SEC Form DEF 14A filed by Essential Properties Realty Trust Inc.

March 31, 2026

Dear Fellow Stockholder:

You are cordially invited to attend the 2026 annual meeting of stockholders of Essential Properties Realty Trust, Inc. The meeting will be held on Monday, May 11, 2026, at 9:30 a.m., Eastern Time, in a virtual meeting format only. The Annual Meeting will be accessible solely by means of remote communication.

The attached proxy statement, with the accompanying notice of the meeting, describes the matters expected to be considered and voted upon at the meeting. We urge you to review these materials carefully and to take part in the affairs of our company by voting on the matters described in the proxy statement.

Your vote is important. To attend and participate in the meeting, you will need to register with the control number included on the notice or proxy card at www.proxydocs.com/EPRT prior to 5:00 p.m., Eastern Time, on Sunday, May 10, 2026. Although you may vote online during the virtual annual meeting, we encourage you to authorize a proxy to vote your shares via the internet, by telephone or by mail prior to the meeting, as outlined on your proxy card, to ensure that your shares are represented and voted. We look forward to your participation.

ESSENTIAL PROPERTIES REALTY TRUST, INC.

5 Vaughn Drive, Suite 202

Princeton, New Jersey 08540

(609) 436-0619

NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS

To Be Held on May 11, 2026

NOTICE IS HEREBY GIVEN that the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Essential Properties Realty Trust, Inc., a Maryland corporation (the “Company”), will be held on Monday, May 11, 2026, at 9:30 a.m., Eastern Time, in a virtual meeting format only. To be admitted to the Annual Meeting and vote your shares, you must register at www.proxydocs.com/EPRT by Sunday, May 10, 2026, at 5:00 p.m., Eastern Time (the “Registration Deadline”), and provide the control number as described in the notice or proxy card, which can be accessed at www.proxydocs.com/EPRT. After completion of your registration by the Registration Deadline, further instructions, including a unique link to access the Annual Meeting and vote during the meeting, will be emailed to you.

At the Annual Meeting, holders of shares of our common stock, $0.01 par value per share, will be asked to consider and vote upon the following proposals, all of which are discussed in greater detail in the accompanying Proxy Statement:

Only stockholders of record at the close of business on March 20, 2026, the record date for the Annual Meeting, will be entitled to notice of and to vote at the Annual Meeting and any postponement or adjournment thereof.

To make it easier for you to authorize a proxy to vote, internet and telephone proxy authorization are available. The instructions on the proxy card or voting instruction form describe how to use these convenient services.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to be Held on May 11, 2026. The Notice of Annual Meeting and Proxy Statement and our Annual Report on Form 10-K for the year ended December 31, 2025 (which constitutes our annual report to stockholders) are available at www.proxydocs.com/EPRT.

ESSENTIAL PROPERTIES REALTY TRUST, INC.

PROXY STATEMENT

Table of Contents

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2025 BUSINESS HIGHLIGHTS

most directly comparable financial measures calculated in accordance with GAAP.

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CORPORATE RESPONSIBILITY

At Essential Properties Realty Trust, Inc., we believe that responsible and effective corporate governance, a positive corporate culture, good corporate citizenship, and the promotion of sustainability initiatives are critical to our ability to create long-term stockholder value. We are committed to conducting our business in accordance with the highest ethical standards. We take our responsibilities to all of our stakeholders, including our stockholders, creditors, employees, tenants, and business relationships, very seriously. We are dedicated to being trusted stewards of capital and also providing our employees with a rewarding and dynamic work environment.

Overall, our commitment to Environmental, Social and Governance (“ESG”) initiatives and our strategy for pursuing the goals we’ve established to demonstrate that commitment are based on the following key tenets:

Our ESG goals include the following:

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Corporate Governance Practices

Our approach to ESG begins with strong corporate governance. We believe that the structure of our Board, its policies and practices and its oversight role are the overarching indicators of our commitment to accountability regarding ESG. We are committed to managing our Company for the benefit of all of our stakeholders and achieving long-term stockholder value. Maintaining effective corporate governance is a critical component of our Company.

Importantly, we have a Board that is diverse and independent, notably including, but not limited to, these key attributes:

We value diversity, not simply gender or minority representation, but experience and professional qualifications. Our Board leads by example in our ESG efforts.

The following are additional elements of our corporate governance that are key considerations underlying our commitment to ESG:

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Opted out of MUTA. We have opted out of certain provisions of the Maryland General Corporation Law that may make it more difficult for or prevent a change in control. We have opted out of the control share acquisition and the business combination statutes in the Maryland General Corporation Law, and we may not opt back into these without stockholder approval. In addition, we are prohibited from adopting certain takeover protections, including classifying the Board, without first obtaining stockholder approval.

No “Poison Pill.” We do not maintain a stockholder rights plan (commonly referred to as a “poison pill”). We will not adopt one in the future without (a) the approval of our stockholders or (b) seeking ratification from our stockholders within 12 months after adoption of the plan if the Board determines, in the exercise of its duties under applicable law, that it is in the Company’s best interest to adopt a rights plan without the delay of seeking prior stockholder approval.

Risk Management Oversight. One of the key responsibilities of our Board is informed oversight of our risk management process. Our Board administers this oversight function directly, with support from its four standing committees, the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Investment Committee, each of which is comprised solely of non-employee, independent directors and addresses risks specific to its respective areas of oversight.

Audit Committee. The principal functions of our Audit Committee include oversight relating to:

The Audit Committee is also responsible for engaging, evaluating, compensating and overseeing an independent registered public accounting firm charged with auditing our financial statements, reviewing the qualifications and independence of the independent registered public accounting firm, considering the range of audit and non-audit fees and reviewing the adequacy of our internal controls over financial reporting.

Compensation Committee. The principal functions of our Compensation Committee include:

Nominating and Corporate Governance Committee. The principal functions of our Nominating and Corporate Governance Committee include:

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In addition, the Nominating and Corporate Governance Committee monitors our overall risk management process at an enterprise level, and periodically reviews risks and operational initiatives that may impact the Company. As a part of its oversight function, the Nominating and Corporate Governance Committee also reviews quarterly management reports addressing various matters including ESG and governance matters, and our progress in achieving related objectives.

Investment Committee. The principal functions of our Investment Committee include evaluating and approving investments which exceed management’s delegated discretionary authorities based on, among other things, the total dollar value of the transaction and other investment attributes.

Succession Planning. The Board recognizes that one of its most important responsibilities is to ensure excellence and continuity in the Company’s senior leadership by overseeing the development of executive talent and planning for the effective succession of the Company’s Chief Executive Officer and the other members of the Company’s senior leadership team. This responsibility is reflected in the Company’s Corporate Governance Guidelines, which specify that the Board shall approve and maintain a succession plan for the senior executive officers. Additionally, the Board (1) develops criteria for the selection and performance review of senior executive officer positions that reflect the Company’s business strategy; (2) routinely reviews and discusses succession planning and (3) identifies potential successors for senior executive officer positions. The Board also maintains an emergency succession plan that is reviewed periodically.

In furtherance of the foregoing, the Board receives periodic reports from the Chief Executive Officer on the Company’s senior leadership team, including their professional experience, qualifications and tenure with the Company. Succession planning is also regularly discussed in executive sessions of the Board of Directors. The Company’s directors become familiar with internal potential successors for key leadership positions through various means, including interaction at Board and committee meetings and less formal interactions throughout the course of the year.

Environmental Sustainability

We recognize that our commercial real estate assets can substantially impact the environment and the health and safety of building occupants. We believe that being aware of and addressing these issues are important aspects of maintaining a successful and sustainable business. Our commitment to environmental stewardship starts at our corporate offices in Princeton and Jersey City, New Jersey, and extends to our portfolio of income-producing properties, our investment and leasing practices, and to our tenants. We are committed to expanding and enhancing our efforts to incorporate sustainability initiatives in our corporate governance and applicable business processes, including underwriting our investments, asset management activities, and disclosure and reporting practices.

Our position on sustainability is that reducing our carbon footprint and, where possible, that of our tenants is a strategic imperative, not simply because we believe it’s the right thing to do, but because we believe it is consistent with our core business objective of maximizing stockholder value and it also provides opportunities for us to help our tenants produce operating efficiencies and customer attraction opportunities. We are committed to environmental stewardship and operating our business in a sustainable manner. Accordingly, our investment, leasing and asset management practices are informed by our commitment to operate in a sustainable manner that we believe will support long-term value.

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We are focused on advancing and continuing to develop our sustainability agenda.

Our Properties. As a net-lease REIT, we do not control the day-to-day operations and activities at our properties that are leased to tenants. Generally, our tenants have exclusive control over, and the ability to institute energy conservation and environmental management programs at, our properties. While we are not able to mandate the sustainability practices of our tenants, our leases generally require our tenants to fully comply with all applicable environmental laws, rules and regulations, and our asset management department actively monitors our properties in an effort to ensure that tenants are meeting their obligations with respect to environmental matters. Prior to acquiring a property, we obtain a Phase I environmental site assessment to seek to identify any environmental issues and structure the related lease accordingly.

