v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate investments, at cost:    
Land and improvements $ 2,465,500 $ 2,200,829
Building and improvements 4,916,832 4,388,959
Lease incentives 25,113 24,154
Construction in progress 37,298 49,881
Intangible lease assets 119,712 99,217
Total real estate investments, at cost 7,564,455 6,763,040
Less: accumulated depreciation and amortization (730,526) (612,674)
Total real estate investments, net 6,833,929 6,150,366
Loans and direct financing lease receivables, net 495,209 401,323
Real estate investments held for sale, net 18,863 2,635
Net investments 7,348,001 6,554,324
Cash and cash equivalents 25,222 60,181
Restricted cash 4,373 10,184
Straight-line rent receivable, net 241,136 191,008
Derivative assets 20,462 7,861
Rent receivables, prepaid expenses and other assets, net 50,357 39,465
Total assets [1] 7,689,551 6,863,023
LIABILITIES AND EQUITY    
Unsecured term loans, net of deferred financing costs 1,297,361 1,725,010
Senior unsecured notes, net 1,176,756 786,708
Revolving credit facility 491,000 0
Intangible lease liabilities, net 13,929 10,766
Dividends and distributions payable 71,469 65,391
Derivative liabilities 8 26,226
Accrued liabilities and other payables 54,804 41,028
Total liabilities [1] 3,105,327 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 September 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 500,000,000 authorized; 220,275,169 and 209,702,433 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 2,203 2,097
Additional paid-in capital 4,651,877 4,328,137
Distributions in excess of cumulative earnings (131,154) (109,261)
Accumulated other comprehensive income (loss) 17,974 (20,979)
Total stockholders' equity 4,540,900 4,199,994
Non-controlling interests 43,324 7,900
Total equity 4,584,224 4,207,894
Total liabilities and equity $ 7,689,551 $ 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 September 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 $70.6 million and $65.1 million, respectively, of dividends payable.