Essential Properties Realty Trust (EPRT) 10-Q 5 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 05, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	EPRT
Entity Registrant Name	Essential Properties Realty Trust, Inc.
Entity Central Index Key	1,728,951
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		43,749,092

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Real estate investments, at cost:
Land and improvements		$ 392,831	$ 278,985
Building and improvements		828,944	584,385
Lease incentive		2,544	2,275
Construction in progress		3,932	4,076
Intangible lease assets		64,542	62,453
Total real estate investments, at cost		1,292,793	932,174
Less: accumulated depreciation and amortization		(43,630)	(24,825)
Total real estate investments, net		1,249,163	907,349
Loans and direct financing lease receivables, net		13,049	2,725
Real estate investments held for sale, net		1,407	4,173
Net investments		1,263,619	914,247
Cash and cash equivalents		73,271	7,250
Restricted cash		809	12,180
Straight-line rent receivable, net		11,213	5,498
Prepaid expenses and other assets, net		6,048	3,045
Total assets	[1]	1,354,960	942,220
LIABILITIES AND EQUITY
Secured borrowings, net of deferred financing costs		507,481	511,646
Notes payable to related party		0	230,000
Intangible lease liabilities, net		11,885	12,321
Intangible lease liabilities held for sale, net		0	129
Dividend payable		14,068	0
Accrued liabilities and other payables (including $324 due to a related party as of December 31, 2017)		6,634	6,722
Total liabilities	[1]	540,068	760,818
Commitments and contingencies (see Note 10)		0	0
Stockholders' equity:
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of September 30, 2018		0	0
Common stock, $0.01 par value; 500,000,000 authorized; 43,749,092 issued and outstanding as of September 30, 2018		431	0
Additional paid-in capital		568,369	0
Distributions in excess of cumulative earnings		(4,253)	0
Members' equity:
Total stockholders'/members' equity		564,547	181,402
Non-controlling interests		250,345	0
Total equity		814,892	181,402
Total liabilities and equity		1,354,960	942,220
Class A Units
Members' equity:
Members' equity value		0	86,668
Class B Units
Members' equity:
Members' equity value		0	574
Class C Units
Members' equity:
Members' equity value		0	94,064
Class D Units
Members' equity:
Members' equity value		$ 0	$ 96
[1]	The consolidated balance sheets of Essential Properties Realty Trust, Inc. and Essential Properties Realty Trust, Inc. Predecessor include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 5. As of September 30, 2018, with the exception of $100 of cash and cash equivalents, $9.8 million of dividends payable and $3.1 million of accrued liabilities and other payables, all of the assets and liabilities of the Company were held by its operating partnership, a consolidated VIE. As of December 31, 2017, the consolidated balance sheets included the following amounts related to the Company’s consolidated VIEs: $191.7 million of land and improvements, $391.3 million of building and improvements, $2.1 million of lease incentive, $49.7 million of intangible lease assets, $21.4 million of accumulated depreciation and amortization, $2.4 million of direct financing lease receivables, net, $4.2 million of real estate investments held for sale, net, $5.0 million of straight-line rent receivable, $511.6 million of secured borrowings, net of deferred financing costs, $10.8 million of intangible lease liabilities, net, and $0.1 million of intangible lease liabilities held for sale, net.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Preferred shares, par value per share	$ 0.01
Preferred shares, authorized shares	150,000,000
Preferred shares, issued shares	0
Common shares, outstanding shares	0
Common shares, par value per share	$ 0.01
Common shares, authorized shares	500,000,000
Common shares, issued shares	43,749,092
Common shares, outstanding shares	43,749,092
Cash and cash equivalents	$ 73,271	$ 7,250
Dividends payable	14,068	0
Accrued liabilities and other payables	6,634	6,722
Assets and Liabilities Not Held by Variable Interest Entities ("VIEs")
Cash and cash equivalents	100
Dividends payable	9,800
Accrued liabilities and other payables	$ 3,100
Predecessor
Due to related party included in accrued liabilities and other payables		324
Predecessor | variable Interest Entities ("VIEs")
Land and improvements		191,700
Building and improvements		391,300
Lease incentive		2,100
Intangible lease assets		49,700
Accumulated depreciation and amortization		21,400
Direct financing lease receivables, net		2,400
Real estate investments held for sale, net		4,200
Straight-line rent receivable		5,000
Secured borrowings, net of deferred financing costs		511,600
Intangible lease liabilities, net		10,800
Intangible lease liabilities held for sale, net		$ 100
Predecessor | Class A Units
Members' equity, per unit		$ 1,000
Members' equity, units issued		83,700
Members' equity, units outstanding		83,700
Predecessor | Class B Units
Members' equity, units issued		8,550
Members' equity, units outstanding		1,610
Members' equity, units vested		1,610
Predecessor | Class C Units
Members' equity, per unit		$ 1,000
Members' equity, units issued		91,450
Members' equity, units outstanding		91,450
Predecessor | Class D Units
Members' equity, units issued		3,000
Members' equity, units outstanding		600
Members' equity, units vested		600

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Rental revenue	$ 25,496	$ 13,427	$ 67,119	$ 36,105
Interest income on loans and direct financing lease receivables	220	65	379	230
Other revenue	26	88	75	648
Total revenues	25,742	13,580	67,573	36,983
Expenses:
Interest (including $0, $438, $4,603 and $2,361 to related parties during the three and nine months ended September 30, 2018 and 2017, respectively)	6,563	6,317	23,474	15,192
General and administrative	3,529	2,336	9,872	6,612
Property expenses	494	389	1,221	1,077
Depreciation and amortization	8,763	5,154	22,842	13,241
Provision for impairment of real estate	770	857	3,526	1,436
Total expenses	20,119	15,053	60,935	37,558
Other operating income:
Gain on dispositions of real estate, net	1,455	1,974	5,100	3,736
Income from operations	7,078	501	11,738	3,161
Other income:
Interest	655	12	719	23
Income (loss) before income tax expense (benefit)	7,733	513	12,457	3,184
Income tax expense (benefit)	26	(9)	143	33
Net income	7,707	522	12,314	3,151
Net income attributable to non-controlling interests	(2,383)		(2,482)
Net income attributable to stockholders and members	5,324	522	9,832	3,151
Comprehensive income attributable to stockholders and members	$ 5,324	$ 522	$ 9,832	$ 3,151
Basic weighted-average shares outstanding	42,364,754		42,237,460
Basic net income per share	$ 0.12		$ 0.13
Diluted weighted-average shares outstanding	61,472,675		61,342,278
Diluted net income per share	$ 0.12		$ 0.13
Cash dividends declared per share	$ 0.22		$ 0.22

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Interest expense related parties	$ 0	$ 438	$ 4,603	$ 2,361

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' / Members' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Units	Class B Units	Class C Units	Class D Units	SCF Funding LLC	Common Stock	Additional Paid-in Capital	Distributions in Excess of Retained Earnings	Total Stockholders' / Members' Equity	Non-controlling interests
Balance (Predecessor) at Dec. 31, 2016	$ 174,650					$ 174,650
Contributions | Predecessor	101,008	$ 83,700				17,308
Distributions | Predecessor	(101,222)					(101,222)
Conversion of equity resulting from issuance of units | Predecessor				$ 90,823		(90,823)
Unit compensation expense | Predecessor	499		$ 417		$ 82
Net income | Predecessor	3,151	1,464		1,600		$ 87
Net income	3,151
Balance (Predecessor) at Sep. 30, 2017	178,086	85,164	417	92,423	82
Balance (Predecessor) at Dec. 31, 2017	181,402	86,668	574	94,064	96					$ 181,402
Balance at Dec. 31, 2017	181,402
Contributions | Predecessor	50,000	50,000								50,000
Unit compensation expense | Predecessor	443		373		70					443
Net income | Predecessor	4,285	2,414		1,871						4,285
Balance (Predecessor) at Jun. 24, 2018	236,130	139,082	947	95,935	166					236,130
Balance (Predecessor) at Dec. 31, 2017	181,402	86,668	574	94,064	96					181,402
Balance at Dec. 31, 2017	181,402
Net income	12,314
Balance at Sep. 30, 2018	$ 814,892						$ 431	$ 568,369	$ (4,253)	564,547	$ 250,345
Balance, shares at Sep. 30, 2018	43,749,092						43,749,092
Balance (Predecessor) at Jun. 24, 2018	$ 236,130	139,082	947	95,935	166					236,130
Contribution of Predecessor equity in exchange for OP Units		$ (139,082)	$ (947)	$ (95,935)	$ (166)					(236,130)	236,130
Initial public offering	493,811						$ 353	493,458		493,811
Initial public offering, shares							35,272,191
Concurrent private placement of common stock	108,999						$ 78	108,921		108,999
Concurrent private placement of common stock, shares							7,785,611
Concurrent private placement of OP Units	16,001										16,001
Costs related to initial public offering	(35,107)							(35,107)		(35,107)
Share-based compensation expense	869							869		869
Share-based compensation expense, shares							691,290
Unit compensation expense	228							228		228
Dividends declared on common stock and OP Units	(14,068)								(9,800)	(9,800)	(4,268)
Net income	8,029								5,547	5,547	2,482
Balance at Sep. 30, 2018	$ 814,892						$ 431	$ 568,369	$ (4,253)	$ 564,547	$ 250,345
Balance, shares at Sep. 30, 2018	43,749,092						43,749,092

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 12,314	$ 3,151
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and lease intangible amortization	22,843	13,241
Amortization of lease incentive	116	101
Amortization of above/below market leases	283	727
Amortization of deferred financing costs	1,982	1,310
Provision for impairment of real estate	3,526	1,436
Gain on dispositions of investments, net	(5,100)	(3,736)
Straight-line rent receivable	(5,770)	(3,076)
Equity-based compensation expense	1,398	581
Allowance for doubtful accounts	311	21
Changes in other assets and liabilities:
Prepaid expenses and other assets	179	(440)
Accrued liabilities and other payables	(3,300)	2,979
Net cash provided by operating activities	28,782	16,295
Cash flows from investing activities:
Proceeds from sales of investments, net	40,906	35,828
Principal collections on direct financing lease receivables	55	61
Investments in loans receivable	(10,379)
Deposits for prospective real estate investments	(150)	(297)
Investment in real estate	(386,836)	(353,332)
Investment in construction in progress	(14,307)	(4,026)
Lease incentives paid	(269)
Capital expenditures	(759)	(323)
Net cash used in investing activities	(371,739)	(322,089)
Cash flows from financing activities:
Proceeds from issuance of notes payable to related parties	154,000	412,000
Payments of principal on notes payable to related parties	(384,000)	(313,000)
Proceeds from secured borrowings		248,100
Repayments of secured borrowings	(5,875)	(3,751)
Deferred financing costs	(3,305)	(5,565)
Capital contributions by members in Predecessor	50,000	83,700
Distributions paid to members by Predecessor		(101,222)
Proceeds from initial public offering, net	464,182
Initial public offering costs	(2,395)
Net cash provided by financing activities	397,607	320,262
Net increase (decrease) in cash and cash equivalents and restricted cash	54,650	14,468
Cash and cash equivalents and restricted cash, beginning of period	19,430	11,922
Cash and cash equivalents and restricted cash, end of period	74,080	26,390
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	73,271	20,047
Restricted cash	809	6,343
Cash and cash equivalents and restricted cash, end of period	74,080	26,390
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	22,093	13,772
Cash paid for income taxes	48	3
Non-cash investing and financing activities:
Reclassification from construction in progress upon project completion	14,451
Non-cash equity contributions		17,308
Real estate investments acquired through direct equity investment		$ (17,308)
Contribution of Predecessor equity in exchange for OP Units	236,130
Payable and accrued initial public offering costs	3,083
Underwriters discount on capital raised through initial public offering	29,629
Payable and accrued deferred financing costs	271
Dividends declared on common stock	14,068
Operating Partnership Unit
Cash flows from financing activities:
Proceeds from concurrent private placement	16,001
Common Stock
Cash flows from financing activities:
Proceeds from concurrent private placement	$ 108,999