Our Green Lease. The properties in our portfolio are generally leased to our tenants under long-term triple net leases, which give our tenants exclusive control over and the ability to institute energy conservation and environmental management programs at our properties. Our standard lease form, which we use in our sale-leaseback transactions, provides us with the contractual right to make sustainability improvements to our properties and to require our tenants to periodically provide us, at least annually, with information regarding their resource consumption, such as electricity and water usage. We believe that being aware of and, to the extent that we are able and choose to do so, addressing environmental issues are important aspects of maintaining a business that is successful and sustainable over the long-term. Accordingly, we believe that supporting our tenants’ efforts to implement sustainability initiatives enhances their operations and prospects for success and therefore our own. During the year ended December 31, 2025, approximately 90% of our 270 new property investments were leased pursuant to our Green Lease. As of December 31, 2025, 57% of our properties were leased pursuant to our Green Lease or otherwise included green lease terms, reflecting our ongoing commitment to integrating sustainability into our leasing strategy.

Sustainability Partnership. Since 2022, we have had an arrangement (the “Essential Sustainability Partnership”) with Budderfly, Inc. (“Budderfly”), a growing Energy-Efficiency-as-a-Service provider in the United States. Our Essential Sustainability Partnership intends to deploy significant energy infrastructure improvements designed to improve the energy efficiency at our buildings and to deliver operating savings to our tenants through a guaranteed monthly utility usage reduction. Through the Essential Sustainability Partnership, we invest capital in energy-efficient technologies and equipment upgrades that Budderfly installs and manages at no cost to our tenants. A 6% energy cost savings per month is passed through to the tenant. The sustainability upgrades may include, but are not limited to: the installation of LED lighting and lighting controls, higher efficiency HVAC units along with HVAC controls and monitoring, refrigeration controls and monitoring, solar solutions, and net metering and controls through Budderfly’s Facility Smart Grid System. As part of the Essential Sustainability Partnership, for each agreement our tenants enter into with Budderfly and for which we invest the capital for the energy efficiency upgrades, Budderfly will identify, apply for and seek to obtain payments, grants, credits or similar financial incentives related to the upgrades, which will contribute to the return we achieve on our investment.

Our Offices. In addition to assisting our tenants with their sustainability initiatives, we recognize that our Company has a direct carbon footprint at space occupied by us that we are committed to reducing. We emphasize sustainability at our corporate offices, lease space in buildings that are certified under the EPA’s Energy Star certification program and implement sustainability measures that seek to reduce our environmental impact and carbon footprint, such as:

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Corporate Culture and Employees

We seek to provide a dynamic and rewarding work environment that promotes the retention and career development of our employees and is a differentiating factor in our ability to attract new talent. We strive to offer our employees attractive and equitable compensation, regular opportunities to participate in professional development activities, outlets for civic engagement, and reasonable flexibility to allow a healthy work-life balance. Our employees further our commitment to social responsibility through their efforts to become involved in outside organizations that promote education, environmental and social well-being.

We are committed to seeking to maximize value for our stockholders and believe it’s essential for all of our employees to be aligned in that commitment. For that reason, all of our employees participate annually in our equity incentive program. All of our employees are, or will have the opportunity to become, stockholders in EPRT.

We have built a diverse and inclusive culture that encourages, supports and celebrates our employees’ diverse voices and experiences. We believe a diverse employee base enhances our execution as a company, encourages innovative thinking, and increases alignment with our tenants and the community around us. Diversity, equity and inclusion are key to executing our business plan and generating differentiated results. The following charts highlight our workforce diversity as of December 31, 2025:

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We value equal opportunity in the workplace and fair employment practices. We have a talented and diverse group of employees, and we are committed to maintaining an inclusive and rewarding work environment. Among the programs and benefits that we offer employees are:

Our commitment to maintaining a positive work environment extends beyond offering attractive compensation and opportunities for professional development. We actively promote a dynamic and inclusive work environment by:

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GOVERNANCE

Proposal No. 1—Election of Directors

The number of directors that serve on the Board is currently set at eight and may be fixed from time to time by the Board in the manner provided in the Company’s bylaws, except that the total number of directors may never be fewer than one or, unless our Bylaws are amended, more than fifteen (15). In accordance with the Company’s bylaws and Maryland law, directors are elected to serve until the next annual meeting of stockholders and until their successors are duly elected and qualify or until their earlier removal, resignation or death. Mr. Estes, an independent member of our Board, serves as its non-executive Chair. Our Board has the following four standing committees, each of which is comprised entirely of independent directors: Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and Investment Committee.

Director Nominees

Each of the eight director nominees listed above currently serves as a director of the Company, and their biographies can be found below under “—Biographical Information Regarding the Board.” Each director was elected to our Board by our stockholders at our 2025 Annual Meeting of Stockholders, except for Ms. Smallwood, who was elected to our Board by our directors on July 15, 2025. Each of the eight director nominees was recommended by the Nominating and Corporate Governance Committee and nominated by the Board to stand for election at the Annual Meeting.

In selecting director nominees, the Board seeks to monitor the mix of experience, qualifications, attributes and skills of its members in order to ensure that the Board, as a whole, has the necessary tools to perform its oversight function effectively in light of the Company’s business and structure. For more information about the qualifications and skills of each of the director nominees, see “—Background and Experience of Directors.”

Vote Required

The affirmative vote of a plurality of all the votes cast, virtually or by proxy, at the Annual Meeting in the election of directors is required for the election of a nominee as a director. This means the eight nominees receiving the greatest number of votes will be elected. Stockholders of the Company are not permitted to cumulate their votes for the election of directors. Unless contrary instructions are given, shares represented by duly authorized proxies

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solicited by the Board will be voted FOR the election of each of the nominees named above. At this time, the Board knows of no reason why any of the nominees listed above may not be able to serve as a director if elected. If any person named as a nominee should be unable or unwilling to stand for election at the time of the Annual Meeting, shares represented by duly authorized proxies may be voted for a replacement nominee designated by the Board or the Board may reduce the number of directors to be elected at the Annual Meeting.

Board Recommendation

The Board unanimously recommends that you vote “FOR” the election of each of the nominees named above.

Board Refreshment and Key Board Characteristics

Our Board is committed to periodic board refreshment, which we believe promotes effective board structure and composition. We seek to add directors who contribute to diversity of background, expertise, perspective, age, gender and ethnicity.

In January 2020, we elected each of Lawrence J. Minich, Heather L. Neary and Janaki Sivanesan to our Board, and in July 2025 we elected Kristin L. Smallwood to our Board. These directors added expertise, perspective, and age and gender diversity. Our Board currently has the following key characteristics:

Diverse: 50% of our Board is female.

Independent: Seven of our eight directors (i.e., all of our directors other than our Chief Executive Officer), or 88%, are independent.

Refreshed: 50% of our directors were initially elected since January 2020.

Young: 75% of our directors are in their 50s.

Biographical Information Regarding the Board

Set forth below is biographical information for each director nominee, each of whom currently serves as a director of the Company.

Joyce DeLucca. Ms. DeLucca has served as a director since 2018. Ms. DeLucca is a Partner of BD Capital Management LLC, a private investment firm focusing on performing and distressed commercial real estate. Until December 2020, Ms. DeLucca was Managing Director at Hayfin Capital Management, LLC, a private investment firm focusing on direct lending, special opportunities, high yield credit and securitized credit. Ms. DeLucca joined Hayfin in January 2018, when Hayfin acquired Kingsland Capital Management LLC. Kingsland was an investment manager specializing in collateralized loan obligations and leveraged credit that was founded by Ms. DeLucca in January 2005, and where she served as Managing Principal and Chief Investment Officer. Ms. DeLucca’s career spans 32 years in the debt capital markets, including management of high yield, leveraged loan, distressed and mezzanine assets. Prior to establishing Kingsland, Ms. DeLucca was a Managing Principal at Katonah Capital, an asset manager focusing on leveraged loans and high yield bonds, from 2000 to 2004. Previously, Ms. DeLucca was a Managing Director at Chase Manhattan Bank, where she co-founded Octagon Credit Investors, from 1995 until 1999. Ms. DeLucca was also a Portfolio Manager and Investment Advisor at Fisher Brothers from 1989 to 1995, where she focused on distressed and high yield investing. She began her career as a trader and analyst with Bernstein Macaulay’s high yield bond and mortgage-backed securities divisions, where she was employed from 1986 to 1989. Ms. DeLucca served on the Regulatory and Board Nominating Committees of the Loan Sales and Trading Association from 2006 to 2010. She received a B.S. in Finance from Ithaca College in 1986 and is a CFA charterholder.

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Scott A. Estes. Mr. Estes has served as a director since 2018, and as the Chair of our Board since January 2024. Mr. Estes served as Executive Vice President-Chief Financial Officer of Welltower Inc. (“Welltower”), a NYSE-listed, S&P 500 constituent REIT focused on healthcare infrastructure, from January 2009 to October 2017. Mr. Estes served as Senior Vice President and Chief Financial Officer of Welltower from March 2006 to January 2009 and as Vice President of Finance of Welltower from April 2003 to March 2006. From January 2000 to April 2003, Mr. Estes served as a Senior Equity Research Analyst and Vice President with Deutsche Bank Securities, a financial services firm, with primary coverage of the Healthcare REIT and Healthcare Services industry sub-sectors. Previously, Mr. Estes served as a Vice President of Bank of America Securities from January 1998 through December 1999 and as an Associate Analyst and Vice President at Morgan Stanley from March 1994 through December 1997. Mr. Estes is a member of the board of trustees of JBG Smith Properties, a NYSE-listed REIT that owns, operates, invests in and develops a mixed-use portfolio of office, multifamily and retail assets concentrated in leading urban infill submarkets in and around Washington, DC, where he serves as the Chair of the Audit Committee. Since August 2022, Mr. Estes has served on the board of directors of American Healthcare REIT, Inc., a NYSE-listed REIT that owns and manages a portfolio of healthcare real estate assets, where he serves as Chair of the Audit Committee. Mr. Estes received his B.A. in Economics in 1993 from The College of William and Mary.

