Essential Properties prices upsized $350 million stock offering

Essential Properties Realty Trust Inc. (NYSE: EPRT) priced an upsized public offering of 10.9 million shares of common stock at $32.20 per share, the company announced.

The offering was increased from the previously announced 9.5 million shares and is expected to close on February 19, 2026, subject to customary closing conditions. The total offering value reaches approximately $350 million.

The company entered into forward sale agreements with BofA Securities, Mizuho, Truist Securities and Wells Fargo Securities for all 10.9 million shares. Under these agreements, the forward purchasers or their affiliates are expected to borrow shares from third parties and sell them to underwriters.

Underwriters received a 30-day option to purchase up to an additional 1.6 million shares. If exercised in full, the total offering would reach 12.5 million shares.

Essential Properties will not receive proceeds from the initial sale of shares by forward purchasers. The company expects to physically settle the forward sale agreements within approximately 24 months and intends to contribute any net proceeds from settlement to its operating partnership for general corporate purposes, including potential future investments.

BofA Securities, Mizuho, Truist Securities and Wells Fargo Securities serve as joint book-running managers. Additional book-running managers include TD Securities, Goldman Sachs, Morgan Stanley, Capital One Securities, Scotiabank, Barclays, BMO Capital Markets, Citigroup and BNP PARIBAS.

Essential Properties is an internally managed REIT that owns single-tenant properties net leased to service-oriented businesses. As of December 31, 2025, the company's portfolio consisted of 2,300 properties with a 14.4-year weighted average lease term.

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