• Investor Relations

Press Release

Essential Properties Realty Trust, Inc. Announces Pricing of Initial Public Offering

Company Release - 6/20/2018 10:50 PM ET

PRINCETON, N.J.--(BUSINESS WIRE)-- Essential Properties Realty Trust, Inc. (the “Company”), an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses, today announced the pricing of its initial public offering of 32,500,000 shares of its common stock at an initial public offering price of $14.00 per share. The shares are expected to begin trading on the New York Stock Exchange on June 21, 2018 under the symbol "EPRT." The Company has granted the underwriters a 30 day option to purchase up to an additional 4,875,000 shares at the initial public offering price, less underwriting discounts. The offering is expected to close on June 25, 2018, subject to customary closing conditions.

In addition, concurrently with the completion of the offering, the Company will sell 7,785,611 shares of common stock and 1,142,960 common units in the Company’s operating partnership to a subsidiary of Eldridge Industries, LLC (which has historically been the Company’s principal equity provider), in a concurrent private placement, at a price per share and per unit equal to the initial public offering price per share of common stock in the offering, for an aggregate purchase price of $125 million.

The net proceeds from the offering and the concurrent private placement are expected to be approximately $542.7 million, after deducting underwriting discounts and other estimated expenses payable by the Company, prior to any exercise of the underwriters’ option to purchase additional shares. The Company intends to use the net proceeds from the offering and the concurrent private placement to repay notes payable, with an aggregate principal balance of approximately $288.0 million as of June 1, 2018, and for general corporate purposes, including potential future investments.

Goldman Sachs & Co. LLC and Citigroup are acting as lead book-running managers for the offering and as representatives of the underwriters, Barclays, BofA Merrill Lynch and Credit Suisse are acting as joint book-running managers for the offering, and RBC Capital Markets, SunTrust Robinson Humphrey, Evercore ISI and Ladenburg Thalmann & Co. Inc. are acting as co-managers for the offering. The offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: Goldman Sachs & Co. LLC, via email: prospectus-ny@ny.emails.gs.com; Citigroup, via telephone: (800) 831-9146 or standard mail: Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; or Barclays, via email: barclaysprospectus@broadridge.com, telephone: (888) 603-5847 or standard mail: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and has been declared effective under the Securities Act of 1933, as amended. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Essential Properties Realty Trust, Inc.

The Company is an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. The Company has assembled a diversified portfolio using an investment strategy that focuses on properties leased to tenants in businesses such as restaurants (including quick service and casual and family dining), car washes, automotive services, medical services, convenience stores, entertainment, early childhood education, and health and fitness. As of March 31, 2018, the Company’s portfolio of 530 properties was 99.1% occupied by 127 tenants operating 112 different brands, or concepts, in 15 industries across 42 states.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. In particular, statements pertaining to the Company’s use of the net proceeds from the offering and the concurrent private placement contain forward-looking statements. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and the Company may not be able to realize them. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur as described, or at all.

Investor/Media:
Essential Properties Realty Trust, Inc.
Daniel Donlan
Senior Vice President, Capital Markets
609-436-0619
info@essentialproperties.com

Source: Essential Properties Realty Trust, Inc.

Essential Properties Realty Trust

info@essentialproperties.com
609.436.0619
47 Hulfish Street, Suite 210
Princeton, NJ 08542