Peter M. Mavoides. Mr. Mavoides has been our President and Chief Executive Officer since 2018, and he held similar positions since March 2016 at Essential Properties Realty Trust LLC, which became our operating partnership in connection with our June 2018 initial public offering. From September 2011 through February 2015, Mr. Mavoides was the President and Chief Operating Officer of Spirit Realty Capital, Inc. (“Spirit”), an NYSE-listed REIT that invests primarily in single-tenant, net leased real estate. While at Spirit, Mr. Mavoides was instrumental in transforming that company from a private enterprise, with approximately $3.2 billion of total assets and 37 employees at the time of its September 2012 initial public offering, to a public company with approximately $8.0 billion of total assets and over 70 employees at the time of his departure in February 2015. During his tenure at Spirit, Mr. Mavoides chaired the company’s investment committee and led the team that created the infrastructure that acquired over 150 separate investments with an aggregate purchase price of nearly $2.0 billion and an average investment per property of $2.6 million over a period of approximately three years. Mr. Mavoides previously worked for Sovereign, as its President and Chief Executive Officer, from May 2003 to January 2011. Sovereign is a private equity firm that focuses on investment opportunities relating to long-term, net-leased real estate. While at Sovereign, Mr. Mavoides developed and implemented a business plan pursuant to which Sovereign grew from a startup to a leading investor focused on single-tenant, net leased properties, and he implemented an investment strategy pursuant to which over $1.0 billion was invested in net lease transactions. During his tenure at Spirit and Sovereign, Mr. Mavoides was instrumental in structuring the investment of approximately $4.0 billion in net lease assets. Prior to joining Sovereign, Mr. Mavoides was employed by Eastdil Realty, a subsidiary of Wells Fargo Bank, and worked in the banking group at Citigroup, where he focused on the structuring of sale-leaseback transactions. Mr. Mavoides received a B.S. from the United States Military Academy and an M.B.A. from the University of Michigan.

Lawrence J. Minich. Mr. Minich has served as a director since 2020. Mr. Minich retired in 2019 as an executive officer of Hotshine Holdings, Inc. (d/b/a Mister Car Wash), a private equity-backed company that went public on the NYSE in June 2021. Mister Car Wash is one of the largest car wash operators in the United States. Mr. Minich served as the company’s Chief Financial Officer from 1999-2013, at which time he relinquished that position as part of the company’s management succession plan, and from 2014-2019 he served as a Vice President of and Special Advisor to Mister Car Wash. During that later period, Mr. Minich continued to work with the company’s acquisition team in evaluating and negotiating acquisitions, including the sourcing and negotiation of sale-leaseback transactions. He also served on the company’s investment committee and as an advisor to senior management on strategic, operational and administrative matters. Prior to his affiliation with Mister Car Wash, Mr. Minich worked as a financial consultant from 1997-1999 and served as Senior Vice President & Treasurer of Blue Coral, Inc., a privately held manufacturing company in the automotive aftermarket, from 1981-1996, when the company was sold to Quaker State Oil. Earlier in his career, from 1970-1981, Mr. Minich worked in the audit department of Arthur Andersen & Co. Mr. Minich received his B.S. in Accounting from the University of Akron in 1970 and his CPA certificate in 1972.

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Heather L. Neary. Ms. Neary has served as a director since 2020. Ms. Neary has served as the President and CEO of Taco John’s, a 400 unit quick service restaurant franchise operator, since March 2024. From March 2021 through January 2024, Ms. Neary served as Brand President/KBP Bells for KBP Brands, a large franchisor of Taco Bell, KFC and Arby’s operating properties. From November 2015 through January 2021, Ms. Neary was the President of Auntie Anne’s, a leading soft pretzel franchisor, with more than 1,800 locations in 48 states and over 25 countries. Ms. Neary joined Auntie Anne’s in 2005 and held positions of increasing responsibility, including Vice President, Global Marketing immediately prior to her promotion to President in 2015. During her tenure at Auntie Anne’s, Ms. Neary was responsible for various functions, including overseeing marketing, communications, operations, research and development, product innovation and the franchisee leadership team. Prior to joining Auntie Anne’s, Ms. Neary held roles in marketing and as a managing editor for a business magazine. In addition to her commercial activities, Ms. Neary serves on the Board of Directors for the National Restaurant Association. She also serves on the Board of Advisors for Penn State Harrisburg and the Advisory Board for Alex’s Lemonade Stand Foundation. Ms. Neary received a B.A. from Millersville University in 1999 and an M.B.A. from Penn State University in 2009.

Stephen D. Sautel. Mr. Sautel has served as a director since 2018. Mr. Sautel is a private investor and serves on the board of several companies engaged in diverse businesses. From 2021 to 2023, Mr. Sautel served as a director of Horizon Acquisition Corporation II, a special-purpose acquisition company, and from 2017 to 2022, Mr. Sautel served as a director of CBAM Holdings, LLC, which was sold to affiliates of the Carlyle Group, Inc. in 2022. From 2014 to 2018, Mr. Sautel served as a director of Guggenheim Partners Investment Management Holdings, LLC, a diversified institutional investment management firm. From 2001 to 2014, Mr. Sautel was an investment professional at Guggenheim Capital, LLC, where he held the titles of Senior Managing Director and Chief Operating Officer of the Investments Business. While at Guggenheim, Mr. Sautel co-founded the firm’s credit investing business and later was responsible for supervising the firm’s investment management operations. Prior to Guggenheim, Mr. Sautel worked at J.H. Whitney & Co., First Chicago Capital Markets, and Arthur Andersen & Co. Mr. Sautel received a B.B.A. from the University of Kentucky in 1991 and an M.B.A. from the University of Michigan in 1996. Mr. Sautel is a CFA charterholder.

Janaki Sivanesan. Ms. Sivanesan has served as a director since 2020. Ms. Sivanesan is a practicing attorney and private investor in early stage and middle market companies. She was also a founding principal of a private equity firm focused on middle market investments. Ms. Sivanesan has over 20 years of legal experience, including practicing as a partner at large international firms. As an independent sponsor-principal and as a legal advisor, Ms. Sivanesan has participated in a wide range of transactions, including mergers and acquisitions, complex corporate financings and restructurings. Ms. Sivanesan has structured and negotiated private equity and debt investments in a range of industries, including technology, healthcare, oil and gas, and real estate development. Ms. Sivanesan also has experience in cross-border transactions related to manufacturing and outsourcing, and is knowledgeable with respect to business operations in India. Ms. Sivanesan has been a member of the Board of Directors of Hurco Companies, Inc. (Nasdaq Global Select Market: HURC), an international industrial technology company, since 2008. Ms. Sivanesan received her Bachelors of Arts in Business Administration, finance, magna cum laude, from Kennesaw State University in 1991 and her Juris Doctor, cum laude, from Case Western Reserve University School of Law in 1995.

Kristin L. Smallwood. Ms. Smallwood has served as a director since July 2025. Ms. Smallwood spent almost 30 years with PricewaterhouseCoopers L.L.P., or PwC. Ms. Smallwood was a partner with PwC from 2006 until her retirement in 2025. Ms. Smallwood served a broad spectrum of publicly traded and privately held clients in an audit capacity focused on complex issues in accounting, auditing, risk management, and regulatory and securities matters. Ms. Smallwood also served clients in a non-audit capacity in the Transaction Services Practice focused on sell-side and buy-side analysis and complex transactional accounting such as sale-leaseback and purchase price allocation accounting. Her leadership experience with PwC includes service as the US Automotive Assurance Sector Leader from 2015 until 2018. Prior to PwC, Ms. Smallwood worked at Michigan National Bank in commercial lending from 1991 to 1994. Ms. Smallwood serves on the Board of Directors of United Way for Southeastern Michigan as the Audit Committee Chair. Ms. Smallwood also serves on the Board

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of Directors of Inforum, a not-for-profit organization focused on accelerating careers for women in business. Ms. Smallwood received a B.A. in Economics from Albion College in 1991 and an M.B.A. in Finance from the University of Michigan in 1996. Ms. Smallwood is a Certified Public Accountant.

Background and Experience of Directors

When considering whether directors have the experience, qualifications, attributes and skills to enable the Board to satisfy its oversight responsibilities effectively in light of our business and structure, the Board focused primarily on each person’s background and experience as reflected in the information disclosed in each of the directors’ individual biographies set forth above. The Board believes that the director nominees provide an appropriate mix of experience, qualifications, attributes and skills relevant to our business. In particular, the Board considered the following important characteristics, among others, with respect to each director:

Board Leadership Structure

Our Board currently consists of eight members, each of whom is currently serving for a term expiring at the Annual Meeting and upon the election and qualification of his or her successor.

