store Rent Growth¹

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![](supplementaipapril2026016.jpg)

Investor Presentation and Supplemental Information \| April 202615 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 ≥ 2.00x: 68.5% Not Reported 0.7% 1.50x to 1.99x: 14.8% 1.00x to 1.49x: 12.8% < 1.00x: 3.2% % 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% 44% Portfolio Summary Portfolio Health Tenant Financial Reporting Requirements % of Cash ABR by Unit-Level Coverage Tranche1 Unit-Level Coverage by Lease ExpirationUnit-Level Coverage by Tenant Credit2 Note: 'NR' means not reported. 1. Certain tenants, whose leases do not require unit-level financial reporting, provide the Company with unit-level financial information. The data shown includes unit-level coverage for these leases. 2. The chart illustrates the portions of 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. 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 99.2% Corporate-Level Financial Reporting 99.1% Both Unit-Level and Corporate-Level Financial Information 98.4% No Financial Information 0.4% Rent Coverage Ratio (x) Expiring through 2030: 5.2% of ABR, 4.1x coverage

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![](supplementaipapril2026017.jpg)

Investor Presentation and Supplemental Information \| April 202616 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leasing Summary Leasing Expiration Schedule, Lease Renewal Activity and Statistics 242, 242, 242 1. Expiration year of contracts in place as of December 31, 2025 and excludes any tenant option renewal periods that have not been exercised. 2. Property count includes 150 properties that secure mortgage loans receivable, but excludes six vacant properties and one undeveloped land parcel. 3. Weighted by cash ABR as of December 31, 2025. 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 December 31, 2025. Annual Lease Expiration by Cash ABR Leasing Activity – Trailing 12 Months Leasing Statistics Lease Terminated Leases Re-Leased Total $(000)s Renewals Without Vacancy After Vacancy Leasing Prior Cash ABR $1,857 $4,059 $524 $6,440 New Cash ABR4 1,934 3,300 288 5,522 Recovery Rate 104.1 % 81.3 % 54.9 % 85.7 % Number of Properties 13 20 4 37 Average Months Vacant — — 5.5 — % of Total Cash ABR5 0.4 % 0.7 % 0.1 % 1.1 % Vacant Properties at September 30, 2025 5 Expiration Activity — Lease Termination 7 (Vacant Property Sales) (6) (Leasing Activity) — Vacant Properties at December 31, 2025 6 Cash ABR % of # of Wgt. Avg. Year1 ($000)s Cash ABR Properties2 Coverage3 2026 $3,444 0.6 % 25 2.9x 2027 5,488 1.0 % 36 3.8x 2028 4,470 0.8 % 16 3.0x 2029 10,138 1.8 % 114 5.1x 2030 5,382 1.0 % 51 4.0x 2031 10,910 2.0 % 54 2.8x 2032 13,223 2.4 % 42 4.1x 2033 7,200 1.3 % 27 3.0x 2034 29,169 5.3 % 190 5.8x 2035 20,217 3.6 % 122 3.8x 2036 38,283 6.9 % 161 3.9x 2037 23,361 4.2 % 121 3.4x 2038 50,720 9.1 % 186 4.3x 2039 40,226 7.2 % 156 3.6x 2040 45,841 8.3 % 162 4.8x 2041 18,879 3.4 % 89 2.4x 2042 25,831 4.7 % 123 2.8x 2043 52,122 9.4 % 190 2.4x 2044 46,801 8.4 % 165 2.7x 2045 70,871 12.8 % 205 3.0x Thereafter 32,413 5.8 % 58 4.7x Total $554,989 100.0 % 2,293 3.6x

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Investor Presentation and Supplemental Information \| April 202617 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Leverage & Liquidity

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![](supplementaipapril2026019.jpg)

