CFO at Essential Properties (NYSE: EPRT) awarded 15,848 OP Units

Rhea-AI Filing Summary

Salisbury Robert Webb reported acquisition or exercise transactions in this Form 4 filing.

Essential Properties Realty Trust Executive VP and CFO Robert Webb Salisbury reported an award of 15,848 OP Units on February 20, 2026. These units are issued by Essential Properties, L.P. and can be redeemed for cash or, at the company’s election, exchanged one-for-one for common stock.

The award represents LTIP Units granted under the company’s Long-Term Incentive Plan. These LTIP Units vest in four equal installments on the first, second, third and fourth anniversaries of January 18, 2026, subject to his continued employment. There is no expiration date for the LTIP or OP Units.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Salisbury Robert Webb

(Last) (First) (Middle)

5 VAUGHN DRIVE

SUITE 202

(Street)

PRINCETON NJ 08540

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ESSENTIAL PROPERTIES REALTY TRUST, INC. [ EPRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive VP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
OP Units(1)(2)	(1)(2)	02/20/2026		A		15,848(2)		(1)(2)(3)	(3)	Common Stock	15,848(1)(2)	$0	15,848	D

Explanation of Responses:

1. The OP Units ("OP Units") are units of limited partnership interest issued by Essential Properties, L.P., a Delaware limited partnership and the entity through which Essential Properties Realty Trust, Inc. (the "Company") holds substantially all of its assets and conducts its operations. The OP Units are redeemable by the holder for cash or, at the Company's election, may be exchanged for shares of the Company's common stock at a one-to-one ratio, subject to anti-dilution adjustments.

2. Represents a special class of OP Units issued by Essential Properties, L.P. pursuant to its Partnership Agreement and the Company's Long-Term Incentive Plan ("LTIP Units"). Each LTIP Unit represents the contingent right to receive one OP Unit upon vesting, conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes.

3. These LTIP Units vest ratably on the first, second, third and fourth anniversaries of January 18, 2026, subject to the reporting person's continued employment by the Company through the applicable vesting date. There is no expiration date for the LTIP Units or OP Units.

Remarks:

Exhibit 24.1 - Power of Attorney (incorporated by reference to the Power of Attorney filed as Exhibit 24.1 to the Form 4 filed by the reporting person on January 12, 2026.)

	/s/ Timothy J. Earnshaw, attorney-in-fact	02/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did EPRT report for Executive VP and CFO Robert Webb Salisbury?

Essential Properties Realty Trust reported that Executive VP and CFO Robert Webb Salisbury acquired 15,848 OP Units as a grant under the company’s Long-Term Incentive Plan. The award is classified as a grant or other acquisition, not an open-market purchase or sale.

What are OP Units in the Essential Properties (EPRT) Form 4 filing?

OP Units are units of limited partnership interest in Essential Properties, L.P., the operating partnership through which Essential Properties Realty Trust holds most assets and runs operations. They are redeemable for cash or, at the company’s election, exchangeable one-for-one into common stock, subject to anti-dilution adjustments.

How do EPRT LTIP Units granted to the CFO vest over time?

The LTIP Units granted to the CFO vest ratably over four years. Vesting occurs in equal portions on the first, second, third and fourth anniversaries of January 18, 2026, and is conditioned on his continued employment with the company through each applicable vesting date.

Can the EPRT LTIP and OP Units granted to the CFO expire?

According to the disclosure, there is no expiration date for either the LTIP Units or the OP Units. The LTIP Units first must vest, after which each vested LTIP Unit can become one OP Unit, subject to the plan’s tax-related allocation conditions.

How can the CFO’s EPRT OP Units be settled once redeemed?

When OP Units are redeemed by the holder, Essential Properties, L.P. can settle in cash, or the company may elect to deliver shares of its common stock instead. The exchange rate is one share of common stock for each OP Unit, subject to anti-dilution adjustments.

What conditions apply to the LTIP Units granted in the EPRT Form 4?

Each LTIP Unit represents a contingent right to receive one OP Unit upon vesting. This vesting is conditioned on minimum capital account allocations for federal income tax purposes and on the reporting person’s continued employment through each scheduled vesting anniversary of January 18, 2026.