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The Board has no fixed policy with respect to the separation of the offices of Chair of the Board and Chief Executive Officer. The Board retains the discretion to determine, at any time, whether to combine or separate the positions as it deems to be in the best interests of the Company. However, the Board currently believes that separating the positions of Chief Executive Officer and Chair is an integral part of effective corporate governance, because it improves the ability of the Board to exercise its oversight role by having a director who is not a member of management serve as the Chair of the Board.

Board Executive Sessions

The non-employee members of the Board meet in executive session without management present at the conclusion of each regular Board meeting. Mr. Estes, the Chair of our Board, acts as the Chair at all of these executive sessions.

Board of Directors Role in Risk Oversight

One of the key functions of our Board is informed oversight of our risk management process. Our Board administers this oversight function directly, with support from its four standing committees, the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Investment Committee, each of which oversees our management of risks specific to its respective areas of oversight. In particular, as more fully described below, our Audit Committee has the responsibility to consider and discuss our major financial risk exposures and the steps our management has taken to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. The Audit Committee also monitors compliance with legal and regulatory requirements, in addition to oversight of the performance of our internal audit function. Our Compensation Committee assesses and monitors whether any of our compensation policies and programs have the potential to encourage excessive risk-taking. See “Executive Compensation—Compensation Risk Assessment.” Our Nominating and Corporate Governance Committee provides oversight with respect to corporate governance and ethical conduct and monitors the effectiveness of our corporate governance guidelines. As part of its oversight of our governance and related policies and procedures, the Nominating and Corporate Governance Committee also monitors enterprise-level and ESG specific risk. Our Investment Committee reviews and approves certain of our proposed investments.

Meetings and Attendance

During the year ended December 31, 2025, the Board met nine times. No director attended fewer than 75% of the total number of Board meetings and committee meetings on which he or she served that were held during the year ended December 31, 2025 and that were held while such person was a director of the Company or member of such committee. The Board has four standing committees: the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Investment Committee. The charters of the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee are available on our investor relations website at http://investors.essentialproperties.com. The Board may establish other committees as it deems necessary or appropriate from time to time. We do not have a formal policy regarding attendance by members of the Board at annual meetings of stockholders. Ms. Neary and Messrs. Estes, Mavoides and Minich attended our 2025 annual meeting of stockholders.

Board Committees

Audit Committee

Our Board has adopted an Audit Committee charter, which defines the Audit Committee’s principal functions, including oversight related to:

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The Audit Committee is also responsible for engaging, evaluating, compensating and overseeing an independent registered public accounting firm, reviewing with the independent registered public accounting firm the plans for and results of the audit engagement, approving services that may be provided by the independent registered public accounting firm, including audit and non-audit services, reviewing the independence of the independent registered public accounting firm, considering the range of audit and non-audit fees and reviewing the adequacy of our internal accounting controls. The Audit Committee also prepares the audit committee report required by SEC regulations to be included in our annual report or proxy statement.

During the year ended December 31, 2025, the Audit Committee met four times. The current members of the Audit Committee are Mses. Sivanesan and Smallwood and Messrs. Estes and Minich. Our Board has determined that (i) each of Ms. Sivanesan, Ms. Smallwood, Mr. Estes and Mr. Minich qualifies as an “audit committee financial expert,” as such term has been defined by the SEC in Item 407(d)(5) of Regulation S-K, and (ii) each member of our Audit Committee is “financially literate” as that term is defined by NYSE listing standards and meets the definition for “independence” for the purposes of serving on our Audit Committee under NYSE listing standards and Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Compensation Committee

Our Board has adopted a Compensation Committee charter, which defines the Compensation Committee’s principal functions to include:

The Compensation Committee has the authority, in its sole discretion, to retain or obtain the advice of an independent compensation consultant, legal counsel or other adviser as it deems appropriate. The committee may form and delegate authority to subcommittees consisting of one or more members when it deems appropriate.

During the year ended December 31, 2025, the Compensation Committee met four times. The current members of the Compensation Committee are Mr. Estes and Mses. DeLucca and Neary. Our Board has determined affirmatively that each member of our Compensation Committee meets the definition for “independence” for the purpose of serving on our Compensation Committee under applicable rules of the NYSE, and each member of our Compensation Committee meets the definition of a “non-employee director” for the purpose of serving on our Compensation Committee under Rule 16b-3 of the Exchange Act.

Nominating and Corporate Governance Committee

Our Board has adopted a Nominating and Corporate Governance Committee charter, which defines the Nominating and Corporate Governance Committee’s principal functions, to include:

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In addition, the Nominating and Corporate Governance Committee monitors our overall risk management process at an enterprise level, and during 2025 evaluated various risks and operational initiatives and the processes in place to monitor and mitigate such risks.

During the year ended December 31, 2025, the Nominating and Corporate Governance Committee met four times. The current members of the Nominating and Corporate Governance Committee are Messrs. Minich and Sautel and Mses. Neary and Sivanesan. Our Board has determined affirmatively that each member of our Nominating and Corporate Governance Committee meets the definition of independent under NYSE listing standards.

The Nominating and Corporate Governance Committee considers candidates for director suggested by its members, as well as by management and our stockholders, if such candidates meet the Nominating and Corporate Governance Committee’s criteria for Board membership, evaluating them in the same manner in which the committee evaluates other candidates. Such recommendations should be made in writing to the Nominating and Corporate Governance Committee or the Secretary of the Company and should include a description of the qualifications of the proposed candidate.

A stockholder who desires to suggest a prospective nominee for the Board should notify the Secretary of the Company, at 5 Vaughn Dive, Suite 202, Princeton, New Jersey 08540. The Nominating and Corporate Governance Committee has the authority and right to retain a search firm to identify or evaluate potential nominees if it so desires.

In evaluating candidates to serve on the Board, the Nominating and Corporate Governance Committee’s objective is to select individuals with experience, qualifications, attributes and skills that can assist the Company and the Board in achieving their objectives. The Nominating and Corporate Governance Committee considers (i) individual qualifications, including relevant career experience, strength of character, maturity of judgment, experience in, and familiarity with, the Company’s business and industry and (ii) all other factors it considers appropriate, which may include age, diversity of background, existing commitments to other businesses, potential conflicts of interest, legal considerations, corporate governance background (including experience as a board member or officer of another publicly held company), financial and accounting background, executive compensation background and the size, composition and combined expertise of the existing Board. Though neither the Board nor the Nominating and Corporate Governance Committee has a formal policy concerning diversity, the Board values diversity, believes diversity should be considered in the director identification and nominating process, and seeks director nominees that have a diverse range of views, backgrounds and leadership, as well as business experience. The Nominating and Corporate Governance Committee also considers the extent to which the candidate would fill a present need on the Board.

Once the Nominating and Corporate Governance Committee has identified a prospective nominee, the committee will make an initial determination as to whether to conduct a full evaluation of the candidate. This initial determination will be based on the information provided to the Nominating and Corporate Governance Committee with the recommendation of the prospective candidate, as well as the Nominating and Corporate

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Governance Committee’s own knowledge of the prospective candidate, which may be supplemented by inquiries to the person making the recommendation or others.

As set forth in the Company’s current bylaws, the window for stockholders to provide notice of stockholder nominations, which must contain the information required by the Company’s bylaws, is not earlier than the 150th day and not later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date the Company’s Proxy Statement was released to stockholders in connection with the previous year’s annual meeting. In addition to satisfying the notice requirements under our bylaws, stockholders who intend to solicit proxies in support of director nominees other than management’s nominees must comply with the additional requirements of Rule 14a-19(b) under the Exchange Act, including, among other things, providing a statement that such stockholder intends to solicit the holders of shares representing at least 67% of the voting power of the Company’s shares entitled to vote on the election of directors in support of director nominees other than management’s nominees at least 60 days before the anniversary of the prior year’s annual meeting of stockholders. Please see “Other Matters – Stockholder Proposals for the 2027 Annual Meeting.”

Investment Committee

The Board has also implemented an Investment Committee, comprised of three of our independent directors, to review and approve certain of our proposed investments that fall outside of management’s standard approval authority based on the size of the total investment or the type of investment, among other things. During the year ended December 31, 2025, the Investment Committee met four times. The current members of the Investment Committee are Mses. DeLucca and Sivanesan and Mr. Minich.

Corporate Governance Guidelines and Code of Conduct

The Board has adopted Corporate Governance Guidelines and a Code of Business Conduct and Ethics that applies to all of our directors, officers and employees. The current versions of these and other corporate governance documents are available free of charge on the Company’s website (http://www.essentialproperties.com) in the investor relations section under Governance Documents and in print to any stockholder who requests copies by contacting the Company at 5 Vaughn Drive, Suite 202, Princeton, New Jersey 08540, Attention: Secretary.

Anti-Hedging, Anti-Pledging and Anti-Short Sale Policies

The Board considers it inappropriate for any director, officer or employee of the Company to enter into transactions that allow such a holder to own securities issued by the Company (or securities exercisable, convertible into or exchangeable therefor) without the full risks and rewards of ownership, as this potentially separates the holder’s economic interests from those of other security holders. Therefore, the Company prohibits the purchase or sale of puts, calls, options or other derivative securities based on the Company’s securities by directors, officers or employees of the Company. Hedging or monetization transactions, such as forward sale contracts, in which the stockholder continues to own the underlying security without all the risks or rewards of ownership are also prohibited by such persons. Further, members of our Board and executive officers are prohibited from pledging or otherwise encumbering Company securities as collateral for indebtedness. Additionally, our directors, officers and employees are prohibited from engaging in short sales of our common stock.

