Essential Properties Realty edges lower on $223 mln stock offering

Essential Properties Realty Trust

12/03/2024 12:23

** Shares of Essential Properties Realty Trust  EPRT.N  down
0.9% at $25 premarket after overnight follow-on priced
    ** Commercial net-lease REIT late Mon announced 9 mln shares
at $24.75 for approx $222.8 mln raise
    ** Offering size boosted from 8 mln shares, priced at 1.9%
discount to stock's last sale
    ** Co entered into 1-yr forward sales agreements with jt
bookrunners BofA, Wells Fargo, Truist and Mizuho
    ** Upon settlement of such agreements, co to use net
proceeds for general purposes, potential investments
    ** Co has 169.4 mln shares outstanding as of Mar 8, per the
SEC prospectus filing
    ** Through Mon close, EPRT down 1.3% YTD after about 9% rise
in 2023
    ** Avg rating among 12 analysts covering stock is "buy" and
median PT is $27.75, LSEG data shows

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))