Essential Properties Realty Trust (EPRT) said Tuesday it started an underwritten public offering of 8 million shares on a forward basis in connection with anticipated forward sale agreements.
The company expects to enter into these agreements with Wells Fargo Securities and BofA Securities, the offering's underwriters.
The underwriters will have a 30-day option to buy up to an additional 1.2 million shares, Essential Properties said.
The company said it intends to contribute any net proceeds from the settlement of the forward sale agreements to its operating partnership in exchange for OP Units, which will be used for general corporate purposes.
Shares of Essential Properties were down 2.3% in after-hours trading.
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