Family Relationships

There are no family relationships among any of our directors or executive officers.

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Director Compensation

2025 Director Compensation Table

The following table shows the compensation earned by our non-employee directors for services during 2025. Directors employed by us are not entitled to receive compensation for their services as a director. Mr. Mavoides, our President and Chief Executive Officer and a member of our Board, received no separate compensation for serving on our Board during 2025. Please see the “2025 Summary Compensation Table” for a summary of the compensation received by Mr. Mavoides with respect to 2025.

With respect to 2025, the Board approved adjustments to the non-employee director compensation program following a review of market data. The analysis showed that the Company’s non-employee director compensation, last updated in 2022, was below the 25th percentile of the peer group. The 2025 adjustments are intended to better align compensation with market practices and maintain competitive positioning among peers.

In 2025, each of our non-employee directors received, as compensation for services as a director, an annual award of $120,000 of RSUs, with the actual grant date fair value determined by dividing $120,000 by our stock price on the grant date and rounding down to the nearest share, and an annual cash retainer of $70,000. The equity awards granted to our non-employee directors were made pursuant to our Essential Properties Realty Trust, Inc. 2023 Incentive Plan (the “2023 Incentive Plan”) and are scheduled to vest on the earlier to occur of (i) the first anniversary of the date of grant and (ii) the first annual meeting of the Company’s stockholders that occurs after the date of grant, subject to the director’s continued service on our Board. Our Chair, Mr. Estes, received an additional annual cash retainer of $120,000. Directors who served on our Audit Committee, other than the chair of the committee, received an additional annual cash retainer of $12,500, directors who served on our Compensation Committee, other than the chair of the committee, received an additional annual cash retainer of $10,000 and directors who served on our Nominating and Corporate Governance Committee, other than the chair of the committee, received an additional annual cash retainer of $8,750. The director who served as chair of the Audit Committee received an additional annual cash retainer of $25,000, the director who served as chair of the Compensation Committee received an additional annual cash retainer of $20,000 and the director who served as chair of the Nominating and Corporate Governance Committee received an additional annual cash retainer of $17,500. Directors who served on the Investment Committee do not receive a separate cash retainer for this service.

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Directors receive pro-rated amounts of the annual cash retainer and annual RSU award for the portion of the first year in which they are appointed or elected to serve as a Board member or committee chair. In addition, to provide an immediate alignment with the interests of our stockholders, a newly appointed or elected director may receive an initial RSU award, with the amount determined based on the input of the Compensation Committee’s compensation consultant.

Director Independence

After reviewing all relevant relationships and considering the NYSE requirements for independence, the Board has determined that each of Messrs. Estes, Minich and Sautel, and Mses. DeLucca, Neary, Sivanesan and Smallwood is an “independent director” as such term is defined by the applicable rules and regulations of the NYSE.

Certain Relationships and Related Party Transactions

Our Board has adopted a written policy regarding certain transactions with related parties, which we refer to as our “related party transaction policy.” Our related party transaction policy requires all “related party transactions” to be promptly disclosed to the person designated by our Chief Executive Officer as the compliance officer. All related party transactions must be approved or ratified by either the Board or a duly authorized committee thereof composed of independent directors. As a general rule, directors interested in a related party transaction will recuse themselves from any vote on a related party transaction in which they have an interest. The Board or an appropriate committee thereof will consider all relevant facts and circumstances when deliberating such transactions, including whether such transactions are in the best interests of the Company.

A “related party transaction” is a transaction directly or indirectly involving any “related party” that is required to be disclosed under Item 404(a) of Regulation S-K. In general, Item 404(a) requires disclosure of any transaction occurring during a fiscal year, or any currently proposed transaction, involving the Company where the amount involved exceeds $120,000, and in which any related person had or will have a direct or indirect material interest. In general, a “related party” is any person who is or was a director, nominee for director, or executive officer of the Company at any time since the beginning of the relevant fiscal year; any person known by the Company to be the beneficial owner of more than 5% of the Company’s common stock when the transaction is expected to occur; and immediate family members of persons in the foregoing categories.

During 2025 and through the date hereof, the Company did not have any related party transactions, and the Company does not have any currently proposed related party transactions.

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EXECUTIVE COMPENSATION

Proposal No. 2—Advisory Vote to Approve the Compensation of our Named Executive Officers

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) and Rule 14a-21 under the Exchange Act, the Company requests that our stockholders cast a non-binding, advisory vote to approve the compensation of the Company’s named executive officers (“NEOs”) identified under the “Compensation Discussion and Analysis” section in this Proxy Statement. This proposal, commonly known as the “say-on-pay” proposal, gives our stockholders the opportunity to express their views on the compensation of our NEOs. This vote is not intended to address any specific item of compensation, but rather the overall compensation of our NEOs. Accordingly, we ask our stockholders to vote “FOR” the following resolution at the Annual Meeting:

“RESOLVED, that the Company’s stockholders approve, on an advisory basis, the compensation of the Company’s named executive officers, as disclosed in the Company’s Proxy Statement for its 2026 Annual Meeting of Stockholders pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis, the Summary Compensation Table and the other related tables and disclosures.”

Details concerning how we implement our compensation philosophy and structure our plans to meet the objectives of our compensation program are provided in the section titled “Compensation Discussion and Analysis” set forth in this Proxy Statement. In particular, we discuss how we design performance-based compensation programs and set compensation targets and other objectives to maintain a close correlation between executive pay and Company performance.

This vote is advisory and will not be binding upon the Company, the Board or the Compensation Committee, nor will it create or imply any change in the duties of the Company, the members of the Board or the members of the Compensation Committee. The Board and the Compensation Committee will, however, take into account the outcome of the vote when considering future executive compensation decisions. The Board values constructive dialogue on executive compensation and other significant governance topics with the Company’s stockholders and encourages all stockholders to vote their shares on this important matter.

Vote Required

Approval, on an advisory basis, of the compensation of the Company’s NEOs, as disclosed in this Proxy Statement, requires the affirmative vote of a majority of the votes cast, virtually or by proxy, on the matter at the Annual Meeting.

Board Recommendation

The Board unanimously recommends that you vote “FOR” the resolution to approve, on an advisory basis, the compensation of the Company’s NEOs as disclosed in this Proxy Statement.

Proposal No. 3—Advisory Vote on Frequency of Future Advisory Votes Approving Executive Compensation of our Named Executive Officers

In accordance with the Dodd-Frank Act, the Company requests that our stockholders cast a non-binding, advisory vote regarding the frequency with which we should include in future annual proxy statements a stockholder non-binding, advisory vote to approve the compensation of our named executive officers, similar to Proposal No. 2 above. By voting on this proposal, stockholders may indicate whether they would prefer that the Company provide for such a stockholder advisory vote at future annual meetings every one year, every two years or every three years.

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The Board determined that it is appropriate to have a stockholder advisory vote every one year to approve, on a non-binding, advisory basis, the compensation of our named executive officers. The Board recognizes the importance of receiving from stockholders their direct input on our compensation philosophy, policies and practices as disclosed in our proxy statements. For that reason, the Board believes that receiving the input more frequently is better. Additionally, an annual advisory vote on executive compensation is consistent with our policy of seeking regular input from our stockholders on our executive compensation philosophy, policies and practices.

Stockholders of the Company will have the opportunity to specify one of four choices for this proposal on the proxy card: (1) every one year; (2) every two years; (3) every three years; or (4) abstain. Stockholders are not voting to approve or disapprove the Board’s recommendation. Rather, stockholders are being asked to express their preference regarding the frequency of future advisory votes to approve executive compensation.

While we intend to carefully consider the voting results of this proposal, this vote is advisory and therefore not binding on the Company, the Compensation Committee or the Board.

Vote Required

Approval of one of the three choices—every one year, every two years or every three years—requires the affirmative vote of a majority of all votes cast, virtually or by proxy, on the matter at the Annual Meeting. However, if none of the frequency options receives the affirmative vote of a majority of the votes cast at the Annual Meeting on the matter, the option receiving the greatest number of votes will be considered the frequency recommended by the Company’s stockholders.

Board Recommendation

The Board unanimously recommends that you vote for a frequency of every “ONE YEAR” for future advisory votes to approve the compensation of our named executive officers.

Executive Officers

Set forth below is biographical information with respect to our Executive Vice President, Chief Financial Officer and Secretary, Mr. Robert W. Salisbury (who was elected to this position effective January 1, 2026), our Executive Vice President and Chief Investment Officer, A Joseph Peil, and our Executive Vice President and Chief Operating Officer, R. Max Jenkins. The biographical information of our President and Chief Executive Officer, Mr. Mavoides, who also serves as a director of the Company, is presented above in the section titled “Governance—Biographical Information Regarding the Board.”