Organization

Organization	9 Months Ended
	Sep. 30, 2018
Organization And Formation Activities [Abstract]
Organization	1. Organization Essential Properties Realty Trust, Inc. (“EPRT Inc.” or the “Company”) is an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. EPRT Inc. has a diversified portfolio that focuses on properties leased to tenants in businesses such as restaurants (including quick service and casual and family dining), car washes, automotive services, medical services, convenience stores, entertainment, early childhood education and health and fitness. EPRT Inc. acquires and leases freestanding, single-tenant commercial real estate facilities where a tenant services its customers and conducts activities that are essential to the generation of the tenant’s sales and profits. EPRT Inc. was organized on January 12, 2018 as a Maryland corporation and intends to qualify to be taxed as a real estate investment trust (“REIT”) beginning with its taxable year ending December 31, 2018. On June 25, 2018, EPRT Inc. completed its initial public offering (the “IPO”) of 32,500,000 shares of common stock, $0.01 par value per share, at an initial public offering price of $14.00 per share for total gross proceeds of $455.0 million, pursuant to a registration statement on Form S-11 (File No. 333-225215) (the “Registration Statement”), filed with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”). The common stock of EPRT Inc. trades on the New York Stock Exchange under the ticker symbol “EPRT”. Additionally, on June 20, 2018, through a series of formation transactions (the “Formation Transactions”), Essential Properties Realty Trust LLC (“EPRT LLC”) converted from a Delaware limited liability company (“LLC”) into a Delaware limited partnership, changed its name to Essential Properties, L.P. (the “Operating Partnership”) and became a subsidiary of EPRT Inc. Prior to the completion of the Formation Transactions, EPRT LLC was a wholly-owned subsidiary of EPRT Holdings LLC (“EPRT Holdings” and, collectively with EPRT LLC, the “Predecessor”) and EPRT Holdings received 17,913,592 units of limited partnership interest in the Operating Partnership (“OP Units”) in connection with EPRT LLC’s conversion into a Delaware limited partnership. Essential Properties OP G.P., LLC, a wholly-owned subsidiary of EPRT Inc., became the sole general partner of the Operating Partnership and holds a 1.0% general partnership interest in the Operating Partnership. The Formation Transactions were accounted for as a reorganization of entities under common control in the consolidated financial statements and the assets and liabilities of the Predecessor were recorded by EPRT Inc. at their historical carrying amounts. Concurrent with the completion of the IPO, EPRT Inc. received an additional $125.0 million investment from Eldridge Industries, LLC (“Eldridge”) in private placements (the “Concurrent Private Placement”) of 7,785,611 shares of EPRT Inc.’s common stock and 1,142,960 OP Units. EPRT Inc. contributed the net proceeds from the IPO and the Concurrent Private Placement of common stock to Eldridge to the Operating Partnership and received 40,976,901 OP Units. On June 22, 2018, EPRT Inc. registered an additional 3,550,000 shares of common stock, $0.01 par value per share, reserved for issuance under EPRT Inc.’s 2018 Incentive Plan (the “Equity Incentive Plan”), pursuant to a registration statement on Form S-8 (File No. 333-225837), filed with the SEC under the Securities Act. On June 25, 2018, EPRT Inc. issued 691,290 shares of restricted common stock to its directors, executive officers and other employees pursuant to the Equity Incentive Plan. See Note 9 – Equity-Based Compensation for further details. As part of the IPO, the underwriters of the IPO were granted an option, exercisable within 30 days from June 20, 2018, to purchase up to an additional 4,875,000 shares of EPRT Inc.’s common stock at the IPO price of $14.00 per share, less underwriting discounts and commissions. On July 20, 2018, the underwriters of the IPO exercised this option in part, and on July 24, 2018, the Company issued an additional 2,772,191 shares of common stock for total gross proceeds of $38.8 million. EPRT Inc. contributed the net proceeds from the issuance of additional shares to the underwriters to the Operating Partnership and received 2,772,191 OP Units. Following the completion of the IPO (including the purchase of additional shares pursuant to the underwriters’ option), the Formation Transactions and the Concurrent Private Placement, EPRT Inc. held a 69.7% ownership interest in the Operating Partnership, with EPRT Holdings and Eldridge holding 28.5% and 1.8% ownership interests in the Operating Partnership, respectively. Substantially all of EPRT Inc.’s assets are held by, and its operations are conducted through, the Operating Partnership. The Predecessor EPRT LLC was formed on March 30, 2016 as a Delaware LLC by its initial sole member, SCF Funding LLC (the “Parent”). EPRT LLC commenced operations on March 30, 2016 and the affairs of EPRT LLC were managed by Stonebriar Finance Holdings LLC (the “Manager”). The Parent and Manager were ultimately wholly-owned through a series of Delaware LLCs by Eldridge. EPRT LLC’s operating agreement (the “EPRT LLC Operating Agreement”) provided certain limitations on the liability of the Parent and the Manager. These limitations included 1) that neither the Parent nor the Manager shall be liable for the debts, obligations, or liabilities of the Predecessor solely by reason of being a member or manager of the Predecessor, 2) that neither the Parent nor the Manager shall be liable to the Predecessor or to any member of the Predecessor or other person or entity who may become party to the EPRT LLC Operating Agreement for any breach of the EPRT LLC Operating Agreement arising under or in connection with the EPRT LLC Operating Agreement except for any act or omission made in bad faith, and 3) the Predecessor indemnifies the Parent, Manager and officers from and against all losses, claims, damages, liabilities, costs and expenses except those resulting primarily from bad faith of the indemnitee. On January 31, 2017, EPRT LLC received additional capital contributions from Stonebriar Holdings LLC (“Stonebriar Holdings”) and members of EPRT LLC’s management (“EPRT Management”), and issued four classes of equity units: Class A, Class B, Class C and Class D. The Class A and C units have voting rights while the Class B and D units do not have voting rights. After these equity contributions, the Parent owned approximately 52.3% of EPRT LLC, Stonebriar Holdings owned approximately 45.7% and EPRT Management owned approximately 2.0%. On December 31, 2017, EPRT LLC reorganized (the “EPRT LLC Reorganization”) and the holders of the Class A, Class B, Class C and Class D units contributed all of their interests in EPRT LLC to a newly formed Delaware LLC, EPRT Holdings, in exchange for interests in EPRT Holdings with the same rights as the interests they held in EPRT LLC. The EPRT LLC Reorganization lacked economic substance as the newly issued units of EPRT Holdings have the same rights and privileges as the previously issued units of EPRT LLC and there was no change in ownership percentages of the individual unitholders. As of December 31, 2017, EPRT LLC became a wholly-owned subsidiary of EPRT Holdings. The EPRT LLC Reorganization was accounted for as a reorganization of entities under common control in the Predecessor’s consolidated financial statements and the assets and liabilities of EPRT LLC was recorded by EPRT Holdings at their historical carrying amounts.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the SEC. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results for the full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto, which are included in the Registration Statement. Reclassification Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation to change the presentation of Gain on dispositions of real estate, net on the consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2017. The Company has presented Gain on dispositions of real estate, net as a component of Income from operations in order to present gain and losses on dispositions of properties in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 360-10-45-5. This change in presentation was made for the prior periods as the SEC has eliminated Rule 3-15(a) of Regulation S-X, which previously had required the Company to present gain and losses on sale of properties outside of continuing operations in the income statement. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation. As of September 30, 2018, the Company held a 69.7% ownership interest in the Operating Partnership and the consolidated financial statements include the financial statements of the Operating Partnership as of that date. As of December 31, 2017, all subsidiaries of the Company were wholly-owned. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. The Company evaluates each acquisition transaction to determine whether the acquired assets meet the definition of a business. Under Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The Company allocates the purchase price of acquired properties accounted for as asset acquisitions to tangible and identifiable intangible assets or liabilities based on their relative fair values. Tangible assets may include land, site improvements and buildings. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. The Company may incur various costs in the leasing and development of its properties. Amounts paid to tenants that incentivize them to extend or otherwise amend an existing lease or to sign a new lease agreement are capitalized to lease incentive on the Company’s consolidated balance sheets. Tenant improvements are capitalized to building and improvements within the Company’s consolidated balance sheets. Costs incurred which are directly related to properties under development, which include preconstruction costs essential to the development of the property, development costs, construction costs, interest costs and real estate taxes and insurance, are capitalized during the period of development as construction in progress. After the determination is made to capitalize a cost, it is allocated to the specific component of a project that benefited. Determination of when a development project commences and capitalization begins, and when a development project has reached substantial completion and is available for occupancy and capitalization must cease, involves a degree of judgment. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases based on the specific characteristics of each tenant’s lease. The Company estimates the cost to execute leases with terms similar to the remaining lease terms of the in-place leases, including leasing commissions, legal and other related expenses. Factors the Company considers in this analysis include an estimate of the carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from six to 12 months. The fair value of above- or below-market leases is recorded based on the net present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company’s estimate of the fair market lease rate for the corresponding in-place lease, measured over the remaining non-cancelable term of the lease including any below-market fixed rate renewal options for below-market leases. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including market conditions, the industry that the tenant operates in, characteristics of the real estate, e.g. location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Additionally, the Company considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company uses the information obtained as a result of its pre-acquisition due diligence as part of its consideration of the accounting standard governing asset retirement obligations and, when necessary, will record an asset retirement obligation as part of the purchase price allocation. Real estate investments that are intended to be sold are designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Real estate investments are no longer depreciated when they are classified as held for sale. If the disposal, or intended disposal, of certain real estate investments represents a strategic shift that has had or will have a major effect on the Company’s operations and financial results, the operations of such real estate investments would be presented as discontinued operations in the consolidated statements of operations and comprehensive income for all applicable periods. Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings and 15 years for site improvements. During the three months ended September 30, 2018 and 2017, the Company recorded $6.6 million and $3.9 million, respectively, of depreciation on its real estate investments. During the nine months ended September 30, 2018 and 2017, the Company recorded $17.6 million and $9.5 million, respectively, of depreciation on its real estate investments. Lease incentives are amortized on a straight-line basis as a reduction of rental income over the remaining non-cancellable terms of the respective leases. In the event that a tenant terminates its lease, the unamortized portion of the lease incentive is charged to rental revenue. Construction in progress is not depreciated until the development has reached substantial completion. Tenant improvements are depreciated over the non-cancellable term of the related lease or their estimated useful life, whichever is shorter. Capitalized above-market lease values are amortized on a straight-line basis as a reduction of rental revenue over the remaining non-cancellable terms of the respective leases. Capitalized below-market lease values are accreted on a straight-line basis as an increase to rental revenue over the remaining non-cancellable terms of the respective leases including any below-market fixed rate renewal option periods. Capitalized above-market ground lease values are accreted as a reduction of property expenses over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property expenses over the remaining terms of the respective leases and any expected below-market renewal option periods where renewal is considered probable. The value of in-place leases, exclusive of the value of above-market and below-market lease intangibles, is amortized to depreciation and amortization expense on a straight-line basis expense over the remaining periods of the respective leases. In the event that a tenant terminates its lease, the unamortized portion of each intangible, including in-place lease values, is charged to depreciation and amortization expense, while above- and below-market lease adjustments are recorded within rental revenue in the consolidated statements of operations and comprehensive income. Loans Receivable The Company holds its loans receivable for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective-interest method. The Company periodically evaluates the collectability of its loans receivable, including accrued interest, by analyzing the underlying property‑level economics and trends, collateral value and quality and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. As of September 30, 2018, the Company had no allowance for loan losses recorded in its consolidated financial statements. The Company had no loans receivable, and therefore had no allowance for loan losses, as of December 31, 2017. Direct Financing Lease Receivables Certain of the Company’s real estate investment transactions are accounted for as direct financing leases. The Company records the direct financing lease receivables at their net investment, determined as the aggregate minimum lease payments and the estimated non-guaranteed residual value of the leased property less unearned income. The unearned income is recognized over the life of the related lease contracts so as to produce a constant rate of return on the net investment in the asset. The Company’s investment in direct financing lease receivables is reduced over the applicable lease term to its non-guaranteed residual value by the portion of rent allocated to the direct financing lease receivables. If and when an investment in direct financing lease receivables is identified for impairment evaluation, the Company will apply the guidance in both ASC 310 “Receivables” (“ASC 310”) and ASC 840 “Leases” (“ASC 840”). Under ASC 310, the lease receivable portion of the net investment in a direct financing lease receivable is evaluated for impairment when it becomes probable the Company, as the lessor, will be unable to collect all rental payments associated with the Company’s investment in the direct financing lease receivable. Under ASC 840, the Company reviews the estimated non-guaranteed residual value of a leased property at least annually. If the review results in a lower estimate than had been previously established, the Company determines whether the decline in estimated non-guaranteed residual value is other than temporary. If a decline is judged to be other than temporary, the accounting for the transaction is revised using the changed estimate and the resulting reduction in the net investment in direct financing lease receivables is recognized by the Company as a loss in the period in which the estimate is changed. As of September 30, 2018 and December 31, 2017, the Company determined that none of its direct financing lease receivables were impaired. Impairment of Long-Lived Assets If circumstances indicate that the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. Impairment assessments have a direct impact on the consolidated statements of operations and comprehensive income because recording an impairment loss results in an immediate negative adjustment to the consolidated statements of operations and comprehensive income. During the three months ended September 30, 2018 and 2017, the Company recorded a provision for impairment of real estate of $0.8 million and $0.9 million, respectively. During the nine months ended September 30, 2018 and 2017, the Company recorded a provision for impairment of real estate of $3.5 million and $1.4 million, respectively. Cash and Cash Equivalents Cash and cash equivalents includes cash in the Company’s bank accounts. The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to an insurance limit. As of September 30, 2018 and December 31, 2017, the Company had deposits of $73.3 million and $7.3 million, respectively, of which $73.0 million and $7.0 million, respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. Restricted Cash Restricted cash consists of cash held with the trustee for the Company’s Master Trust Funding Program (as defined in Note 5—Secured Borrowings). This restricted cash is used to make principal and interest payments on the Company’s secured borrowings, to pay trust expenses, and to acquire future real estate investments which will be pledged as collateral under the Master Trust Funding Program. See Note 5—Secured Borrowings for further discussion. Allowance for Doubtful Accounts The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the accounts receivable and straight-line rent receivable balances are reduced by an allowance for uncollectible accounts on the consolidated balance sheets or a direct write-off of the receivable is recorded in the consolidated statements of operations. The provision for doubtful accounts is included in property expenses in the Company’s consolidated statements of operations and comprehensive income. If the accounts receivable balance or straight-line rent receivable balance is subsequently deemed to be uncollectible, such receivable amounts are written-off to the allowance for doubtful accounts. As of September 30, 2018 and December 31, 2017, the Company recorded an allowance for doubtful accounts of $0.3 million and $0.1 million, respectively, related to base rent receivable. As of September 30, 2018, the Company had no reserve recorded against straight-line rent receivable and had a $0.1 million reserve recorded against straight-line rent receivable as of December 31, 2017. Deferred Financing Costs Financing costs related to the issuance of the Company’s unsecured revolving credit facility are deferred and amortized as an increase to interest expense in the consolidated statements of operations and comprehensive income over the term of the related debt instrument and are reported as an asset on the consolidated balance sheets. Financing costs related to the issuance of the Company’s secured borrowings under the Master Trust Funding Program are deferred and amortized as an increase to interest expense in the consolidated statements of operations and comprehensive income over the term of the related debt instrument and are reported as a reduction of the related debt balance on the consolidated balance sheets. Fair Value Measurement The Company estimates fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1—Quoted prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3—Unobservable inputs that reflect the Company’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. Revenue Recognition The Company’s rental revenue is primarily related to rent received from tenants. Rent from tenants is recorded in accordance with the terms of each lease on a straight-line basis over the non-cancellable initial term of the lease from the later of the date of the commencement of the lease or the date of acquisition of the property subject to the lease. Rental revenue recognition begins when the tenant controls the space through the term of the related lease. Because substantially all of the leases provide for rental increases at specified intervals, the Company records a straight-line rent receivable and recognizes revenue on a straight-line basis through the expiration of the non-cancellable term of the lease. The Company takes into account whether the collectability of rents is reasonably assured in determining the amount of straight-line rent to record. Rental revenue from leases with contingent rentals is recognized when changes in the factors on which the contingent payments are based actually occur. The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within accrued liabilities and other payables on the Company’s consolidated balance sheets. Certain properties in the Company’s investment portfolio are subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales. For these leases, the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. During the three months ended September 30, 2018 and 2017, the Company recorded contingent rent of $0.2 million and $0.2 million, respectively. During the nine months ended September 30, 2018 and 2017, the Company recorded contingent rent of $0.9 million and $0.9 million, respectively. Organizational Costs Costs related to the initial organization of the Company and its subsidiaries are expensed as they are incurred and are recorded within general and administrative expense in the Company’s consolidated statements of operations and comprehensive income. Offering Costs In connection with the IPO, the Company incurred legal, accounting and other offering-related costs. Such costs have been deducted from the gross proceeds of the IPO upon its completion. As of September 30, 2018 and December 31, 2017, the Company had capitalized $35.1 million and $1.3 million of such costs in the Company’s consolidated balance sheets. These costs are presented as a reduction of additional paid-in capital as of September 30, 2018 (after the completion of the IPO) and are presented within prepaid expenses and other assets as of December 31, 2017 (prior to the completion of the IPO). Gains and Losses on Dispositions of Real Estate Gains and losses on dispositions of real estate investments are recorded in accordance with ASC 360-20, Property, Plant and Equipment—Real Estate Sales On January 1, 2018, the Company adopted FASB ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets Income Taxes EPRT Inc. intends to elect to be taxed as a REIT under sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2018. REITs are subject to a number of organizational and operational requirements, including a requirement that 90% of ordinary “REIT taxable income” (as determined without regard to the dividends paid deduction or net capital gains) be distributed. As a REIT, the Company will generally not be subject to U.S. federal income tax to the extent that it meets the organizational and operational requirements and its distributions equal or exceed REIT taxable income. For the period subsequent to the effective date of our REIT election, the Company has met the organizational and operational requirements and distributions have exceeded net taxable income. Accordingly, no provision has been made for U.S. federal income taxes. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income and excise tax on its undistributed income. Franchise taxes and federal excise taxes on the Company’s undistributed income, if any, are included in general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income. Additionally, taxable income from non-REIT activities managed through the Company's taxable REIT subsidiary is subject to federal, state, and local taxes. From the Predecessor’s commencement of operations on March 30, 2016 through January 31, 2017, the Predecessor and its subsidiaries included in the consolidated financial statements were treated as disregarded entities for U.S. federal and state income tax purposes, and, accordingly, the Predecessor was not subject to entity-level tax. Therefore, until the Predecessor’s issuance of Class A and Class C units on January 31, 2017, the Predecessor’s net income flowed through to the Parent for federal income tax purposes. Following the issuance of Class A and C units, the Predecessor’s net income flowed through to Class A and Class C unitholders for federal income tax purposes. Accordingly, no provision for U.S. federal income taxes has been included in the accompanying consolidated financial statements. With regard to state income taxes, the Predecessor was a taxable entity only in certain states that tax all entities, including partnerships. The Company analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in such jurisdictions. The Company follows a two-step process to evaluate uncertain tax positions. Step one, recognition, occurs when an entity concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Step two, measurement, determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. As of September 30, 2018 and December 31, 2017, the Company did not record any accruals for uncertain tax positions. The Company’s policy is to classify interest expense and penalties in general and administrative expense in the consolidated statements of operations and comprehensive income. During the three and nine months ended September 30, 2018 and 2017, the Company did not record any interest or penalties, and there are no interest or penalties accrued at September 30, 2018 and December 31, 2017. The 2017 and 2016 taxable years remain open to examination by federal and state taxing jurisdictions to which the Company is subject. Equity-Based Compensation In 2018, EPRT Inc. granted shares of restricted common stock to its directors, executive officers and other employees that vest over a multi-year period, subject to the recipient’s continued service. In 2017, the Predecessor granted unit-based compensation awards to certain of its employees and managers, as well as non-employees, consisting of units that vest over a multi-year period, subject to the recipient’s continued service. The Company accounts for the restricted common stock and unit-based compensation in accordance with ASC 718, Compensation – Stock Compensation, which requires that such compensation be recognized in the financial statements based on their estimated grant-date fair value. The value of such awards is recognized as compensation expense in general and administrative expenses in the accompanying consolidated statements of operations over the requisite service periods. The Company recognizes compensation expense using the straight-line method based on the terms of the individual grant. Variable Interest Entities The FASB provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. Following the completion of the Formation Transactions, the Company concluded that the Operating Partnership is a VIE of which the Company is the primary beneficiary as the Company has the power to direct the activities that most significantly impact the economic performance of the Operating Partnership . Substantially all of the Company’s assets and liabilities are held by the Operating Partnership. The assets and liabilities of the Operating Partnership are consolidated and reported as assets and liabilities on the Company’s consolidated balance sheet as of September 30, 2018. The Company has concluded that an entity which it has provided a $5.7 million mortgage loan receivable is a VIE because the terms of the loan agreement limit the entity’s ability to absorb expected losses or the entity’s right to receive expected residual returns. However, the Company is not the primary beneficiary of the entity because the Company does not have the power to direct the activities that most significantly impact the entity’s economic performance. As of September 30, 2018, the carrying amount of the Company’s loan receivable with this entity was $5.7 million, and the Company’s maximum exposure to loss in this entity is limited to the carrying amount of its investment. The Company has no liabilities associated with this investment as of September 30, 2018. Reportable Segments ASC Topic 280, Segment Reporting, establishes standards for the manner in which enterprises report information about operating segments. Substantially all of the Company’s investments, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates these investments for reporting purposes and operates in one reportable segment. Net Income per Share Net income per share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share Diluted net income per share of common stock further considers the effect of potentially dilutive shares of common stock outstanding during the period. The OP Units held by non-controlling interests represent potentially dilutive securities as the OP Units may be exchanged for cash or, at the Company’s election, shares of the Company’s common stock on a one-for-one basis. The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands): (dollar amounts in thousands) Three months ended September 30, 2018 Period from June 25, 2018 to September 30, 2018 Numerator for basic and diluted earnings per share: Net income $ 7,707 $ 8,029 Less: net income attributable to non-controlling interests (2,383 ) (2,482 ) Less: net income allocated to unvested restricted common stock (155 ) (155 ) Net income available for common stockholders: basic 5,169 5,392 Net income attributable to non-controlling interests 2,383 2,482 Net income available for common stockholders: diluted $ 7,552 $ 7,874 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 43,056,044 42,928,750 Less: weighted average number of shares of

