Non-controlling Interests |
6 Months Ended |
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Jun. 30, 2026 | |
| Noncontrolling Interest [Abstract] | |
| Non-controlling Interests | Non-controlling Interests Essential Properties OP G.P., LLC, a wholly owned subsidiary of the Company, is the sole general partner of the Operating Partnership and holds a 1.0% general partner interest in the Operating Partnership. The Company contributes the net proceeds from issuing shares of common stock to the Operating Partnership in exchange for a number of OP Units equal to the number of shares of common stock issued. As of June 30, 2026, the Company held 216,271,958 OP Units, representing a 99.2% limited partner interest in the Operating Partnership. As of the same date, external parties (the "Non-controlling Unit Holders") held 1,776,161 OP Units and vested LTIP Units in the aggregate, representing a 0.8% limited partner interest in the Operating Partnership. As of December 31, 2025, the Company held 209,702,433 OP Units, representing a 99.7% limited partner interest in the Operating Partnership and the Non-controlling Unit Holders held 553,847 OP Units in the aggregate, representing a 0.3% limited partner interest in the Operating Partnership. The OP Units and vested LTIP Units held by the Non-controlling Unit Holders are presented as non-controlling interests in the Company’s consolidated financial statements. Holders of OP Units and vested LTIP Units have the right to distributions per unit equal to dividends per share paid on the Company’s common stock. Vested LTIP Unit holders have the right to convert LTIP Units into OP Units on a one-for-one basis, provided, however, that such LTIP Units must have been held for at least two years following their initial grant date. OP Unit holders have the right to redeem OP Units for cash or, at the Company’s election, shares of the Company’s common stock on a one-for-one basis. Distributions to OP Unit holders and vested LTIP Unit holders are declared and paid concurrently with the Company’s cash dividends to common stockholders. See Note 7—Equity for details.
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