Every material Form 8-K Essential Properties Realty Trust has filed with the SEC since October 23, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
On October 30, 2026, Essential Properties, L.P., a subsidiary of Essential Properties Realty Trust, issued $517.5 million of senior unsecured exchangeable notes, including $67.5 million from the full exercise of the initial purchasers' option. The notes mature on January 15, 2032, and are exchangeable into the company's common stock at an initial price of about $30.88 per share, with the issuer able to settle in cash, shares, or a combination. For shareholders, this adds significant debt and could lead to future share issuance if the notes are exchanged.
Aggregate principal of $517.5 million, including $67.5 million from the full exercise of the initial purchasers' option
4.375% annual interest, paid semi-annually on January 15 and July 15, beginning July 15, 2027; maturity January 15, 2032
Initial exchange rate of 32.3860 shares per $1,000 principal, or about $30.88 per share
Registration rights agreement requires a resale registration statement to become effective within 180 days
Essential Properties Realty Trust reported third quarter 2026 results on October 21, 2026. Total revenues rose to $168.7 million from $144.9 million, while diluted net income per share fell to $0.27 from $0.33 and AFFO per share rose 6% to $0.51. The company raised its 2026 AFFO per share guidance and issued 2027 AFFO guidance of $2.10 to $2.18 per share.
Q3 2026 diluted net income per share was $0.27, down from $0.33 a year earlier; AFFO per share was $0.51, up 6%
Q3 2026 total revenues were $168.7 million, compared with $144.9 million in Q3 2025
2026 AFFO per share guidance was raised to $2.02 to $2.05; 2026 investment volume guidance was raised to $1.3 billion to $1.5 billion
2027 AFFO per share guidance was issued at $2.10 to $2.18
On September 14, 2026, Essential Properties Realty Trust and its operating partnership signed an eighth amendment to their Amended and Restated Credit Agreement with Wells Fargo as administrative agent. The amendment raises revolving commitments from $1.0 billion to $1.3 billion, lowers margin pricing, and resets the accordion feature, and the company repaid and terminated its Capital One credit agreement in connection with it. The filing does not give a financial impact beyond these terms.
Revolving Credit Facility commitments increase from $1.0 billion to $1.3 billion, per the amendment dated September 14, 2026.
Margin grid pricing for the Revolving Credit Facility and term loans is reduced.
Accordion feature reset to permit $700.0 million of availability.
Obligations under the Capital One Credit Agreement were repaid in full and that agreement was terminated; Subsidiary Guarantors were released from their guarantee obligations.
Essential Properties Realty Trust promoted Chief Operating Officer R. Max Jenkins to President and Chief Operating Officer, expanded Robert W. Salisbury's role to include Chief Strategy Officer, and named Craig Vachris Chief Investment Officer after A Joseph Peil's employment ended September 8, 2026. CEO Peter M. Mavoides continues in his role and signed a new employment agreement, which matters to shareholders because it reshapes the senior team that runs investments and strategy.
Jenkins appointed President and Chief Operating Officer; Mavoides remains Chief Executive Officer, with amended employment agreements effective September 8, 2026 running through March 31, 2031
Jenkins and Salisbury received promotion grants of long-term incentive plan units with a target grant date value of $2,000,000, vesting 50% at three and four years
Craig Vachris, with more than 20 years of commercial real estate and net lease experience, named Executive Vice President and Chief Investment Officer
Peil's employment ended September 8, 2026, and he is eligible for severance for a termination without cause
Essential Properties Realty Trust reported second quarter 2026 results on July 22, 2026, with diluted net income per share of $0.34, up from $0.32 a year earlier, and AFFO per share of $0.50, up from $0.46. The company raised its 2026 AFFO per share guidance to $2.01 to $2.05 and its 2026 investment volume guidance to $1.2 billion to $1.5 billion, which signals higher expected cash earnings and portfolio growth for shareholders.
Q2 2026 diluted net income per share was $0.34 versus $0.32 in Q2 2025; diluted AFFO per share was $0.50 versus $0.46.
Total revenues were $161.9 million for the quarter versus $137.1 million a year earlier.
2026 AFFO per share guidance is $2.01 to $2.05; 2026 investment volume guidance is $1.2 billion to $1.5 billion.
The company closed $332.4 million of investments in the quarter at a 7.8% weighted average cash cap rate and declared a $0.32 per share dividend for the quarter ended June 30, 2026.
Essential Properties Realty Trust's operating partnership closed an underwritten public offering of $400 million in 5.375% senior notes due July 15, 2036, guaranteed by the parent company. The notes were sold at 97.469% of principal, and the indenture includes covenants requiring the parent to maintain a certain percentage of unencumbered assets.