Investments

Investments	9 Months Ended
	Sep. 30, 2018
Investments [Abstract]
Investments	3. Investments As of September 30, 2018, the Company had investments in 634 property locations, including two developments in progress and one undeveloped land parcel, and two mortgage loans receivable secured by 11 additional properties. Of these 634 property locations, 621 represented owned properties (of which five were subject to leases accounted for as direct financing leases) and 13 represented ground lease interests (of which one building was subject to a lease accounted for as a direct financing lease). The Company’s gross investment portfolio totaled $1.3 billion as of September 30, 2018 and consisted of gross acquisition cost of real estate investments (including transaction costs) totaling $1.3 billion, loans and direct financing lease receivables, net, with an aggregate carrying amount of $13.0 million and real estate investments held for sale, net of $1.4 million. As of September 30, 2018, 349 of these investments comprising $622.3 million of net investments were assets of consolidated special purpose entity subsidiaries and were pledged as collateral under the non-recourse obligations of these special purpose entities (See Note 5 – Secured Borrowings). As of December 31, 2017, the Company had investments in 508 property locations, including two developments in progress and two undeveloped land parcels. Of these 508 property locations, 493 represented owned properties (of which five were subject to leases accounted for as direct financing leases) and 15 represented ground lease interests (of which one building was subject to a lease accounted for as a direct financing lease). The Company’s gross investment portfolio totaled $939.1 million as of December 31, 2017 and consisted of gross acquisition cost of real estate investments (including transaction costs) totaling $932.2 million, direct financing lease receivables, net, with an aggregate carrying amount of $2.7 million and net real estate investments held for sale, net of $4.2 million. As of December 31, 2017, 348 of these investments comprising $620.0 million of net investments were assets of consolidated special purpose entity subsidiaries and were pledged as collateral under the non-recourse obligations of these special purpose entities (See Note 5 – Secured Borrowings). Acquisitions in 2018 During the nine months ended September 30, 2018, the Company did not have any acquisitions that represented more than 5% of the Company’s total investment activity as of September 30, 2018. The following table presents information about the Company’s acquisition activity during the nine months ended September 30, 2018: (Dollar amounts in thousands) Total Investments Ownership type (1) Number of properties acquired 165 Allocation of Purchase Price: Land and improvements $ 125,519 Building and improvements 253,754 Construction in progress (2) 14,307 Intangible lease assets 8,609 Assets acquired 402,190 Intangible lease liabilities (1,047 ) Liabilities assumed (1,047 ) Purchase price (including acquisition costs) $ 401,143 (1) During the nine months ended September 30, 2018, the Company acquired the fee interest in 164 properties and acquired one property subject to a ground lease arrangement. (2) Represents amounts incurred at and subsequent to acquisition and includes $0.2 million of capitalized interest expense. Gross Investment Activity During the nine months ended September 30, 2018 and 2017, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Investment Locations Dollar Amount of Investments Gross investments, January 1, 2017 344 $ 458,667 Acquisitions of and additions to real estate investments 122 375,277 Sales of investments in real estate and direct financing lease receivables (35) (35,194 ) Provisions for impairment of real estate (1) (1,510 ) Principal collections on direct financing lease receivables (61 ) Other (631 ) Gross investments, September 30, 2017 796,548 Less: Accumulated depreciation and amortization (2) (19,551 ) Net investments, September 30, 2017 431 $ 776,997 Gross investments, January 1, 2018 508 $ 939,072 Acquisitions of and additions to real estate investments 165 403,218 Sales of investments in real estate (37) (38,174 ) Relinquishment of properties at end of ground lease term (2) (853 ) Provisions for impairment of real estate (3) (3,566 ) Investments in loans receivable 10,379 Principal collections on direct financing lease receivables (55 ) Other (2,772 ) Gross investments, September 30, 2018 1,307,249 Less: Accumulated depreciation and amortization (2) (43,630 ) Net investments, September 30, 2018 634 $ 1,263,619 (1) During the nine months ended September 30, 2017, the Company identified and recorded provisions for impairment at 4 vacant and 2 tenanted properties where expected future cash flows from the property, based on quoted market or comparable sales prices, were less than the Company’s carrying value. The amount in the table above excludes $0.1 million related to intangible lease liabilities for these assets. (2) Includes $31.4 million and $11.6 million of accumulated depreciation as of September 30, 2018 and 2017, respectively. (3) During the nine months ended September 30, 2018, the Company identified and recorded provisions for impairment at 7 vacant and 9 tenanted properties where expected future cash flows from the property, based on quoted market or comparable sales prices, were less than the Company’s carrying value. The amount in the table above excludes approximately $40,000 related to intangible lease liabilities for these assets. Real Estate Investments The Company’s investment properties are leased to tenants under long-term operating leases that typically include one or more renewal options. Substantially all of the leases are triple-net, which provide that the lessees are responsible for the payment of all property operating expenses, including maintenance, insurance, utilities, property taxes and, if applicable, ground rent expense; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of September 30, 2018 are as follows: (in thousands) Future Minimum Base Rental Receipts October 1, 2018 - December 31, 2018 $ 24,664 2019 99,240 2020 99,355 2021 99,930 2022 101,103 Thereafter 1,155,988 Total $ 1,580,280 Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum base rental payments to be received during the initial non-cancelable lease term only. In addition, the future minimum lease payments exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to performance thresholds and exclude increases in annual rent based on future changes in the Consumer Price Index, among other items. Loans and Direct Financing Lease Receivables During the nine months ended September 30, 2018, the Company entered into three loan receivable arrangements with an aggregate carrying amount of $10.4 million as of September 30, 2018. The Company had no loan receivable activity during the nine months ended September 30, 2017. The Company’s loans receivable as of September 30, 2018 are summarized as follows (dollar amounts in thousands): Loan Type Monthly Payment Number of Secured Properties Interest Rate Maturity Date Principal Outstanding Mortgage (1)(2) Interest only 2 10% 2021 $ 2,376 Mortgage (1) Interest only 9 8% 2019 5,748 Development construction (2)(3) Principal + Interest 1 8% 2058 2,255 Net investment $ 10,379 (1 ) Loan requires monthly payments of interest only with a balloon payment due at maturity. (2) Loan allows for prepayments in whole or in part without penalty. (3) Loan is secured by a mortgage on the building and improvements at the development property. The Company provides periodic funding to the borrower under this arrangement as construction progresses. Monthly payments are made based on a 40-year amortization schedule with any outstanding principal balance due at maturity or earlier upon the occurrence of certain other events. The mortgaged property is subject to a ground lease arrangement with the Company, as landlord, and borrower, as tenant. If the tenant does not exercise its right to renew the ground lease at the end of its initial 15-year term, the balance of the mortgage loan receivable will be forgiven, and the Company will retain title to the mortgaged property. Scheduled principal payments due to be received under the Company’s loans receivable as of September 30, 2018 are as follows: (in thousands) Loans Receivable October 1, 2018 - December 31, 2018 $ — 2019 5,756 2020 9 2021 2,386 2022 11 Thereafter 2,217 Total $ 10,379 As of September 30, 2018 and December 31, 2017, the Company had $2.7 million of net investments accounted for as direct financing lease receivables. The components of the investments accounted for as direct financing lease receivables were as follows: (in thousands) September 30, 2018 December 31, 2017 Minimum lease payments receivable $ 4,278 $ 4,518 Estimated unguaranteed residual value of leased assets 270 270 Unearned income from leased assets (1,878 ) (2,063 ) Net investment $ 2,670 $ 2,725 Scheduled future minimum non-cancelable base rental payments due to be received under the direct financing lease receivables as of September 30, 2018 are as follows: (in thousands) Future Minimum Base Rental Payments October 1, 2018 - December 31, 2018 $ 80 2019 332 2020 337 2021 340 2022 345 Thereafter 2,844 Total $ 4,278 Real Estate Investments Held for Sale The Company continually evaluates its portfolio of real estate investments and may elect to dispose of investments considering criteria including, but not limited to, tenant concentration, tenant credit quality, unit financial performance, local market conditions and lease rates, associated indebtedness, asset location and tenant operation type (e.g., industry, sector, or concept/brand). Real estate investments held for sale are expected to be sold to within twelve months. The following table shows the activity in real estate investments held for sale and intangible lease liabilities held for sale during the nine months ended September 30, 2018 . (Dollar amounts in thousands) Number of Properties Real Estate Investments Intangible Lease Liabilities Net Carrying Value Held for sale balance, December 31, 2017 3 $ 4,173 $ (129 ) $ 4,044 Transfers to held for sale classification 12 14,487 (256 ) 14,231 Sales (13 ) (17,253 ) 385 (16,868 ) Transfers to held and used classification — — — — Held for sale balance, September 30, 2018 2 $ 1,407 $ — $ 1,407 Significant Concentrations The Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose rental revenue for the three and nine months ended September 30, 2018 and 2017 represented 10% or more of total rental revenue in the Company’s consolidated statements of operations and comprehensive income. The following table lists the states where the rental revenue from the properties in that state during the periods presented represented 10% or more of total rental revenue in the Company’s consolidated statements of operations and comprehensive income: Three months ended September 30, Nine months ended September 30, State 2018 2017 2018 2017 Texas 11.6% 14.3% 12.6% 13.0% Georgia 11.1% 13.9% 11.5% 13.9% Michigan * 10.2% * * * State's rental revenue was not greater than 10% of total rental revenue during the period specified. Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of the dates presented: September 30, 2018 December 31, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 48,472 $ 8,521 $ 39,951 $ 44,738 $ 6,638 $ 38,100 Intangible market lease assets 16,070 3,737 12,333 17,715 2,794 14,921 Total intangible assets $ 64,542 $ 12,258 $ 52,284 $ 62,453 $ 9,432 $ 53,021 Intangible market lease liabilities $ 14,808 $ 2,923 $ 11,885 $ 14,824 $ 2,503 $ 12,321 The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of September 30, 2018, by category and in total, were as follows: Years Remaining In-place leases 10.9 Intangible market lease assets 8.9 Intangible market lease liabilities 15.9 Total intangible assets and liabilities 11.4 The following table discloses amounts recognized within the consolidated statements of operations and comprehensive income related to amortization of in-place leases, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases for the periods presented: Three months ended September 30, Nine months ended September 30, (in thousands) 2018 2017 2018 2017 Amortization of in-place leases (1) $ 2,117 $ 1,253 $ 5,260 $ 3,698 Amortization (accretion) of market lease intangibles, net (2) 245 727 642 1,161 Amortization (accretion) of above- and below-market ground lease intangibles, net (3) (90 ) (144 ) (358 ) (434 ) (1) Reflected within depreciation and amortization expense. (2) Reflected within rental revenue. (3) Reflected within property expenses. The following table provides the projected amortization of in-place lease assets to depreciation and amortization expense, net amortization of above- and below-market lease intangibles to rental revenue, and net amortization of above- and below-market ground lease intangibles into property expenses for the next five years: (in thousands) October 1 - December 31, 2018 2019 2020 2021 2022 In-place lease assets $ 1,215 $ 4,625 $ 4,196 $ 3,997 $ 3,868 Total to be added to amortization expense $ 1,215 $ 4,625 $ 4,196 $ 3,997 $ 3,868 Above-market lease assets $ (364 ) $ (1,440 ) $ (1,279 ) $ (1,230 ) $ (1,228 ) Below-market lease liabilities 226 737 659 660 657 Net adjustment to rental revenue $ (138 ) $ (703 ) $ (620 ) $ (570 ) $ (571 ) Below-market ground lease assets $ 43 $ 99 $ — $ — $ — Above-market ground lease liabilities (128 ) (374 ) (228 ) (183 ) (180 ) Net adjustment to property expenses $ (85 ) $ (275 ) $ (228 ) $ (183 ) $ (180 ) Subsequent to September 30, 2018, the Company acquired 5 real estate investment properties with an aggregate investment (including acquisition-related costs) of $12.6 million, invested $1.3 million in new and ongoing construction in progress and provided $0.6 million of additional construction financing to a tenant. Subsequent to September 30, 2018, the Company sold or transferred its investment in 2 real estate properties

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facility	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facility	4. Unsecured Revolving Credit Facility On June 25, 2018, the Company entered into an agreement with a group of lenders for a senior unsecured revolving credit facility (the “Revolving Credit Facility”) in the maximum aggregate initial original principal amount of up to $300.0 million. Barclays Bank PLC, Citigroup Global Markets Inc. and Goldman Sachs Bank USA were joint lead arrangers of the Revolving Credit Facility, with Barclays Bank PLC acting as administrative agent. The Revolving Credit Facility has a term of four years with an extension option of up to 12-months exercisable by the Company, subject to certain conditions, and initially bears interest at an annual rate of applicable LIBOR, as defined therein, plus an applicable margin between 1.45% and 2.15%. The applicable LIBOR is the rate with a term equivalent to the interest period applicable to the relevant borrowing. The applicable margin is initially a spread set according to a leverage-based pricing grid. At the Company’s election, on and after receipt of an investment grade corporate credit rating from S&P Global Ratings, a division of S&P Global, Inc. (“S&P”) or Moody’s Investors Services, Inc. (“Moody’s”), the applicable margin will be a spread set according to the Company’s corporate credit ratings by S&P and/or Moody’s. The Revolving Credit Facility is freely pre-payable at any time and is mandatorily pre-payable if borrowings exceed the borrowing base or the facility limit. The Company may re-borrow amounts paid down, subject to customary borrowing conditions. The Company is required to pay revolving credit fees throughout the term of the Revolving Credit Facility based upon its usage of the Revolving Credit Facility, at a rate which depends on the Company’s usage of the Revolving Credit Facility during the period before it receives an investment grade corporate credit rating from S&P or Moody’s, and which rate shall be based on the corporate credit rating from S&P and/or Moody’s after the time, if applicable, it receives such a rating. The Revolving Credit Facility provides an accordion feature to increase, subject to certain conditions, the maximum availability of the Revolving Credit Facility by up to $200.0 million. During the three and nine months ended September 30, 2018, the Company did not make any borrowings or repayments under the Revolving Credit Facility. As of September 30, 2018, the Company had no principal balance outstanding under the Revolving Credit Facility and deferred financing costs, net, of $3.3 million related to the Revolving Credit Facility were included within prepaid expenses and other assets, net on the Company’s consolidated balance sheets. During the three and nine months ended September 30, 2018, the Company recorded $0.2 million of interest expense related to the Revolving Credit Facility. The Revolving Credit Facility requires the Company to meet certain financial covenants. The Company was in compliance with all financial covenants and was not in default of any other provisions under the Revolving Credit Facility as of September 30, 2018.

Secured Borrowings

Secured Borrowings	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Secured Borrowings	5. Secured Borrowings In the normal course of business, the Company transfers financial assets in various transactions with Special Purpose Entities (“SPE”) determined to be VIEs, which primarily consist of securitization trusts established for a limited purpose (the “Master Trust Funding Program”). These SPEs are formed for the purpose of securitization transactions in which the Company transfers assets to an SPE, which then issues to investors various forms of debt obligations supported by those assets. In these securitization transactions, the Company typically receives cash from the SPE as proceeds for the transferred assets and retains the rights and obligations to service the transferred assets in accordance with servicing guidelines. All debt obligations issued from the VIEs are non-recourse to the Company. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheets. For transactions that do not meet the requirements for derecognition and remain on the consolidated balance sheets, the transferred assets may not be pledged or exchanged by the Company. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and, therefore, should consolidate the entity based on the variable interests it held both at inception and when there was a change in circumstances that required a reconsideration. The Company has determined that the SPEs created in connection with its Master Trust Funding Program should be consolidated as the Company is the primary beneficiary of each of these entities. In December 2016, the Company issued its first series of notes under the Master Trust Funding Program, consisting of $263.5 million of Class A Notes and $17.3 million of Class B Notes (“RC Funding 2016-1”). These notes were issued to an affiliate of Eldridge through underwriting agents. Upon issuance of these notes, the combined net proceeds of $273.3 million were deposited directly with the Parent and were presented as a non-cash distribution. RC Funding 2016-1 includes two SPEs formed to hold assets and issue the secured borrowings associated with the securitization. In July 2017, the Company issued its second series of notes under the Master Trust Funding Program, consisting of $232.4 million of Class A Notes and $15.7 million of Class B Notes (“RC Funding 2017-1”). Of these notes, $75.1 million of the Class A Notes and all of the Class B Notes were issued to an affiliate of Eldridge through underwriting agents. The proceeds received from the issuance of RC Funding 2017-1 were used by the Company to repay short-term notes payable to related parties. RC Funding 2017-1 consists of one SPE formed to hold assets and issue the secured borrowings associated with the securitization. As of September 30, 2018 and December 31, 2017, the Company had $517.1 million and $522.9 million, respectively, in combined principal outstanding under the notes issued through its Master Trust Funding Program and had deferred financing costs, net, of $9.6 million and $11.3 million, respectively. Tenant rentals received on assets transferred to SPEs under the Master Trust Funding Program are sent to the trustee and used to pay monthly principal and interest payments. The RC Funding 2016-1 notes mature in November 2046, but the terms of the Class A Notes require principal to be paid monthly through November 2021, with a balloon repayment at that time, and the terms of the Class B Notes require no monthly principal payments but require the full principal balance to be paid in November 2021. If the Company does not meet these repayment schedules, the base interest rates on the notes increase by the greater of (i) 5.00% and (ii) the amount by which the sum of the following exceeds the base interest rates on the notes: (a) the yield to maturity of 10-year U.S. treasury securities in November 2021, plus (b) 5.00%, plus (c) 2.73% for the Series A Notes or 3.70% for the Class B Notes. Additionally, in this event, the full amount of any tenant rental payments received on the assets transferred to the securitization would be used to repay principal. The RC Funding 2016-1 notes may be voluntarily prepaid, in whole or in part, at any time on or after the date that is 24 months prior to the anticipated repayment date in November 2021 without the payment of a make whole amount. Voluntary prepayments may be made before 24 months prior to the anticipated repayment date but will be subject to the payment of a make whole amount. Interest for RC Funding 2016-1 accrues at a weighted-average interest rate of 4.51%. The RC Funding 2017-1 notes mature in June 2047, but the terms of the Class A Notes require principal to be paid monthly through June 2024, with a balloon repayment at that time, and the terms of the Class B Notes require no monthly principal payments but require the full principal balance to be paid in June 2024. The RC Funding 2017-1 notes contain similar interest rate escalation provisions as detailed above for RC Funding 2016-1 if these repayment schedules are not met. The RC Funding 2017-1 notes may be voluntarily prepaid, in whole or in part, at any time on or after the date that is 31 months prior to the anticipated repayment date in June 2024 without the payment of a make whole amount. Voluntary prepayments may be made before 31 months prior to the anticipated repayment date but will be subject to the payment of a make whole amount. Interest for the RC Funding 2017-1 notes accrues at a weighted-average interest rate of 4.16%. During the three months ended September 30, 2018 and 2017, the Company recorded $5.6 million and $5.4 million, respectively, of interest expense related to the Master Trust Funding Program. During the nine months ended September 30, 2018 and 2017, the Company recorded $16.9 million and $11.7 million, respectively, of interest expense related to the Master Trust Funding Program. The following table summarizes the scheduled principal payments on the Company’s secured borrowings as of September 30, 2018: (in thousands) Future Principal Payments October 1 - December 31, 2018 $ 1,940 2019 8,009 2020 8,419 2021 267,558 2022 4,292 Thereafter 226,842 Total $ 517,060 The Company was not in default of any provisions under the Master Trust Funding Program as of September 30, 2018 or December 31, 2017.

Notes Payable to Related Partie

Notes Payable to Related Parties	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Notes Payable to Related Parties	6. Notes Payable to Related Parties Until the completion of the IPO, the Company had a secured warehouse line of credit with an affiliate of Eldridge through which it issued short-term notes (the “Warehouse Notes”) and used the proceeds to acquire investments in real estate. The Warehouse Notes accrued interest at a rate equal to LIBOR plus a spread of between 2.14% and 2.55% and matured within one year of the date of issuance. During the nine months ended September 30, 2018, the Company issued 20 Warehouse Notes for a combined $154.0 million. On January 31, 2018, the Company made principal payments on the Warehouse Notes of $50.0 million, repaying three of the Warehouse Notes in full and one of the Warehouse notes in part, prior to maturity. On June 25, 2018, the Company used a portion of the net proceeds from the IPO and the Concurrent Private Placement to repay all 36 of the outstanding Warehouse Notes, with an aggregate outstanding principal amount of $334.0 million, in full, prior to maturity, and had no amounts outstanding related to the Warehouse Notes as of September 30, 2018. During the nine months ended September 30, 2017, the Company issued 20 Warehouse Notes for a combined $392.0 million and one short-term note for $20.0 million payable to a separate affiliate of Eldridge. The $20.0 million short-term note accrued interest at a rate of 8.0%. During the nine months ended September 30, 2017, the Company repaid 14 of the Warehouse Notes, with an aggregate principal amount of $293.0 million, and the $20.0 million short-term note at or prior to maturity. As of December 31, 2017, the Company had 19 Warehouse Notes outstanding for a combined $230.0 million. During the three months ended September 30, 2018, the Company recorded no interest expense on notes payable to related parties and recorded $0.4 million of interest expense on notes payable to related parties during the three months ended September 30, 2017. During the nine months ended September 30, 2018 and 2017, the Company recorded $4.6 million and $2.4 million, respectively, of interest expense on notes payable to related parties.