Robert W. Salisbury, age 44. Mr. Salisbury has been our Executive Vice President and Chief Financial Officer since January 2026 and has held positions of increasing responsibility at the Company since August 2023. From 2018 to 2023, Mr. Salisbury was a Senior Vice President and Director of Research at Almanac Realty Investors, the real estate private equity arm of Neuberger Berman, where he was a senior member of the investment team focused on public and private equity and credit investments. From 2014 to 2018, Mr. Salisbury co-managed a real estate securities portfolio at Citadel Investment Group that spanned all property types in US, Europe and Asia. From 2011 to 2014 he also served as an investment analyst at V3 Capital Management and from 2005 to 2011 as an equity research analyst at UBS, Bank of America and Citigroup. Mr. Salisbury graduated from Duke University with a B.A. in Philosophy and is a CFA charterholder.

A Joseph Peil, age 44. Mr. Peil has been our Executive Vice President and Chief Investment Officer since March 2025 and has held similar positions of increasing responsibility at the Company since May 2017. From June 2011 through March 2017, Mr. Peil held positions of increasing responsibility, including Senior Vice President and Head of Credit, for Spirit. Prior to joining Spirit, Mr. Peil was employed by the Arizona State

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Retirement System as an analyst from November 2009 to June 2011 and worked as an analyst at Smith Barney, a subsidiary of Morgan Stanley, from October 2005 to November 2009. Mr. Peil graduated from Gonzaga University with a B.A. in Philosophy and is a CFA charterholder.

R. Max Jenkins, age 35. Mr. Jenkins has been our Executive Vice President and Chief Operating Officer since March 2025 and has held similar positions of increasing responsibility at the Company since March 2018. Previously, from May 2012 to March 2018, Mr. Jenkins served various roles in the Army as an Infantry Officer to include as a Captain with the 75th Ranger Regiment where he deployed in support of Operation Freedom’s Sentinel. Mr. Jenkins graduated from the United States Military Academy at West Point with a B.S. in Engineering Management with Honors.

Compensation Discussion and Analysis

In this section, we describe the material components of our executive compensation program for our NEOs, whose compensation is set forth in the 2025 Summary Compensation Table and other compensation tables contained in this Proxy Statement. We also provide an overview of our executive compensation philosophy and the factors that we consider relevant to the analysis of our executive compensation program. Our NEOs during 2025 were:

Effective December 31, 2025, Mr. Patten resigned from his roles as Executive Vice President, Chief Financial Officer, Treasurer and Corporate Secretary. In connection with Mr. Patten’s departure, Robert W. Salisbury was appointed as the Executive Vice President and Chief Financial Officer of the Company, effective as of January 1, 2026.

Business Highlights

Our Business. We are an internally managed real estate company 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. We have a diversified portfolio that is comprised of properties leased to tenants in industries such as early childhood education, restaurants (primarily quick service restaurants), medical and dental services, car washes, automotive services, convenience stores and equipment rental and sales.

Highlights of 2025 included the following:

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⁽¹⁾ Non-GAAP financial measure. See Annex A for a reconciliation of non-GAAP financial measures to the

Historical Total Stockholder Return. Our strategic objective is to create value for our stockholders over the long term by delivering strong operational performance, which we believe will result in appreciable total stockholder return (“TSR”), which considers both the change in the price per share of our common stock on the NYSE and the dividends paid per share of common stock during the relevant period. The following charts illustrate our TSR during the three- and five-year periods ended December 31, 2025 and since our initial public

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offering in June 2018 through December 31, 2025, relative to the 2025 Compensation Peer Group (as defined below). As presented in the third chart below, from our initial public offering in June 2018 through December 31, 2025, we have the highest TSR relative to the 2025 Compensation Peer Group.

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Consideration of Prior Say-on-Pay Results

On an annual basis, the Compensation Committee reviews the executive compensation program to evaluate whether it remains strongly aligned with stockholder interest and long-term value creation. As part of its annual review, the Compensation Committee carefully considers shareholder feedback in its ongoing evaluation of the Company’s executive compensation program. At our 2025 Annual Meeting of Stockholders, approximately 95% of the votes cast supported the Company’s 2025 say-on-pay proposal, reflecting continued stockholder support for our executive compensation program. Accordingly, the overall structure of our 2025 executive compensation program remained largely unchanged.

Executive Compensation Program Highlights

Our executive compensation program is designed to appropriately link our NEO compensation to both our short-term operational performance and our long-term market performance. The following table highlights some key features of our executive compensation program. We believe these practices promote substantial alignment with our stockholder’s interests, and reflect good governance and corporate responsibility.

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Compensation Philosophy and Objectives

Our executive compensation philosophy is designed to promote a pay-for-performance culture where our NEOs’ performance must contribute to the achievement of measurable financial performance goals of the Company in order to receive their incentive cash compensation and also must deliver meaningful returns or value for our stockholders relative to our peers in order to vest in their equity incentive compensation. Our principal compensation elements are base salary, short-term incentives and long-term equity incentives, with 81% (on average) of our NEOs’ total direct compensation delivered as performance-based and/or at-risk compensation. As we rely on our principal compensation elements to appropriately incentivize and retain our NEOs, our Compensation Committee is firmly committed to not making any special or one-time awards to our executive officers absent extraordinary circumstances. Each element of our compensation program (discussed in more detail below) is meant to work toward accomplishing the following objectives:

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How We Determine Compensation

Role of the Compensation Committee. The Compensation Committee, operating pursuant to authority delegated to it by the Board, oversees the design, development and implementation of our executive compensation program. The Compensation Committee also administers our compensation plans and awards for the Company’s directors and NEOs and is primarily responsible for reviewing and approving our compensation policies and the compensation paid to our NEOs. The Compensation Committee’s responsibilities are set forth in its written charter.

Role of Management. Our President and Chief Executive Officer works closely with the Compensation Committee and its independent compensation consultant to analyze relevant peer data and to provide input into the compensation program design. Management assists the Compensation Committee’s independent compensation consultant in its review of executive compensation by providing historical compensation information. Management makes recommendations for the program design for the NEOs for consideration by the Compensation Committee, with all compensation decisions made by the Compensation Committee.

Role of Independent Compensation Consultant. In 2025, the Compensation Committee engaged Ferguson Partners Consulting L.P. (“FPC”) as its independent compensation consultant to assist the Compensation Committee with the design of our executive compensation program. FPC provided the Compensation Committee with market data and made recommendations regarding the compensation mix and levels with respect to the 2025 executive compensation program described herein. The Compensation Committee has assessed the independence of FPC pursuant to the NYSE rules and the Company concluded that the work performed by FPC did not raise any conflict of interest.

Competitive Market Analysis. In developing our executive compensation program, the Compensation Committee, with the assistance of FPC and management, gathers and reviews the compensation practices, salary levels and target incentive levels of a group of other publicly traded REITs considered by the Compensation Committee to be comparable to the Company in terms of size, business model and geography.

As part of its annual review of executive compensation, the Compensation Committee, in consultation with FPC, reviews peer group composition and assesses whether any adjustments are appropriate. As described below, the Compensation Committee, with input from FPC, made an adjustment to remove two companies from and add two companies to the peer group used for consideration in determining 2025 compensation.

Using the below methodology, the Compensation Committee, with input from FPC, approved the peer group for use in informing 2025 compensation decisions (the “2025 Compensation Peer Group”). In developing the 2025 Compensation Peer Group, the Compensation Committee considered various factors, including:

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The companies selected for the 2025 Compensation Peer Group, per the methodology described above, are those the Compensation Committee believes are best suited to provide a meaningful review of current market practices. Changes to the peer group were intended to more accurately reflect our size, operational activity and geography. Changes to the 2025 Compensation Peer Group, as compared to the compensation peer group used to evaluate 2024 compensation decisions, are shown below.

The 2025 Compensation Peer Group consisted of the following 12 public REITs:

Source: Bloomberg, data as of December 31, 2025.

Note: When applicable, units in an operating partnership, representing non-controlling interests, are included in Market Capitalization and Total Capitalization (as applicable).

The 2025 Compensation Peer Group was used by the Compensation Committee to evaluate pay level and overall compensation design. We use a different peer group to evaluate TSR, which, as described more fully below under “Long-Term Incentives”, is an element used in evaluating certain aspects of our performance-based compensation and includes companies that we believe are more similar to us in terms of business operations and industry focus and an appropriate measure of our relative performance.

The Compensation Committee does not target compensation at a specific percentile of peer group data. Rather, the Compensation Committee seeks to develop an overall compensation program that is informed by peer group data, as well as other factors that the committee, in its collective judgment, believes to be relevant. Factors that the Compensation Committee considers include an executive’s experience and performance and internal pay equity among the Company’s senior management team (considering each executive’s respective scope of responsibilities and specific skills, and ability to impact business results) and other business events or conditions.

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Elements of 2025 Compensation

For 2025, the compensation of our NEOs consisted of three principal components:

The following chart presents the overall target mix of compensation elements for the CEO and all other NEOs as a group for 2025:

87% of the overall target mix for our CEO is performance-based/at risk and 75% of the overall target mix for our other NEOs is performance-based/at risk.

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Set forth below is a discussion of each of the main components of 2025 compensation for our NEOs. In designing and implementing base salary, short-term incentives and long-term incentives, the Compensation Committee considered, among other things, information provided by FPC to assist it in analyzing the compensation practices of the 2025 Compensation Peer Group and creating an overall compensation program that is designed to be competitive and to appropriately incentivize our NEOs.

