Essential Properties proposes $450M exchangeable notes offering (EPRT:NYSE)

Essential Properties Realty Trust (EPRT) plans to offer $450M in exchangeable senior notes due 2032, with an option for $67.5M more. Notes are senior, unsecured, and pay interest semi-annually. Proceeds will fund capped call transactions and reduce revolving credit facility debt. Notes can be exchanged or redeemed under certain conditions, with exchanges settled via cash, stock, or a combination. The offering is private and not registered under the Securities Act of 1933.

Essential Properties Realty Trust (EPRT) anticipates slower deal closures (65-70% probability) due to volatile capital markets, increasing its cost of capital to mid-to-high 6s. It reported a quarterly impairment related to a vacant Art Van location. The company plans to refinance a $430 million term loan and expects 2027 AFFO guidance driven by $1B-$1.5B investment volume. EPRT aims to sell assets at mid-to-high 6% cap rates, maintaining leverage below 4.5x net debt/EBITDA.

Essential Properties Realty Trust (EPRT) reported Q3 with 2,580 properties, 1.4% same-store rent growth, 99.6% occupancy, and $17.9M in dispositions. The company plans to increase disposals to $50M/quarter, with 2027 guidance assuming $200M in sales. EPRT expanded its credit facility to $1.3B, prepaid a term loan, and declared a $0.32 dividend. Top 20 tenants account for 25.1% of rent, with reduced car-wash exposure.

Essential Properties (EPRT) reported Q3 2026 earnings, highlighting $342M in investments at 7.7% initial cash yield and 9.4% GAAP yield. The company increased 2026 AFFO per share guidance to $2.02-$2.05 and investment volume guidance to $1.3B-$1.5B. Portfolio performance included 1.4% same-store rent growth, 99.6% occupancy, and 3.5x rent coverage. The company also announced management changes and a new Chief Investment Officer.

Essential Properties Realty Trust (EPRT) reported Q3 2026 results, with revenue beating estimates by 6.65% and AFFO growing 6% YoY. The REIT's stock rose 5.02% in after-hours trading. The company highlighted its resilient portfolio, 99.6% occupancy, and $342M in acquisitions at a 7.7% cash yield.

Essential Properties Realty Trust (EPRT) stock rose 2.8% after reporting Q3 2026 earnings. AFFO per share beat estimates at $0.51, up 6% YoY, and revenue grew 16.4% to $168.67 million. The company raised its 2026 AFFO guidance to $2.02–$2.05 per share and issued 2027 guidance of $2.10–$2.18 per share. Analysts adjusted price targets, with Cantor Fitzgerald raising it to $37 and Stifel lowering it to $32.50, both maintaining positive ratings.