Equity

Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity	7. Equity Stockholders’ Equity On June 25, 2018, EPRT Inc. completed the IPO and issued 32,500,000 shares of its common stock at an initial public offering price of $14.00 per share. Concurrently with the completion of IPO, EPRT Inc. completed the Concurrent Private Placement and issued 7,785,611 shares of its common stock and 1,142,960 OP Units at a price per share/unit of $14.00 to an affiliate of Eldridge for proceeds of $125.0 million. The issuance and sale of the shares and OP Units in the Concurrent Private Placement were made pursuant to private placement purchase agreements and there were no underwriting discounts or commissions associated with the sales. The OP Units issued to an affiliate of Eldridge are presented as a non-controlling interest in the Company’s consolidated financial statements. See Note 8 – Non-controlling Interests for additional information. The net proceeds to EPRT Inc., after deducting underwriting discounts and commissions and other expenses, from the IPO and the Concurrent Private Placement were $547.9 million. Additionally, on June 25, 2018, 691,290 shares of restricted As part of the IPO, the underwriters of the IPO were granted an option, exercisable within 30 days from June 20, 2018, to purchase up to an additional 4,875,000 shares of EPRT Inc.’s common stock at the IPO price of $14.00 per share, less underwriting discounts and commissions. On July 20, 2018, the underwriters of the IPO exercised this option in part, and on July 24, 2018, the Company issued an additional 2,772,191 shares of common stock and received net proceeds of $35.8 million, after deducting for underwriting discounts and commissions and other expenses. As of September 30, 2018, following the completion of the IPO (including the purchase of additional shares pursuant to the underwriters’ option), the Concurrent Private Placement of common stock and the grant of restricted common stock under the Equity Incentive Plan, the purchasers of common stock in the IPO own 80.6% of the outstanding shares of EPRT Inc.’s common stock, Eldridge owns 17.8% of the outstanding shares of EPRT Inc.’s common stock and the directors, executive officers and other employees that were awarded restricted shares under the Equity Incentive Plan collectively own the remaining 1.6% of the outstanding shares of EPRT Inc.’s common stock. On September 5, 2018, the Company’s board of directors declared a cash dividend of $0.224 per share of common stock, payable to stockholders of record as of the close of business on September 28, 2018. Holders of OP Units are entitled to distributions equivalent to those paid by the Company to common stockholders. As of September 30, 2018, the Company recorded $14.1 million of dividends payable to common stockholders and OP Unit holders in its consolidated balance sheets. On October 12, 2018, the Company paid a cash dividend of $9.8 million to common stockholders and $4.3 million to OP Unit holders. Members’ Equity EPRT LLC was capitalized by the Parent through direct and indirect capital contributions. During the period from March 30, 2016 (commencement of operations) to December 31, 2016, the Parent made direct capital contributions of $288.6 million and made indirect capital contributions of $163.1 million. In January 2017, the Parent made additional indirect capital contributions of $17.3 million. In these indirect capital contributions, the Parent made direct cash payments to sellers of real estate investments acquired by EPRT LLC. On January 31, 2017, in exchange for Class A units of EPRT LLC, Stonebriar Holdings made a direct equity contribution of $80.0 million and certain members of EPRT Management and certain members of the EPRT LLC’s board of managers made direct equity contributions of $3.7 million. Concurrently, EPRT LLC issued Class C units to the Parent in exchange for the Parent’s retention of an equity investment in EPRT LLC of $91.5 million. The Class A and Class C units were issued at $1,000 per unit and both classes contain liquidation preferences equal to the per unit value of $1,000 plus 8% per annum compounded quarterly. Additionally, on January 31, 2017, EPRT LLC approved and issued unvested Class B units to members of EPRT Management and a member of EPRT LLC’s board of managers and approved and issued unvested Class D units to members of EPRT LLC’s board of managers and external unitholders. See Note 9 – Equity Based Compensation for additional information. Pursuant to the EPRT LLC Operating Agreement, distributions to unitholders are to be made in the following order and priority: • First, to the holders of Class A and Class C units until each holder of these units has first received an amount equal to each class’ yield, as defined in the EPRT LLC Operating Agreement, and then until each holder of these units has received an amount equal to each class’ aggregate unreturned class contributions; • Next, to the holders of Class B and Class D units in an aggregate amount based on a return threshold defined in the EPRT LLC Operating Agreement for each class of units; • Then, to the holders of Class B and Class D units in an aggregate amount equal to each class’ unit percentage of distributions, as defined in the EPRT LLC Operating Agreement; and • Lastly, any remaining amounts to the holders of Class A and Class C units. Pursuant to the EPRT LLC Operating Agreement, EPRT LLC’s net income or loss is allocated to the holders of the Class A, B, C and D units in a similar manner as the distribution allocation outlined above. On December 31, 2017, EPRT LLC completed the EPRT LLC Reorganization and the Parent, Stonebriar Holdings, EPRT Management and the holders of Class B and Class D units contributed all of their interests in EPRT LLC to EPRT Holdings, in exchange for interests in EPRT Holdings with the same rights as the interests they held in EPRT LLC. As of such date, EPRT LLC became a wholly-owned subsidiary of EPRT Holdings. Additionally, EPRT Holdings issued a new grant of 500 unvested Class B units to an additional member of EPRT Management on the same date. On January 31, 2018, Stonebriar Holdings LLC made an additional $50.0 million direct equity contribution to EPRT Holdings. EPRT Holdings used these proceeds to repay $50.0 million of outstanding principal on the Warehouse Notes. As part of the Formation Transactions, EPRT LLC converted from a Delaware LLC into a Delaware limited partnership, changed its name to Essential Properties, L.P. and became the Operating Partnership. In connection with EPRT LLC’s conversion into a Delaware limited partnership, EPRT Holdings interest in EPRT LLC was converted into 17,913,592 OP Units. The OP Units issued to EPRT Holdings are presented as a non-controlling interest in the Company’s consolidated financial statements. See Note 8 – Non-controlling Interests for additional information.

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
Non-controlling Interests	8. 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 contributed the net proceeds from the IPO (including proceeds received pursuant to the partial exercise by the underwriters of their option to purchase additional shares) and the Concurrent Private Placement of common stock to Eldridge to the Operating Partnership and received 43,749,092 OP Units, a 68.7% interest in the Operating Partnership. EPRT Holdings and Eldridge, through the Formation Transactions and the Concurrent Private Placement of OP Units, respectively, directly or indirectly hold 17,913,592 and 1,142,960 OP Units, representing 28.5% and 1.8% interests in the Operating Partnership, respectively. The OP Units held by EPRT Holdings and Eldridge are presented as non-controlling interests in the Company’s consolidated financial statements. A holder of OP Units has the right to distributions and has the right to exchange OP Units for cash or, at the Company’s election, shares of the Company's common stock on a one-for-one basis, provided, however, that such OP Units must have been outstanding for at least one year. On September 5, 2018, the Company declared a cash dividend of $0.224 per share of common stock and a corresponding distribution to OP Unit holders for the same amount per OP Unit. The distribution was made on October 12, 2018.

Equity Based Compensation

Equity Based Compensation	9 Months Ended
	Sep. 30, 2018
Disclosure Of Compensation Related Costs Equity Based Payments [Abstract]
Equity Based Compensation	9. Equity Based Compensation 2018 Incentive Plan Effective immediately prior to the initial closing of the IPO, the Company adopted the Equity Incentive Plan, which provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock awards, performance awards and LTIP units. Officers, employees, non-employee directors, consultants, independent contractors and agents who provide services to the Company or to any subsidiary of the Company are eligible to receive such awards. A maximum of 3,550,000 shares may be issued under the Equity Incentive Plan, subject to certain conditions. On June 25, 2018, an aggregate of 691,290 shares of restricted common stock were issued to the Company’s directors, executive officers and other employees under the Equity Incentive Plan. Of these awards,15,484 shares of restricted common stock vest on the first anniversary of the date of grant and 675,806 shares of restricted stock vest ratably on the first, second and third anniversaries of the date of grant, subject to the individual’s continued provision of service to the Company through the applicable vesting dates. The following table presents information about the restricted common stock awards during the nine months ended September 30, 2018: 2018 Equity Incentive Plan Unvested restricted common stock outstanding, January 1, 2018 — Granted 691,290 Vested — Forfeited — Unvested restricted common stock outstanding, September 30, 2018 691,290 The Company estimated the grant date fair value of the unvested restricted common stock awards granted under the Equity Incentive uring the three and nine months ended September 30, 2018 he Company recorded $0.8 million and $0.9 million, respectively, of compensation related to the as a component of general and administrative expense in its consolidated statements of operations and comprehensive income. As of September 30, 2018, there was $8.6 million of total unrecognized compensation cost related to restricted common stock awards Unit Based Compensation On January 31, 2017, EPRT LLC approved the issuance of Class B and Class D units and issued 8,050 unvested Class B units to members of EPRT Management and a member of EPRT LLC’s board of managers and issued 3,000 unvested Class D units to members of EPRT LLC’s board of managers and external unitholders. The Class B and Class D units vest in five equal installments, beginning on March 30, 2017 and on each anniversary thereof through March 30, 2021. The holders of vested Class B units can put the Class B units beginning on the seventh (7th) anniversary of the commencement of EPRT LLC’s operations. On December 31, 2017, the holders of Class B and Class D units contributed all of their interests in EPRT LLC to EPRT Holdings in the EPRT LLC Reorganization in exchange for interests in EPRT Holdings with the same rights as the interests they held in EPRT LLC. The EPRT LLC units were exchanged on a one-for-one basis for equivalent units in EPRT Holdings with the same vesting conditions, distribution rights, priority and income allocation rights, among others. Additionally, EPRT Holdings issued a new grant of 500 unvested Class B units to an additional member of EPRT Management on the same date. The Class B units granted on December 31, 2017 vest in five equal installments beginning on May 1, 2018 and on each anniversary thereof through May 1, 2022 and have similar put rights as the Class B units granted on January 31, 2017. Following the completion of the Formation Transactions, the Class B and Class D unitholders continue to hold vested and unvested interests in EPRT Holdings and, indirectly, the OP Units held by EPRT Holdings. The following table presents information about the unvested Class B and Class D units during the nine months ended September 30, 2018 and 2017: Class B Units Class D Units Total Unvested units outstanding, January 1, 2017 — — — Granted 8,050 3,000 11,050 Vested (1,610 ) (600 ) (2,210 ) Forfeited — — — Unvested units outstanding, September 30, 2017 6,440 2,400 8,840 Unvested units outstanding, January 1, 2018 6,940 2,400 9,340 Granted — — — Vested (1,710 ) (600 ) (2,310 ) Forfeited — — — Unvested units outstanding, September 30, 2018 5,230 1,800 7,030 The Company estimated the grant date fair value of the unvested Class B and Class D awards granted to employees on January 31, 2017 and the fair value of the Class D awards granted to non-employees as of July 1, 2018 and September 30, 2017 using a Black-Scholes valuation model. Effective July 1, 2018, the Company adopted ASU 2018-07 (see Note 2 – Summary of Significant Accounting Policies) and will not subsequently remeasure the value of the unvested Class D awards granted to non-employees after this date. The Company's assumptions for expected volatility were based on daily historical volatility data related to market trading of publicly traded companies that invest in similar types of real estate as the Company, plus an adjustment to account for differences in the Company’s leverage compared to the publicly traded companies. The risk-free interest rate assumptions were determined by using U.S. treasury rates of the same period as the expected vesting term of each award. The marketability discounts were calculated using a Finnerty Model. The Company determined that the grant date per unit fair value of the unvested Class B and Class D units granted on January 31, 2017 was $323.65 and $152.16, respectively. As of July 1, 2018 and September 30, 2017, the Company determined that the per unit fair value of the Class D units granted to non-employees on January 31, 2017 was $79.09 and $428.40, respectively. During the three months ended September 30, 2018 and 2017, the Company recorded $0.2 million of compensation as a component of general and administrative expense related to the Class B and Class D units compensation as a component of general and administrative expense related to the Class B and Class D units As of September 30, 2018, there was $2.1 million and $0.3 million of total unrecognized compensation cost related to the Class B and Class D units, respectively, and the Company had a liability of approximately $28,000 for unvested Class D units granted to non-employees, which is recorded within accrued liabilities and other payables in the Company’s consolidated balance sheets. As of December 31, 2017, there was $2.7 million and $0.8 million of total unrecognized compensation cost related to the Class B and Class D units, respectively, and the Company had a liability of $0.2 million for unvested Class D units granted to non-employees. The unrecognized compensation expense for Class B and Class D units is expected to be recognized over a weighted average period of 2.6 and 2.5 years from September 30, 2018. The per unit fair value of unvested Class B and Class D units was estimated using the following assumptions as of the respective valuation dates: Valuation Date July 1, 2018 September 30, 2017 January 31, 2017 Volatility 20 % 45 % 40 % Risk free rate 2.33 % 1.43 % 1.30 % Marketability discount 25 % 25 % 30 %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies The Company leases office space in Princeton, New Jersey. The Company is obligated under a non-cancelable operating lease for this space through December 2018. During the three months ended September 30, 2018 and 2017, the Company recorded $0.1 million of rent expense related to this operating lease within general and administrative expense in the Company’s consolidated statements of operations and comprehensive income. During the nine months ended September 30, 2018 and 2017, the Company recorded $0.1 million of rent expense related to this operating lease within general and administrative expense in the Company’s consolidated statements of operations and comprehensive income. This lease has no contingent rental arrangements and the Company does not have any options to renew this lease. In February 2018, the Company entered into a new lease agreement for 13,453 square feet of office space in West Windsor Township, New Jersey. The lease has a seven year term and contains provisions for two five-year renewal periods at the Company’s option. The lease has an estimated commencement date of December 15, 2018 and a rent commencement date of January 1, 2019. Initial annualized base rent due under the terms of the lease will be $0.5 million, with annual escalations in base rent of $0.50 per square foot per year. As of September 30, 2018 and December 31, 2017, the Company was a lessee under long-term, non-cancelable ground leases accounted for as operating leases at 13 and 15 real estate properties, respectively, where the Company did not acquire the fee simple interest in the land. At five of these ground leased properties, the Company’s lease as lessor of the building directly obligates the building lessee to pay rents due under the ground lease to the ground lessor; such ground lease rents are presented on a net basis in the Company’s consolidated statements of operations and comprehensive income. During the three months ended September 30, 2018 and 2017, the Company recorded $0.1 million and $0.2 million, respectively, of ground rent expense within property expenses in the Company’s consolidated statements of operations and comprehensive income. During the nine months ended September 30, 2018 and 2017, the Company recorded $0.4 million and $0.5 million, respectively, of ground rent expense within property expenses in the Company’s consolidated statements of operations and comprehensive income. The Company’s ground leases do not contain contingent rental arrangements and, as of September 30, 2018, four of the ground leases escalate based on fixed schedules, with the remaining 9 ground leases containing no rental escalation provisions. As of September 30, 2018, the Company’s ground leases have remaining non-cancelable lease terms of between five months and 5.7 years, and five of the ground leases are renewable at the Company’s option for periods of up to 20 years. As of September 30, 2018, the future minimum base cash rental payments due from the Company under the office and ground leases where the Company is responsible for payment and the future minimum base cash rental payments under the ground leases where the Company’s tenants are responsible for payment over the next five years and thereafter are as follows: (in thousands) Office and Ground Leases to be Paid by the Company Ground Leases to be Paid Directly by the Company’s Tenants Total Future Minimum Base Rental Payments October 1 - December 31, 2018 $ 159 $ 122 $ 281 2019 886 492 1,378 2020 754 328 1,082 2021 680 331 1,011 2022 669 327 996 Thereafter 1,749 26 1,775 Total $ 4,897 $ 1,626 $ 6,523 As of September 30, 2018, the Company has remaining future commitments of $1.3 million to provide construction financing to a tenant through a mortgage note at one property and $5.2 million to reimburse its tenants at three properties for development and construction costs incurred and paid directly by the tenant. One of the Company’s loans receivable contains a provision through which the borrower, at its sole option, can require the Company to purchase the nine properties secured by the mortgage note for a purchase price of $8.2 million. The borrower can exercise this option at any point between January 1, 2019 and February 11, 2019. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties. Environmental Matters In connection with the ownership of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of September 30, 2018, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the Company’s results of operations. Defined Contribution Retirement Plan The Company has a defined contribution retirement savings plan qualified under Section 401(a) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan is available to all of the Company’s full-time employees. The Company provides a matching contribution in cash equal to 100% of the first 3% of eligible compensation contributed by participants and 50% of the next 2% of eligible compensation contributed by participants, which vests immediately. During the three months ended September 30, 2018 and 2017, the Company made matching contributions of approximately $14,000 and approximately $13,000, respectively. During the nine months ended September 30, 2018 and 2017, the Company made matching contributions of $0.1 million. Employment Agreements The Company has employment agreements with its executive officers. These employment agreements have an initial term of four years, with automatic one-year extensions unless notice of non-renewal is provided by either party. These agreements provide for initial annual base salaries and an annual performance bonus. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for any annual performance bonus awarded for the year prior to termination, to the extent unpaid, continued payments equal to 12 months of base salary, monthly reimbursement for 12 months of COBRA premiums, and under certain situations, a pro rata bonus for the year of termination.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. Fair Value Measurements GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures regularly and, depending on various factors, it is possible that an asset or liability may be classified differently from period to period. However, the Company expects that changes in classifications between levels will be rare. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not presented at their fair value on the consolidated balance sheet. The fair values of financial instruments are estimates based upon market conditions and perceived risks at September 30, 2018 and December 31, 2017. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash, accounts receivable included within prepaid expenses and other assets, notes payable to related party, dividends payable and accrued liabilities and other payables. Generally, these assets and liabilities are short term in duration and their carrying value approximates fair value on the consolidated balance sheets. The estimated fair values of the Company’s fixed‑rate loans receivable have been derived based on primarily unobservable market inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 3 within the fair value hierarchy. The Company believes the carrying value of its fixed-rate loans receivable approximates fair value. The estimated fair values of the Company’s secured borrowings have been derived based on primarily unobservable market inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 3 within the fair value hierarchy. As of September 30, 2018, the Company’s secured borrowings had an aggregate carrying value of $517.1 million (excluding net deferred financing costs of $9.6 million) and an estimated fair value of $519.5 million. As of December 31, 2017, the Company’s secured borrowings had an aggregate carrying value of $522.9 million (excluding net deferred financing costs of $11.3 million) and an estimated fair value of $527.9 million. The Company measures its real estate investments at fair value on a nonrecurring basis. The fair values of these real estate investments were determined using the following input levels as of the dates presented: Net Carrying Fair Value Measurements Using Fair Value Hierarchy (in thousands) Value Fair Value Level 1 Level 2 Level 3 September 30, 2018 Non-financial assets: Long-lived assets $ 3,385 $ 3,385 $ — $ — $ 3,385 December 31, 2017 Non-financial assets: Long-lived assets $ 5,817 $ 5,817 $ — $ — $ 5,817 Long-lived assets: The Company reviews its investments in real estate when events or circumstances change indicating that the carrying amount of an asset may not be recoverable. In the evaluation of an investment in real estate for impairment, many factors are considered, including estimated current and expected operating cash flows from the asset during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Quantitative information about Level 3 fair value measurements as of September 30, 2018 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets: Vacant property—Eureka, MO $ 262 Sales comparison approach Non-binding sales contract $ 262 Quick service restaurant—Bridgeport, MI 23 Discounted cash flow approach N/A 23 Car wash—Knoxville, TN 3,100 Sales comparison approach Non-binding sales contract 3,100

