Essential Properties Realty Trust (EPRT) IPO Opens 4% Lower

Today's IPO for Espre Solutions (NYSE: EPRT) opened for trading at $13.49 after pricing 32,500,000 shares at $14.

Goldman Sachs & Co. LLC and Citigroup are acting as lead book-running managers for the offering and as representatives of the underwriters, Barclays, BofA Merrill Lynch and Credit Suisse are acting as joint book-running managers for the offering, and RBC Capital Markets, SunTrust Robinson Humphrey, Evercore ISI and Ladenburg Thalmann & Co. Inc. are acting as co-managers for the offering.

The Company is an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. The Company has assembled a diversified portfolio using an investment strategy that focuses on properties leased to tenants in businesses such as restaurants (including quick service and casual and family dining), car washes, automotive services, medical services, convenience stores, entertainment, early childhood education, and health and fitness. As of March 31, 2018, the Company’s portfolio of 530 properties was 99.1% occupied by 127 tenants operating 112 different brands, or concepts, in 15 industries across 42 states.

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