Essential Properties Realty Trust Promotes Max Jenkins to President, Names New Chief Investment Officer

Essential Properties Realty Trust, Inc. (NYSE: EPRT) announced a broad reshaping of its senior leadership team on Sept. 9, 2026, promoting Max Jenkins to President and Chief Operating Officer, expanding the role of Chief Financial Officer Rob Salisbury, extending CEO Pete Mavoides' employment contract, and appointing Craig Vachris as Chief Investment Officer.

Max Jenkins Elevated to President and COO

Max Jenkins, who had served as the company's Chief Operating Officer, was promoted to the additional role of President, effective Sept. 8, 2026. His amended employment agreement carries an initial term running through March 31, 2031, subject to automatic one-year renewals. As part of the promotion, the board approved long-term incentive plan unit grants for Jenkins with a target grant date value of $2 million, vesting 50% on each of the third and fourth anniversaries of the grant.

Mavoides highlighted Jenkins' tenure and operational record in the company's announcement. "Having worked closely with Max for the past eight years, I have seen firsthand the leadership, judgment, and operational discipline he brings to the Company every day," Mavoides said. "His promotion to President recognizes the significant impact he has had on the Company's growth, including his leadership in building a best-in-class investment team, strengthening our investment process and helping position the Company for continued long-term success."

CEO Contract Extended; CFO Gains Strategy Title

Mavoides executed a new employment agreement with an initial term through March 31, 2031, locking in CEO leadership through the company's next phase of portfolio growth and capital markets activity.

Rob Salisbury, previously Chief Financial Officer, had his title expanded to Executive Vice President, Chief Financial Officer, Chief Strategy Officer and Secretary. Like Jenkins, Salisbury received additional LTIP unit grants totaling $2 million on the same vesting schedule. The dual CFO-CSO designation formalizes Salisbury's role in capital allocation and portfolio strategy at a time when cost of capital and credit spreads are central considerations for net-lease REITs.

"Rob's promotion reflects the central role he will continue to play on our executive leadership team, where his strategic perspective, financial discipline, and deep knowledge of the business will be important as we execute on our strategy and pursue long-term value creation," Mavoides said.

CIO Departure and Appointment of Craig Vachris

AJ Peil, who had served as Executive Vice President and Chief Investment Officer, departed the company effective Sept. 8, 2026, with eligibility for severance under his existing agreement. Mavoides thanked Peil for his contributions over the past decade in the announcement.

Craig Vachris was appointed Executive Vice President and Chief Investment Officer, taking responsibility for leading the asset management and credit underwriting departments. Vachris brings more than 20 years of commercial real estate and net-lease investing experience to the role. Most recently, he served as Chief Credit Officer at W. P. Carey, overseeing credit and underwriting within a global net-lease platform with investments across North America and Europe. Earlier in his career, he worked at Sovereign Investment Company in asset management, handling transaction underwriting, leasing decisions, and property dispositions, and held roles at Gemini Realty Advisors and ABN AMRO. He also served as a Lieutenant in the U.S. Army Reserve. Vachris holds a bachelor's degree from Brown University and a master's degree in real estate finance from New York University.

"We are also excited to welcome Craig to our leadership team, having known him and admired his accomplishments over the years," Mavoides said.

Portfolio Scale and Financial Performance Provide Context

The leadership changes come as Essential Properties Realty Trust is operating from a position of portfolio scale and financial growth. As of June 30, 2026, the company's portfolio consisted of 2,493 freestanding net-lease properties with a weighted average remaining lease term of 14.3 years and a weighted average rent coverage ratio of 3.5x. The portfolio was 99.6% leased, with tenants operating 715 different concepts across 48 states.

For the quarter ended June 30, 2026, the company reported total revenues of $161.9 million, up from $137.1 million in the prior-year period. Income from operations reached $104.4 million, compared with $87.8 million a year earlier. Net income attributable to stockholders came in at approximately $74.3 million to $74.5 million, up from $63.2 million. Diluted net income per share was $0.34, a 6% year-over-year increase, while diluted adjusted funds from operations per share rose 9% to $0.50. The company also raised its full-year 2026 AFFO guidance following the quarter.

The executive restructuring positions the company to manage a growing portfolio through a net-lease environment in which transaction volume has rebounded but credit and underwriting risks are increasingly differentiated. Single-tenant net-lease cap rates stood at approximately 6.80% in the first quarter of 2026, with significant spread between investment-grade credits and weaker-credit or shorter-term assets. Vachris's background in credit underwriting at a global net-lease platform aligns with EPRT's stated emphasis on rent coverage, tenant credit quality, and service-oriented and experience-based business concepts.

Essential Properties Realty Trust is an internally managed real estate investment trust headquartered in Princeton, N.J., that acquires, owns, and manages primarily single-tenant properties net leased on a long-term basis to companies operating service-oriented or experience-based businesses.

Sources

Essential Properties Realty Trust — Executive Appointments and Promotions Press Release, Sept. 9, 2026