Mavoides Peter M. 4
4 · ESSENTIAL PROPERTIES REALTY TRUST, INC. · Filed Feb 23, 2026
Research Summary
AI-generated summary of this filing
Essential Properties (EPRT) CEO Peter M. Mavoides Receives Award
What Happened Peter M. Mavoides, President & CEO and a director of Essential Properties Realty Trust, Inc. (EPRT), received a grant of 63,391 LTIP Units on February 20, 2026. The award was reported on Form 4 as an acquisition at $0.00 (transaction code A), meaning it was a zero-cost long-term incentive grant rather than an open-market purchase or sale. The LTIP Units are derivative interests that can convert into OP Units and, at the company's election, into common stock on a one-for-one basis.
Key Details
- Transaction date: 2026-02-20; reported on Form 4 filed 2026-02-23 (timely filing).
- Transaction type/code: Award/Grant (A); recorded acquisition price $0.00.
- Units granted: 63,391 LTIP Units (derivative award), not common shares immediately.
- Shares owned after transaction: Not disclosed in this filing.
- Footnotes of note:
- LTIP Units are a special class of OP Units and convert to OP Units upon vesting (see F1–F2).
- Vesting: units vest ratably on the 1st, 2nd, 3rd and 4th anniversaries of January 18, 2026 (roughly one-quarter each year) (F3).
- OP Units are redeemable for cash or, at the company’s election, exchangeable for common stock at a 1:1 ratio; no expiration date for LTIP/OP Units (F1, F3).
- Other: Exhibit 24.1 Power of Attorney referenced.
Context This was a compensation-related grant (long-term incentive units), not an open-market buy or sale. Because these LTIP Units are subject to vesting and conversion mechanics, they do not represent immediate liquid stock or realized cash value on the filing date, although they can convert to company equity in the future if vesting and company election occur.
Insider Transaction Report
- Award
OP Units
[F1][F2][F3]2026-02-20+63,391→ 115,508 total→ Common Stock (63,391 underlying)
Footnotes (3)
- [F1]The OP Units ("OP Units") are units of limited partnership interest issued by Essential Properties, L.P., a Delaware limited partnership and the entity through which Essential Properties Realty Trust, Inc. (the "Company") holds substantially all of its assets and conducts its operations. The OP Units are redeemable by the holder for cash or, at the Company's election, may be exchanged for shares of the Company's common stock at a one-to-one ratio, subject to anti-dilution adjustments.
- [F2]Represents a special class of OP Units issued by Essential Properties, L.P. pursuant to its Partnership Agreement and the Company's Long-Term Incentive Plan ("LTIP Units"). Each LTIP Unit represents the contingent right to receive one OP Unit upon vesting, conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes.
- [F3]These LTIP Units vest ratably on the first, second, third and fourth anniversaries of January 18, 2026, subject to the reporting person's continued employment by the Company through the applicable vesting date. There is no expiration date for the LTIP Units or OP Units.