v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate investments, at cost:    
Land and improvements $ 2,025,920 $ 1,865,610
Building and improvements 3,995,402 3,536,000
Lease incentives 19,341 17,903
Construction in progress 80,275 153,789
Intangible lease assets 100,049 94,047
Total real estate investments, at cost 6,220,987 5,667,349
Less: accumulated depreciation and amortization (541,388) (476,827)
Total real estate investments, net 5,679,599 5,190,522
Loans and direct financing lease receivables, net 371,614 352,066
Real estate investments held for sale, net 0 10,018
Net investments 6,051,213 5,552,606
Cash and cash equivalents 20,777 40,713
Restricted cash 292 4,265
Straight-line rent receivable, net 165,491 143,435
Derivative assets 13,383 27,714
Rent receivables, prepaid expenses and other assets, net 38,433 29,949
Total assets [1] 6,289,589 5,798,682
LIABILITIES AND EQUITY    
Unsecured term loans, net of deferred financing costs 1,723,074 1,721,114
Senior unsecured notes, net 396,681 396,403
Revolving credit facility 200,000 0
Intangible lease liabilities, net 10,843 10,700
Dividend payable 59,836 55,608
Derivative liabilities 28,279 7,585
Accrued liabilities and other payables 32,890 35,145
Total liabilities [1] 2,451,603 2,226,555
Commitments and contingencies (see Note 11)
Stockholders' equity:    
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 500,000,000 authorized; 198,138,567 and 187,537,592 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 1,981 1,875
Additional paid-in capital 3,963,899 3,658,219
Distributions in excess of cumulative earnings (118,201) (113,302)
Accumulated other comprehensive (loss) income (17,791) 16,886
Total stockholders' equity 3,829,888 3,563,678
Non-controlling interests 8,098 8,449
Total equity 3,837,986 3,572,127
Total liabilities and equity $ 6,289,589 $ 5,798,682
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 2Summary of Significant Accounting Policies. As of June 30, 2025 and December 31, 2024, all of the assets and liabilities of the Company were held by its operating partnership, Essential Properties, L.P., a consolidated VIE, with the exception of $59.5 million and $55.4 million, respectively, of dividends payable.