Related Party Disclosures

Related Party Disclosures	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related-Party Transactions	12. Related-Party Transactions During the nine months ended September 30, 2018 and 2017, an affiliate of Eldridge provided certain treasury and information technology services to the Company. Additionally, during the first three months of 2017, the Manager provided certain administrative services to the Company. The Manager charged the Company a flat monthly fee for its services based on the estimated cost incurred in the provision of the services, and the fee was reviewed by the Company’s management and determined to be reasonable. The Company incurred $0.1 million of expense for these services during the nine months ended September 30, 2017, which is included in general and administrative expense in the Company’s consolidated statements of operations and comprehensive income, and incurred a de minimis amount during the three months ended September 30, 2017 and the three and nine months ended September 30, 2018. The costs for the services provided by the affiliate of Eldridge and the Manager would likely be different if such services were provided by unrelated parties. During the three months ended September 30, 2017 and the nine months ended September 30, 2018 and 2017, the Company issued and repaid short-term notes to an affiliate of Eldridge. The Company had no short-term notes outstanding to an affiliate of Eldridge during the three months ended September 30, 2018. See Note 6 – Notes Payable to Related Parties for additional information.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events The Company has evaluated all events and transactions that occurred after September 30, 2018 through the filing of this Quarterly Report on Form 10-Q and determined that there have been no events that have occurred that would require adjustment to disclosures in the consolidated financial statements except as disclosed elsewhere in these notes to the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the SEC. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results for the full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto, which are included in the Registration Statement.
Reclassification	Reclassification Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation to change the presentation of Gain on dispositions of real estate, net on the consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2017. The Company has presented Gain on dispositions of real estate, net as a component of Income from operations in order to present gain and losses on dispositions of properties in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 360-10-45-5. This change in presentation was made for the prior periods as the SEC has eliminated Rule 3-15(a) of Regulation S-X, which previously had required the Company to present gain and losses on sale of properties outside of continuing operations in the income statement.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation. As of September 30, 2018, the Company held a 69.7% ownership interest in the Operating Partnership and the consolidated financial statements include the financial statements of the Operating Partnership as of that date. As of December 31, 2017, all subsidiaries of the Company were wholly-owned.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Investments	Real Estate Investments Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. The Company evaluates each acquisition transaction to determine whether the acquired assets meet the definition of a business. Under Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The Company allocates the purchase price of acquired properties accounted for as asset acquisitions to tangible and identifiable intangible assets or liabilities based on their relative fair values. Tangible assets may include land, site improvements and buildings. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable intangible assets or liabilities based on lease or property specific characteristics. The Company may incur various costs in the leasing and development of its properties. Amounts paid to tenants that incentivize them to extend or otherwise amend an existing lease or to sign a new lease agreement are capitalized to lease incentive on the Company’s consolidated balance sheets. Tenant improvements are capitalized to building and improvements within the Company’s consolidated balance sheets. Costs incurred which are directly related to properties under development, which include preconstruction costs essential to the development of the property, development costs, construction costs, interest costs and real estate taxes and insurance, are capitalized during the period of development as construction in progress. After the determination is made to capitalize a cost, it is allocated to the specific component of a project that benefited. Determination of when a development project commences and capitalization begins, and when a development project has reached substantial completion and is available for occupancy and capitalization must cease, involves a degree of judgment. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases based on the specific characteristics of each tenant’s lease. The Company estimates the cost to execute leases with terms similar to the remaining lease terms of the in-place leases, including leasing commissions, legal and other related expenses. Factors the Company considers in this analysis include an estimate of the carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from six to 12 months. The fair value of above- or below-market leases is recorded based on the net present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company’s estimate of the fair market lease rate for the corresponding in-place lease, measured over the remaining non-cancelable term of the lease including any below-market fixed rate renewal options for below-market leases. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including real estate valuations prepared by independent valuation firms. The Company also considers information and other factors including market conditions, the industry that the tenant operates in, characteristics of the real estate, e.g. location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Additionally, the Company considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company uses the information obtained as a result of its pre-acquisition due diligence as part of its consideration of the accounting standard governing asset retirement obligations and, when necessary, will record an asset retirement obligation as part of the purchase price allocation. Real estate investments that are intended to be sold are designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Real estate investments are no longer depreciated when they are classified as held for sale. If the disposal, or intended disposal, of certain real estate investments represents a strategic shift that has had or will have a major effect on the Company’s operations and financial results, the operations of such real estate investments would be presented as discontinued operations in the consolidated statements of operations and comprehensive income for all applicable periods.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings and 15 years for site improvements. During the three months ended September 30, 2018 and 2017, the Company recorded $6.6 million and $3.9 million, respectively, of depreciation on its real estate investments. During the nine months ended September 30, 2018 and 2017, the Company recorded $17.6 million and $9.5 million, respectively, of depreciation on its real estate investments. Lease incentives are amortized on a straight-line basis as a reduction of rental income over the remaining non-cancellable terms of the respective leases. In the event that a tenant terminates its lease, the unamortized portion of the lease incentive is charged to rental revenue. Construction in progress is not depreciated until the development has reached substantial completion. Tenant improvements are depreciated over the non-cancellable term of the related lease or their estimated useful life, whichever is shorter. Capitalized above-market lease values are amortized on a straight-line basis as a reduction of rental revenue over the remaining non-cancellable terms of the respective leases. Capitalized below-market lease values are accreted on a straight-line basis as an increase to rental revenue over the remaining non-cancellable terms of the respective leases including any below-market fixed rate renewal option periods. Capitalized above-market ground lease values are accreted as a reduction of property expenses over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property expenses over the remaining terms of the respective leases and any expected below-market renewal option periods where renewal is considered probable. The value of in-place leases, exclusive of the value of above-market and below-market lease intangibles, is amortized to depreciation and amortization expense on a straight-line basis expense over the remaining periods of the respective leases. In the event that a tenant terminates its lease, the unamortized portion of each intangible, including in-place lease values, is charged to depreciation and amortization expense, while above- and below-market lease adjustments are recorded within rental revenue in the consolidated statements of operations and comprehensive income.
Loans Receivable	Loans Receivable The Company holds its loans receivable for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective-interest method. The Company periodically evaluates the collectability of its loans receivable, including accrued interest, by analyzing the underlying property‑level economics and trends, collateral value and quality and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. As of September 30, 2018, the Company had no allowance for loan losses recorded in its consolidated financial statements. The Company had no loans receivable, and therefore had no allowance for loan losses, as of December 31, 2017.
Direct Financing Lease Receivables	Direct Financing Lease Receivables Certain of the Company’s real estate investment transactions are accounted for as direct financing leases. The Company records the direct financing lease receivables at their net investment, determined as the aggregate minimum lease payments and the estimated non-guaranteed residual value of the leased property less unearned income. The unearned income is recognized over the life of the related lease contracts so as to produce a constant rate of return on the net investment in the asset. The Company’s investment in direct financing lease receivables is reduced over the applicable lease term to its non-guaranteed residual value by the portion of rent allocated to the direct financing lease receivables. If and when an investment in direct financing lease receivables is identified for impairment evaluation, the Company will apply the guidance in both ASC 310 “Receivables” (“ASC 310”) and ASC 840 “Leases” (“ASC 840”). Under ASC 310, the lease receivable portion of the net investment in a direct financing lease receivable is evaluated for impairment when it becomes probable the Company, as the lessor, will be unable to collect all rental payments associated with the Company’s investment in the direct financing lease receivable. Under ASC 840, the Company reviews the estimated non-guaranteed residual value of a leased property at least annually. If the review results in a lower estimate than had been previously established, the Company determines whether the decline in estimated non-guaranteed residual value is other than temporary. If a decline is judged to be other than temporary, the accounting for the transaction is revised using the changed estimate and the resulting reduction in the net investment in direct financing lease receivables is recognized by the Company as a loss in the period in which the estimate is changed. As of September 30, 2018 and December 31, 2017, the Company determined that none of its direct financing lease receivables were impaired.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets If circumstances indicate that the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. Impairment assessments have a direct impact on the consolidated statements of operations and comprehensive income because recording an impairment loss results in an immediate negative adjustment to the consolidated statements of operations and comprehensive income. During the three months ended September 30, 2018 and 2017, the Company recorded a provision for impairment of real estate of $0.8 million and $0.9 million, respectively. During the nine months ended September 30, 2018 and 2017, the Company recorded a provision for impairment of real estate of $3.5 million and $1.4 million, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes cash in the Company’s bank accounts. The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to an insurance limit. As of September 30, 2018 and December 31, 2017, the Company had deposits of $73.3 million and $7.3 million, respectively, of which $73.0 million and $7.0 million, respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result.
Restricted Cash	Restricted Cash Restricted cash consists of cash held with the trustee for the Company’s Master Trust Funding Program (as defined in Note 5—Secured Borrowings). This restricted cash is used to make principal and interest payments on the Company’s secured borrowings, to pay trust expenses, and to acquire future real estate investments which will be pledged as collateral under the Master Trust Funding Program. See Note 5—Secured Borrowings for further discussion.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the accounts receivable and straight-line rent receivable balances are reduced by an allowance for uncollectible accounts on the consolidated balance sheets or a direct write-off of the receivable is recorded in the consolidated statements of operations. The provision for doubtful accounts is included in property expenses in the Company’s consolidated statements of operations and comprehensive income. If the accounts receivable balance or straight-line rent receivable balance is subsequently deemed to be uncollectible, such receivable amounts are written-off to the allowance for doubtful accounts. As of September 30, 2018 and December 31, 2017, the Company recorded an allowance for doubtful accounts of $0.3 million and $0.1 million, respectively, related to base rent receivable. As of September 30, 2018, the Company had no reserve recorded against straight-line rent receivable and had a $0.1 million reserve recorded against straight-line rent receivable as of December 31, 2017.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the issuance of the Company’s unsecured revolving credit facility are deferred and amortized as an increase to interest expense in the consolidated statements of operations and comprehensive income over the term of the related debt instrument and are reported as an asset on the consolidated balance sheets. Financing costs related to the issuance of the Company’s secured borrowings under the Master Trust Funding Program are deferred and amortized as an increase to interest expense in the consolidated statements of operations and comprehensive income over the term of the related debt instrument and are reported as a reduction of the related debt balance on the consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement The Company estimates fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1—Quoted prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3—Unobservable inputs that reflect the Company’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
Revenue Recognition	Revenue Recognition The Company’s rental revenue is primarily related to rent received from tenants. Rent from tenants is recorded in accordance with the terms of each lease on a straight-line basis over the non-cancellable initial term of the lease from the later of the date of the commencement of the lease or the date of acquisition of the property subject to the lease. Rental revenue recognition begins when the tenant controls the space through the term of the related lease. Because substantially all of the leases provide for rental increases at specified intervals, the Company records a straight-line rent receivable and recognizes revenue on a straight-line basis through the expiration of the non-cancellable term of the lease. The Company takes into account whether the collectability of rents is reasonably assured in determining the amount of straight-line rent to record. Rental revenue from leases with contingent rentals is recognized when changes in the factors on which the contingent payments are based actually occur. The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within accrued liabilities and other payables on the Company’s consolidated balance sheets. Certain properties in the Company’s investment portfolio are subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales. For these leases, the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. During the three months ended September 30, 2018 and 2017, the Company recorded contingent rent of $0.2 million and $0.2 million, respectively. During the nine months ended September 30, 2018 and 2017, the Company recorded contingent rent of $0.9 million and $0.9 million, respectively.
Organizational Costs	Organizational Costs Costs related to the initial organization of the Company and its subsidiaries are expensed as they are incurred and are recorded within general and administrative expense in the Company’s consolidated statements of operations and comprehensive income.
Offering Costs	Offering Costs In connection with the IPO, the Company incurred legal, accounting and other offering-related costs. Such costs have been deducted from the gross proceeds of the IPO upon its completion. As of September 30, 2018 and December 31, 2017, the Company had capitalized $35.1 million and $1.3 million of such costs in the Company’s consolidated balance sheets. These costs are presented as a reduction of additional paid-in capital as of September 30, 2018 (after the completion of the IPO) and are presented within prepaid expenses and other assets as of December 31, 2017 (prior to the completion of the IPO).
Gains and Losses on Dispositions of Real Estate	Gains and Losses on Dispositions of Real Estate Gains and losses on dispositions of real estate investments are recorded in accordance with ASC 360-20, Property, Plant and Equipment—Real Estate Sales On January 1, 2018, the Company adopted FASB ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets
Income Taxes	Income Taxes EPRT Inc. intends to elect to be taxed as a REIT under sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2018. REITs are subject to a number of organizational and operational requirements, including a requirement that 90% of ordinary “REIT taxable income” (as determined without regard to the dividends paid deduction or net capital gains) be distributed. As a REIT, the Company will generally not be subject to U.S. federal income tax to the extent that it meets the organizational and operational requirements and its distributions equal or exceed REIT taxable income. For the period subsequent to the effective date of our REIT election, the Company has met the organizational and operational requirements and distributions have exceeded net taxable income. Accordingly, no provision has been made for U.S. federal income taxes. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income and excise tax on its undistributed income. Franchise taxes and federal excise taxes on the Company’s undistributed income, if any, are included in general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income. Additionally, taxable income from non-REIT activities managed through the Company's taxable REIT subsidiary is subject to federal, state, and local taxes. From the Predecessor’s commencement of operations on March 30, 2016 through January 31, 2017, the Predecessor and its subsidiaries included in the consolidated financial statements were treated as disregarded entities for U.S. federal and state income tax purposes, and, accordingly, the Predecessor was not subject to entity-level tax. Therefore, until the Predecessor’s issuance of Class A and Class C units on January 31, 2017, the Predecessor’s net income flowed through to the Parent for federal income tax purposes. Following the issuance of Class A and C units, the Predecessor’s net income flowed through to Class A and Class C unitholders for federal income tax purposes. Accordingly, no provision for U.S. federal income taxes has been included in the accompanying consolidated financial statements. With regard to state income taxes, the Predecessor was a taxable entity only in certain states that tax all entities, including partnerships. The Company analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in such jurisdictions. The Company follows a two-step process to evaluate uncertain tax positions. Step one, recognition, occurs when an entity concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Step two, measurement, determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. As of September 30, 2018 and December 31, 2017, the Company did not record any accruals for uncertain tax positions. The Company’s policy is to classify interest expense and penalties in general and administrative expense in the consolidated statements of operations and comprehensive income. During the three and nine months ended September 30, 2018 and 2017, the Company did not record any interest or penalties, and there are no interest or penalties accrued at September 30, 2018 and December 31, 2017. The 2017 and 2016 taxable years remain open to examination by federal and state taxing jurisdictions to which the Company is subject.
Equity Based Compensation	Equity-Based Compensation In 2018, EPRT Inc. granted shares of restricted common stock to its directors, executive officers and other employees that vest over a multi-year period, subject to the recipient’s continued service. In 2017, the Predecessor granted unit-based compensation awards to certain of its employees and managers, as well as non-employees, consisting of units that vest over a multi-year period, subject to the recipient’s continued service. The Company accounts for the restricted common stock and unit-based compensation in accordance with ASC 718, Compensation – Stock Compensation, which requires that such compensation be recognized in the financial statements based on their estimated grant-date fair value. The value of such awards is recognized as compensation expense in general and administrative expenses in the accompanying consolidated statements of operations over the requisite service periods. The Company recognizes compensation expense using the straight-line method based on the terms of the individual grant.
Variable Interest Entities	Variable Interest Entities The FASB provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. Following the completion of the Formation Transactions, the Company concluded that the Operating Partnership is a VIE of which the Company is the primary beneficiary as the Company has the power to direct the activities that most significantly impact the economic performance of the Operating Partnership . Substantially all of the Company’s assets and liabilities are held by the Operating Partnership. The assets and liabilities of the Operating Partnership are consolidated and reported as assets and liabilities on the Company’s consolidated balance sheet as of September 30, 2018. The Company has concluded that an entity which it has provided a $5.7 million mortgage loan receivable is a VIE because the terms of the loan agreement limit the entity’s ability to absorb expected losses or the entity’s right to receive expected residual returns. However, the Company is not the primary beneficiary of the entity because the Company does not have the power to direct the activities that most significantly impact the entity’s economic performance. As of September 30, 2018, the carrying amount of the Company’s loan receivable with this entity was $5.7 million, and the Company’s maximum exposure to loss in this entity is limited to the carrying amount of its investment. The Company has no liabilities associated with this investment as of September 30, 2018.
Reportable Segments	Reportable Segments ASC Topic 280, Segment Reporting, establishes standards for the manner in which enterprises report information about operating segments. Substantially all of the Company’s investments, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates these investments for reporting purposes and operates in one reportable segment.
Net Income Per Common Share	Net Income per Share Net income per share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share Diluted net income per share of common stock further considers the effect of potentially dilutive shares of common stock outstanding during the period. The OP Units held by non-controlling interests represent potentially dilutive securities as the OP Units may be exchanged for cash or, at the Company’s election, shares of the Company’s common stock on a one-for-one basis. The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands): (dollar amounts in thousands) Three months ended September 30, 2018 Period from June 25, 2018 to September 30, 2018 Numerator for basic and diluted earnings per share: Net income $ 7,707 $ 8,029 Less: net income attributable to non-controlling interests (2,383 ) (2,482 ) Less: net income allocated to unvested restricted common stock (155 ) (155 ) Net income available for common stockholders: basic 5,169 5,392 Net income attributable to non-controlling interests 2,383 2,482 Net income available for common stockholders: diluted $ 7,552 $ 7,874 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 43,056,044 42,928,750 Less: weighted average number of shares of unvested restricted common stock (691,290 ) (691,290 ) Weighted average shares outstanding used in basic net income per share 42,364,754 42,237,460 Effects of dilutive securities: (1) OP Units 19,056,552 19,056,552 Unvested restricted common stock 51,369 48,266 Weighted average shares outstanding used in diluted net income per share 61,472,675 61,342,278 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.
Recent Accounting Developments	Recent Accounting Developments In May 2014, with subsequent updates in 2015, 2016 and 2017, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Such revenues are related to lease contracts with tenants, which currently fall within the scope of ASC Topic 840, and will fall within the scope of ASC Topic 842 upon the adoption of ASU 2016-02 on January 1, 2019 (see below). The Company’s sales of real estate are within the scope of ASU 2017-05 (see above). In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Targeted Improvements to Topic 842, Leases he Company is currently evaluating ASU 2018-11 including the impact of this change on its financial statement presentation. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Reconciliation of Numerator and Denominator used in Computation of Basic and Diluted Net Income Per Share	Net income per share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share Diluted net income per share of common stock further considers the effect of potentially dilutive shares of common stock outstanding during the period. The OP Units held by non-controlling interests represent potentially dilutive securities as the OP Units may be exchanged for cash or, at the Company’s election, shares of the Company’s common stock on a one-for-one basis. The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands): (dollar amounts in thousands) Three months ended September 30, 2018 Period from June 25, 2018 to September 30, 2018 Numerator for basic and diluted earnings per share: Net income $ 7,707 $ 8,029 Less: net income attributable to non-controlling interests (2,383 ) (2,482 ) Less: net income allocated to unvested restricted common stock (155 ) (155 ) Net income available for common stockholders: basic 5,169 5,392 Net income attributable to non-controlling interests 2,383 2,482 Net income available for common stockholders: diluted $ 7,552 $ 7,874 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 43,056,044 42,928,750 Less: weighted average number of shares of unvested restricted common stock (691,290 ) (691,290 ) Weighted average shares outstanding used in basic net income per share 42,364,754 42,237,460 Effects of dilutive securities: (1) OP Units 19,056,552 19,056,552 Unvested restricted common stock 51,369 48,266 Weighted average shares outstanding used in diluted net income per share 61,472,675 61,342,278 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2018
Investments [Abstract]
Schedule of Information about Acquisition Activity	The following table presents information about the Company’s acquisition activity during the nine months ended September 30, 2018: (Dollar amounts in thousands) Total Investments Ownership type (1) Number of properties acquired 165 Allocation of Purchase Price: Land and improvements $ 125,519 Building and improvements 253,754 Construction in progress (2) 14,307 Intangible lease assets 8,609 Assets acquired 402,190 Intangible lease liabilities (1,047 ) Liabilities assumed (1,047 ) Purchase price (including acquisition costs) $ 401,143 (1) During the nine months ended September 30, 2018, the Company acquired the fee interest in 164 properties and acquired one property subject to a ground lease arrangement. (2) Represents amounts incurred at and subsequent to acquisition and includes $0.2 million of capitalized interest expense.
Schedule of Gross Investment Activity	During the nine months ended September 30, 2018 and 2017, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Investment Locations Dollar Amount of Investments Gross investments, January 1, 2017 344 $ 458,667 Acquisitions of and additions to real estate investments 122 375,277 Sales of investments in real estate and direct financing lease receivables (35) (35,194 ) Provisions for impairment of real estate (1) (1,510 ) Principal collections on direct financing lease receivables (61 ) Other (631 ) Gross investments, September 30, 2017 796,548 Less: Accumulated depreciation and amortization (2) (19,551 ) Net investments, September 30, 2017 431 $ 776,997 Gross investments, January 1, 2018 508 $ 939,072 Acquisitions of and additions to real estate investments 165 403,218 Sales of investments in real estate (37) (38,174 ) Relinquishment of properties at end of ground lease term (2) (853 ) Provisions for impairment of real estate (3) (3,566 ) Investments in loans receivable 10,379 Principal collections on direct financing lease receivables (55 ) Other (2,772 ) Gross investments, September 30, 2018 1,307,249 Less: Accumulated depreciation and amortization (2) (43,630 ) Net investments, September 30, 2018 634 $ 1,263,619 (1) During the nine months ended September 30, 2017, the Company identified and recorded provisions for impairment at 4 vacant and 2 tenanted properties where expected future cash flows from the property, based on quoted market or comparable sales prices, were less than the Company’s carrying value. The amount in the table above excludes $0.1 million related to intangible lease liabilities for these assets. (2) Includes $31.4 million and $11.6 million of accumulated depreciation as of September 30, 2018 and 2017, respectively. (3) During the nine months ended September 30, 2018, the Company identified and recorded provisions for impairment at 7 vacant and 9 tenanted properties where expected future cash flows from the property, based on quoted market or comparable sales prices, were less than the Company’s carrying value. The amount in the table above excludes approximately $40,000 related to intangible lease liabilities for these assets.
Scheduled Future Minimum Base Rental Payments Under Remaining Non-cancelable Term of Operating Leases	Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of September 30, 2018 are as follows: (in thousands) Future Minimum Base Rental Receipts October 1, 2018 - December 31, 2018 $ 24,664 2019 99,240 2020 99,355 2021 99,930 2022 101,103 Thereafter 1,155,988 Total $ 1,580,280
Schedule of Loans Receivable	The Company’s loans receivable as of September 30, 2018 are summarized as follows (dollar amounts in thousands): Loan Type Monthly Payment Number of Secured Properties Interest Rate Maturity Date Principal Outstanding Mortgage (1)(2) Interest only 2 10% 2021 $ 2,376 Mortgage (1) Interest only 9 8% 2019 5,748 Development construction (2)(3) Principal + Interest 1 8% 2058 2,255 Net investment $ 10,379 (1 ) Loan requires monthly payments of interest only with a balloon payment due at maturity. (2) Loan allows for prepayments in whole or in part without penalty. (3) Loan is secured by a mortgage on the building and improvements at the development property. The Company provides periodic funding to the borrower under this arrangement as construction progresses. Monthly payments are made based on a 40-year amortization schedule with any outstanding principal balance due at maturity or earlier upon the occurrence of certain other events. The mortgaged property is subject to a ground lease arrangement with the Company, as landlord, and borrower, as tenant. If the tenant does not exercise its right to renew the ground lease at the end of its initial 15-year term, the balance of the mortgage loan receivable will be forgiven, and the Company will retain title to the mortgaged property.
Scheduled Principal Payments Due to be Received under Loans Receivable	Scheduled principal payments due to be received under the Company’s loans receivable as of September 30, 2018 are as follows: (in thousands) Loans Receivable October 1, 2018 - December 31, 2018 $ — 2019 5,756 2020 9 2021 2,386 2022 11 Thereafter 2,217 Total $ 10,379
Schedule of Direct Financing Lease Receivables	The components of the investments accounted for as direct financing lease receivables were as follows: (in thousands) September 30, 2018 December 31, 2017 Minimum lease payments receivable $ 4,278 $ 4,518 Estimated unguaranteed residual value of leased assets 270 270 Unearned income from leased assets (1,878 ) (2,063 ) Net investment $ 2,670 $ 2,725
Scheduled Future Minimum Non-cancelable Base Rental Payments Under Direct Financing Lease Receivables	Scheduled future minimum non-cancelable base rental payments due to be received under the direct financing lease receivables as of September 30, 2018 are as follows: (in thousands) Future Minimum Base Rental Payments October 1, 2018 - December 31, 2018 $ 80 2019 332 2020 337 2021 340 2022 345 Thereafter 2,844 Total $ 4,278
Activity in Real Estate Investments and Intangible Lease Liabilities Held for Sale	The following table shows the activity in real estate investments held for sale and intangible lease liabilities held for sale during the nine months ended September 30, 2018 . (Dollar amounts in thousands) Number of Properties Real Estate Investments Intangible Lease Liabilities Net Carrying Value Held for sale balance, December 31, 2017 3 $ 4,173 $ (129 ) $ 4,044 Transfers to held for sale classification 12 14,487 (256 ) 14,231 Sales (13 ) (17,253 ) 385 (16,868 ) Transfers to held and used classification — — — — Held for sale balance, September 30, 2018 2 $ 1,407 $ — $ 1,407
Schedule of External Customers by Geographic Areas	The following table lists the states where the rental revenue from the properties in that state during the periods presented represented 10% or more of total rental revenue in the Company’s consolidated statements of operations and comprehensive income: Three months ended September 30, Nine months ended September 30, State 2018 2017 2018 2017 Texas 11.6% 14.3% 12.6% 13.0% Georgia 11.1% 13.9% 11.5% 13.9% Michigan * 10.2% * * * State's rental revenue was not greater than 10% of total rental revenue during the period specified.
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following as of the dates presented: September 30, 2018 December 31, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 48,472 $ 8,521 $ 39,951 $ 44,738 $ 6,638 $ 38,100 Intangible market lease assets 16,070 3,737 12,333 17,715 2,794 14,921 Total intangible assets $ 64,542 $ 12,258 $ 52,284 $ 62,453 $ 9,432 $ 53,021 Intangible market lease liabilities $ 14,808 $ 2,923 $ 11,885 $ 14,824 $ 2,503 $ 12,321
Summary of Remaining Weighted Average Amortization Period for Intangible Assets and Liabilities	The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of September 30, 2018, by category and in total, were as follows: Years Remaining In-place leases 10.9 Intangible market lease assets 8.9 Intangible market lease liabilities 15.9 Total intangible assets and liabilities 11.4
Summary of Amortization and Accretion Recognized	The following table discloses amounts recognized within the consolidated statements of operations and comprehensive income related to amortization of in-place leases, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases for the periods presented: Three months ended September 30, Nine months ended September 30, (in thousands) 2018 2017 2018 2017 Amortization of in-place leases (1) $ 2,117 $ 1,253 $ 5,260 $ 3,698 Amortization (accretion) of market lease intangibles, net (2) 245 727 642 1,161 Amortization (accretion) of above- and below-market ground lease intangibles, net (3) (90 ) (144 ) (358 ) (434 ) (1) Reflected within depreciation and amortization expense. (2) Reflected within rental revenue. (3) Reflected within property expenses.
Summary of Projected Amortization Expenses for Next Five Years	The following table provides the projected amortization of in-place lease assets to depreciation and amortization expense, net amortization of above- and below-market lease intangibles to rental revenue, and net amortization of above- and below-market ground lease intangibles into property expenses for the next five years: (in thousands) October 1 - December 31, 2018 2019 2020 2021 2022 In-place lease assets $ 1,215 $ 4,625 $ 4,196 $ 3,997 $ 3,868 Total to be added to amortization expense $ 1,215 $ 4,625 $ 4,196 $ 3,997 $ 3,868 Above-market lease assets $ (364 ) $ (1,440 ) $ (1,279 ) $ (1,230 ) $ (1,228 ) Below-market lease liabilities 226 737 659 660 657 Net adjustment to rental revenue $ (138 ) $ (703 ) $ (620 ) $ (570 ) $ (571 ) Below-market ground lease assets $ 43 $ 99 $ — $ — $ — Above-market ground lease liabilities (128 ) (374 ) (228 ) (183 ) (180 ) Net adjustment to property expenses $ (85 ) $ (275 ) $ (228 ) $ (183 ) $ (180 )

