PRINCETON, N.J.--(BUSINESS WIRE)--Essential Properties Realty Trust, Inc. (NYSE: EPRT; the “Company”) announced today that the underwriters of its public offering of 12,200,000 shares of common stock exercised, in full, their option to purchase an additional 1,830,000 shares of common stock. Subject to customary closing conditions, the Company expects to issue all 14,030,000 shares of common stock on March 18, 2019. The net proceeds from the sale of these shares is expected to be approximately $234.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses. The Company expects to use the net proceeds to repay outstanding borrowings under its revolving credit facility and for general corporate purposes, including potential future investments.
Citigroup, Barclays, BofA Merrill Lynch, Credit Suisse, Goldman Sachs & Co. LLC and RBC Capital Markets are acting as the joint book-running managers for the offering. SunTrust Robinson Humphrey, Capital One Securities, Mizuho Securities, Stifel, Evercore ISI and Ladenburg Thalmann are acting as the co-managers for the offering.
A registration statement relating to the offering has been filed with the Securities and Exchange Commission and was declared effective on March 13, 2019. The offering of the common stock is being made only by means of a prospectus, a copy of which may be obtained, when available, through: Citigroup: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (800) 831-9146; Barclays: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (888) 603-5847, Email: email@example.com; or BofA Merrill Lynch: Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Email: firstname.lastname@example.org.
A copy of the prospectus, when available, may also be obtained free of charge from the Securities and Exchange Commission’s web site at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words “expect” and “will,” or the negative of these words, or similar words or phrases that are predictions of or indicate future events 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.
Additional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Company’s prospectus relating to the offering and the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Copies of each filing may be obtained from the Company or the Securities and Exchange Commission. Such forward-looking statements should be regarded solely as reflections of the Company’s current plans and estimates. Actual results may differ materially from what is expressed or forecast in this press release.
About Essential Properties Realty Trust, Inc.
Essential Properties Realty Trust, Inc. 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 companies operating service-oriented or experience-based businesses. As of December 31, 2018, the Company had a portfolio of 677 properties with a weighted average remaining lease term of 14.2 years and a weighted average rent coverage ratio of 2.8x. As of the same date, the Company’s portfolio was 100.0% leased to 161 tenants operating 180 different concepts in 15 distinct industries across 43 states.