Essential Properties Realty Trust (EPRT) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 08, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	EPRT
Entity Registrant Name	Essential Properties Realty Trust, Inc.
Entity Central Index Key	0001728951
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		57,825,460

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Real estate investments, at cost:
Land and improvements		$ 451,459	$ 420,848
Building and improvements		956,497	885,656
Lease incentives		4,794	2,794
Construction in progress		2,460	1,325
Intangible lease assets		69,132	66,421
Total real estate investments, at cost		1,484,342	1,377,044
Less: accumulated depreciation and amortization		(60,230)	(51,855)
Total real estate investments, net		1,424,112	1,325,189
Loans and direct financing lease receivables, net		11,943	17,505
Real estate investments held for sale, net		3,765	0
Net investments		1,439,820	1,342,694
Cash and cash equivalents		109,113	4,236
Restricted cash		4,910	12,003
Straight-line rent receivable, net		16,615	14,255
Prepaid expenses and other assets, net		10,072	7,712
Total assets	[1]	1,580,530	1,380,900
LIABILITIES AND EQUITY
Secured borrowings, net of deferred financing costs		504,727	506,116
Revolving credit facility		0	34,000
Intangible lease liabilities, net		10,074	11,616
Dividend payable		16,145	13,189
Accrued liabilities and other payables		10,093	4,938
Total liabilities	[1]	541,039	569,859
Commitments and contingencies (see Note 11)		0	0
Stockholders' equity:
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of March 31, 2019 and December 31, 2018		0	0
Common stock, $0.01 par value; 500,000,000 authorized; 57,825,460 and 43,749,092 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively		571	431
Additional paid-in capital		805,139	569,407
Distributions in excess of cumulative earnings		(13,673)	(7,659)
Total stockholders' equity		792,037	562,179
Non-controlling interests		247,454	248,862
Total equity		1,039,491	811,041
Total liabilities and equity		$ 1,580,530	$ 1,380,900
[1]	The consolidated balance sheets of Essential Properties Realty Trust, Inc. include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 5. As of March 31, 2019 and December 31, 2018, with the exception of $12.1 million and $9.2 million, respectively, of dividends payable, all of the assets and liabilities of the Company were held by its operating partnership, a consolidated VIE.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Preferred shares, par value per share	$ 0.01	$ 0.01
Preferred shares, authorized shares	150,000,000	150,000,000
Preferred shares, issued shares	0	0
Preferred shares, outstanding shares	0	0
Common shares, par value per share	$ 0.01	$ 0.01
Common shares, authorized shares	500,000,000	500,000,000
Common shares, issued shares	57,825,460	43,749,092
Common shares, outstanding shares	57,825,460	43,749,092
Dividends payable	$ 16,145	$ 13,189
Assets and Liabilities Not Held by Variable Interest Entities ("VIEs")
Dividends payable	$ 12,100	$ 9,200

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental revenue	$ 30,774	$ 20,093
Interest on loans and direct financing lease receivables	326	70
Other revenue	7	4
Total revenues	31,107	20,167
Expenses:
Interest (including $2,079 to related parties during the three months ended March 31, 2018)	7,089	8,276
General and administrative	4,188	3,356
Property expenses	1,247	347
Depreciation and amortization	9,120	6,468
Provision for impairment of real estate	1,440	1,849
Total expenses	23,084	20,296
Other operating income:
Gain on dispositions of real estate, net	676	1,232
Income from operations	8,699	1,103
Other income:
Interest	91	36
Income before income tax expense	8,790	1,139
Income tax expense	67	30
Net income	8,723	1,109
Net income attributable to non-controlling interests	(2,594)
Net income attributable to stockholders and members	6,129	1,109
Comprehensive income attributable to stockholders and members	$ 6,129	$ 1,109
Basic weighted average shares outstanding	45,240,247
Basic net income per share	$ 0.13
Diluted weighted average shares outstanding	64,640,054
Diluted net income per share	$ 0.13

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Interest expense related parties	$ 0	$ 2,079,000

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	Common Stock	Additional Paid-in Capital	Distributions in Excess of Retained Earnings	Total Stockholders' / Members' Equity	Non-Controlling Interests
Balance at Dec. 31, 2017	$ 181,402	$ 86,668	$ 574	$ 94,064	$ 96				$ 181,402
Contributions	50,000	50,000							50,000
Unit-based compensation expense	242		193		49				242
Net income	1,109	528		581					1,109
Balance at Mar. 31, 2018	232,753	$ 137,196	$ 767	$ 94,645	$ 145				232,753
Balance at Dec. 31, 2018	$ 811,041					$ 431	$ 569,407	$ (7,659)	562,179	$ 248,862
Balance, shares at Dec. 31, 2018	43,749,092					43,749,092
Common stock issued	$ 245,525					$ 140	245,385		245,525
Common stock issued, shares						14,030,000
Costs related to issuance of common stock	(10,887)						(10,887)		(10,887)
Share-based compensation expense	1,007						1,007		1,007
Share-based compensation expense, shares						46,368
Unit-based compensation expense	227						227		227
Dividends declared on common stock and OP Units	(16,145)							(12,143)	(12,143)	(4,002)
Net income	8,723							6,129	6,129	2,594
Balance at Mar. 31, 2019	$ 1,039,491					$ 571	$ 805,139	$ (13,673)	$ 792,037	$ 247,454
Balance, shares at Mar. 31, 2019	57,825,460					57,825,460