Base Salary. Base salary represents the only fixed element of our compensation for our NEOs and is the smallest component of compensation. Base salaries are intended to provide competitive compensation that reflects the overall roles and responsibilities of each executive. For 2025, following a review of competitive market data, base salaries were increased for our NEOs as follows:

Short-Term Incentives. Payment opportunities for cash awards under the annual cash bonus program are expressed as a percentage of base salary and are designed to reflect each individual’s contributions to the Company and the market level of compensation for such position. We have designed our annual cash bonus program to motivate the Company’s executive officers to achieve performance goals established by the Compensation Committee that reinforce our annual business plan, to assist the Company in attracting and retaining qualified executives and to promote the alignment of the NEOs’ interests with those of the Company’s stockholders.

For 2025, the Compensation Committee approved the following threshold, target and maximum cash bonus award opportunities, expressed as a percentage of base salary, for each NEO, which did not change as compared to 2024:

2025 Short-Term Incentive Measures and Actual Performance

The Compensation Committee establishes annual goals based on Company guidance, industry expectations and internal planning. Target levels are intended to be rigorous yet achievable, while maximum levels represent stretch outcomes that drive meaningful stockholder value. For 2025, the Compensation Committee refined the annual cash bonus program to strengthen alignment with key drivers of financial performance, improving line-of-sight and reinforcing our pay-for-performance philosophy. Accordingly, gross investments, same-store rent growth and ESG were removed from the 2025 annual cash bonus program, with weightings reallocated toa profitability metric, AFFO per Share (50%), and a leverage metric, Pro Forma Net Debt-to-Annualized Adjusted EBITDAre Ratio (25%). The following summarizes the Committee’s goal-setting rationale:

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The following table summarizes the 2025 performance criteria, weighting, threshold, target and maximum goals and actual results:

Individual Performance Results. Accomplishments made and considered for the individual metrics include the following:

Based on this assessment, the Compensation Committee determined that each NEO’s contribution to the Company’s success warranted a payout at 90% for the individual performance criteria.

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2025 Payouts. For 2025, each NEO earned a cash bonus based on the weighted achievement of the corporate and individual performance metrics. The table below shows the actual payouts for each NEO under the annual cash bonus program for 2025:

Long-Term Incentives. Long-term incentive awards play a critical role in our compensation program and are designed to (i) align the interests of our NEOs with those of our stockholders by tying a significant portion of their compensation to share value appreciation; (ii) enable us to deliver competitive compensation to our NEOs at levels deemed sufficient to attract, retain and motivate our NEOs; and (iii) motivate and reward long-term operational performance and sustained stock price outperformance. Beginning in 2025, at each NEO’s election, the form of these equity awards may be either RSUs or LTIP Units.

With respect to 2025, the Compensation Committee granted time-based and performance-based long-term incentive awards to our NEOs as follows:

In February 2025, the Compensation Committee approved long-term incentive awards in the following nominal amounts (in thousands). At their election, each of the NEOs were granted their award in the form of LTIP Units.

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In determining the dollar-denominated value of the 2025 long-term incentive awards, the Compensation Committee reviewed the Company’s strong operational and TSR performance over recent years; the roles and responsibilities of each executive; individual performance considerations; and a competitive review of market data provided by FPC. Based on this review, the Compensation Committee approved increases to the target award values for 2025, including an adjustment for our CEO whose target value under the long-term incentive program had not been increased since 2022. The Committee also considered the importance of retaining key leadership in a highly competitive talent market, particularly as the Company continues to outperform its net lease REIT peers.

For the performance-based LTIP Units granted in 2025, the actual number of performance-based LTIP Units that may be earned and become vested will be between 0% and 100% of the number of performance-based LTIP Units granted, depending on the Company’s level of achievement of the performance criteria over the performance period. The specific targets and corresponding award levels are contained in the graphic below:

Threshold, target and maximum performance will result in the NEOs earning 20%, 40% or 100% of the number of performance-based LTIP Units granted, with linear interpolation between specified levels. The profits interests characteristics of LTIP Units mean that performance-based LTIP Units cannot pay out at greater than 100% of the number of LTIP Units granted. Accordingly, these vesting levels are intended to replicate the proportionate vesting structure of performance-based RSUs granted in previous years, under which threshold, target and maximum performance resulted in the NEOs earning 50%, 100% or 250% of the target number of RSUs granted. No performance-based LTIP Units are earned for performance below the threshold level, and payout is capped at 100% of the LTIP Units granted even if performance exceeds the maximum level. In the event that we achieve the target performance level based on relative TSR for the performance period, but our absolute TSR is negative for the performance period, the award eligible to be earned will be reduced by 25%, provided that in no event will the application of such reduction result in the eligibility to vest in an award of less than 40% of the LTIP Units granted.

Performance-based LTIP Units are eligible for vesting at the end of the three-year performance period ending December 31, 2027. If earned, 50% of the earned amount of performance-based LTIP Units will vest on December 31, 2027 and the remaining 50% will vest on December 31, 2028, subject to the NEO’s continued employment.

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LTIP Units. LTIP Units are a common practice for REITs and represent a class of partnership units issued by our operating partnership, Essential Properties, L.P. (the “Operating Partnership”), which are convertible into limited partnership interests in the Operating Partnership (“OP Units”) upon satisfaction of certain conditions, including, depending upon the particular award, those relating to vesting periods or performance criteria, and continued service. LTIP Units are structured in a manner to qualify as “profits interests” for U.S. federal income tax purposes, which means that each such LTIP Unit will not be economically equivalent in value at the time of award to the economic value of an OP Unit. As profits interests, LTIP Units only have value, other than with respect to the right to receive distributions, if the value of the assets of the Operating Partnership increases between the time of issuance of the LTIP Units and the date of a book-up event for partnership tax purposes. The value of the LTIP Units can increase over time until the value of the LTIP Units is equivalent to the value of the OP Units on a one-for-one basis. In addition, under certain circumstances, the OP Units into which LTIP Units have been converted are exchangeable, in whole or in part, for shares of our common stock on a one-for-one basis or cash. The nature of LTIP Units increases the at-risk element of our executive program as there are circumstances under which the value of an LTIP Unit will not achieve equivalence with the value of an OP Unit on a one-for-one basis, and until such parity is reached, the value that a holder could realize for a given number of LTIP Units will be less than the value of an equal number of shares of our common stock and may ultimately be zero. The Compensation Committee believes that the structure by which LTIP Units achieve real value links the value realized by executives with long-term equity value appreciation, in direct alignment with stockholder interests.

Summary of Payout Results of Completed Long-Term Incentive Awards

Results of 2023 Performance-Based RSU Grants

In 2023, Messrs. Mavoides, Patten, Peil and Jenkins each received awards of performance-based RSUs that covered a three-year performance period that ended on December 31, 2025, with (i) 75% of the award eligible to vest based on our TSR relative to the TSR of a peer group specified in the 2023 performance-based RSU grant agreements and identified below (the “2023 TSR Peer Group”) over the performance period, and (ii) the remaining 25% of the award eligible to vest based on the Compensation Committee’s subjective evaluation of the recipient’s achievement of strategic objectives deemed relevant by the Compensation Committee during the performance period (the “2023 Performance RSUs”).

The specific requirements and corresponding award levels for the 75% of the 2023 Performance RSUs which were scheduled to vest based on relative TSR are contained in the table below:

The Company’s TSR during the performance period was 13.40% relative to a TSR of 1.00% at the 50th percentile and 3.10% at the 75^th percentile for the 2023 TSR Peer Group. Accordingly, the Company achieved a TSR above the 75th percentile of the TSR Peer Group, resulting in the 2023 Performance RSUs being earned at 250% of Target with respect to the TSR portion of the award.

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With respect to the 25% of the 2023 Performance RSUs which were scheduled to vest based on a subjective evaluation of the officer’s achievement of relevant strategic objectives, an officer may earn up to 250% of the target award, and the Compensation Committee considered the following factors with respect to Messrs. Mavoides, Patten, Peil and Jenkins:

In evaluating the foregoing subjective matters, the Compensation Committee also considered:

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After careful consideration of the above factors, the Compensation Committee determined that each of Messrs. Mavoides, Peil and Jenkins performed at a level commensurate with a vesting level at 250% of target and Mr. Patten performed at a level commensurate with a vesting level at 125% of target.

Beginning with the 2024 performance-based awards, the subjective component was eliminated and accordingly, the 2023 PSU settlement reflects the final year for this construct.

Based on the above, Messrs. Mavoides, Patten, Peil and Jenkins achieved the performance-based vesting of the 2023 Performance RSUs at 250% of Target for the 75% portion of the 2023 Performance RSUs based on relative TSR and at 250%, in the case of Messrs. Mavoides, Peil and Jenkins, and 125%, in the case of Mr. Patten, for the 25% portion of the 2023 Performance RSUs based on the Compensation Committee’s subjective evaluation of the officer’s achievement of strategic objectives deemed relevant by the Compensation Committee during the performance period. Accordingly, the number of shares earned based on performance with respect to the 2023 Performance RSUs were as follows, with one-half vesting on December 31, 2025 and the remaining one-half scheduled to vest on December 31, 2026:

Results of Mr. Mavoides 2022 Performance-Based RSU Grants

In January 2022, in connection with the execution of his new employment agreement, Mr. Mavoides received an award of performance-based RSUs (the “2022 Performance RSUs”) that covered a four-year performance period that ended on December 31, 2025, with 100% of the award eligible to vest based on achieving the target-level AFFO per share compound annual growth rate (“CAGR”) during the performance period. The “target” number of RSUs (69,372 RSUs) represents 100% of the performance-based RSUs granted and is the number of RSUs that would vest based on achieving the target-level AFFO per share CAGR during the performance period. The “maximum” number of RSUs shown is 200% of the performance-based RSUs granted and is the number of RSUs that would vest based on achieving the maximum-level AFFO per share CAGR during the performance period. The RSUs were scheduled to vest in 50% increments on each of the four-year and five-year anniversary of the grant date, subject to Mr. Mavoides’ continued service through the applicable vesting date.

