Form 4: EPRT CFO Patten Boosts Stake via RSU Adjustment

Essential Properties Realty Trust's CFO, Mark E. Patten, acquired 214 shares of common stock as an adjustment to performance-based Restricted Stock Units.

Summary

• Mark E. Patten, Executive VP, CFO & Treasurer of Essential Properties Realty Trust, Inc. (EPRT), acquired 214 shares of common stock.
• The transaction occurred on October 14, 2025.
• These shares represent an adjustment to performance-based Restricted Stock Units (RSUs) that were granted in 2022.
• The RSUs are scheduled to vest on December 31, 2025, and the adjustment is connected to the payment of quarterly dividends for the third quarter of 2025.
• The acquisition was made at a price of $0 per share, indicating it was part of a compensation award rather than a market purchase.
• Following this transaction, Patten beneficially owns a total of 134,978 shares of common stock.
• The transaction was executed pursuant to a Rule 10b5-1(c) contract, instruction, or written plan.

Sentiment

Score: 7

Explanation: The acquisition of shares by a key executive, even as an RSU adjustment, generally signals alignment of interests with shareholders and confidence in the company's future performance, contributing to a slightly positive sentiment.

Positives

• Increased beneficial ownership by a key executive, Mark E. Patten, which aligns management's interests with those of shareholders.
• The acquisition is an adjustment to performance-based RSUs, indicating a reward for past performance and continued executive incentive.

Future Outlook

The performance-based RSUs, which include this adjustment, are scheduled to vest on December 31, 2025, representing a future milestone for the executive's compensation.

Industry Context

This is a routine insider transaction report, common across all industries, detailing an executive's change in beneficial ownership. It does not provide specific insights into broader industry trends for Real Estate Investment Trusts (REITs).

Comparison to Industry Standards

• The acquisition of shares via RSU adjustments is a common and standard compensation practice for executives in publicly traded companies, including Real Estate Investment Trusts (REITs) like Essential Properties Realty Trust. This transaction aligns with typical executive incentive structures seen across the industry.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Executive VP, CFO & Treasurer Mark E. Patten is a related-party transaction, specifically an adjustment to performance-based RSUs as part of his compensation package.

Stakeholder Impact

• Shareholders: The increase in executive ownership, even through RSU adjustments, generally indicates a stronger alignment of management's financial interests with long-term shareholder value.
• Employees: This transaction reflects standard executive compensation practices within the company.

Next Steps

• Vesting of performance-based RSUs on December 31, 2025.

Key Dates

Recommendation

This Form 4 reports a routine, pre-scheduled RSU adjustment for an executive, which is not typically a significant catalyst for stock price movement. While it shows insider ownership, it does not provide new fundamental information to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

Essential Properties Realty Trust, EPRT, Mark E. Patten, CFO, Executive VP, Treasurer, Common Stock, RSU, Restricted Stock Units, Insider Transaction, SEC Form 4, Beneficial Ownership, Real Estate