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 8,723	$ 1,109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,120	6,468
Amortization of lease incentive	57	38
Amortization of above/below market leases and right of use assets, net	171	138
Amortization of deferred financing costs and other assets	816	576
Provision for impairment of real estate	1,440	1,849
Gain on dispositions of real estate, net	(676)	(1,232)
Straight-line rent receivable	(2,903)	(1,651)
Equity-based compensation expense	1,242	178
Adjustment to rental revenue for tenant credit/allowance for doubtful accounts	4	53
Changes in other assets and liabilities:
Prepaid expenses and other assets	(299)	(1,924)
Accrued liabilities and other payables	(713)	(381)
Net cash provided by operating activities	16,982	5,221
Cash flows from investing activities:
Proceeds from sales of investments, net	10,481	7,722
Principal collections on loans and direct financing lease receivables	21	18
Investments in loans receivable	(207)
Deposits for prospective real estate investments	1,988	36
Investment in real estate	(113,620)	(59,071)
Investment in construction in progress	(1,135)	(5,101)
Lease incentives paid	(2,000)
Capital expenditures	(1,276)
Net cash used in investing activities	(105,748)	(56,396)
Cash flows from financing activities:
Proceeds from issuance of notes payable to related parties		45,000
Payments of principal on notes payable to related parties		(50,000)
Repayments of secured borrowings	(1,965)	(2,066)
Borrowings under revolving credit facility	52,000
Repayments under revolving credit facility	(86,000)
Deferred financing costs		(18)
Capital contributions by members in Predecessor		50,000
Proceeds from issuance of common stock, net	235,704
Dividends paid	(13,189)
Net cash provided by financing activities	186,550	42,916
Net increase (decrease) in cash and cash equivalents and restricted cash	97,784	(8,259)
Cash and cash equivalents and restricted cash, beginning of period	16,239	19,430
Cash and cash equivalents and restricted cash, end of period	114,023	11,171
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	109,113	1,842
Restricted cash	4,910	9,329
Cash and cash equivalents and restricted cash, end of period	114,023	11,171
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	6,299	7,700
Cash paid for income taxes		24
Non-cash investing and financing activities:
Reclassification from construction in progress upon project completion		$ 1,567
Non-cash investments in real estate and loan receivable activity	5,748
Lease liabilities arising from the recognition of right of use assets	4,822
Payable and accrued offering costs	1,066
Underwriters discount on capital raised through issuance of common stock	9,821
Payable and accrued deferred financing costs	67
Dividends declared	$ 16,145

