EPRT director granted 3,837 LTIP/OP units

DeLucca Joyce reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

DeLucca Joyce reported acquisition or exercise transactions in this Form 4 filing.

ESSENTIAL PROPERTIES REALTY TRUST, INC. director Joyce DeLucca received an equity-based award of 3,837 LTIP Units in Essential Properties, L.P., which correspond to 3,837 OP Units and are exchangeable into an equal number of common shares. These LTIP Units vest ratably on the earlier of the first anniversary of the grant date or the first annual stockholder meeting after the grant, subject to continued board service, and have no expiration date.

Insider Trade Summary

Grant/Award: 3,837 shares

Grant/Award 1 txn

Insider DeLucca Joyce

Role Director

Type	Security	Shares	Price	Value
Grant/Award	OP Units	3,837	$0.00	$0.00

Holdings After Transaction: OP Units — 3,837 contracts (Direct)

Footnotes (3)

1. F1. 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. F2. 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. F3. These LTIP Units vest ratably on the earlier of (i) the first anniversary of the date of grant and (ii) the first annual meeting of the Company's stockholders that occurs after the date of grant, subject to the reporting person's continued service on the Company's board of directors through the vesting date. There is no expiration date for the LTIP Units or OP Units.

Key Figures

LTIP Units granted: 3,837 units Underlying common stock: 3,837 shares Grant price per unit: $0.0000 per unit +1 more

4 metrics

LTIP Units granted 3,837 units Award of LTIP Units linked to OP Units

Underlying common stock 3,837 shares Common shares exchangeable for OP Units at 1:1 ratio

Grant price per unit $0.0000 per unit Equity award under long-term incentive plan

OP Units after transaction 3,837 OP Units Total derivative units held following grant

Key Terms

OP Units, LTIP Units, Long-Term Incentive Plan, anti-dilution adjustments

4 terms

OP Units financial

"The OP Units are units of limited partnership interest issued by Essential Properties, L.P."

OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.

LTIP Units financial

"Represents a special class of OP Units issued pursuant to the Company's Long-Term Incentive Plan ("LTIP Units")."

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Long-Term Incentive Plan financial

"issued by Essential Properties, L.P. pursuant to its Partnership Agreement and the Company's Long-Term Incentive Plan ("LTIP Units")."

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

anti-dilution adjustments financial

"may be exchanged for shares of the Company's common stock at a one-to-one ratio, subject to anti-dilution adjustments."

Anti-dilution adjustments are changes made to the ownership stakes or value of an investment to protect investors from having their shares become less valuable if the company issues new shares at a lower price. Imagine buying a piece of a pie, and then the pie is cut into more slices without increasing in size—these adjustments help ensure your slice still retains its worth. They matter to investors because they help preserve the value of their investment when the company’s share price drops.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Joyce DeLucca acquire in the latest EPRT Form 4 filing?

Joyce DeLucca received an award of 3,837 LTIP Units, each linked to one OP Unit in Essential Properties, L.P. These OP Units can be exchanged into 3,837 shares of Essential Properties Realty Trust common stock, providing equity-based compensation tied to the company’s performance.

How can the OP Units reported for EPRT be converted into common stock?

Each OP Unit may be redeemed for cash or, at the company’s election, exchanged for one share of Essential Properties Realty Trust common stock. The exchange ratio is one-to-one, subject to anti-dilution adjustments described in the partnership agreement, aligning partnership units with common share value.

When do Joyce DeLucca’s EPRT LTIP Units vest?

The LTIP Units vest ratably on the earlier of the first anniversary of the grant date or the first annual meeting of stockholders after the grant. Vesting is conditioned on DeLucca’s continued service on the company’s board through the applicable vesting date for each tranche.

Is there an expiration date for the EPRT LTIP Units and OP Units?

There is no expiration date for either the LTIP Units or the related OP Units. Once granted and, for LTIP Units, once vested and converted into OP Units, they remain outstanding subject to the terms of the partnership agreement and the company’s long-term incentive plan.

How many OP Units does Joyce DeLucca hold after this EPRT transaction?

Following this award, Joyce DeLucca beneficially holds 3,837 OP Units linked to an equal number of underlying common shares. This reflects her total position in these reported derivative securities immediately after the transaction disclosed in the Form 4 filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 04:09 PM EDT Learn about SEC filing dates

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
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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^*

DeLucca Joyce

(Last) (First) (Middle)

5 VAUGHN DRIVE

SUITE 202

(Street)

PRINCETON NEW JERSEY 08540

(City) (State) (Zip)

UNITED STATES

(Country)

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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026

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

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

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

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)	05/13/2026		A		3,837(2)		(1)(2)(3)	(3)	Common Stock	3,837(1)(2)	$0	3,837	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 earlier of (i) the first anniversary of the date of grant and (ii) the first annual meeting of the Company's stockholders that occurs after the date of grant, subject to the reporting person's continued service on the Company's board of directors through the 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 May 17, 2022.)

	/s/ Timothy J. Earnshaw, attorney-in-fact	05/15/2026
	** 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.
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* Form 4: SEC 1474 (03-26)