Equity

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Equity

Equity

Stockholders’ Equity

On March 18, 2019, the Company completed a follow-on offering of 14,030,000 shares of its common stock, including 1,830,000 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at an offering price of $17.50 per share, pursuant to a registration statement on Form S-11 (File Nos. 333-230188 and 333-230252) filed with the SEC under the Securities Act of 1933, as amended (the “Securities Act”). Net proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $234.6 million.

On July 22, 2019, EPRT Holdings, LLC (“EPRT Holdings”) and Security Benefit Life Insurance Company (together, the “Selling Stockholders”), affiliates of Eldridge Industries, LLC (“Eldridge”), completed a secondary public offering (the “Secondary Offering”) of 26,288,316 shares of the Company’s common stock, including 3,428,910 shares of common stock purchased by underwriters pursuant to an option to purchase additional shares. Prior to completion of the Secondary Offering, the Selling Stockholders exchanged 18,502,705 OP Units of the Operating Partnership for a like number of shares of the Company’s common stock. The Company did not receive any proceeds from this transaction.

On January 14, 2020, the Company completed a follow-on offering of 7,935,000 shares its common stock, including 1,035,000 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at an offering price of $25.20 per share. Net proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $191.5 million.

At the Market Program

In June 2020, the Company established a new at the market common equity offering program, pursuant to which it can publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $250 million (the “2020 ATM Program”). In connection with establishing the 2020 ATM Program, the Company terminated its prior at the market program, which it established in August 2019 (the “2019 ATM Program”). Pursuant to the 2019 ATM Program, the Company could publicly offer and sell shares of its common stock with an aggregate gross sales price of up to $200 million and, prior to its termination, the Company issued common stock with an aggregate gross sales price of $184.4 million thereunder. As of June 30, 2020, the Company issued common stock with an aggregate gross sales price of $17.3 million under the 2020 ATM Program and could issue additional common stock with an aggregate gross sales price of up to $232.7 million under the 2020 ATM Program. The 2019 ATM Program has been terminated, and no additional stock can be issued thereunder. As the context requires, the 2020 ATM Program and the 2019 ATM Program are referred to herein as the “ATM Program.”

During the three months ended June 30, 2020, the Company sold 1,027,857 shares of its common stock under the ATM Program, at a weighted average price per share of $16.86, raising $17.3 million in gross proceeds. During the six months ended June 30, 2020, the Company sold 1,281,555 shares of its common stock under the ATM Program, at a weighted average price per share of $18.42, raising $23.6 million in gross proceeds. Net proceeds from selling shares under the ATM Program during the three and six months ended June 30, 2020, after deducting sales agent fees and other expenses associated with establishing and maintaining the ATM Programs, were $16.6 million and $22.7 million.

Dividends on Common Stock

During the six months ended June 30, 2020 and 2019, the Company’s board of directors declared the following quarterly cash dividends on common stock:

Date Declared	Record Date	Date Paid	Dividend per Share of Common Stock		Total Dividend
June 11, 2020	June 30, 2020	July 15, 2020	$	0.23	$	21,419
March 18, 2020	March 31, 2020	April 15, 2020	0.23		21,168
June 7, 2019	June 28, 2019	July 15, 2019	0.22		12,725
March 7, 2019	March 29, 2019	April 16, 2019	0.21		12,143