Organization

Organization	3 Months Ended
	Mar. 31, 2019
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, 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 ended 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, pursuant to a registration statement on Form S-11 (File No. 333-225215), filed with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”). On July 24, 2018, EPRT Inc. issued an additional 2,772,191 shares of common stock at the initial public offering price of $14.00 per share pursuant to the partial exercise of an option granted to the underwriters of its IPO. N et proceeds from the IPO and the issuance of shares to underwriters, after deducting underwriting discounts and commissions and other expenses, were $458.7 million Prior to the completion of the IPO, a number of formation transactions (the “Formation Transactions”) took place that were designed to facilitate the completion of the IPO. Among other things, on June 20, 2018, Essential Properties Realty Trust LLC (“EPRT LLC”) converted from a Delaware limited liability company into a Delaware limited partnership, changed its name to Essential Properties, L.P. (the “Operating Partnership”) and became the subsidiary through which EPRT Inc. holds substantially all of its assets and conducts its operations. Prior to the completion of the Formation Transactions, EPRT LLC was a wholly owned subsidiary of EPRT Holdings LLC (“EPRT Holdings” and, together 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. 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 an affiliate of 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 issuance of the 43,057,802 shares of common stock in its IPO (inclusive of the shares issued 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 in exchange for a like number of OP Units. On March 18, 2019, EPRT Inc. completed a follow-on offering (the “Follow-On Offering”) of 14,030,000 shares of common stock, $0.01 par value per share, including 1,830,000 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at an offering price of $17.50 per share, pursuant to registration statements on Form S-11 (File Nos. 333-230188 and 333-230252) filed with the SEC under the Securities Act. N et proceeds from the Follow-On Offering, after deducting underwriting discounts and commissions and other expenses, were $234.6 million The Predecessor EPRT LLC was formed on March 30, 2016 as a Delaware limited liability company 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 limited liability companies 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 EPRT LLC solely by reason of being a member or manager of EPRT LLC, 2) that neither the Parent nor the Manager shall be liable to EPRT LLC or to any member of EPRT LLC 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) EPRT LLC 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 Class 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 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 were recorded by EPRT Holdings at their historical carrying amounts.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited 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 months ended March 31, 2019 and 2018 are not necessarily indicative of the results for the full year. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as filed with the SEC in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. 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 of gain on dispositions of real estate, net on the consolidated statement of operations and comprehensive income for the three months ended March 31, 2019. The Company has presented gain on dispositions of real estate, net as a component of income from operations in order to present gains 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 period as the SEC has eliminated Rule 3-15(a) of Regulation S-X, which previously had required the Company to present gains and losses on sale of properties outside of continuing operations in the income statement. Additionally, certain amounts previously reported in the consolidated statements of operations and comprehensive income have been reclassified to conform to the current period’s presentation of rental revenue (due to the adoption of the new lease accounting standard, as discussed further below), interest income and income tax expense. 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 March 31, 2019 and December 31, 2018, the Company held a 75.2% and 69.7% ownership interest in the Operating Partnership and the consolidated financial statements include the financial statements of the Operating Partnership as of these dates. 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 asset meets 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 incurs 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 pre-construction 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 March 31, 2019 and 2018, the Company recorded $7.7 million and $5.2 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. If 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 over the remaining periods of the respective leases. If 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 March 31, 2019 and December 31, 2018, the Company had no allowance for loan losses recorded in its consolidated financial statements. 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. Subsequent to the adoption of ASC 842, Leases 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 Leases 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 March 31, 2019 and 2018, the Company recorded a provision for impairment of real estate of $1.4 million and $1.8 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 March 31, 2019 and December 31, 2018, the Company had deposits of $109.1 million and $4.2 million, respectively, of which $108.9 million and $4.0 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. Adjustment to Rental Revenue for Tenant Credit/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. Prior to January 1, 2019, if the collectability of a receivable was in doubt, the accounts receivable and straight-line rent receivable balances were reduced by an allowance for doubtful accounts on the consolidated balance sheets or a direct write-off of the receivable was recorded in the consolidated statements of operations. The provision for doubtful accounts was 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 was subsequently deemed to be uncollectible, such receivable amounts were written-off to the allowance for doubtful accounts. As of January 1, 2019, if the assessment of the collectability of substantially all payments due under a lease changes from probable to not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current period adjustment to rental revenue in the consolidated statements of operations and comprehensive income. As of March 31, 2019 and December 31, 2018, the Company recorded an allowance for doubtful accounts of $0.2 million related to base rent receivable and recorded no allowance for doubtful accounts related to straight-line rent receivable. For the three months ended March 31, 2019, the Company recognized a current period adjustment to rental revenue of less than $0.1 million. Deferred Financing Costs Financing costs related to establishing the Company’s Revolving Credit Facility (as defined below) were deferred and are being amortized as an increase to interest expense in the consolidated statements of operations and comprehensive income over the term of the facility and are reported as a component of prepaid expenses and other assets, net on the consolidated balance sheets. Financing costs related to the issuance of the Company’s secured borrowings under the Master Trust Funding Program (as defined below) were deferred and are being 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 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 and continues 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-cancelable 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. Generally, the Company’s leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. If economic incentives make it reasonably certain that an option period to extend the lease will be exercised, the Company will include these options in determining the non-cancelable term of the lease. 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 March 31, 2019 and 2018, the Company recorded contingent rent of $0.3 million and $0.5 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 and the Follow-On Offering, the Company incurred legal, accounting and other offering-related costs. Such costs have been deducted from the gross proceeds of each of the IPO and Follow-On Offering. As of March 31, 2019 and December 31, 2018, the Company had capitalized a total of $46.0 million and $35.1 million, respectively, of such costs in the Company’s consolidated balance sheets. These costs are presented as a reduction of additional paid-in capital as of March 31, 2019 and December 31, 2018. Gains and Losses on Dispositions of Real Estate 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 ended 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 intended REIT election, the Company intends to meet the organizational and operational requirements and expects distributions to exceed 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. T he 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 March 31, 2019 and December 31, 2018, 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 months ended March 31, 2019 and 2018, the Company did not record any interest or penalties, and there are no interest or penalties accrued at March 31, 2019 and December 31, 2018. The 2018, 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 2019 and 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 2019, EPRT Inc. granted performance-based restricted share units (“RSUs”) to its executive officers, the final number of which is determined based off of market and subjective performance conditions and which 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 for equity-based compensation 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 variable interest entity (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 March 31, 2019 and December 31, 2018. As of he Company concluded that an entity which it had provided a $5.7 million mortgage loan receivable was a VIE because the terms of the loan agreement limited the entity’s ability to absorb expected losses or the entity’s right to receive expected residual returns. However, the Company was not the primary beneficiary of the entity, because the Company did not have the power to direct the activities that most significantly impact the entity’s economic performance. As of 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 had no liabilities associated with this investment as of . During the he Company had no loan receivable from this entity as of March 31, 2019. 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, including the assumed vesting of restricted share units with a market-based vesting condition, where dilutive. The OP Units held by non-controlling interests represent potentially dilutive securities as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for 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 March 31, 2019 Numerator for basic and diluted earnings per share: Net income $ 8,723 Less: net income attributable to non-controlling interests (2,594 ) Less: net income allocated to unvested restricted common stock (155 ) Net income available for common stockholders: basic 5,974 Net income attributable to non-controlling interests 2,594 Net income available for common stockholders: diluted $ 8,568 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 45,974,158 Less: weighted average number of shares of unvested restricted common stock (733,911 ) Weighted average shares outstanding used in basic net income per share 45,240,247 Effects of dilutive securities: (1) OP Units 19,056,552 Unvested restricted common stock and RSUs 343,255 Weighted average shares outstanding used in diluted net income per share 64,640,054 (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 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) to amend the accounting for leases. The new standard requires lessees to classify leases as either finance or operating leases based on certain criteria and record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to the previous guidance for sales-type leases, direct financing leases and operating leases. The standard also eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, lease modifications and lease executory costs for all entities. Certain chang

