v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate investments, at cost:    
Land and improvements $ 2,401,926 $ 2,200,829
Building and improvements 4,723,454 4,388,959
Lease incentives 23,192 24,154
Construction in progress 39,075 49,881
Intangible lease assets 116,423 99,217
Total real estate investments, at cost 7,304,070 6,763,040
Less: accumulated depreciation and amortization (688,346) (612,674)
Total real estate investments, net 6,615,724 6,150,366
Loans and direct financing lease receivables, net 457,107 401,323
Real estate investments held for sale, net 3,918 2,635
Net investments 7,076,749 6,554,324
Cash and cash equivalents 126,165 60,181
Restricted cash 8,064 10,184
Straight-line rent receivable, net 225,831 191,008
Derivative assets 7,535 7,861
Rent receivables, prepaid expenses and other assets, net 45,969 39,465
Total assets [1] 7,490,313 6,863,023
LIABILITIES AND EQUITY    
Unsecured term loans, net of deferred financing costs 1,726,971 1,725,010
Senior unsecured notes, net 1,176,075 786,708
Revolving credit facility 0 0
Intangible lease liabilities, net 14,196 10,766
Intangible lease liabilities held for sale, net 76 0
Dividends and distributions payable 70,152 65,391
Derivative liabilities 6,784 26,226
Accrued liabilities and other payables 44,088 41,028
Total liabilities [1] 3,038,342 2,655,129
Commitments and contingencies (see Note 11) 0 0
Stockholders' equity:    
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 500,000,000 authorized; 216,271,958 and 209,702,433 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 2,163 2,097
Additional paid-in capital 4,527,700 4,328,137
Distributions in excess of cumulative earnings (119,778) (109,261)
Accumulated other comprehensive loss (1,674) (20,979)
Total stockholders' equity 4,408,411 4,199,994
Non-controlling interests 43,560 7,900
Total equity 4,451,971 4,207,894
Total liabilities and equity $ 7,490,313 $ 6,863,023
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 2—Summary of Significant Accounting Policies. As of June 30, 2026 and December 31, 2025, 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 $69.3 million and $65.1 million, respectively, of dividends payable.