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    Should Essential Properties Realty Trust’s New US$400 Million ATM Equity Program Prompt Action From EPRT Investors?

    Simply Wall St·12/08/2025 22:18:51
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    • In early December 2025, Essential Properties Realty Trust, Inc. completed a filing for a US$400 million at-the-market follow-on equity offering of its common stock.
    • This move signals management’s intent to access gradual equity funding, a choice that can influence both dilution expectations and future growth capacity.
    • Next, we’ll explore how this at-the-market equity program may reshape Essential Properties’ investment narrative around funding growth and dilution.

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    Essential Properties Realty Trust Investment Narrative Recap

    To own Essential Properties Realty Trust, you need to believe in the resilience of net lease, service-focused retail real estate and the REIT’s ability to grow accretively while managing tenant credit risk. The new US$400 million at-the-market program increases funding flexibility but also raises near term dilution questions, making execution on external growth and safeguarding AFFO per share the key short term catalyst, and heightened competition and cap rate pressure the most immediate risk.

    The recent US$256.2 million common stock offering in November 2025 sits alongside this fresh at-the-market capacity, underlining how actively Essential Properties is using equity to support its acquisition pipeline. For investors tracking catalysts, the link between stepped up equity issuance, ongoing portfolio expansion in e commerce resistant sectors, and the impact on per share earnings and dividends is becoming more important to monitor.

    Yet while growth capital is plentiful, rising competition for net lease deals and the risk of cap rate compression are factors investors should be aware of as...

    Read the full narrative on Essential Properties Realty Trust (it's free!)

    Essential Properties Realty Trust's narrative projects $791.7 million revenue and $320.5 million earnings by 2028.

    Uncover how Essential Properties Realty Trust's forecasts yield a $35.89 fair value, a 17% upside to its current price.

    Exploring Other Perspectives

    EPRT Community Fair Values as at Dec 2025
    EPRT Community Fair Values as at Dec 2025

    Four members of the Simply Wall St Community currently see fair value for Essential Properties in a wide US$31.35 to US$82.60 range, showing how far apart individual views can be. When you set those opinions against the growing use of equity funding for acquisitions, it underlines why many market participants are weighing dilution risks alongside the company’s external growth ambitions and you may want to compare several of these perspectives yourself.

    Explore 4 other fair value estimates on Essential Properties Realty Trust - why the stock might be worth just $31.35!

    Build Your Own Essential Properties Realty Trust Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.