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
Investments	3. Investments As of March 31, 2019, the Company had investments in 708 property locations, including six developments in progress and one undeveloped land parcel, and two mortgage loans receivable secured by three additional properties. Of these 708 property locations, 696 represented owned properties (of which five were subject to leases accounted for as direct financing leases) and 12 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 $1.5 billion as of March 31, 2019 and consisted of gross acquisition cost of real estate investments (including transaction costs) totaling $1.5 billion, loans and direct financing lease receivables, net, with an aggregate carrying amount of $11.9 million and real estate investments held for sale, net of $3.8 million. As of March 31, 2019, 349 of these investments comprising $611.9 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, 2018, the Company had investments in 665 property locations, including four developments in progress and one undeveloped land parcel, and three mortgage loans receivable secured by 12 additional properties. Of these 665 property locations, 652 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 $1.4 billion as of December 31, 2018 and consisted of gross acquisition cost of real estate investments (including transaction costs) totaling $1.4 billion and loans and direct financing lease receivables, net, with an aggregate carrying amount of $17.5 million. As of December 31, 2018, 347 of these investments comprising $609.2 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 2019 During the three months ended March 31, 2019, the Company did not have any acquisitions that represented more than 5% of the Company’s total investment activity as of March 31, 2019. The following table presents information about the Company’s acquisition activity during the three months ended March 31, 2019: (Dollar amounts in thousands) Total Investments Ownership type Fee Interest Number of properties acquired 51 Allocation of Purchase Price: Land and improvements $ 36,375 Building and improvements 79,291 Construction in progress (1) 1,135 Intangible lease assets 3,818 Assets acquired 120,620 Intangible lease liabilities (117 ) Liabilities assumed (117 ) Purchase price (including acquisition costs) $ 120,503 (1) Represents amounts incurred at and subsequent to acquisition and includes approximately $25,000 of capitalized interest expense. Acquisitions in 2018 During the three months ended March 31, 2018, the Company did not complete any acquisitions that represented more than 5% of the Company’s total investment activity as of March 31, 2018. The following table presents information about the Company’s acquisition activity during the three months ended March 31, 2018: (Dollar amounts in thousands) Total Investments Ownership type Fee Interest Number of properties acquired 28 Allocation of Purchase Price: Land and improvements $ 18,754 Building and improvements 38,105 Construction in progress (1) 4,533 Leasehold improvement 28 Intangible lease assets 2,679 Assets acquired 64,099 Intangible lease liabilities (495 ) Liabilities assumed (495 ) Purchase price (including acquisition costs) $ 63,604 (1) Represents amounts incurred at and subsequent to acquisition and includes $0.1 million of capitalized interest expense. Gross Investment Activity During the three months ended March 31, 2019 and 2018, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Investment Locations Dollar Amount of Investments Gross investments, January 1, 2018 508 $ 939,072 Acquisitions of and additions to real estate investments 28 64,099 Sales of investments in real estate (6) (7,152 ) Provisions for impairment of real estate (1) (1,861 ) Principal collections on direct financing lease receivables (18 ) Gross investments, March 31, 2018 994,140 Less: Accumulated depreciation and amortization (2) (31,310 ) Net investments, March 31, 2018 530 $ 962,830 Gross investments, January 1, 2019 677 $ 1,394,549 Acquisitions of and additions to real estate investments (3) 51 123,896 Sales of investments in real estate (7) (10,651 ) Relinquishment of properties at end of ground lease term (1) (241 ) Provisions for impairment of real estate (4) (1,440 ) Investments in loans receivable (5) 207 Principal collections on and settlements of loans and direct financing lease receivables (3) (9) (5,769 ) Other (501 ) Gross investments, March 31, 2019 1,500,050 Less: Accumulated depreciation and amortization (2) (60,230 ) Net investments, March 31, 2019 711 $ 1,439,820 (1) During the three months ended March 31, 2018, the Company identified and recorded provisions for impairment at 3 vacant and 4 tenanted properties. The amount in the table above excludes approximately $12,000 related to intangible lease liabilities for these assets. (2) Includes $45.3 million and $20.4 million of accumulated depreciation as of March 31, 2019 and 2018, respectively. (3) During the three months ended March 31, 2019, the Company acquired nine properties that had secured one of its loans receivable for a purchase price of $8.2 million. The loan receivable securing these properties had a carrying value of $5.7 million prior to its settlement. (4) During the three months ended March 31, 2019, the Company identified and recorded provisions for impairment at 1 vacant and 3 tenanted properties. (5) Relates to financing at one property securing a $3.4 million development construction loan as the land at this location is included in gross investments on January 1, 2019. 