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Essential Properties Realty Trust launches 10.6 million common share offering

Essential Properties Realty Trust Inc. is selling 10.6 million shares of its common stock in a public offering.

Based on the single-tenant net-lease real estate investment trust's March 11 closing stock price of $17.07 per share, and assuming the full exercise of the underwriters' 30-day option to buy up to 1,590,000 additional shares, the gross offering proceeds are expected to be about $208.1 million.

The REIT expects to use the net proceeds for the repayment of outstanding borrowings under its revolving credit facility and for general corporate purposes.

Citigroup, Barclays, BofA Merrill Lynch, Credit Suisse, Goldman Sachs & Co. LLC and RBC Capital Markets are the joint book-running managers for the offering.