Investor Presentation and Supplemental Information \| April 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) $430 $400 $450 $450 $400 $400 Unsecured Term Loans Public Unsecured Bonds Revolving Credit Facility 2026 2027 2028 2029 2030 2031 2035 $— $250 $500 $750 $1,000 $1,250 $1,500 3.6x 3.8x 3.5x 3.8x 3.4x 3.5x 3.8x 3.1x 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x Conservative and Flexible Debt Structure Investment Grade Balance Sheet with Strong Credit Profile 242, 242, 242 1. Adjusted to reflect, on a pro forma basis, 10,900,920 shares sold on a forward basis as of December 31, 2025 as if they had been physically settled for cash on December 31, 2025 and the estimated net proceeds of the outstanding forward equity pursuant to our offering completed on February 19, 2026. 2. Cash Adjusted EBITDAre divided by cash interest expense for the three months ended December 31, 2025. 3. As of December 31, 2025. 4. See prior period disclosures for further details on pro forma adjustments. • Well-Laddered Maturities: Weighted avg. maturity 4.2 yrs • Low-Cost Debt Structure: Weighted avg. interest rate 4.23% • Low Leverage1: PF Net Debt / Adjusted EBITDAre 3.1x • High Cash Flow Coverage2: Fixed Charge Coverage 4.7x • 100% Unsecured Balance Sheet: Asset base 100% Measure Actual3 Aggregate Debt <=60% 35 % Debt Service >=1.50x 4.3x Maintenance of Total Unencumbered Assets >=150% 287 % Secured Debt <=40% — % Consistently Conservative Leverage Credit Highlights Minimal Near-Term Debt Maturities Unsecured Senior Note Covenants (PF Net Debt as %age of Annualized Adjusted EBITDAre)4 Leverage Position Supporting External Growth 1

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![](supplementaipapril2026020.jpg)

Investor Presentation and Supplemental Information \| April 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 $1.8B of Liquidity and Balance Sheet Capacity to Support External Growth Aspirations 242, 242, 242 ($mm) 4Q'25 Pro Forma 4Q'251 Cash $70.4 $402.5 Unused Revolver Capacity 1,000.0 1,000.0 Forward Equity - Unsettled 332.2 — February 2026 Forward Offering — 386.4 Total Available Liquidity $1,402.5 $1,788.9 1. Adjusted to reflect, on a pro forma basis, 10,900,920 shares sold on a forward basis as of December 31, 2025 as if they had been physically settled for cash on December 31, 2025 and the estimated net proceeds of the outstanding forward equity pursuant to our offering completed on February 19, 2026. Strong Liquidity to Near-Term Investment Opportunities $780 $698 $1,148 $1,426 $1,457 $1,329 $1,424 $1,403 $1,789 Total Liquidity Investment Volume 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 PF $— $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800

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Investor Presentation and Supplemental Information \| April 202620 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Peer Comparison

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![](supplementaipapril2026022.jpg)

Investor Presentation and Supplemental Information \| April 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: Data based on reported filings for period ending December 31, 2025, not adjusted for post quarter-end subsequent events. 'NR' means not reported. Companies may define service-oriented and experienced-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 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) 17% 19% 21% 24% 30% 35% 35% 61% 62% EPRT WPC BNL O NNN NTST ADC GTY FCPT 99% 92% 87% 70% 39% 35% 27% 22% 9% GTY EPRT FCPT NNN O NTST ADC BNL WPC 5.1x 3.6x 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% 8% 11% 11% 13% 13% 14% 18% 23% EPRT NTST GTY WPC ADC NNN BNL O FCPT 6 18 4 37 92 28 32 57 26 $3.1 $12.2 $7.9 $4.7 $3.1 $3.5 $3.9 $2.1 $2.8 63% 99% 13% 74% NR NR NR NR NR 14.4 10.1 9.9 12.0 7.8 10.2 9.6 8.8 6.9 NR

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Investor Presentation and Supplemental Information \| April 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 March 31, 2026. Data based on reported filings for period ending December 31, 2025, 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. 3.8x 4.0x 4.1x 4.8x 4.9x 5.3x 5.6x 5.6x 5.8x EPRT NTST ADC GTY FCPT O WPC 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) 8.4% 5.4% 5.3% 4.4% 4.3% 3.4% 3.3% 3.1% 3.1% EPRT NTST ADC WPC BNL GTY FCPT NNN O 16.5x 14.8x 14.3x 13.9x 13.1x 12.9x 12.7x 11.8x 11.8x ADC EPRT NTST O WPC FCPT GTY NNN BNL Premium / Discount to NAV3 12% 10% 10% 5% (2)% (3)% (5)% (6)% (8)% EPRT WPC ADC O NTST GTY BNL NNN FCPT