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. See Note 10 – Leases for detailed information about the Company’s leases. Loans and Direct Financing Lease Receivables As of March 31, 2019 and December 31, 2018, the Company had three and four loans receivable outstanding, respectively, with an aggregate carrying amount of $9.3 million and $14.9 million as of each date. During the three months ended March 31, 2019, the borrower under one of the Company’s loans receivable, with a carrying value of $5.7 million, settled the loan in full. The Company had no loan receivable activity during the three months ended March 31, 2018. The Company’s loans receivable as of March 31, 2019 and December 31, 2018 are summarized as follows (dollar amounts in thousands): Principal Outstanding Loan Type Monthly Payment Number of Secured Properties Interest Rate Maturity Date March 31, 2019 December 31, 2018 Mortgage (1)(2) Interest only 2 10.00% 2021 $ 2,376 $ 2,376 Mortgage (1) Interest only 9 7.55% 2019 — 5,748 Mortgage (1)(2) Interest only 1 5.25% 2019 3,500 3,500 Development construction (2)(3) Principal + Interest 1 8.00% 2058 3,436 3,230 Net investment $ 9,312 $ 14,854 (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 March 31, 2019 are as follows: (in thousands) Loans Receivable April 1, 2019 - December 31, 2019 $ 3,510 2020 14 2021 2,391 2022 17 2023 18 Thereafter 3,362 Total $ 9,312 As of March 31, 2019 and December 31, 2018, the Company had $2.6 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) March 31, 2019 December 31, 2018 Minimum lease payments receivable $ 4,117 $ 4,198 Estimated unguaranteed residual value of leased assets 270 270 Unearned income from leased assets (1,756 ) (1,817 ) Net investment $ 2,631 $ 2,651 Scheduled future minimum non-cancelable base rental payments due to be received under the direct financing lease receivables as of March 31, 2019 are as follows: (in thousands) Future Minimum Base Rental Payments April 1, 2019 - December 31, 2019 $ 251 2020 338 2021 340 2022 345 2023 347 Thereafter 2,496 Total $ 4,117 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 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 three months ended March 31, 2019 and 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 4 5,885 — 5,885 Sales (3 ) (4,173 ) 129 (4,044 ) Transfers to held and used classification — — — — Held for sale balance, March 31, 2018 4 $ 5,885 $ — $ 5,885 Held for sale balance, December 31, 2018 — $ — $ — $ — Transfers to held for sale classification 2 3,765 — 3,765 Sales — — — — Transfers to held and used classification — — — — Held for sale balance, March 31, 2019 2 $ 3,765 $ — $ 3,765 Significant Concentrations The Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose rental revenue for the three months ended March 31, 2019 and 2018 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 March 31, State 2019 2018 Georgia 11.1% 12.0% Texas 12.6% 13.6% Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of the dates presented: March 31, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 53,476 $ 10,603 $ 42,873 $ 50,317 $ 9,498 $ 40,819 Intangible market lease assets 15,656 4,669 10,987 16,104 4,144 11,960 Total intangible assets $ 69,132 $ 15,272 $ 53,860 $ 66,421 $ 13,642 $ 52,779 Intangible market lease liabilities $ 12,322 $ 2,248 $ 10,074 $ 14,894 $ 3,278 $ 11,616 The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of March 31, 2019, by category and in total, were as follows: Years Remaining In-place leases 10.5 Intangible market lease assets 8.9 Total intangible assets 10.1 Intangible market lease liabilities 17.6 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 March 31, (in thousands) 2019 2018 Amortization of in-place leases (1) $ 1,332 $ 1,229 Amortization (accretion) of market lease intangibles, net (2) 244 280 Amortization (accretion) of above- and below-market ground lease intangibles, net (3) — (141 ) (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) April 1 - December 31, 2019 2020 2021 2022 2023 In-place lease assets $ 3,836 $ 4,712 $ 4,515 $ 4,387 $ 4,036 Adjustment to amortization expense $ 3,836 $ 4,712 $ 4,515 $ 4,387 $ 4,036 Above-market lease assets $ (1,035 ) $ (1,319 ) $ (1,300 ) $ (1,299 ) $ (1,267 ) Below-market lease liabilities 431 553 553 554 502 Net adjustment to rental revenue $ (604 ) $ (766 ) $ (747 ) $ (745 ) $ (765 ) Subsequent to March 31, 2019, the Company acquired 9 real estate investment properties with an aggregate investment (including acquisition-related costs) of $14.6 million, invested $1.1 million in new and ongoing construction in new and ongoing construction in progress and reimbursements to tenants for development, construction and renovation costs. Subsequent to March 31, 2019, the Company sold or transferred its investment in 5 real estate properties