The specific requirements and corresponding award levels for the 2022 Performance RSUs which vest based on AFFO per share CAGR are contained in the table below:

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The Company’s actual AFFO per share CAGR during the performance period of January 1, 2022 through December 31, 2025 was 8.98%. Accordingly, the Company achieved an AFFO per share CAGR above the maximum performance criteria, resulting in the 2022 Performance RSUs being earned at 200% of target. Accordingly, the number of shares earned based on performance with respect to the 2022 Performance RSUs is set forth below, one-half of which vested on January 5, 2026 and the remaining half scheduled to vest on January 5, 2027, subject to Mr. Mavoides’ continued service through the vesting date:

401(k) Plan

We maintain a qualified 401(k) savings plan for the benefit of our employees, including our NEOs. The 401(k) plan allows participants to contribute up to 100% of his or her pre-tax cash compensation, up to the annual maximum statutory limit allowed under Internal Revenue Service guidelines. Our 401(k) plan allows for discretionary matching of employee contributions. We make matching contributions equal to 100% of the first 6% of eligible compensation contributed by participants. Participants are always vested in both their own contributions to the plan and in our matching contributions to the plan.

Severance and Change in Control Arrangements

Messrs. Mavoides, Peil and Jenkins are eligible, and Mr. Patten, until his resignation from the Company effective December 31, 2025, was eligible for severance payments and benefits in the event of an involuntary termination of employment without “cause” or for “good reason,” as well as certain benefits in connection with a change in control of the Company, pursuant to the terms of their employment agreements. Messrs. Mavoides, Peil and Jenkins are, and Mr. Patten was, also eligible for “double trigger” severance payments and benefits in the event of an involuntary termination of employment without “cause” or a termination of employment with “good reason” in connection with a change in control of the Company. During 2025, Messrs. Peil and Jenkins entered into employment agreements with the Company, which memorialized their compensation terms that had been established in February 2025 and to conform their severance benefits to the benefits received by Messrs. Mavoides and Patten. In connection with his resignation, Mr. Patten did not receive any severance benefits under the terms of his employment agreement.

Our equity awards are also designed to be “double trigger,” so long as such awards are allowed to continue in effect following any change in control transaction on substantially equivalent terms and conditions to those applicable prior to such transaction.

For detailed information on the estimated potential payments and benefits payable to the NEOs in the event of their termination of employment, including following a change in control of the Company, see the section titled “Potential Payments Upon Termination.”

Perquisites and Other Personal Benefits

We do not provide our NEOs with perquisites or other personal benefits.

We do not provide tax reimbursements or any other tax payments, including excise tax “gross-ups,” to any of our executive officers.

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Executive and Board Stock Ownership Requirements

We have implemented stock ownership requirements for our CEO and any other NEO to align the interests of these individuals with the interests of our stockholders. The minimum share requirement is six times base salary for our CEO and three times base salary for other NEOs. Each executive has five years from the later of the date of adoption of the ownership policy or date of appointment to an executive-level position to achieve the requirement. Additionally, we generally require each of our non-employee directors to own a number of shares of common stock with a value equal to at least five times such director’s base annual cash retainer within five years of election to the Board. Our CEO, other NEOs and directors must retain (cannot sell or transfer) 50% of any stock granted as compensation until the ownership guidelines are met.

All vested and unvested time-based RSU or LTIP Units awards, earned performance equity compensation subject to time vesting, and securities convertible into or exercisable or exchangeable for common stock qualify towards satisfaction of the requirement. Unearned performance equity awards and stock options do not qualify towards the requirement.

As of the record date, all of our continuing NEOs satisfy the minimum stock ownership requirements.

Compensation Committee Report

The Compensation Committee has reviewed the disclosures in the section titled “Compensation Discussion and Analysis” contained in the Proxy Statement and has discussed such disclosures with the Company’s management. Based on such review and discussion, the Compensation Committee recommended to the Board of Directors of the Company that the “Compensation Discussion and Analysis” be included in the Proxy Statement and incorporated by reference into the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

This report was delivered by the Compensation Committee on March 26, 2026.

Compensation Committee Interlocks and Insider Participation

None of our NEOs serves, or in the past has served, as a member of the board of directors or compensation committee, or other committee serving an equivalent function, of any entity that has one or more executive officers who serve as members of our Board or our Compensation Committee. None of the members of our Compensation Committee is, or has ever been, an officer or employee of the Company.

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Compensation Tables

2025 Summary Compensation Table

The following table presents compensation paid or awarded to our NEOs with respect to the years ended December 31, 2025, December 31, 2024 and, to the extent required under applicable SEC disclosure rules, the year ended December 31, 2023 (dollar amounts in thousands):

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2025 Grant of Plan-Based Awards

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Outstanding Equity Awards at December 31, 2025

The following table provides information about the outstanding equity-based awards held by each of our NEOs as of December 31, 2025 (dollar amounts in thousands):

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2025 Options Exercised and Stock Vested

The following table sets forth certain information regarding the vesting of equity awards held by each NEO during 2025 (dollar amounts in thousands):

Pension Benefits and Nonqualified Deferred Compensation

We do not provide any retirement benefits other than the opportunity to participate in a 401(k) plan. We do not currently sponsor any qualified or non-qualified defined benefit plans, any non-qualified defined contribution plans or any deferred compensation plans.

Employment Agreements

On January 1, 2022, we entered into an amended and restated employment agreement with Mr. Mavoides. The amended and restated employment agreement for Mr. Mavoides has an initial five-year term, with automatic one-year renewals unless notice of non-renewal is provided by either party. On March 24, 2025, we entered into employment agreements with Messrs. Peil and Jenkins. The employment agreements with Messrs. Peil and Jenkins have an initial three-year term, with automatic one-year renewals unless notice of non-renewal is provided by either party. The employment agreements with Messrs. Mavoides, Peil and Jenkins include non-competition and non-solicitation provisions that generally end one year (for Mr. Mavoides) or six months (for Messrs. Peil and Jenkins) after the executive’s termination of employment.

The employment agreements with Messrs. Mavoides, Peil and Jenkins provide for severance benefits upon a qualifying termination of employment. The employment agreements do not provide for payments or benefits solely upon the occurrence of a change in control.

Under the employment agreements in effect as of December 31, 2025 with Messrs. Mavoides, Peil and Jenkins, if the executive’s employment is terminated by us without “cause” (as defined in the agreements) or by

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the executive for “good reason” (as defined in the agreements), and subject to the executive’s execution and non-revocation of a general release of claims, Messrs. Mavoides, Peil and Jenkins would become entitled to receive: (i) any annual performance bonus awarded for the year prior to termination, to the extent unpaid; (ii) an amount equal to two times (for Mr. Mavoides) or one times (for Messrs. Peil and Jenkins) the sum of (x) the executive’s Base Salary plus (y) the average annual performance bonus actually paid to the executive for the three years prior to the year in which the date of termination occurs; provided, however, that if the date of termination occurs during the 24 months following a Change in Control (as defined in the agreements) (the “CIC Period”), an amount equal to three times (for Mr. Mavoides) or two times (for Messrs. Peil and Jenkins) the sum of (x) the executive’s Base Salary plus (y) the target annual performance bonus for the year in which the date of termination occurred, payable in equal installments over 24 months (for Mr. Mavoides) or 12 months (for Messrs. Peil and Jenkins) (or over 36 months or 24 months, respectively, if the termination occurs during the CIC Period); (iii) a pro rata annual performance bonus, based on actual performance and prorated for the portion of the fiscal year the executive was employed prior to the date of termination; (iv) up to 18 months (for Mr. Mavoides) or 12 months (for Messrs. Peil and Jenkins) of continued health care coverage; and (v) the vesting of any outstanding awards granted under any equity plans (for Mr. Mavoides) or granted after March 24, 2025 (for Messrs. Peil and Jenkins), with such awards to be payable within 60 days following the date of termination. In the event of the non-renewal of their employment agreements, Messrs. Mavoides, Peil and Jenkins would be entitled to receive any unpaid annual performance bonus awarded for the year prior to termination.

Types of Compensation Payable upon Termination of Employment

The table below reflects the treatment of equity in the event of a termination of the executive’s employment as of December 31, 2025 under the various circumstances described:

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Potential Payments upon Termination

The following table shows the estimated potential payments that would have been payable to each of our continuing NEOs if a termination without cause or resignation for good reason, or a change in control of the Company, as applicable, had occurred on December 31, 2025 (dollar amounts in thousands) based on the employment arrangements in effect as of December 31, 2025. Mr. Patten resigned from the Company effective December 31, 2025 and did not receive any severance benefits in connection with his departure.