Essential Properties Realty Trust ^{Priced, NYSE: EPRT}

We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties net leased on a long-term basis to middle-market companies. We commenced investment activities in June 2016 when we acquired a portfolio of 262 net leased properties, mostly restaurants, sold as part of the liquidation of General Electric Capital for $280 million. We have a diversified portfolio that focuses on properties leased to tenants in businesses such as restaurants, car washes, automotive services, medical services, convenience stores, entertainment, early childhood education and health and fitness. We acquire and lease freestanding, single-tenant commercial real estate facilities. As of March 31, 2018, we had a portfolio of 530 properties. Our portfolio was 99.1% occupied by 127 tenants operating 112 different brands in 15 industries across 42 states, with none of our tenants contributing more than 6.8% of our annualized base rent. Based on annualized base rent, our leases had a weighted average remaining lease term of 13.8 years, with only 4.4% of leases expiring prior to January 1, 2023, and 95.4% of leases providing for increases in future base rent at a weighted average rate of 1.5% per year. 64.8% of our annualized base rent was attributable to master leases.