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facility	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facility	4. Unsecured Revolving Credit Facility On June 25, 2018, the Company entered into a revolving credit agreement with a group of lenders for a four-year, senior unsecured revolving credit facility (the “Revolving Credit Facility”) with aggregate total revolving credit commitments of $300.0 million. Barclays Bank PLC, Citigroup Global Markets Inc. and Goldman Sachs Bank USA were the 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%; or (ii) the prime rate plus an applicable margin of between 0.45% and 1.15%. 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 prepayable at any time and is mandatorily prepayable 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 an additional During the three months ended March 31, 2019, the Company borrowed Total deferred financing costs, net, of $2.9 million and $3.0 million related to the Revolving Credit Facility were included within prepaid expenses and other assets, net on the Company’s consolidated balance sheets as of March 31, 2019 and December 31, 2018. The Company recorded $0.2 million of interest expense during the three months ended March 31, 2019 related to the amortization of these fees and direct costs of the Revolving Credit Facility. During the three months ended March 31, 2019, the Company recorded $0.7 million of interest expense, 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 March 31, 2019.

Secured Borrowings

Secured Borrowings	3 Months Ended
	Mar. 31, 2019
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 (together, the “Series 2016-1 Notes”). These notes were issued to an affiliate of Eldridge through underwriting agents. The Series 2016-1 Notes were issued by 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 (together, the “Series 2017-1 Notes”). 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 Series 2017-1 Notes were issued by three SPEs formed to hold assets and issue the secured borrowings associated with the securitization. As of March 31, 2019 and December 31, 2018, the Company had $513.2 million and $515.1 million, respectively, in combined principal outstanding under the notes issued through its Master Trust Funding Program and had deferred financing costs, net, of $8.4 million and $9.0 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 Series 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 Series 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 on the Series 2016-1 Notes accrues at a weighted average interest rate of 4.51%. The Series 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 Series 2017-1 Notes contain similar interest rate escalation provisions as detailed above for Series 2016-1 Notes if these repayment schedules are not met. The Series 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 Series 2017-1 Notes accrues at a weighted average interest rate of 4.16%. During the three months ended March 31, 2019 and 2018, the Company recorded $5.6 million and $5.7 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 March 31, 2019: (in thousands) Future Principal Payments April 1 - December 31, 2019 $ 6,044 2020 8,419 2021 267,558 2022 4,292 2023 4,512 Thereafter 222,330 Total $ 513,155 The Company was not in default of any provisions under the Master Trust Funding Program as of March 31, 2019 or December 31, 2018.

Notes Payable to Related Partie

Notes Payable to Related Parties	3 Months Ended
	Mar. 31, 2019
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 2.76% and matured within one year of the date of issuance. During the three months ended March 31, 2018, the Company issued 10 Warehouse Notes for a combined $45.0 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. As of March 31, 2018, the Company had 26 Warehouse Notes outstanding for a combined principal amount of $225.0 million. The Company had no amounts outstanding related to the Warehouse Notes as of or during the three months ended March 31, 2019. During the three months ended March 31, 2018, the Company recorded $2.1 million of interest expense related to the Warehouse Notes related to the Warehouse Notes

