Essential Properties Realty Trust, Inc. Announces New $450 Million 5.5-Year Unsecured Term Loan

PRINCETON, NJ, July 11, 2024–(BUSINESS WIRE)–Today, Essential Properties Realty Trust, Inc. (NYSE: EPRT) (the “Company” or “EPRT”) announced the closing of an amendment to the Company’s Amended and Restated Credit Agreement, which added a new $450 million unsecured term loan facility with a maximum term of 5.5 years with a delayed drawdown feature (the “2030 Term Loan”). The 2030 Term Loan initially bears interest at an annual rate of Term SOFR plus an applicable margin. If the extension options are exercised in full by the Company, the 2030 Term Loan will mature in January 2030.

At closing, the Company drew down an initial financing amount of $320 million, a portion of which was used to repay the outstanding balance of the Company’s revolving credit facility. The 2030 Term Loan has a 6-month funding deferral clause, allowing the Company to borrow the remaining $130 million until January 2025. The Company entered into swap agreements for the initial financing amount at an all-in effective rate of approximately 4.99%.

Mark Patten, the Company’s Executive Vice President and Chief Financial Officer, said, “We are very pleased to have executed the 2030 Term Loan, which addresses our short-term debt capital needs.” Mr. Patten concluded by noting, “We greatly appreciate that our entire banking group participated in the 2030 Term Loan, demonstrating their continued commitment, support and confidence in our Company, and we were pleased to welcome our new banking relationships.”

Wells Fargo Securities, LLC and Mizuho Americas were the joint bookrunners. Wells Fargo Bank, NA acted as administrative agent and Wells Fargo Securities, LLC acted as sustainability structuring agent. BOFA Securities, Inc., BMO Capital Markets Corp., Capital One, National Association, TD Bank, NA and Truist Securities, Inc. acted as joint lead arrangers. The Bank of Nova Scotia, BNP Paribas and Regions Bank acted as documentation agents.

About Essential Properties Realty Trust, Inc.

Essential Properties Realty Trust, Inc. is an internally managed real estate investment trust that primarily acquires, owns and manages single-tenant properties that are leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of March 31, 2024, the Company’s portfolio consisted of 1,937 freestanding net-leased properties with a weighted average lease term of 14.1 years and a weighted average rent coverage ratio of 3.9x. Additionally, as of March 31, 2024, the Company’s portfolio was 99.9% leased to 383 tenants operating 548 different concepts across 16 industries in 48 states.

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Contacts

Investor/Media:
Essential Properties, Inc. Real Estate Trust
Robert W. Salisbury, CFA
Senior Vice President, Head of Financial Markets
609-436-0619
[email protected]