Principal amount: $400 million; interest at 5.375% per year, payable January 15 and July 15, starting January 15, 2027
Sold to underwriters at 97.469% of principal amount; underwriting agreement dated June 4, 2026, with Wells Fargo Securities and BofA Securities as representatives
Notes are senior unsecured but effectively subordinated to the issuer's secured debt and to all liabilities of its subsidiaries
Issuer may redeem before April 15, 2036 at the greater of a make-whole price or 100% of principal, plus accrued interest
Essential Properties Realty Trust reported first-quarter 2026 results on April 22, 2026. Revenue rose to $158.8 million from $129.4 million a year earlier, and AFFO per share increased 11% to $0.50, while net income per share fell 3% to $0.28. The company raised its 2026 AFFO per share guidance and investment volume guidance, but lowered its Cash G&A guidance.
Total revenues were $158.8 million for the three months ended March 31, 2026, compared with $129.4 million a year earlier.
Net income per share was $0.28, down from $0.30 a year earlier; AFFO per share was $0.50, up from $0.45.
2026 AFFO per share guidance was raised to $2.00 to $2.05 from $1.99 to $2.04.
2026 investment volume guidance was raised to $1.1 billion to $1.5 billion; Cash G&A guidance was lowered to $30.0 million to $34.0 million.
Essential Properties Realty Trust reported fourth quarter 2025 results on February 11, 2026, with net income per diluted share of $0.34, up 13%, and AFFO per diluted share of $0.49, up 9%. The company raised its 2026 AFFO per share guidance to a range of $1.99 to $2.04, which matters to shareholders because it is the company's forward estimate of its core cash earnings per share.
Q4 2025 net income per diluted share was $0.34, up 13%; FFO per diluted share was $0.54, up 15%.
Full-year 2025 AFFO per diluted share was $1.89, up 9%, and net income per diluted share was $1.28, up 11%.
2026 AFFO per share guidance was raised to $1.99 to $2.04, with investment volume estimated at $1.0 billion to $1.4 billion.
Q4 2025 investments totaled $295.8 million at a 7.7% weighted average cash cap rate; the Q4 dividend was $0.31 per share, paid January 14, 2026.
Essential Properties Realty Trust announced that Robert W. Salisbury, CFA, will become Executive Vice President and Chief Financial Officer effective January 1, 2026, replacing Mark E. Patten, who resigns effective December 31, 2025. Salisbury has been a Senior Vice President in the company's finance department since 2023, leading capital markets and investor relations, so the change moves an internal executive into the top finance role.
Robert W. Salisbury, CFA, 43, named EVP and CFO effective January 1, 2026
Mark E. Patten resigns as CFO effective December 31, 2025, to pursue a new professional opportunity
Company states Patten's departure is not due to any disagreement on accounting, disclosure or internal controls
Salisbury's compensation as CFO will be determined at a later time
Essential Properties Realty Trust reported third quarter 2025 results on October 22, 2025, with diluted net income per share of $0.33, up from $0.27 a year earlier, and AFFO per share of $0.48, up 12%. The company raised its 2025 AFFO per share guidance to $1.87 to $1.89 and issued 2026 guidance of $1.98 to $2.04 per share, which affects shareholders' expectations for future cash earnings.
Q3 2025 total revenues were $144.9 million, up from $117.1 million in Q3 2024
Closed $369.8 million of investments across 87 properties at an 8.0% weighted average cash cap rate
2025 AFFO per share guidance raised to $1.87 to $1.89, with 2026 AFFO guidance of $1.98 to $2.04
Quarterly dividend of $0.30 per share was paid October 14, 2025; management will hold a conference call October 23, 2025 at 10:00 a.m. ET
Essential Properties Realty Trust's operating partnership closed an underwritten public offering of $400 million in 5.400% senior notes due December 1, 2035, on August 21, 2025, with the parent company guaranteeing the notes. The notes were sold at 97.667% of principal, and the indenture includes covenants requiring the guarantor to maintain a certain percentage of total unencumbered assets.
Issuer: Essential Properties, L.P.; guarantor: Essential Properties Realty Trust, Inc.
Principal: $400 million; interest rate 5.400% per year, paid June 1 and December 1, starting December 1, 2025
Underwriters paid 97.667% of principal; underwriters include Wells Fargo Securities and Mizuho Securities USA
Notes are effectively subordinated to the issuer's secured mortgage and other secured debt and to subsidiary liabilities
Essential Properties Realty Trust reported second quarter 2025 diluted net income of $0.32 per share, up from $0.29 a year earlier, and diluted AFFO of $0.46 per share, up from $0.43. The company raised its 2025 AFFO per share estimate to $1.86-$1.89 and its 2025 investment volume estimate to $1.0-$1.2 billion, which signals a higher earnings and investment outlook for shareholders.
