Essential Properties grants 67,476 LTIP units

Executive VP and CIO Craig J. Vachris received 67,476 time-vesting LTIP Units linked to OP Units exchangeable into EPRT common stock.

Rhea-AI Filing Summary

ESSENTIAL PROPERTIES REALTY TRUST, INC. (symbol: EPRT) is the issuer of record for a Form 4 filing submitted to the SEC. Vachris Craig J reported acquisition or exercise transactions in this Form 4 filing.

ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT) reported that Executive VP and CIO Craig J. Vachris received an award of 67,476 LTIP Units, each representing a contingent right to receive one OP Unit. The OP Units are redeemable for cash or, at the company’s election, exchangeable one-for-one into common stock, subject to anti-dilution adjustments. These LTIP Units vest in one-fourth annual installments on each of the first four anniversaries of September 15, 2026, subject to his continued employment, and have no expiration date.

Insider Trade Summary

Grant/Award: 67,476 shares

Grant/Award 1 txn

Insider Vachris Craig J

Role Executive VP and CIO

Type	Security	Shares	Price	Value
Grant/Award	OP Units F1, F2, F3	67,476	$0.00	$0.00

Holdings After Transaction: OP Units — 67,476 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 in one-fourth annual installments on each of the first four anniversaries of September 15, 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.

Key Figures

LTIP Units granted: 67,476 units Underlying OP Units: 67,476 units Transaction price per LTIP Unit: $0.00 +2 more

5 metrics

LTIP Units granted 67,476 units Grant of LTIP Units to Executive VP and CIO Craig J. Vachris on September 15, 2026

Underlying OP Units 67,476 units Each LTIP Unit represents the contingent right to receive one OP Unit upon vesting

Transaction price per LTIP Unit $0.00 Reported transaction price for the LTIP Unit grant

OP Units held after transaction 67,476 units Total OP Units (via LTIP Units) reported as directly owned following the grant

Vesting schedule 4 annual installments LTIP Units vest in one-fourth annual installments on each of the first four anniversaries of September 15, 2026

Key Terms

OP Units, LTIP Units, anti-dilution adjustments, capital accounts

4 terms

OP Units financial

"The OP Units are redeemable by the holder for cash or, at the Company's election"

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 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.

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.

capital accounts financial

"conditioned upon minimum allocations to the capital accounts of the LTIP Units"

FAQ

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

What did EPRT disclose about Craig J. Vachris’s new equity award?

EPRT disclosed that Executive VP and CIO Craig J. Vachris received 67,476 LTIP Units, each contingently convertible into one OP Unit, which in turn is redeemable for cash or exchangeable into common stock at a one-to-one ratio, subject to anti-dilution adjustments.

How many LTIP Units did EPRT grant to Craig J. Vachris and at what price?

EPRT granted Craig J. Vachris 67,476 LTIP Units at a reported transaction price of $0.00 per unit, reflecting a compensatory grant rather than an open-market purchase.

When do the EPRT LTIP Units awarded to Craig J. Vachris vest?

The LTIP Units vest in one-fourth annual installments on each of the first four anniversaries of September 15, 2026, and vesting is conditioned on Craig J. Vachris’s continued employment through each applicable vesting date.

Can the OP Units underlying EPRT’s LTIP Units be exchanged for common stock?

Yes. Each OP Unit is redeemable by the holder for cash or, at EPRT’s election, may be exchanged for one share of common stock, subject to anti-dilution adjustments described in the partnership agreement.

Do the LTIP Units or OP Units reported by EPRT have an expiration date?

No. The filing states that there is no expiration date for either the LTIP Units or the OP Units associated with this award to Craig J. Vachris.

Was the EPRT equity award to Craig J. Vachris made under a Rule 10b5-1 trading plan?

No. The Form 4 indicates the Rule 10b5-1 checkbox is not checked, and there is no footnote stating that the award was made pursuant to a Rule 10b5-1 trading plan.

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

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Available on EDGAR 09/16/2026 - 04:11 PM Accepted by SEC EDGAR 09/16/2026 - 04:10 PM 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
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^*

Vachris Craig J

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2026

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)	09/15/2026		A		67,476(2)		(1)(2)(3)	(3)	Common Stock	67,476(1)(2)	$0	67,476	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 in one-fourth annual installments on each of the first four anniversaries of September 15, 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 3 filed by the reporting person on September 14, 2026.)

	/s/ Timothy J. Earnshaw, attorney-in-fact	09/16/2026
	** 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.
* Form 4: SEC 1474 (03-26)