FX.co ★ Essential Properties Realty Prices Upsized Public Offering 9 Mln Shares At $24.75/share

Essential Properties Realty Trust, Inc. (EPRT) announced that it has successfully priced a public offering of 9,000,000 shares at a rate of $24.75 per share. Originally, the offering was expected to comprise 8,000,000 shares, however, it was later upsized. The offering is expected to be concluded by March 14.

In order to allow underwriters enough flexibility, the company has granted them a 30-day purchase option for an additional 1,350,000 shares. Essential Properties has also entered into forward sale agreements involving various firms, including BofA Securities, Wells Fargo Securities, Truist Securities, and Mizuho.

It's to be noted however, that no proceeds from the sale by the forward purchasers will be received by the company. According to the company's statement, Essential Properties plans to transfer any net proceeds from the settlement of the forward sale agreements to the company's operating partnership in exchange for OP units. Moreover, they intend to use such net proceeds for general corporate purposes, which could include potential future investments.