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Investor Presentation and Supplemental Information \| April 202623 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Commitment to ESG

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![](supplementaipapril2026025.jpg)

Investor Presentation and Supplemental Information \| April 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 90%1 Green Leases 1. Measured by number of properties acquired 2020-2025 Champion of Board Diversity Avg. Tenure 6.0 yrs. 7 Independent Directors 50% Women 13% Racial/Ethnic Diversity Green Leases in 202588% 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

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Investor Presentation and Supplemental Information \| April 202625 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Financials

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![](supplementaipapril2026027.jpg)

Investor Presentation and Supplemental Information \| April 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 $104, $244, $775 and $863 for the three months and year ended December 31, 2025 and 2024, respectively. 2. Includes reimbursable income or reimbursable expenses from the Company's tenants of $873, $854, $4,554 and $3,188 for the three months and year ended December 31, 2025 and 2024, respectively. Three Months Ended December 31, Year Ended December 31, (in thousands, except share and per share data) 2025 2024 2025 2024 (Unaudited) (Unaudited) (Audited) (Audited) Revenues: Rental revenue1,2 $140,091 $112,358 $527,534 $425,749 Interest on loans and direct financing lease receivables 8,397 7,333 31,625 23,409 Other revenue, net 1,380 17 2,060 452 Total revenues 149,868 119,708 561,219 449,610 Expenses: General and administrative 8,441 8,469 40,864 35,161 Property expenses2 1,975 1,313 7,576 4,997 Depreciation and amortization 41,044 32,829 153,602 122,161 Provision for impairment of real estate 4,063 2,587 11,997 14,845 Change in provision for loan losses 26 (19) 108 230 Total expenses 55,549 45,179 214,147 177,394 Other operating income: Gain on dispositions of real estate, net 4,428 4,575 12,849 5,977 Income from operations 98,747 79,104 359,921 278,193 Other (expense)/income: Interest expense (30,944) (23,958) (108,083) (78,544) Interest income 631 559 2,537 3,069 Other income — — — 1,548 Income before income tax expense 68,434 55,705 254,375 204,266 Income tax expense 160 157 644 628 Net income 68,274 55,548 253,731 203,638 Net income attributable to non-controlling interests (207) (174) (718) (634) Net income attributable to stockholders $68,067 $55,374 $253,013 $203,004 Basic weighted-average shares outstanding 199,903,360 177,425,316 196,051,237 173,855,427 Basic net income per share $0.34 $0.31 $1.29 $1.16 Effects of dilutive securities: OP Units 553,847 553,847 553,847 553,847 Unvested RSUs and LTIP Units 989,342 1,097,847 926,380 859,785 Forward Sales 172,670 3,249,790 523,304 1,846,111 Diluted weighted-average shares outstanding 201,619,219 182,326,800 198,054,768 177,115,170 Diluted net income per share $0.34 $0.30 $1.28 $1.15 Financial Summary Consolidated Statements of Operations 242, 242, 242