Q2 2025 total revenues were $137.1 million, compared with $109.3 million in Q2 2024; diluted net income per share was $0.32 versus $0.29.
Q2 2025 diluted AFFO per share was $0.46 versus $0.43; the company invested $334.0 million at a 7.9% weighted average cash cap rate.
2025 AFFO per share guidance was increased to $1.86-$1.89, and investment volume guidance to $1.0-$1.2 billion.
The board declared a $0.30 per share dividend for Q2 2025, paid July 14, 2025, to holders of record as of June 30, 2025.
Essential Properties Realty Trust (EPRT) expanded its board from seven to eight directors and elected Kristin L. Smallwood, a retired PricewaterhouseCoopers audit partner, effective July 15, 2025. The filing says the board considers her independent and a financial expert, and that seven of eight directors are now independent, which shareholders may view as a governance and financial-oversight addition.
Board increased from seven to eight directors effective July 15, 2025; Smallwood assigned to the audit committee
Smallwood was a PwC partner from 2006 until her retirement in 2025, with almost 30 years of audit experience
Director compensation includes an annual RSU award of $120,000 and annual cash retainer of $82,500, prorated, plus a $100,000 RSU award tied to her election
Company announced the election in a press release dated July 17, 2025
Essential Properties Realty Trust reported first quarter 2025 results on April 23, 2025, with diluted net income per share of $0.29, up from $0.28 a year earlier, and AFFO per share of $0.45, up 7% from $0.42. The company reiterated its 2025 AFFO per share guidance of $1.85 to $1.89, which shareholders may weigh against the quarter's growth in earnings and investment activity.
Diluted net income per share was $0.29 versus $0.28 in the first quarter of 2024; diluted AFFO per share was $0.45 versus $0.42.
Total revenues were $129.4 million versus $103.5 million, and net income attributable to stockholders was $56.1 million versus $47.0 million.
The company closed $307.7 million of investments (48 properties) at a 7.8% weighted average cash cap rate.
2025 AFFO per share guidance of $1.85 to $1.89 was reiterated; the first quarter dividend of $0.295 per share was paid April 11, 2025.
Essential Properties Realty Trust entered into employment agreements dated March 24, 2025 with Executive Vice President and Chief Operating Officer R. Max Jenkins and Executive Vice President and Chief Investment Officer A Joseph Peil. The agreements set terms for base salary, bonus targets and severance, and include a term through March 24, 2028, which may affect retention of two senior executives.
Agreements run through March 24, 2028, with automatic one-year extensions unless notice is given.
Base salary of at least $385,000 per year for each executive, with a minimum target annual bonus of 125% of base salary.
Severance after a termination without Cause or for Good Reason is larger if termination occurs within 24 months after a Change in Control.
Essential Properties Realty Trust reported fourth quarter 2024 results, with diluted net income per share of $0.30, down 3% from a year earlier, while AFFO per share rose 7% to $0.45 and total revenues reached $119.7 million, up from $97.7 million. The company raised the bottom end of its 2025 AFFO per share guidance by $0.01 to a range of $1.85 to $1.89, which indicates higher expected cash earnings per share for shareholders.
Q4 2024 diluted net income per share was $0.30, down 3%; total revenues were $119.7 million versus $97.7 million a year earlier.
Q4 2024 AFFO per diluted share was $0.45, up 7%; FFO per diluted share was $0.47, up 2%.
Q4 2024 investments totaled $333.4 million across 78 properties at an 8.0% weighted average cash cap rate.
2025 AFFO per share guidance was raised at the bottom end by $0.01 to $1.85 to $1.89; investment volume estimate is $900 million to $1.1 billion.
Essential Properties Realty Trust reported third quarter 2024 results, with total revenues of $117.1 million, up from $91.7 million a year earlier, and diluted net income per share of $0.27, down from $0.29. It also issued 2025 AFFO per share guidance of $1.84 to $1.89 and reiterated its 2024 AFFO guidance of $1.72 to $1.75. Revenue and AFFO growth contrast with lower per-share net income, which shareholders will weigh alongside the new 2025 outlook.
Total revenues $117.1 million for the quarter, versus $91.7 million in the third quarter of 2023
Diluted net income per share $0.27, versus $0.29; AFFO per share $0.43, up 2%
Investments of $307.6 million at a weighted average cash cap rate of 8.1% in the quarter
2025 AFFO per share guidance $1.84 to $1.89; 2024 guidance reiterated at $1.72 to $1.75
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