LOWOutside partyCustomer
16.5%
ten largest tenants
“10-K Item 1A: 'our ten largest tenants contributed 16.5% of our annualized base rent'”
EPRT · Concentration risk · 10-K extracted
Essential Properties Realty Tru (EPRT) concentration risks
Updated
The most significant concentration Essential Properties Realty Tru discloses is ten largest tenants at 16.5%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Essential Properties Realty Tru’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM0
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWBuilt-inGeographic
12.7%
Texas
“10-K Item 1A: 'substantial holdings in the following states as of December 31, 2025 (based on annualized base rent): Texas (12.7%), Florida (7.4%), Georgia (6.5%)'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is composed of two exposures, both limited in disclosed share, reflecting a portfolio that is broadly distributed across tenants and geographies rather than acutely dependent on any single relationship. The ten largest tenants contributed 16.5% of annualized base rent, a low share of the income base by disclosed size. This is a dependency-character exposure — individual tenant relationships govern lease renewals, rent resets, and potential vacancies — but the limited weight of even the top ten combined means that no single tenant departure would create a step-change revenue event. The portfolio appears broadly diversified across its tenant base. Geographic concentration is similarly limited. Texas represented 12.7% [C1–C2] of annualized base rent, with Florida at 7.4% and Georgia at 6.5%, indicating that the largest state exposure is small in share and that no single market dominates the rent roll. This is a structural feature of a net-lease real estate portfolio that targets service-oriented and experiential tenants spread across multiple Sun Belt and national markets rather than concentrating in one metropolitan area. Taken together, the profile is well-diversified: both the tenant and the geographic exposures are low-share, and neither presents a concentration that could individually move results in a material way. The primary monitoring focus is the creditworthiness and operating health of the tenant base, given the net-lease dependency character, rather than any single-name or single-state cliff.
For the engine’s reasoning on EPRT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Retail
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| FCPT | Four Corners Property Trust, In | 1 | 2 | 2 | 5 |
| AKR | Acadia Realty Trust | 1 | 0 | 0 | 1 |
| BRX | Brixmor Property Group Inc. | 1 | 0 | 0 | 1 |
| EPRT● | Essential Properties Realty Tru | 0 | 0 | 2 | 2 |
| ADC | Agree Realty Corporation | 0 | 0 | 1 | 1 |
| CURB | Curbline Properties Corp. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.