Essential Properties Realty Trust Enters Material Agreement

TL;DR

EPRT just signed a big deal, could mean new debt or financial moves.

AI Summary

On July 11, 2024, Essential Properties Realty Trust, Inc. entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Maryland, filed an 8-K report detailing this event. The principal executive offices are located in Princeton, New Jersey.

Why It Matters

This filing indicates a significant financial commitment or obligation for Essential Properties Realty Trust, Inc., which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and direct financial obligations can introduce financial risks and obligations that require careful management.

Key Players & Entities

• Essential Properties Realty Trust, Inc. (company) — Registrant
• July 11, 2024 (date) — Date of earliest event reported
• Maryland (jurisdiction) — State of incorporation
• Princeton, New Jersey (location) — Address of principal executive offices

FAQ

Key Financial Figures

• $0.01 — ange on Which Registered Common stock, $0.01 par value EPRT New York Stock Exchange
• $450.0 million — ed a new tranche of term loans totaling $450.0 million (the "2030 Term Loan") with an original
• $320.0 million — mpany drew an initial funding amount of $320.0 million under the 2030 Term Loan. The 2030 Term
• $130 million — ing the Company to borrow the remaining $130 million utilizing up to six draws over a period
• $600.0 m — or a Revolving Credit Facility of up to $600.0 million, a $400.0 million second tranche
• $400.0 million — dit Facility of up to $600.0 million, a $400.0 million second tranche term loan (the "2028 Ter
• $500.0 million — hich provides an additional uncommitted $500.0 million of capacity under the Credit Facility.

Filing Documents

• eprt-20240711.htm (8-K) — 28KB
• ex101-5thamendcreditagreem.htm (EX-10.1) — 1455KB
• 0001728951-24-000120.txt ( ) — 1819KB
• eprt-20240711.xsd (EX-101.SCH) — 2KB
• eprt-20240711_lab.xml (EX-101.LAB) — 22KB
• eprt-20240711_pre.xml (EX-101.PRE) — 13KB
• eprt-20240711_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On July 11, 2024, Essential Properties Realty Trust, Inc. (the "Company"), through its operating partnership Essential Properties, L.P., entered into a fifth amendment to the Company's Amended and Restated Credit Agreement (the "Credit Facility") with Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto. The fifth amendment added a new tranche of term loans totaling $450.0 million (the "2030 Term Loan") with an original maturity of three years, which may be extended to early 2030 by exercising two one-year extension options and a six-month extension option. At closing on July 11, 2024, the Company drew an initial funding amount of $320.0 million under the 2030 Term Loan. The 2030 Term Loan includes a delayed draw feature allowing the Company to borrow the remaining $130 million utilizing up to six draws over a period of six months, beginning at closing. Among other things, after giving effect to the 2030 Term Loan, the Credit Facility continues to provide for a Revolving Credit Facility of up to $600.0 million, a $400.0 million second tranche term loan (the "2028 Term Loan"), a $450.0 million Fourth Amendment Term Loan (the "2029 Term Loan") and an accordion feature which provides an additional uncommitted $500.0 million of capacity under the Credit Facility. The Revolving Credit Facility, the 2028 Term Loan, the 2029 Term Loan and the 2030 Term Loan initially bear interest at an annual rate of applicable Adjusted Term SOFR (as defined in the Credit Agreement) plus an applicable margin at the rates set forth in the Credit Agreement. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

01 — Financial Statements and Exhibits

Item 9.01 — Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Fifth Amendment to Credit Agreement, dated as of July 11, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 17, 2024 ESSENTIAL PROPERTIES REALTY TRUST, INC. By: /s/ Mark E. Patten Mark E. Patten Executive Vice President, Chief Financial Officer, Treasurer and Corporate Secretary