Essential Properties Realty Trust (EPRT) DEF 14A4 Apr 23Definitive proxyFinancial data

Company Profile

Cover

Cover	12 Months Ended
Cover	Dec. 31, 2022
Document Information [Line Items]
Document Type	DEF 14A
Amendment Flag	false
Entity Information [Line Items]
Entity Registrant Name	ESSENTIAL PROPERTIES REALTY TRUST, INC.
Entity Central Index Key	0001728951

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pay vs Performance Disclosure [Table]
Pay vs Performance [Table Text Block]	Pay Versus Performance The following table provides historical total summary compensation and compensation actually paid (“ CAP PEO Value of Initial Fixed Investment Based on: (4) Year (1) Summary Compensation Table Total for PEO (2) Compensation Actually Paid to PEO (3) Average Summary Compensation Table Total Non-PEO NEOs Average Compensation Actually Paid to Non-PEO NEOs (3) Total Shareholder Return Peer Group Total Shareholder Return (5) Net Income AFFO (6) 2022 $ 9,786 $ 8,111 $ 1,742 $ 1,129 $ 108.93 $ 91.27 $ 134,742 $ 1.53 2021 $ 5,893 $ 11,738 $ 1,769 $ 3,285 $ 126.97 $ 126.41 $ 96,211 $ 1.34 2020 $ 2,779 $ 1,281 $ 1,693 $ 822 $ 90.42 $ 90.80 $ 42,528 $ 1.11 (1) Mr. Mavoides has served as the PEO for the entirety of 2022, 2021 and 2020 and our other NEOs for the applicable years were as follows: • 2022: Gregg A. Seibert and Mark E. Patten. • 2021: Gregg A. Seibert and Mark E. Patten. • 2020: Gregg A. Seibert; Mark E. Patten; Anthony K. Dobkin; and Hillary P. Hai. (2) Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Mr. Mavoides and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for our other NEOs reported for the applicable year other than the PEO for such ye ar (3) To calculate CAP, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Mr. Mavoides and for the average of the other NEOs is set forth following the footnotes to this table. (4) Pursuant to rules of the SEC, the comparison assumes $100 was invested on December 31, 2019. Historic stock price performance is not necessarily indicative of future stock price performance. (5) The TSR peer group consists of the companies in the FTSE NAREIT All Equity REITs index, an independently prepared index that includes U.S. equity REITs. (6) As noted in the Compensation Discussion and Analysis section above titled “Corporate Metrics, Weightings and Results” non-GAAP Compensation Actually Paid Adjustments The following table provides a reconciliation of total compensation from the summary compensation table in the applicable year for our PEO or average for our other NEOs to total CAP to our PEO or average CAP to our other NEOs (dollar amounts in thousands): (MINUS) PLUS PLUS PLUS PLUS (MINUS) PLUS EQUALS Year Summary Compensation Table Total (1) Grant (2) Fair Value Year-End (3) Change in (4) Fair (5) Change in (6) Fair Value Year-End (7) Value of (8) CAP Peter M. Mavoides (PEO) 2022 $ 9,786 $ (8,019 ) $ 8,022 $ (1,313 ) $ — $ (501 ) $ — $ 136 $ 8,111 2021 $ 5,893 $ (3,953 ) $ 5,700 $ 2,159 $ — $ 1,827 $ — $ 112 $ 11,738 2020 $ 2,779 $ (1,765 ) $ 1,801 $ (831 ) $ — $ (864 ) $ — $ 161 $ 1,281 Other NEOs (Average) (9) 2022 $ 1,742 $ (907 ) $ 689 $ (231 ) $ — $ (199 ) $ — $ 35 $ 1,129 2021 $ 1,769 $ (710 ) $ 1,024 $ 559 $ — $ 581 $ — $ 62 $ 3,285 2020 $ 1,693 $ (1,246 ) $ 1,176 $ (229 ) $ 5 $ (638 ) $ — $ 61 $ 822 (1) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other NEOs, amounts shown represent averages. (2) Represents the grant date fair value of the stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (3) Represents the fair value as of the indicated fiscal year-end (4) Represents the change in fair value during the indicated fiscal year of each stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (5) Represents the fair value at vesting of the stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (6) Represents the change in fair value, measured from the prior fiscal year-end (7) Represents the fair value as of the last day of the prior fiscal year of the stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (8) Represents cash dividends paid with respect to time-based RSA and RSU awards. The number of shares subject to a performance-based RSU increases for dividends paid by the Company and are reflected in the other columns to this table. (9) See footnote 1 in the
Company Selected Measure Name	AFFO Per Share
Named Executive Officers, Footnote [Text Block]	2022: Gregg A. Seibert and Mark E. Patten.	2021: Gregg A. Seibert and Mark E. Patten.	2020: Gregg A. Seibert; Mark E. Patten; Anthony K. Dobkin; and Hillary P. Hai.