Secured Borrowings (Tables)

Secured Borrowings (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of Scheduled Principal Payments	The following table summarizes the scheduled principal payments on the Company’s secured borrowings as of September 30, 2018: (in thousands) Future Principal Payments October 1 - December 31, 2018 $ 1,940 2019 8,009 2020 8,419 2021 267,558 2022 4,292 Thereafter 226,842 Total $ 517,060

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure Of Compensation Related Costs Equity Based Payments [Abstract]
Schedule of Information about Restricted Common Stock Awards	The following table presents information about the restricted common stock awards during the nine months ended September 30, 2018: 2018 Equity Incentive Plan Unvested restricted common stock outstanding, January 1, 2018 — Granted 691,290 Vested — Forfeited — Unvested restricted common stock outstanding, September 30, 2018 691,290
Schedule of Information about Unvested Class B and Class D Units	The following table presents information about the unvested Class B and Class D units during the nine months ended September 30, 2018 and 2017: Class B Units Class D Units Total Unvested units outstanding, January 1, 2017 — — — Granted 8,050 3,000 11,050 Vested (1,610 ) (600 ) (2,210 ) Forfeited — — — Unvested units outstanding, September 30, 2017 6,440 2,400 8,840 Unvested units outstanding, January 1, 2018 6,940 2,400 9,340 Granted — — — Vested (1,710 ) (600 ) (2,310 ) Forfeited — — — Unvested units outstanding, September 30, 2018 5,230 1,800 7,030
Schedule of Per Unit Fair Value of Unvested Class B and Class D Units Estimated Using Assumptions as of Valuation Dates	The per unit fair value of unvested Class B and Class D units was estimated using the following assumptions as of the respective valuation dates: Valuation Date July 1, 2018 September 30, 2017 January 31, 2017 Volatility 20 % 45 % 40 % Risk free rate 2.33 % 1.43 % 1.30 % Marketability discount 25 % 25 % 30 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Minimum Base Cash rental payments Due from Company under Office and Ground Leases	As of September 30, 2018, the future minimum base cash rental payments due from the Company under the office and ground leases where the Company is responsible for payment and the future minimum base cash rental payments under the ground leases where the Company’s tenants are responsible for payment over the next five years and thereafter are as follows: (in thousands) Office and Ground Leases to be Paid by the Company Ground Leases to be Paid Directly by the Company’s Tenants Total Future Minimum Base Rental Payments October 1 - December 31, 2018 $ 159 $ 122 $ 281 2019 886 492 1,378 2020 754 328 1,082 2021 680 331 1,011 2022 669 327 996 Thereafter 1,749 26 1,775 Total $ 4,897 $ 1,626 $ 6,523

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Summary of Fair Values of Real Estate Investments Measured at Nonrecurring Basis	The Company measures its real estate investments at fair value on a nonrecurring basis. The fair values of these real estate investments were determined using the following input levels as of the dates presented: Net Carrying Fair Value Measurements Using Fair Value Hierarchy (in thousands) Value Fair Value Level 1 Level 2 Level 3 September 30, 2018 Non-financial assets: Long-lived assets $ 3,385 $ 3,385 $ — $ — $ 3,385 December 31, 2017 Non-financial assets: Long-lived assets $ 5,817 $ 5,817 $ — $ — $ 5,817
Summary of Quantitative Information About Level 3 Fair Value Measurements	Quantitative information about Level 3 fair value measurements as of September 30, 2018 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets: Vacant property—Eureka, MO $ 262 Sales comparison approach Non-binding sales contract $ 262 Quick service restaurant—Bridgeport, MI 23 Discounted cash flow approach N/A 23 Car wash—Knoxville, TN 3,100 Sales comparison approach Non-binding sales contract 3,100

Organization - Additional Infor

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands	Jul. 24, 2018USD ($)shares	Jun. 25, 2018USD ($)$ / sharesshares	Jun. 20, 2018shares	Jan. 31, 2017ClassofEquity	Jul. 20, 2018$ / sharesshares	Sep. 30, 2018$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Jun. 22, 2018$ / sharesshares	Jun. 21, 2018shares	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common shares, par value per share | $ / shares						$ 0.01	$ 0.01
Proceeds from initial public offering | $							$ 464,182
Percentage of ownership interest						69.70%	69.70%
Predecessor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of classes of equity units issued | ClassofEquity				4
Sale of stock, percentage of ownership after transaction				52.30%
Operating Partnership Unit
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from concurrent private placement | $							$ 16,001
Operating partnership units received	2,772,191
Eldridge Industries, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of ownership interest						1.80%	1.80%
Eldridge Industries, LLC | Operating Partnership Unit
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating partnership units received			40,976,901				43,749,092
Stonebriar Holdings | Predecessor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of ownership				45.70%
EPRT Management | Predecessor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of ownership				2.00%
EPRT Holdings LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Interest received in Operating Partnership			17,913,592			17,913,592	17,913,592		17,913,592
General partner ownership interest			1.00%				1.00%
Percentage of ownership interest						28.50%	28.50%
EPRT Holdings LLC | Predecessor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Change in ownership percentages										0.00%
EPRT Holdings LLC | 2018 Incentive Plan
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common shares, par value per share | $ / shares								$ 0.01
Additional shares of common stock reserved for issuance								3,550,000
Restricted common stock shares issued		691,290
Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Initial public offering, shares						35,272,191
Common stock, price per share | $ / shares					$ 14
Proceeds from concurrent private placement | $							$ 108,999
Concurrent private placement of common stock, shares						7,785,611
Common stock to purchase number of additional shares					4,875,000
Initial Public Offering | Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Initial public offering, shares		32,500,000
Common shares, par value per share | $ / shares		$ 0.01
Common stock, price per share | $ / shares		$ 14
Proceeds from initial public offering | $		$ 455,000
Private Placement | Eldridge Industries, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, price per share | $ / shares		$ 14
Proceeds from concurrent private placement | $		$ 125,000					$ 125,000
Private Placement | Eldridge Industries, LLC | Operating Partnership Unit
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, price per share | $ / shares		$ 14
Stock/Units issued							1,142,960
Private Placement | Common Stock | Eldridge Industries, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Concurrent private placement of common stock, shares		7,785,611					7,785,611
Over-allotment Option | Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Initial public offering, shares	2,772,191
Gross proceeds from issuance of common stock | $	$ 38,800