Equity

Equity	3 Months Ended
	Mar. 31, 2019
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 the 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. 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. 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. The net proceeds to EPRT Inc. from the IPO (including the purchase of additional shares pursuant to the underwriters’ option) and the Concurrent Private Placement, after deducting underwriting discounts and commissions and other expenses, were $583.7 million. On June 25, 2018, EPRT Inc. issued 691,290 shares of restricted On March 18, 2019, EPRT Inc. completed the Follow-On Offering and issued 14,030,000 shares of its common stock, including 1,830,000 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at an offering price of $17.50 per share. N et proceeds from the Follow-On Offering, after deducting underwriting discounts and commissions and other expenses, were $234.6 million Dividends on Common Stock During the three months ended March 31, 2019, the Company’s board of directors declared the following quarterly cash dividends on common stock (dollars in thousands, except per share data): Date Declared Record Date Date Paid Dividend Amount Per Common Share Total Dividend March 8, 2019 March 29, 2019 April 16, 2019 $ 0.21 $ 12,143 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 contained 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 were 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 was 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 a member of EPRT Management on the same date. On January 31, 2018, Stonebriar Holdings LLC made a $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	3 Months Ended
	Mar. 31, 2019
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. 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), the Concurrent Private Placement of common stock to Eldridge and the Follow-On Offering to the Operating Partnership and received 57,825,460 OP Units, which includes 737,658 OP Units related to the issuance of a like number of shares of common stock under the Equity Incentive Plan, a 74.2% interest in the Operating Partnership as of March 31, 2019. 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 23.3% and 1.5% interests in the Operating Partnership, respectively, as of March 31, 2019. 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 redeem OP Units for cash or, at the Company’s election, to exchange OP Units for 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. During the three months ended March 31, 2019, the Company declared total cash dividends of $0.21 per share of common stock. Distributions to OP Unit holders were declared and paid concurrent with the Company’s cash dividends to common stockholders.

Equity Based Compensation

Equity Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Equity Based Payments [Abstract]
Equity Based Compensation	9. Equity Based Compensation 2018 Incentive Award Plan Effective immediately prior to the 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 22, 2018, the Company registered 3,550,000 shares of common stock, reserved for issuance under 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. Restricted Stock Awards On June 25, 2018, an aggregate of 691,290 shares of unvested 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 recipient’s continued provision of service to the Company through the applicable vesting dates. In January 2019, an aggregate of 46,368 shares of unvested restricted common stock were issued to the Company’s executive officers, other employees and an external consultant under the Equity Incentive Plan. These awards vest over periods ranging from one to four years from the date of grant, subject to the individual recipient’s continued provision of service to the Company through the applicable vesting dates. The Company estimates the grant date fair value of the unvested restricted common stock awards granted under the Equity Incentive Plan using the average market price of the Company’s common stock on the date of grant. Dividends declared on unvested restricted common stock are charged directly to distributions in excess of cumulative earnings on the Company’s consolidated balance sheets and amounted to $0.2 million for the three months ended March 31, 2019 As of March 31, 2019, there was $7.5 million of total unrecognized compensation cost related to unvested restricted common stock. This unrecognized compensation expense is expected to be recognized over a weighted average period of 2.3 years from March 31, 2019. Restricted Stock Units In January 2019, the Compensation Committee of the Company’s board of directors Company’s executive officers under the Equity Incentive Plan Of these awards, 75% are nonvested share awards for which vesting percentages and the ultimate number of units vesting will be calculated based on the total shareholder return (“TSR”) of the Company's common stock as compared to the TSR of 11 peer companies. The payout schedule can produce vesting percentages ranging from 0% to 250%. TSR will be calculated based upon the average closing price for the 20-trading day period ending December 31, 2021, divided by the average closing price for the 20-trading day period ended January 1, 2019. The target number of units is based on achieving a TSR equal to the 50th percentile of the peer group. The Company recorded expense on these TSR RSUs based on achieving the target. The grant date fair value of the TSR RSUs was measured using a Monte Carlo simulation model based on the following assumptions: Volatility 18 % Risk free rate 2.57 % As of March 31, 2019, there was $1.9 million of total unrecognized compensation cost related to these TSR RSUs. This unrecognized compensation expense is expected to be recognized over a weighted average period of 3.3 years from March 31, 2019. The remaining 25% of these performance-based RSUs vest based on the Compensation Committee’s subjective evaluation of the individual recipient’s achievement of certain strategic objectives. As of March 31, 2019, t he Compensation Committee had not identified specific performance targets relating to the . As such, these awards do not have either a service inception or a grant date for GAAP accounting purposes and the Company recorded no compensation cost with respect to this portion of the RSUs during the three months ended March 31, 2019. The following table presents information about Equity Incentive Plan activity during the three months ended March 31, 2019: Restricted Stock Awards Restricted Stock Units Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested restricted common stock outstanding, January 1, 2019 691,290 $ 13.68 — $ — Granted 46,368 14.12 89,314 23.07 Vested — — — — Forfeited — — — — Unvested restricted common stock outstanding, March 31, 2019 737,658 $ 13.71 89,314 $ 23.07 D uring the three months ended March 31, 2019 he Company recorded $1.0 million of compensation related to its outstanding restricted stock awards and TSR RSUs as a component of general and administrative expense in its consolidated statements of operations and comprehensive income. 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 that began on March 30, 2017 and will continue on each anniversary thereof through March 30, 2021. The holders of vested Class B units can put the Class B units beginning on March 30, 2024. On December 31, 2017, in the EPRT LLC Reorganization, 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. 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 a member of EPRT Management on the same date. The Class B units granted on December 31, 2017 vest in five equal installments that began on May 1, 2018 and will continue 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 three months ended March 31, 2019 and 2018: Class B Units Class D Units Total Unvested units outstanding, January 1, 2018 6,940 2,400 9,340 Granted — — — Vested (1,610 ) (600 ) (2,210 ) Forfeited — — — Unvested units outstanding, March 31, 2018 5,330 1,800 7,130 Unvested units outstanding, January 1, 2019 5,230 1,800 7,030 Granted — — — Vested (1,610 ) (600 ) (2,210 ) Forfeited — — — Unvested units outstanding, March 31, 2019 3,620 1,200 4,820 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 March 31, 2018 and July 1, 2018 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 March 31, 2018, the Company determined that the per unit fair value of the Class D units granted to non-employees on January 31, 2017 was $425.40. The total fair value of Class B and Class D units that vested during the three months ended March 31, 2019 was $0.5 million and $0.1 million, respectively. During the three months ended March 31, 2019 and 2018, 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 As of March 31, 2019, there was $1.7 million and $0.2 million of total unrecognized compensation cost related to the Class B and Class D units, respectively. As of December 31, 2018, there was $1.9 million and $0.2 million of total unrecognized compensation cost related to the Class B and Class D units, respectively. The unrecognized compensation expense for Class B and Class D units is expected to be recognized over a weighted average period of 2.1 and 2 years from March 31, 2019. The per unit fair value of unvested Class D units was estimated using the following assumptions as of March 31, 2018: March 31, 2018 Volatility 45 % Risk free rate 1.71 % Marketability discount 15 %

