Essential Properties Realty Trust, a triple-net-lease REIT that manages single-tenant commercial properties, announced terms for its IPO on Monday.
The Princeton, NJ-based company plans to raise $504 million by offering 32.5 million shares at a price range of $14 to $17. At the midpoint of the proposed range, Essential Properties Realty Trust would command a fully diluted market value of $917 million and an enterprise value of $1.3 billion.
Essential Properties Realty Trust was founded in 2016 and booked $44 million in sales for the 12 months ended March 31, 2018. It plans to list on the NYSE under the symbol EPRT. Goldman Sachs, Citi, Barclays, BofA Merrill Lynch and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of June 18, 2018.