Summary of Significant Accoun_4

Summary of Significant Accounting Principles - Additional Information (Details)	Jun. 30, 2018	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Segment	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Summary Of Significant Accounting Policies [Line Items]
Percentage of ownership interest		69.70%		69.70%
Allowance for loan losses		$ 0		$ 0		$ 0
Provision for impairment		770,000	$ 857,000	3,526,000	$ 1,436,000
Cash and cash equivalents		73,271,000	20,047,000	73,271,000	20,047,000	7,250,000
Deposits in excess of amount insured by FDIC		73,000,000		73,000,000		7,000,000
Contingent rent		200,000	200,000	900,000	900,000
Capitalized offering costs		35,100,000		$ 35,100,000		1,300,000
Percentage of taxable income require to REIT				90.00%
Provision for income tax		0		$ 0
Uncertain tax positions, interest or penalties		0	0	0	0
Uncertain tax position, interest or penalties accrued		0		0		0
Mortgage loan receivable		10,379,000		$ 10,379,000
Number of reportable segments | Segment				1
Common stock, conversion basis	one-for-one basis			one-for-one basis
VIE | Mortgage Loan Receivable
Summary Of Significant Accounting Policies [Line Items]
Mortgage loan receivable		5,700,000		$ 5,700,000
Mortgage loan receivable, maximum loss exposure		5,700,000		5,700,000
Liabilities associated with investment		0		$ 0
Federal
Summary Of Significant Accounting Policies [Line Items]
Open tax year				2016 2017
State
Summary Of Significant Accounting Policies [Line Items]
Open tax year				2016 2017
Base Rent
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts receivable		300,000		$ 300,000		100,000
Straight-line Rent
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts receivable		0		0		$ 100,000
Real Estate Investments
Summary Of Significant Accounting Policies [Line Items]
Depreciation		$ 6,600,000	$ 3,900,000	$ 17,600,000	$ 9,500,000
Buildings | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life				40 years
Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life				15 years

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Reconciliation of Numerator and Denominator used in Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator for basic and diluted earnings per share:
Net income	$ 8,029	$ 7,707	$ 522	$ 12,314	$ 3,151
Net income attributable to non-controlling interests	(2,482)	(2,383)		(2,482)
Less: net income allocated to unvested restricted common stock	(155)	(155)
Net income available for common stockholders: basic	5,392	5,169
Net income attributable to non-controlling interests	2,482	2,383		$ 2,482
Net income available for common stockholders: diluted	$ 7,874	$ 7,552
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding	42,928,750	43,056,044
Less: weighted average number of shares of unvested restricted common stock	(691,290)	(691,290)
Weighted average shares outstanding used in basic net income per share	42,237,460	42,364,754		42,237,460
Effects of dilutive securities:
Weighted average shares outstanding used in diluted net income per share	61,342,278	61,472,675		61,342,278
OP Units
Effects of dilutive securities:
Dilutive securities	19,056,552	19,056,552
Unvested Restricted Common Stock
Effects of dilutive securities:
Dilutive securities	48,266	51,369

Investments - Additional Inform

Investments - Additional Information (Details)	1 Months Ended	9 Months Ended
	Nov. 05, 2018USD ($)Property	Sep. 30, 2018USD ($)PropertyLoanInvestment	Sep. 30, 2017USD ($)Loan	Dec. 31, 2017USD ($)PropertyInvestment	Dec. 31, 2016USD ($)
Investment [Line Items]
Number of property locations of investments | Property		634		508
Number of property development in progress | Property		2		2
Number of real estate properties undeveloped land parcels | Property		1		2
Number of mortgage loans receivable | Loan		2
Number of additional properties secured for mortgage loan receivable | Property		11
Number of owned properties | Property		621		493
Number of properties owned as direct financing receivables | Property		5		5
Number of ground lease interests | Property		13		15
Number of real estate subject to direct financing leases | Property		1		1
Gross acquisition cost of real estate investments		$ 1,307,249,000	$ 796,548,000	$ 939,072,000	$ 458,667,000
Real estate investments, at cost		1,292,793,000		932,174,000
Aggregate carrying amount of loans and direct financing lease receivable		13,000,000
Real estate investments held for sale, net		$ 1,400,000		$ 4,200,000
Number of investments | Investment		349		348
Net investments		$ 622,300,000		$ 620,000,000
Aggregate carrying amount of direct financing lease receivable		$ 2,700,000		2,700,000
Number of acquisitions represented more than five percentage of total investment activity | Investment		0
Number of loan receivable agreements secured | Loan		3	0
Aggegate carrying value of loans receivable		$ 10,400,000
Real estate investments transfers to held for sale		14,487,000	$ 0
Real estate investments transfers from held for sale			0
Real estate investments held for sale		$ 1,407,000	$ 0	$ 4,173,000
Subsequent Event
Investment [Line Items]
Number of real estate investment properties acquired | Property	5
Aggregate investment (including acquisition-related costs)	$ 12,600,000
Investment in new and ongoing construction in progress	1,300,000
Additional real estate investment in new and ongoing construction	$ 600,000
Number of investment properties sold or transferred | Property	2
Investment, aggregate gross sales price	$ 3,800,000
Investment, disposition costs	$ 200,000

Investments - Schedule of Infor

Investments - Schedule of Information about Acquisition Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)Property
Investments [Abstract]
Ownership type	fee interest
Number of properties acquired | Property	165
Allocation of Purchase Price:
Land and improvements	$ 125,519
Building and improvements	253,754
Construction in progress	14,307
Intangible lease assets	8,609
Assets acquired	402,190
Intangible lease liabilities	(1,047)
Liabilities assumed	(1,047)
Purchase price (including acquisition costs)	$ 401,143

Investments - Schedule of Inf_2

Investments - Schedule of Information about Acquisition Activity (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)Property
Investments [Abstract]
Ownership type	fee interest
Number of properties acquired fee interest	164
Number of properties acquired subject to ground lease arrangement	1
Capitalized interest expense | $	$ 0.2

Investments - Summary of Gross

Investments - Summary of Gross Investment Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)InvestmentLocation	Sep. 30, 2017USD ($)InvestmentLocation	Dec. 31, 2017USD ($)InvestmentLocation	Dec. 31, 2016InvestmentLocation
Real Estate Investments [Abstract]
Number of Investment Locations | InvestmentLocation	634	431	508	344
Number of Investment Locations, Acquisitions of and additions to real estate investments | InvestmentLocation	165	122
Number of Investment Locations, Sales of investments in real estate and direct financing lease receivables | InvestmentLocation		(35)
Number of Investment Locations, Sales of investments in real estate | InvestmentLocation	(37)
Number of Investment Locations, Relinquishment of properties at end of ground lease term | InvestmentLocation	(2)
Gross investments	$ 939,072	$ 458,667
Acquisitions of and additions to real estate investments	403,218	375,277
Sales of investments in real estate and direct financing lease receivables		(35,194)
Sales of investments in real estate	(38,174)
Relinquishment of properties at end of ground lease term	(853)
Provisions for impairment of real estate	(3,566)	(1,510)
Investments in loans receivable	10,379
Principal collections on direct financing lease receivables	(55)	(61)
Other	(2,772)	(631)
Gross investments	1,307,249	796,548
Less: accumulated depreciation and amortization	(43,630)	(19,551)	$ (24,825)
Net investments	$ 1,263,619	$ 776,997	$ 914,247

Investments - Summary of Gros_2

Investments - Summary of Gross Investment Activity (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)Property	Dec. 31, 2017Property
Real Estate Properties [Line Items]
Accumulated depreciation | $	$ 31,400,000	$ 11,600,000
Number of property locations of investments	634		508
Intangible lease liabilities | $	$ 40,000	$ 100,000
Vacant Properties
Real Estate Properties [Line Items]
Number of property locations of investments	7	4
Tenanted Properties
Real Estate Properties [Line Items]
Number of property locations of investments	9	2

Investments - Scheduled Future

Investments - Scheduled Future Minimum Base Rental Payments Under Remaining Non-cancelable Term of Operating Leases (Details) - Real Estate Investments $ in Thousands	Sep. 30, 2018USD ($)
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
October 1, 2018 - December 31, 2018	$ 24,664
2,019	99,240
2,020	99,355
2,021	99,930
2,022	101,103
Thereafter	1,155,988
Total	$ 1,580,280

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)Property
Loans Receivable Disclosure [Line Items]
Principal Outstanding	$ 10,379
Mortgage Loan Receivable Due at 2021
Loans Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	2
Interest Rate	10.00%
Maturity Date	2,021
Principal Outstanding	$ 2,376
Mortgage Loan Receivable Due at 2019
Loans Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	9
Interest Rate	8.00%
Maturity Date	2,019
Principal Outstanding	$ 5,748
Development Construction Loan Receivable
Loans Receivable Disclosure [Line Items]
Monthly Payment	Principal + Interest
Number of Secured Properties | Property	1
Interest Rate	8.00%
Maturity Date	2,058
Principal Outstanding	$ 2,255

Investments - Schedule of Loa_2

Investments - Schedule of Loans Receivable (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2018
Loans And Leases Receivable Disclosure [Abstract]
Mortgage property ground lease agreement renewal term	15-year
Amortization schedule of loan receivable under development construction agreement	40 years

Investments - Scheduled of Prin

Investments - Scheduled of Principal Payments Due to be Received under Loans Receivable (Details) $ in Thousands	Sep. 30, 2018USD ($)
Loans Receivable Scheduled Principal Payments Due To Be Received [Abstract]
2,019	$ 5,756
2,020	9
2,021	2,386
2,022	11
Thereafter	2,217
Total	$ 10,379

Investments - Schedule of Direc

Investments - Schedule of Direct Financing Lease Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Net Investment In Leases [Abstract]
Minimum lease payments receivable	$ 4,278	$ 4,518
Estimated unguaranteed residual value of leased assets	270	270
Unearned income from leased assets	(1,878)	(2,063)
Net investment	$ 2,670	$ 2,725

Investments - Scheduled Futur_2

Investments - Scheduled Future Minimum Non-cancelable Base Rental Payments Under Direct Financing Lease Receivables (Details) $ in Thousands	Sep. 30, 2018USD ($)
Net Investment In Leases [Abstract]
October 1, 2018 - December 31, 2018	$ 80
2,019	332
2,020	337
2,021	340
2,022	345
Thereafter	2,844
Total	$ 4,278

Investments - Activity in Real

Investments - Activity in Real Estate Investments and Intangible Lease Liabilities Held for Sale (Details)	9 Months Ended
	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)
Investments [Abstract]
Number of Properties, Held for sale balance, December 31, 2017 | Property	3
Number of Properties, Transfers to held for sale classification | Property	12
Number of Properties, Sales | Property	(13)
Number of Properties, Held for sale balance, September 30, 2018 | Property	2
Real Estate Investments, Held for sale balance, December 31, 2017	$ 4,173,000
Real Estate Investments, Transfers to held for sale classification	14,487,000	$ 0
Real Estate Investments, Sales	(17,253,000)
Real Estate Investments, Held for sale balance, September 30, 2018	1,407,000	$ 0
Intangible Lease Liabilities, Held for sale balance, December 31, 2017	(129,000)
Intangible Lease Liabilities, Transfers to held for sale classification	(256,000)
Intangible Lease Liabilities, Sales	385,000
Intangible Lease Liabilities, Held for sale balance, September 30, 2018	0
Net Carrying Value, Held for sale balance, December 31, 2017	4,044,000
Net Carrying Value, Transfers to held for sale classification	14,231,000
Net Carrying Value, Sales	(16,868,000)
Net Carrying Value, Held for sale balance, September 30, 2018	$ 1,407,000

Investments - Schedule of Exter

Investments - Schedule of External Customers by Geographic Areas (Details) - Rental Revenue - Geographic Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Texas
Concentration Risk [Line Items]
Concentration risk percentage	11.60%	14.30%	12.60%	13.00%
Georgia
Concentration Risk [Line Items]
Concentration risk percentage	11.10%	13.90%	11.50%	13.90%
Michigan
Concentration Risk [Line Items]
Concentration risk percentage		10.20%

Investments - Schedule of Intan

Investments - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	$ 64,542	$ 62,453
Intangible assets, Accumulated Amortization	12,258	9,432
Intangible assets, Net Carrying Amount	52,284	53,021
Intangible market lease liabilities, Gross Carrying Amount	14,808	14,824
Intangible market lease liabilities, Accumulated Amortization	2,923	2,503
Intangible market lease liabilities, Net Carrying Amount	11,885	12,321
In-place Leases
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	48,472	44,738
Intangible assets, Accumulated Amortization	8,521	6,638
Intangible assets, Net Carrying Amount	39,951	38,100
Intangible Market Lease Assets
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	16,070	17,715
Intangible assets, Accumulated Amortization	3,737	2,794
Intangible assets, Net Carrying Amount	$ 12,333	$ 14,921

Investments - Summary of Remain

Investments - Summary of Remaining Weighted Average Amortization Period for Intangible Assets and Liabilities (Details)	9 Months Ended
	Sep. 30, 2018
Finite Lived Intangible Assets [Line Items]
Remaining weighted average amortization period, Intangible market lease liabilities	15 years 10 months 24 days
Total intangible assets and liabilities	11 years 4 months 24 days
In-place Leases
Finite Lived Intangible Assets [Line Items]
Remaining weighted average amortization period, In-place leases	10 years 10 months 24 days
Intangible Market Lease Assets
Finite Lived Intangible Assets [Line Items]
Remaining weighted average amortization period, Intangible assets	8 years 10 months 24 days

Investments - Summary of Amorti

Investments - Summary of Amortization and Accretion Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Amortization of In-Place Leases, Amortization and Accretion of Above- and Below-Market Lease Assets and Liabilities [Line Items]
Amortization of in-place leases	$ 2,117	$ 1,253	$ 5,260	$ 3,698
Market Lease Intangibles | Rental Revenue
Amortization of In-Place Leases, Amortization and Accretion of Above- and Below-Market Lease Assets and Liabilities [Line Items]
Amortization (accretion) of market lease intangibles, net	245	727	642	1,161
Above and Below Market Ground Lease Intangibles | Property Expenses
Amortization of In-Place Leases, Amortization and Accretion of Above- and Below-Market Lease Assets and Liabilities [Line Items]
Amortization (accretion) of above- and below-market ground lease intangibles, net	$ (90)	$ (144)	$ (358)	$ (434)

Investments - Summary of Projec

Investments - Summary of Projected Amortization Expenses for Next Five Years (Details) $ in Thousands	Sep. 30, 2018USD ($)
Amortization Expense
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2018 - December 31, 2018	$ 1,215
Finite-lived intangible assets, amortization expense, 2019	4,625
Finite-lived intangible assets, amortization expense, 2020	4,196
Finite-lived intangible assets, amortization expense, 2021	3,997
Finite-lived intangible assets, amortization expense, 2022	3,868
In-place Leases | Amortization Expense
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2018 - December 31, 2018	1,215
Finite-lived intangible assets, amortization expense, 2019	4,625
Finite-lived intangible assets, amortization expense, 2020	4,196
Finite-lived intangible assets, amortization expense, 2021	3,997
Finite-lived intangible assets, amortization expense, 2022	3,868
Above-Market Lease Assets | Rental Revenue
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2018 - December 31, 2018	(364)
Finite-lived intangible assets, amortization expense, 2019	(1,440)
Finite-lived intangible assets, amortization expense, 2020	(1,279)
Finite-lived intangible assets, amortization expense, 2021	(1,230)
Finite-lived intangible assets, amortization expense, 2022	(1,228)
Below-Market Ground Lease Assets | Property Expenses
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2018 - December 31, 2018	43
Finite-lived intangible assets, amortization expense, 2019	99
Above-Market Ground Lease Liabilities | Property Expenses
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible liability, amortization income, October 1, 2018 - December 31, 2018	(128)
Finite-lived intangible liability, amortization income, 2019	(374)
Finite-lived intangible liability, amortization income, 2020	(228)
Finite-lived intangible liability, amortization income, 2021	(183)
Finite-lived intangible liability, amortization income, 2022	(180)
Net Adjustment in-place Lease | Rental Revenue
Finite Lived Intangible Assets [Line Items]
Above and below market lease (assets) liabilities net adjustment to rental revenue, October 1, 2018 - December 31, 2018	(138)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2019	(703)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2020	(620)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2021	(570)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2022	(571)
Net Adjustment in-place Lease | Property Expenses
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, October 1, 2018 - December 31, 2018	(85)
Finite-lived intangible assets, amortization expense, 2019	(275)
Finite-lived intangible assets, amortization expense, 2020	(228)
Finite-lived intangible assets, amortization expense, 2021	(183)
Finite-lived intangible assets, amortization expense, 2022	(180)
Below-Market Lease Liabilities | Rental Revenue
Finite Lived Intangible Assets [Line Items]
Below market leases, amortization income, October 1, 2018 - December 31, 2018	226
Below market leases, amortization income, 2019	737
Below market leases, amortization income, 2020	659
Below market leases, amortization income, 2021	660
Below market leases, amortization income, 2022	$ 657

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facility - Additional Information (Details) - USD ($)	Jun. 25, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Line Of Credit Facility [Line Items]
Deferred finance costs, net		$ 9,600,000		$ 9,600,000		$ 11,300,000
Interest expense		6,563,000	$ 6,317,000	23,474,000	$ 15,192,000
Senior Unsecured Revolving Credit Facility
Line Of Credit Facility [Line Items]
Maximum aggregate initial original principal amount	$ 300,000,000
Credit facility term	4 years
Maximum availability of the facility	$ 200,000,000
Borrowings or repayments under facitlity		0		0
Principal balance outstanding under the facility		0		0
Interest expense		200,000		200,000
Senior Unsecured Revolving Credit Facility | Prepaid Expenses and Other Current Assets, Net
Line Of Credit Facility [Line Items]
Deferred finance costs, net		$ 3,300,000		$ 3,300,000
Senior Unsecured Revolving Credit Facility | Minimum [Member] | LIBOR
Line Of Credit Facility [Line Items]
Annual interst rate	1.45%
Senior Unsecured Revolving Credit Facility | Maximum
Line Of Credit Facility [Line Items]
Credit facility extension term	12 months
Senior Unsecured Revolving Credit Facility | Maximum | LIBOR
Line Of Credit Facility [Line Items]
Annual interst rate	2.15%

