Essential Properties Realty Trust adds former PwC partner to board

PRINCETON, N.J. - Essential Properties Realty Trust, Inc. (NYSE:EPRT), a $6.1 billion market cap REIT with a strong financial health rating according to InvestingPro, announced Thursday that Kristin L. Smallwood has been elected to serve on the company’s Board of Directors, expanding the board to eight members.

Smallwood, who recently retired from PricewaterhouseCoopers (PwC) in 2025, brings nearly 30 years of experience in audit and audit-related services. She served as a partner at PwC from 2006 until her retirement and led the firm’s US Automotive Assurance Sector from 2015 to 2018.

"Kristin will bring unique perspective through her knowledge in key areas of corporate governance, including financial analysis, audit matters, matters associated with compliance with the requirements of the Securities and Exchange Commission, and public reporting," said Scott A. Estes, Chairman of the Board of EPRT, according to the company’s press release.

Prior to her career at PwC, Smallwood worked in commercial lending at Michigan National Bank from 1991 to 1994. She currently serves on the Board of Directors of United Way for Southeastern Michigan as Audit Committee Chair and on the Board of Inforum, a nonprofit focused on advancing women in business.

With Smallwood’s addition, seven of the eight board members at Essential Properties Realty Trust are now independent directors.

Essential Properties Realty Trust is an internally managed REIT that specializes in acquiring and managing single-tenant net leased properties. As of March 31, 2025, the company’s portfolio included 2,138 properties across 49 states with a 99.7% occupancy rate. The company has demonstrated strong performance with a 25.32% revenue growth over the last twelve months and maintains a healthy 3.87% dividend yield, having raised its dividend for seven consecutive years. InvestingPro analysis reveals 5 additional key insights about EPRT’s performance and potential. Get the complete picture with the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Essential Properties Realty Trust reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.29, which was slightly below analyst expectations of $0.30. However, the company exceeded revenue forecasts, reporting $129.35 million compared to the anticipated $120.13 million. Essential Properties has increased its quarterly dividend to $0.30 per share, reflecting a $0.02 rise from the previous rate. This decision underscores the company’s financial health and commitment to shareholder value. Goldman Sachs has raised its price target for Essential Properties to $38, maintaining a Buy rating, citing the company’s distinct acquisition strategy and potential for sustainable growth.

Additionally, Essential Properties announced the results of its Annual Meeting of Stockholders, where all director nominees were elected, and executive compensation was approved. Moody’s Ratings upgraded the company’s senior unsecured ratings to Baa2 from Baa3, highlighting growth in asset base and cash flows, along with reduced leverage. The outlook is stable, indicating confidence in Essential Properties’ strategic growth plans. These developments reflect Essential Properties’ robust position in the real estate investment trust sector, with a focus on strategic acquisitions and financial stability.

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