Peer Group Issuers, Footnote [Text Block]	The TSR peer group consists of the companies in the FTSE NAREIT All Equity REITs index, an independently prepared index that includes U.S. equity REITs.
PEO Total Compensation Amount	$ 9,786	$ 5,893	$ 2,779
PEO Actually Paid Compensation Amount	$ 8,111	11,738	1,281
Adjustment To PEO Compensation, Footnote [Text Block]	Compensation Actually Paid Adjustments The following table provides a reconciliation of total compensation from the summary compensation table in the applicable year for our PEO or average for our other NEOs to total CAP to our PEO or average CAP to our other NEOs (dollar amounts in thousands): (MINUS) PLUS PLUS PLUS PLUS (MINUS) PLUS EQUALS Year Summary Compensation Table Total (1) Grant (2) Fair Value Year-End (3) Change in (4) Fair (5) Change in (6) Fair Value Year-End (7) Value of (8) CAP Peter M. Mavoides (PEO) 2022 $ 9,786 $ (8,019 ) $ 8,022 $ (1,313 ) $ — $ (501 ) $ — $ 136 $ 8,111 2021 $ 5,893 $ (3,953 ) $ 5,700 $ 2,159 $ — $ 1,827 $ — $ 112 $ 11,738 2020 $ 2,779 $ (1,765 ) $ 1,801 $ (831 ) $ — $ (864 ) $ — $ 161 $ 1,281 Other NEOs (Average) (9) 2022 $ 1,742 $ (907 ) $ 689 $ (231 ) $ — $ (199 ) $ — $ 35 $ 1,129 2021 $ 1,769 $ (710 ) $ 1,024 $ 559 $ — $ 581 $ — $ 62 $ 3,285 2020 $ 1,693 $ (1,246 ) $ 1,176 $ (229 ) $ 5 $ (638 ) $ — $ 61 $ 822 (1) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other NEOs, amounts shown represent averages. (2) Represents the grant date fair value of the stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (3) Represents the fair value as of the indicated fiscal year-end (4) Represents the change in fair value during the indicated fiscal year of each stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (5) Represents the fair value at vesting of the stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (6) Represents the change in fair value, measured from the prior fiscal year-end (7) Represents the fair value as of the last day of the prior fiscal year of the stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (8) Represents cash dividends paid with respect to time-based RSA and RSU awards. The number of shares subject to a performance-based RSU increases for dividends paid by the Company and are reflected in the other columns to this table. (9) See footnote 1 in the
Non-PEO NEO Average Total Compensation Amount	$ 1,742	1,769	1,693
Non-PEO NEO Average Compensation Actually Paid Amount	$ 1,129	3,285	822
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]	Compensation Actually Paid Adjustments The following table provides a reconciliation of total compensation from the summary compensation table in the applicable year for our PEO or average for our other NEOs to total CAP to our PEO or average CAP to our other NEOs (dollar amounts in thousands): (MINUS) PLUS PLUS PLUS PLUS (MINUS) PLUS EQUALS Year Summary Compensation Table Total (1) Grant (2) Fair Value Year-End (3) Change in (4) Fair (5) Change in (6) Fair Value Year-End (7) Value of (8) CAP Peter M. Mavoides (PEO) 2022 $ 9,786 $ (8,019 ) $ 8,022 $ (1,313 ) $ — $ (501 ) $ — $ 136 $ 8,111 2021 $ 5,893 $ (3,953 ) $ 5,700 $ 2,159 $ — $ 1,827 $ — $ 112 $ 11,738 2020 $ 2,779 $ (1,765 ) $ 1,801 $ (831 ) $ — $ (864 ) $ — $ 161 $ 1,281 Other NEOs (Average) (9) 2022 $ 1,742 $ (907 ) $ 689 $ (231 ) $ — $ (199 ) $ — $ 35 $ 1,129 2021 $ 1,769 $ (710 ) $ 1,024 $ 559 $ — $ 581 $ — $ 62 $ 3,285 2020 $ 1,693 $ (1,246 ) $ 1,176 $ (229 ) $ 5 $ (638 ) $ — $ 61 $ 822 (1) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other NEOs, amounts shown represent averages. (2) Represents the grant date fair value of the stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (3) Represents the fair value as of the indicated fiscal year-end (4) Represents the change in fair value during the indicated fiscal year of each stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (5) Represents the fair value at vesting of the stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (6) Represents the change in fair value, measured from the prior fiscal year-end (7) Represents the fair value as of the last day of the prior fiscal year of the stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (8) Represents cash dividends paid with respect to time-based RSA and RSU awards. The number of shares subject to a performance-based RSU increases for dividends paid by the Company and are reflected in the other columns to this table. (9) See footnote 1 in the
