Recent Updates — EPRT
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.
Essential Properties Realty Trust reported third-quarter diluted net income per share of $0.27, an 18% decrease from the prior year period. Adjusted Funds From Operations (AFFO) per share increased 6% to $0.51, while Funds From Operations (FFO) per share rose 4% to $0.54. The company closed $342.2 million in investments at a weighted average cash cap rate of 7.7% and raised $28.4 million through its ATM program. Management increased its full-year 2026 AFFO guidance to $2.02–$2.05 per share from the previous range of $2.01–$2.05, and issued 2027 guidance of $2.10–$2.18 per share. Essential Properties Realty Trust is an internally managed REIT that acquires, owns, and manages primarily single-tenant net leased properties.
Essential Properties Realty Trust, Inc. entered into an eighth amendment to its Amended and Restated Credit Agreement with Wells Fargo Bank on September 14, 2026. The amendment increases the Revolving Credit Facility commitments from $1.0 billion to $1.3 billion and resets the accordion feature to permit $700.0 million of additional availability. The company also reduced pricing margins for the facility and term loans, released subsidiary guarantors from their obligations, and terminated its Capital One Credit Agreement after repaying all related obligations in full. Essential Properties Realty Trust, Inc. operates as a real estate investment trust that owns and manages single-tenant commercial properties.
Essential Properties Realty Trust announced executive leadership changes effective September 8, 2026. R. Max Jenkins was promoted from Executive Vice President and Chief Operating Officer to President and Chief Operating Officer, receiving a $2 million long-term incentive unit grant. Robert W. Salisbury expanded his role to include Chief Strategy Officer alongside his existing CFO duties. A. Joseph Peil departed as Executive Vice President and Chief Investment Officer. Craig Vachris was appointed as the new Chief Investment Officer, bringing over 20 years of commercial real estate experience. CEO Peter M. Mavoides executed a new four-year employment agreement. These changes aim to strengthen leadership for long-term value creation in the net lease real estate sector.