Essential Properties Realty Trust Prices $400 Million in Senior Notes Due 2036
PRINCETON, N.J. — Essential Properties Realty Trust, Inc. (NYSE: EPRT) announced Tuesday that its operating partnership, Essential Properties, L.P., has priced a public offering of $400 million in aggregate principal amount of 5.375% senior notes due 2036.
The notes were priced at 98.119% of par and will mature on July 15, 2036. Settlement is expected on June 15, 2026, subject to customary closing conditions. The notes will be fully and unconditionally guaranteed by Essential Properties Realty Trust.
Use of Proceeds
Essential Properties, L.P. said it intends to use net proceeds from the offering first to repay amounts outstanding under its revolving credit facility, and second for general corporate purposes, including funding future investment activity.
Syndicate and Offering Structure
Wells Fargo Securities, BofA Securities, BMO Capital Markets, Capital One Securities, TD Securities, Truist Securities, and Mizuho Group are acting as joint book-running managers on the offering. Citi, Goldman Sachs, Huntington Capital Markets, Morgan Stanley Real Estate Investing, Scotiabank, Citizens Capital Markets, BNP Paribas Real Estate, Regions Securities LLC, Barclays, Stifel, and Wolfe Capital Markets and Advisory are serving as co-managers.
The offering is being made pursuant to an effective shelf registration statement filed by the company and the operating partnership with the Securities and Exchange Commission. A prospectus supplement and accompanying prospectus will be filed with the SEC. Copies may be obtained from Wells Fargo, or BofA Securities, Inc., or through the EDGAR database at www.sec.gov.
Portfolio Profile
As of March 31, 2026, Essential Properties Realty Trust's portfolio consisted of 2,417 freestanding net-lease properties across 48 states, leased to tenants operating 662 different concepts. The portfolio was 99.7% leased, with a weighted average lease term of 14.6 years and a weighted average rent coverage ratio of 3.5x.
The company focuses on single-tenant properties net leased on a long-term basis to companies operating service-oriented or experience-based businesses.
Investor and media inquiries may be directed to Sheryl Kaul, Director of Financial Planning & Data Analytics at Essential Properties Realty Trust, at 609-436-0619 or investors@essentialproperties.com.
This article contains references to forward-looking statements as defined under federal securities laws. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. The company does not guarantee that the transactions and events described will happen as described or at all.
Sources
Essential Properties Realty Trust, Inc. press release via Business Wire: https://investors.essentialproperties.com/news/essential-properties-realty-trust-inc-announces-pricing-of-dollar400-million-of-5375percent-senior-notes-due/581d9b8f-c542-43e5-a095-ebc36c200998