Essential Properties Realty Trust Inc. filed for an IPO with a proposed maximum aggregate offering price of $100.0 million, estimated solely to determine the registration fee.
The internally managed, primarily single-tenant net-lease real estate company did not disclose the number of common shares being offered and the per-share price.
In line with the IPO, the company's principal equity provider, Eldridge Industries LLC, will acquire an undisclosed amount of Essential Properties Realty common shares in a private placement.
The company will funnel the IPO and private placement net proceeds to its operating partnership in exchange for OP units. The operating partnership, in turn, will use the funds to repay to an Eldridge affiliate short-term notes incurred to acquire properties and for general corporate purposes, including future investments.
Essential Properties Realty plans to qualify as a real estate investment trust for the 2018 taxable year and has applied with the NYSE for the listing of its common stock under the EPRT ticker.
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Barclays Capital Inc. are the underwriters in the IPO.
