Thermal limitations of anode materials are known to impose limits on rep-rate operation of cold-cathode high-power microwave (HPM) sources. This study focuses on performance of pyrolytic graphite (PG) anodes at a 500 Hz burst-mode operation in a reflex-triode virtual-cathode-oscillator (vircator). In most experiments, a 42 J, 300 kV pulse forming network (PFN) based Marx generator with an approximate pulse width of 50 ns full-width-half-max (FWHM), was utilized to drive the vircator. Rep-rated operation of the vircator exacerbates the problems already experienced in single-pulsed mode where vircators are plagued by plasma formation on the anode and cathode followed by plasma/gas expansion that causes degradation of anode materials. Hence, for frequency-stable, repetitive operation, vircators require the use of thermally robust electrode materials and ultra-clean vacuum surfaces, leading to repeatable diode operation. This contribution presents thermal modeling of anode heating and experimental electrical behavior of vircator rep-rate operation.