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Investor Presentation and Supplemental Information \| April 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. Includes the recognition of $2.4 million of cash and non-cash compensation expense that was not incurred due to the departure of an executive during the three months and year ended December 31, 2025. 2. Calculations exclude $211, $120, $893 and $472 from the numerator for the three months and year ended December 31, 2025 and 2024, respectively, related to dividends paid on unvested restricted stock units and LTIP units. 242, 242, 242 Three Months Ended December 31, Year Ended December 31, (unaudited, in thousands except per share amounts) 2025 2024 2025 2024 Net income $68,274 $55,548 $253,731 $203,638 Depreciation and amortization of real estate 41,018 32,786 153,453 121,997 Provision for impairment of real estate 4,063 2,587 11,997 14,845 Gain on dispositions of real estate, net (4,428) (4,575) (12,849) (5,977) Funds from Operations 108,927 86,346 406,332 334,503 Non-core expense (income)1 (2,354) — (2,354) — Core Funds from Operations 106,573 86,346 403,978 334,503 Adjustments: Straight-line rental revenue, net (12,638) (7,403) (50,162) (38,661) Non-cash interest 1,770 1,088 5,802 4,086 Non-cash compensation expense 3,420 2,622 14,438 10,827 Other amortization expense 345 1,066 1,723 1,802 Other non-cash adjustments 663 101 2,054 1,075 Capitalized interest expense (437) (2,070) (3,192) (5,760) Adjusted Funds from Operations $99,696 $81,750 $374,641 $307,872 Net income per share2: Basic $0.34 $0.31 $1.29 $1.16 Diluted $0.34 $0.30 $1.28 $1.15 FFO per share2: Basic $0.54 $0.48 $2.06 $1.92 Diluted $0.54 $0.47 $2.05 $1.89 Core FFO per share2: Basic $0.53 $0.48 $2.05 $1.92 Diluted $0.53 $0.47 $2.04 $1.89 AFFO per share2: Basic $0.50 $0.46 $1.90 $1.76 Diluted $0.49 $0.45 $1.89 $1.74

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![](supplementaipapril2026029.jpg)

Investor Presentation and Supplemental Information \| April 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) December 31, 2025 December 31, 2024 ASSETS (Audited) (Audited) Investments: Real estate investments, at cost: Land and improvements $2,200,829 $1,865,610 Building and improvements 4,388,959 3,536,000 Lease incentives 24,154 17,903 Construction in progress 49,881 153,789 Intangible lease assets 99,217 94,047 Total real estate investments, at cost 6,763,040 5,667,349 Less: accumulated depreciation and amortization (612,674) (476,827) Total real estate investments, net 6,150,366 5,190,522 Loans and direct financing lease receivables, net 401,323 352,066 Real estate investments held for sale, net 2,635 10,018 Net investments 6,554,324 5,552,606 Cash and cash equivalents 60,181 40,713 Restricted cash 10,184 4,265 Straight-line rent receivable, net 191,008 143,435 Derivative assets 7,861 27,714 Rent receivables, prepaid expenses and other assets, net 39,465 29,949 Total assets $6,863,023 $5,798,682 LIABILITIES AND EQUITY Unsecured term loans, net of deferred financing costs $1,725,010 $1,721,114 Senior unsecured notes, net 786,708 396,403 Revolving credit facility — — Intangible lease liabilities, net 10,766 10,700 Dividend payable 65,391 55,608 Derivative liabilities 26,226 7,585 Accrued liabilities and other payables 41,028 35,145 Total liabilities 2,655,129 2,226,555 Commitments and contingencies — — Stockholders' equity: Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of 12/31/25 and 12/31/24 — — Common stock, $0.01 par value; 500,000,000 authorized; 209,702,433 and 187,537,592 issued and outstanding as of 12/31/25 and 12/31/24, respectively 2,097 1,875 Additional paid-in capital 4,328,137 3,658,219 Distributions in excess of cumulative earnings (109,261) (113,302) Accumulated other comprehensive (loss) income (20,979) 16,886 Total stockholders' equity 4,199,994 3,563,678 Non-controlling interests 7,900 8,449 Total equity 4,207,894 3,572,127 Total liabilities and equity $6,863,023 $5,798,682

