Financing ·
Essential Properties Realty Trust prices $517.5M of 4.375% exchangeable senior notes due 2032
EPRTEssential Properties Realty Trust, Inc.
On October 30, 2026, Essential Properties L.P., a subsidiary of Essential Properties Realty Trust, Inc., issued $517.5 million aggregate principal amount of its 4.375% Exchangeable Senior Notes due 2032. The notes are fully and unconditionally guaranteed by the parent company and mature on January 15, 2032. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning July 15, 2027. The issuer granted initial purchasers an option to buy up to $67.5 million additional notes, which was fully exercised at issuance. Noteholders may exchange their notes for cash or shares of the guarantor's common stock starting October 15, 2031, based on an initial exchange rate of 32.3860 shares per $1,000 principal amount. The company also entered into capped call transactions costing approximately $21.5 million to offset potential dilution. Essential Properties Realty Trust is a real estate investment trust that owns and leases commercial properties.