Sidley represented Princeton, New Jersey-based Essential Properties Realty Trust, Inc. in its $455 million initial public offering (IPO) of common stock. The company is an internally managed real estate investment trust (REIT) 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 stock was listed on the New York Stock Exchange under the symbol “EPRT.” The IPO was the fifth largest real estate IPO since 2015.
Essential Properties is sponsored by Eldridge Industries, a private investment firm that specializes in providing both debt and equity capital. In connection with the IPO, Eldridge invested $125 million in common stock and units of limited partnership interest in the company’s operating partnership, Essential Properties, L.P.
Sidley also represented Essential Properties as borrower under a $300 million revolving credit facility that was in place at the time of the IPO.
The Sidley IPO team, based primarily in New York, included REIT capital markets partners Bart Sheehan and Jerry Cummins and associates Alex Csordas and Nicole Garrett. Partners Dave Miller and Chris Brause headed up the tax team with assistance from associate Lena Qiu. Partner Corey Perry worked on executive compensation matters, and associate Katie Klaben handled Section 16 reporting. Partner Bob Lewis and counsel Kathy Cabral led a Chicago-based Sidley team in the revolving credit facility.