Secured Borrowings - Additional

Secured Borrowings - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2017USD ($)SpecialPurposeEntity	Dec. 31, 2016USD ($)SpecialPurposeEntity	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Net proceeds from issuance of notes						$ 248,100
Number of special purpose entities formed to hold assets and issue secured borrowings | SpecialPurposeEntity	1	2
Principal outstanding			$ 517,060		$ 517,060		$ 522,900
Deferred finance costs, net			$ 9,600		$ 9,600		$ 11,300
Debt instrument, interest rate terms description					If the Company does not meet these repayment schedules, the base interest rates on the notes increase by the greater of (i) 5.00% and (ii) the amount by which the sum of the following exceeds the base interest rates on the notes: (a) the yield to maturity of 10-year U.S. treasury securities in November 2021, plus (b) 5.00%, plus (c) 2.73% for the Series A Notes or 3.70% for the Class B Notes. Additionally, in this event, the full amount of any tenant rental payments received on the assets transferred to the securitization would be used to repay principal.
Percentage of increase in base interest rate upon non repayment of schedules			5.00%		5.00%
Debt instrument, base interest rates			5.00%		5.00%
Interest expense			$ 5,600	$ 5,400	$ 16,900	$ 11,700
U.S. Treasury Securities
Debt Instrument [Line Items]
Debt instrument maturity term upon exceeding base interest rate					10 years
Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued	$ 75,100
Net proceeds from issuance of notes		$ 273,300
RC Funding 2016-1 Class A Notes
Debt Instrument [Line Items]
Debt instrument, frequency of periodic payment					monthly through November 2021
Debt instrument, base interest rates			2.73%		2.73%
RC Funding 2016-1 Class A Notes | Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued		263,500
RC Funding 2016-1 Class B Notes
Debt Instrument [Line Items]
Debt instrument, base interest rates			3.70%		3.70%
RC Funding 2016-1 Class B Notes | Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued		$ 17,300
RC Funding 2017-1 Class A Notes
Debt Instrument [Line Items]
Notes issued	232,400
RC Funding 2017-1 Class B Notes
Debt Instrument [Line Items]
Notes issued	$ 15,700
RC Funding 2016-1
Debt Instrument [Line Items]
Debt instrument, payment terms description					The RC Funding 2016-1 notes mature in November 2046, but the terms of the Class A Notes require principal to be paid monthly through November 2021, with a balloon repayment at that time, and the terms of the Class B Notes require no monthly principal payments but require the full principal balance to be paid in November 2021.
Debt instrument maturity month year					2046-11
Weighted-average interest rate			4.51%		4.51%
R C Funding Two Thousand Seventeen One
Debt Instrument [Line Items]
Debt instrument maturity month year					2047-06
Weighted-average interest rate			4.16%		4.16%

Secured Borrowings - Summary of

Secured Borrowings - Summary of Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
October 1 - December 31, 2018	$ 1,940
2,019	8,009
2,020	8,419
2,021	267,558
2,022	4,292
Thereafter	226,842
Total	$ 517,060	$ 522,900

Notes Payable to Related Part_2

Notes Payable to Related Parties - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)Note	Sep. 30, 2018USD ($)Note	Sep. 30, 2017USD ($)Note	Jun. 25, 2018USD ($)Note	Jan. 31, 2018USD ($)Note	Dec. 31, 2017USD ($)Note
Related Party Transaction [Line Items]
Debt instrument, base interest rates	5.00%		5.00%
Notes issued amount	$ 0		$ 0				$ 230,000,000
Interest expense related parties	0	$ 438,000	4,603,000	$ 2,361,000
Eldridge Industries, LLC
Related Party Transaction [Line Items]
Notes issued amount	0		$ 0
Warehouse Notes | Eldridge Industries, LLC
Related Party Transaction [Line Items]
Number of notes issued | Note			20	20
Notes issued amount	154,000,000	392,000,000	$ 154,000,000	$ 392,000,000			$ 230,000,000
Principal payments on notes		293,000,000		293,000,000		$ 50,000,000
Number of notes repaid in full | Note						3
Number of notes repaid in part | Note						1
Number of notes outstanding | Note							19
Short-term note payable to separate affiliate		$ 20,000,000		$ 20,000,000
Short-term note accrued interest rate		8.00%		8.00%
Number of notes repaid | Note		14		14
Repayment of short-term note				$ 20,000,000
Interest expense related parties	$ 0	$ 400,000	$ 4,600,000	$ 2,400,000
Warehouse Notes | Eldridge Industries, LLC | Private Placement
Related Party Transaction [Line Items]
Notes issued amount					$ 334,000,000
Number of notes outstanding | Note					36
Warehouse Notes | Eldridge Industries, LLC | Minimum [Member] | LIBOR
Related Party Transaction [Line Items]
Debt instrument, base interest rates	2.14%		2.14%
Warehouse Notes | Eldridge Industries, LLC | Maximum
Related Party Transaction [Line Items]
Accrued interest rate maturity period			1 year
Warehouse Notes | Eldridge Industries, LLC | Maximum | LIBOR
Related Party Transaction [Line Items]
Debt instrument, base interest rates	2.55%		2.55%

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)

Oct. 12, 2018

Sep. 05, 2018

Jul. 24, 2018

Jun. 25, 2018

Jan. 31, 2018

Dec. 31, 2017

Jan. 31, 2017

Jul. 20, 2018

Jan. 31, 2017

Sep. 30, 2018

Sep. 30, 2018

Sep. 30, 2017

Dec. 31, 2016

Jun. 21, 2018

Jun. 20, 2018

Class Of Stock [Line Items]

Cash dividend per share, common stock

$ 0.224

Cash dividend per share, OP Unit

$ 0.224

Dividends payable to common stockholders and OP Unit holders

$ 0

$ 14,068,000

$ 14,068,000

Direct capital contributions

$ 288,600,000

Indirect capital contributions

$ 163,100,000

Additional indirect capital contributions

$ 17,300,000

Direct equity contribution

$ 181,402,000

$ 564,547,000

$ 564,547,000

Price per unit

$ 1,000

$ 1,000

Compound interest rate percentage

8.00%

8.00%

Issuance of new grant of unvested shares

500

11,050

Additional direct equity contribution

$ 50,000,000

Proceeds to repay of outstanding principal

$ 50,000,000

EPRT Holdings LLC

Class Of Stock [Line Items]

Direct equity contribution

$ 80,000,000

$ 80,000,000

Interest received in Operating Partnership

17,913,592

17,913,592

17,913,592

17,913,592

Directors, Executive Officers and Other Employees

Class Of Stock [Line Items]

Percentage of outstanding shares owned

1.60%

EPRT Management and Certain Members of EPRT LLC's Board of Managers

Class Of Stock [Line Items]

Direct equity contribution

3,700,000

$ 3,700,000

Retention of equity investment in subsidiary

$ 91,500,000

Operating Partnership Unit

Class Of Stock [Line Items]

Proceeds from concurrent private placement

$ 16,001,000

Common Stock

Class Of Stock [Line Items]

Initial public offering, shares

35,272,191

Common stock, price per share

$ 14

Concurrent private placement shares

7,785,611

Proceeds from concurrent private placement

$ 108,999,000

Common stock to purchase number of additional shares

4,875,000

Percentage of outstanding shares owned by purchasers

80.60%

Dividend declared date

Sep. 5, 2018

Dividends record date

Sep. 28, 2018

Common Stock | Subsequent Event

Class Of Stock [Line Items]

Cash dividend paid

$ 9,800,000

Common Stock | 2018 Equity Incentive Plan

Class Of Stock [Line Items]

Proceeds from concurrent private placement

$ 547,900,000

Common Stock | 2018 Equity Incentive Plan | Directors, Executive Officers and Other Employees

Class Of Stock [Line Items]

Restricted shares issued

691,290

Common Stock | Initial Public Offering

Class Of Stock [Line Items]

Initial public offering, shares

32,500,000

Common stock, price per share

$ 14

Common Stock | Over-allotment Option

Class Of Stock [Line Items]

Initial public offering, shares

2,772,191

Proceeds from issuance of common stock, net of underwriting discounts and commissions and other expenses

$ 35,800,000

Operating Partnership Unit | Subsequent Event

Class Of Stock [Line Items]

Cash dividend paid

$ 4,300,000

Eldridge Industries, LLC

Class Of Stock [Line Items]

Percentage of outstanding shares owned

17.80%

Eldridge Industries, LLC | Private Placement

Class Of Stock [Line Items]

Common stock, price per share

$ 14

Proceeds from concurrent private placement

$ 125,000,000

$ 125,000,000

Underwriting discounts or commissions

$ 0

Eldridge Industries, LLC | Operating Partnership Unit | Private Placement

Class Of Stock [Line Items]

Common stock, price per share

$ 14

Stock/Units issued

1,142,960

Eldridge Industries, LLC | Common Stock | Private Placement

Class Of Stock [Line Items]

Concurrent private placement shares

7,785,611

7,785,611

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Details) - $ / shares	Sep. 05, 2018	Jul. 24, 2018	Jun. 30, 2018	Jun. 20, 2018	Sep. 30, 2018	Jun. 21, 2018
Minority Interest [Line Items]
Percentage of ownership interest, excluding general partner ownership interest					68.70%
Percentage of ownership interest					69.70%
Common stock, conversion basis			one-for-one basis		one-for-one basis
Cash dividend per share, common stock	$ 0.224
Cash dividend per share, OP Unit	$ 0.224
Common Stock
Minority Interest [Line Items]
Dividend declared date					Sep. 5, 2018
Operating Partnership Unit
Minority Interest [Line Items]
Operating partnership units received		2,772,191
Eldridge Industries, LLC
Minority Interest [Line Items]
Percentage of ownership interest					1.80%
Eldridge Industries, LLC | Operating Partnership Unit
Minority Interest [Line Items]
Operating partnership units received				40,976,901	43,749,092
Eldridge Industries, LLC | Operating Partnership Unit | Private Placement
Minority Interest [Line Items]
Stock/Units issued					1,142,960
EPRT Holdings LLC
Minority Interest [Line Items]
General partner ownership interest				1.00%	1.00%
Interest received in Operating Partnership				17,913,592	17,913,592	17,913,592
Percentage of ownership interest					28.50%

Equity Based Compensation - 201

Equity Based Compensation - 2018 Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 25, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 0.2	$ 0.2	$ 0.5	$ 0.6
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares issuable under plan		3,550,000		3,550,000
2018 Equity Incentive Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued				691,290
Grant date fair value of common stock awards per share				$ 13.68
Unrecognized compensation cost		$ 8.6		$ 8.6
Unrecognized compensation cost, weighted average recognition period				2 years 8 months 12 days
2018 Equity Incentive Plan | Restricted Stock Awards | Distributions in Excess of Cumulative Earnings
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividends declared on unvested restricted common stock		0.2		$ 0.2
2018 Equity Incentive Plan | Restricted Stock Awards | General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 0.8		$ 0.9
2018 Equity Incentive Plan | Restricted Stock Awards | First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards expected to vest	15,484
2018 Equity Incentive Plan | Restricted Stock Awards | First, Second and Third Anniversaries
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards expected to vest	675,806
2018 Equity Incentive Plan | Restricted Stock Awards | Directors, Executive Officers and Other Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued	691,290

Equity Based Compensation - Sch

Equity Based Compensation - Schedule of Information about Restricted Common Stock Awards (Details) - 2018 Equity Incentive Plan - Restricted Stock Awards	9 Months Ended
	Sep. 30, 2018shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock, Granted	691,290
Unvested restricted common stock outstanding, Ending Balance	691,290

Equity Based Compensation - Uni

Equity Based Compensation - Unit Based Compensation - Additional Information - (Details)	Jul. 01, 2018$ / shares	Dec. 31, 2017USD ($)Installmentshares	Sep. 30, 2017$ / shares	Jan. 31, 2017Installment$ / sharesshares	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense					$ 200,000	$ 200,000	$ 500,000	$ 600,000
Class B Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value of common stock awards per share | $ / shares				$ 323.65
Unrecognized compensation cost		$ 2,700,000			2,100,000		$ 2,100,000
Unrecognized compensation cost, weighted average recognition period							2 years 7 months 6 days
Class D Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value of common stock awards per share | $ / shares				$ 152.16
Unrecognized compensation cost		800,000			300,000		$ 300,000
Unvested units, granted to non-employees		$ 200,000			$ 28,000		$ 28,000
Unrecognized compensation cost, weighted average recognition period							2 years 6 months
Class D Units | Non-employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value of common stock awards per share | $ / shares	$ 79.09		$ 428.40
Restricted Stock Awards | Class B Units | Members of EPRT Management and EPRT LLC's Board of Managers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested units issued | shares				8,050
Number of vesting installments | Installment				5
Vesting period start date				Mar. 30, 2017
Vesting period end date				Mar. 30, 2021
Restricted Stock Awards | Class B Units | Additional Member of EPRT Management
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested units issued | shares		500
Number of vesting installments | Installment		5
Vesting period start date		May 1, 2018
Vesting period end date		May 1, 2022
Restricted Stock Awards | Class D Units | Members of EPRT LLC's Board of Managers and External Unitholders
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested units issued | shares				3,000
Number of vesting installments | Installment				5
Vesting period start date				Mar. 30, 2017
Vesting period end date				Mar. 30, 2021

Equity Based Compensation - S_2

Equity Based Compensation - Schedule of Information about Unvested Class B and Class D Units (Details) - shares	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units outstanding, Beginning balance		9,340
Issuance of new grant of unvested shares	500		11,050
Unvested units, Vested		(2,310)	(2,210)
Unvested units outstanding, Ending balance	9,340	7,030	8,840
Class B Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units outstanding, Beginning balance		6,940
Issuance of new grant of unvested shares			8,050
Unvested units, Vested		(1,710)	(1,610)
Unvested units outstanding, Ending balance	6,940	5,230	6,440
Class D Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units outstanding, Beginning balance		2,400
Issuance of new grant of unvested shares			3,000
Unvested units, Vested		(600)	(600)
Unvested units outstanding, Ending balance	2,400	1,800	2,400

Equity Based Compensation - S_3

Equity Based Compensation - Schedule of Per Unit Fair Value of Unvested Class B and Class D Units Estimated Using Assumptions as of Valuation Dates (Details)	Jul. 01, 2018	Sep. 30, 2017	Jan. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Volatility	20.00%	45.00%	40.00%
Risk free rate	2.33%	1.43%	1.30%
Marketability discount	25.00%	25.00%	30.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2018USD ($)ft²Option$ / ft²	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)	Dec. 31, 2017Property
Commitments and Contingencies [Line Items]
Rent expense related to operating lease		$ 100,000	$ 200,000	$ 400,000	$ 500,000
Options to renewal of operating lease				false
Operating lease term	7 years
Number of operating lease renewal options | Option	2
Number of operating lease renewal period	5 years
Operating lease estimated commencement date	Dec. 15, 2018
Operating lease rent commencement date	Jan. 1, 2019
Initial annual operating lease base rent due	$ 500,000
Annual escalations in base rent per square foot per year | $ / ft²	0.50
Number of real estate properties leased under operating leases | Property		13		13		15
Number of ground leased properties | Property		5		5
Number of remaining ground leased properties | Property				9
Operating leases future remaining commitments		$ 1,300,000		$ 1,300,000
Number of properties provided for construction financing to tenants | Property				1
Reimbursement to tenants				$ 5,200,000
Number of property for development | Property				3
Purchase between January 1, 2019 and February 11, 2019		8,200,000		$ 8,200,000
Properties secured by the Mortgage tote for purchase | Property				9
Defined contribution plan name				401(k) Plan
Employer matching contribution		14,000	13,000	$ 100,000	100,000
Executive Officers
Commitments and Contingencies [Line Items]
Employment agreement initial term				4 years
Employment agreement automatic extension period upon non-renewal notice not provided				1 year
First 3% of Eligible Compensation
Commitments and Contingencies [Line Items]
Employer matching contribution, percent of match				100.00%
Next 2% of Eligible Compensation
Commitments and Contingencies [Line Items]
Employer matching contribution, percent of match				50.00%
Minimum [Member]
Commitments and Contingencies [Line Items]
Non cancellable remaining lease term				5 months
Maximum
Commitments and Contingencies [Line Items]
Non cancellable remaining lease term				5 years 8 months 12 days
Ground lease renewable term				20 years
New Jersey
Commitments and Contingencies [Line Items]
Area of leased office space | ft²	13,453
General and Administrative Expense
Commitments and Contingencies [Line Items]
Rent expense related to operating lease		$ 100,000	$ 100,000	$ 100,000	$ 100,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Base Cash rental payments Due from Company under Office and Ground Leases (Detail) $ in Thousands	Sep. 30, 2018USD ($)
Commitments and Contingencies [Line Items]
October 1 - December 31, 2018	$ 281
2,019	1,378
2,020	1,082
2,021	1,011
2,022	996
Thereafter	1,775
Total	6,523
Office and Ground Leases to be Paid by the Company
Commitments and Contingencies [Line Items]
October 1 - December 31, 2018	159
2,019	886
2,020	754
2,021	680
2,022	669
Thereafter	1,749
Total	4,897
Ground Leases to be Paid Directly by the Company's Tenants
Commitments and Contingencies [Line Items]
October 1 - December 31, 2018	122
2,019	492
2,020	328
2,021	331
2,022	327
Thereafter	26
Total	$ 1,626

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Deferred finance costs, net	$ 9.6	$ 11.3
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Secured borrowings	517.1	522.9
Level 3 | Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Secured borrowings	$ 519.5	$ 527.9

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Values of Real Estate Investments Measured at Nonrecurring Basis (Details) - Fair Value Measurements, Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Net Carrying Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-financial long-lived assets	$ 3,385	$ 5,817
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-financial long-lived assets	3,385	5,817
Fair Value | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-financial long-lived assets	$ 3,385	$ 5,817

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Quantitative Information About Level 3 Fair Value Measurements (Details) - Level 3 $ in Thousands	Sep. 30, 2018USD ($)
Vacant Property | Eureka, MO
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 262
Alternative Investment, Valuation Technique [Extensible List]	eprt:SalesComparisonApproachMember
Alternative Investment, Measurement Input [Extensible List]	eprt:NonBindingSalesContractMember
Vacant Property | Eureka, MO | Non-binding Sales Contract
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	$ 262
Quick Service Restaurant | Bridgeport Michigan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 23
Alternative Investment, Valuation Technique [Extensible List]	eprt:DiscountedCashFlowApproach
Significant Unobservable Inputs	$ 23
Car Wash | Knoxville, TN
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 3,100
Alternative Investment, Valuation Technique [Extensible List]	eprt:SalesComparisonApproachMember
Alternative Investment, Measurement Input [Extensible List]	eprt:NonBindingSalesContractMember
Car Wash | Knoxville, TN | Non-binding Sales Contract
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	$ 3,100

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Notes issued amount		$ 0	$ 230,000,000
Affiliate of Eldridge and Manager
Related Party Transaction [Line Items]
Services expense	$ 100,000
Eldridge Industries, LLC
Related Party Transaction [Line Items]
Notes issued amount		$ 0