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
Compensation Actually Paid vs. Net Income [Text Block]
Compensation Actually Paid vs. Company Selected Measure [Text Block]
Tabular List [Table Text Block]	Most Important Financial Performance Measures to Link Company Performance to CAP The following is a list of financial performance measures, which in our assessment represent the most important financial performance measures used by the Company to link CAP to the NEOs for 2022. Please see the Compensation Discussion and Analysis above for a further description of these metrics and how they are used in the Company’s executive compensation program • AFFO per Share • Net Investments • Recurring Cash G&A Expense • Same Store Rent Growth • Net Debt to Annualized Adjusted EBITDA re • Relative TSR
Total Shareholder Return Amount	$ 108.93	126.97	90.42
Peer Group Total Shareholder Return Amount	91.27	126.41	90.8
Net Income (Loss)	$ 134,742,000	$ 96,211,000	$ 42,528,000
Company Selected Measure Amount	1.53	1.34	1.11
PEO Name	Mr. Mavoides
Total Annual Compensation	$ 135,000
Measure [Axis]: 1
Pay vs Performance Disclosure [Table]
Measure Name	AFFO per Share
Non-GAAP Measure Description [Text Block]	AFFO Per Share is a non-GAAP financial measure.
Measure [Axis]: 2
Pay vs Performance Disclosure [Table]
Measure Name	Net Investments
Measure [Axis]: 3
Pay vs Performance Disclosure [Table]
Measure Name	Recurring Cash G&A Expense
Measure [Axis]: 4
Pay vs Performance Disclosure [Table]
Measure Name	Same Store Rent Growth
Measure [Axis]: 5
Pay vs Performance Disclosure [Table]
Measure Name	Net Debt to Annualized Adjusted EBITDAre
Measure [Axis]: 6
Pay vs Performance Disclosure [Table]
Measure Name	Relative TSR
PEO [Member] \| Grant Date Fair Value Of Stock Awards Granted In Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	$ (8,019)	$ (3,953)	$ (1,765)
PEO [Member] \| Fair Value At Fiscal Year End Of Outstanding And Unvested Stock Awards Granted In Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	8,022	5,700	1,801
PEO [Member] \| Change In Fair Value Of Outstanding And Unvested Stock Awards Granted In Prior Fiscal Years [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(1,313)	2,159	(831)
PEO [Member] \| Fair Value At Vesting Of Stock Awards Granted In Fiscal Year That Vested During Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
PEO [Member] \| Change In Fair Value As Of Vesting Date Of Stock Awards Granted In Prior Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(501)	1,827	(864)
PEO [Member] \| Fair Value As Of Prior Fiscal Year End Of Stock Awards Granted In Prior Fiscal Years That Failed To Meet Applicable Vesting Conditions During Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
PEO [Member] \| Value Of Dividends Or Other Earnings Paid On Stock Or Option Awards Not Otherwise Reflected In Fair Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	136	112	161
Non-PEO NEO [Member] \| Grant Date Fair Value Of Stock Awards Granted In Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(907)	(710)	(1,246)
Non-PEO NEO [Member] \| Fair Value At Fiscal Year End Of Outstanding And Unvested Stock Awards Granted In Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	689	1,024	1,176
Non-PEO NEO [Member] \| Change In Fair Value Of Outstanding And Unvested Stock Awards Granted In Prior Fiscal Years [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(231)	559	(229)
Non-PEO NEO [Member] \| Fair Value At Vesting Of Stock Awards Granted In Fiscal Year That Vested During Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	5
Non-PEO NEO [Member] \| Change In Fair Value As Of Vesting Date Of Stock Awards Granted In Prior Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(199)	581	(638)
Non-PEO NEO [Member] \| Fair Value As Of Prior Fiscal Year End Of Stock Awards Granted In Prior Fiscal Years That Failed To Meet Applicable Vesting Conditions During Fiscal Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
Non-PEO NEO [Member] \| Value Of Dividends Or Other Earnings Paid On Stock Or Option Awards Not Otherwise Reflected In Fair Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	$ 35	$ 62	$ 61