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Essential Properties Realty Trust launches common stock offering

Essential Properties Realty Trust Inc. is selling 6,250,000 common shares in a public offering.

Based on the single-tenant net-lease real estate investment trust's Jan. 9 closing stock price of $25.47 per share and assuming the full exercise of the underwriters' 30-day option to buy up to 937,500 additional shares, the gross offering proceeds are expected to be about $183.1 million.

The REIT plans to use net proceeds to prepay about $62.0 million of its outstanding class A series 2017-1 ABS notes, to repay outstanding borrowings under its revolver and for general corporate purposes.

Barclays, BofA Securities and Citigroup are the joint book-running managers of the offering.