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Investor Presentation and Supplemental Information \| April 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 December 31, 2025 had occurred on October 1, 2025. 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 and iii) 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) December 31, 2025 Net income $68,274 Depreciation and amortization 41,044 Interest expense 30,944 Interest income (631) Income tax expense 160 EBITDA 139,791 Provision for impairment of real estate 4,063 Gain on dispositions of real estate, net (4,428) EBITDAre 139,426 Adjustment for current quarter re-leasing, acquisition and disposition activity1 4,645 Adjustment for other non-core and non-recurring activity2 (2,047) Adjustment to exclude termination/prepayment fees and certain percentage rent3 (1,420) Adjusted EBITDAre - Current Estimated Run Rate 140,604 General and administrative 11,126 Adjusted net operating income ("NOI") 151,730 Straight-line rental revenue, net1 (14,136) Other amortization expense 345 Adjusted Cash NOI $137,939 Annualized EBITDAre $557,704 Annualized Adjusted EBITDAre $562,416 Annualized Adjusted NOI $606,920 Annualized Adjusted Cash NOI $551,756

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![](supplementaipapril2026031.jpg)

Investor Presentation and Supplemental Information \| April 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 95bps (for the 2027 term loan) or 85bps (for the 2028, 2029 and 2030 term loans). 2. Weighted average maturity calculation is made after giving effect to extension options exercisable at our election. 3. Our $1.0 billion revolving credit facility includes an accordion feature to increase the maximum availability by up to $1.0 billion. Borrowings bear interest at Term SOFR plus applicable margin of 77.5bps. 4. Common equity & units as of December 31, 2025, based on 209,702,433 common shares outstanding and 553,847 OP units held by non-controlling interests. 5. Adjusted to reflect, on a pro forma basis, 10,900,920 shares sold on a forward basis as of December 31, 2025 as if they had been physically settled for cash on December 31, 2025 and the estimated net proceeds of the outstanding forward equity pursuant to our offering completed on February 19, 2026. Financial Summary Market Capitalization, Debt Summary and Leverage Metrics 242, 242, 242 (dollars in thousands, except share and per share amounts) December 31, 2025 Rate Wtd. Avg. Maturity Unsecured debt: February 2027 term loan1 $430,000 2.36% 1.1 years January 2028 term loan1 400,000 4.51% 2.1 years February 2029 term loan1,2 450,000 5.25% 3.2 years January 2030 term loan1,2 450,000 4.67% 4.0 years Senior unsecured notes due July 2031 400,000 3.12% 5.5 years Senior unsecured notes due December 2035 400,000 5.40% 9.9 years Revolving credit facility2,3 — —% 4.1 years Total unsecured debt 2,530,000 4.23% 4.2 years Gross debt 2,530,000 Less: cash & cash equivalents (60,181) Less: restricted cash available for future investment (10,184) Net debt 2,459,635 Equity: Preferred stock — Common stock & OP units (210,256,280 shares @ $29.66/share as of 12/31/25)4 6,236,201 Total equity 6,236,201 Total enterprise value ("TEV") $8,695,836 Pro forma adjustments to Net Debt and TEV:5 Net debt $2,459,635 Less: Unsettled forward equity (10,900,920 shares @ $30.47/share as of 12/31/25) (332,151) Less: February 2026 forward offering (12,499,999 shares @ $30.91/share as of 2/19/26) (386,375) Pro forma net debt 1,741,109 Total equity 6,236,201 Common stock — Unsettled forward equity (10,900,920 shares @ $29.66/share as of 12/31/25) 323,321 Common stock — February 2026 forward offering (12,499,999 shares @ $29.66/share as of 12/31/25) 370,750 Pro forma TEV $8,671,381 Gross Debt / Undepreciated Gross Assets 33.8% Net Debt / TEV 28.3% Net Debt / Annualized Adjusted EBITDAre 4.4x Pro Forma Gross Debt / Undepreciated Gross Assets 32.4% Pro Forma Net Debt / Pro Forma TEV 20.1% Pro Forma Net Debt / Annualized Adjusted EBITDAre 3.1x

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![](supplementaipapril2026032.jpg)

Investor Presentation and Supplemental Information \| April 202631 254, 192, 59 75, 108, 127 146, 204, 238 0, 0, 0 38, 169, 224 153, 223, 227 Glossary

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![](supplementaipapril2026033.jpg)

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![](supplementaipapril2026034.jpg)

Investor Presentation and Supplemental Information \| April 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, the 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.

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Investor Presentation and Supplemental Information \| April 202634 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 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. 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 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. 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.

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