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	10. Leases As Lessor The Company’s investment properties are Under ASC 842, scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of March 31, 2019 are as follows: (in thousands) Future Minimum Base Rental Receipts April 1, 2019 - December 31, 2019 $ 85,706 2020 114,619 2021 115,439 2022 116,971 2023 117,609 Thereafter 1,328,238 Total $ 1,878,582 Under ASC 840, scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of December 31, 2018 are as follows: (in thousands) Future Minimum Base Rental Receipts 2019 105,827 2020 106,082 2021 106,743 2022 108,035 2023 105,924 Thereafter 1,150,158 Total $ 1,682,769 Since lease renewal periods are exercisable at the option of the lessee, the preceding tables present 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. The fixed and variable components (in thousands) Three months ended March 31, 2019 Fixed lease revenues $ 29,961 Variable lease revenues (1) 1,093 Total lease revenues (2) $ 31,054 (1) Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants. (2) Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit. As Lessee The Company has a number of ground leases, an office lease and other equipment leases which are classified as operating leases. On January 1, 2019, the Company recorded $4.8 million of ROU assets and lease liabilities related to these operating leases. The Company’s ROU assets were reduced by $0.1 million of accrued rent expense reclassified from accrued liabilities and other payables and $1.2 million of acquired above-market lease liabilities, net, reclassified from intangible lease liabilities, net and increased by $0.1 million of acquired below-market lease assets, net, reclassified from intangible lease assets, net of accumulated depreciation and amortization and $0.2 million of prepaid lease payments. As of March 31, 2019, the Company’s ROU assets and lease liabilities were $3.7 million and $4.6 million, respectively. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing rate ("IBR"). The Company considers the general economic environment and its historical borrowing activity and factors in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As the Company did not elect to apply hindsight, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. Certain of the Company’s ground leases offer renewal options which it assesses against relevant economic factors to determine whether it is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset. The following table sets forth information related to the measurement of the Company’s lease liabilities as of March 31, 2019: March 31, 2019 Weighted average remaining lease term (in years) 5.5 Weighted average discount rate 7.00% The Company recognizes rent expense on its ground leases as a component of property expenses and rent expense on its office lease and other equipment leases as a component of general and administrative expense on its consolidated statements of operations and comprehensive income. At five of these ground leased properties, Company’s lease as lessor of the building directly the building lessee to pay rents due under the ground lease to the ground lessor; under ASC 840, such ground lease rents are presented on a net basis in the Company’s consolidated statements of operations and comprehensive income for the three months ended March 31, 2018. Upon adoption of ASC 842 on January 1, 2019 (see Note 2 – Summary of Significant Accounting Policies), these ground lease rents are no longer presented on a net basis and instead are reflected on a gross basis in the Company’s consolidated statements of operations and comprehensive income for the three months ended March 31, 2019. The following table three months ended March 31, 2019: (in thousands) Three months ended March 31, 2019 Fixed rent expense $ 363 Variable rent expense — Total rent expense $ 363 During the three months ended March 31, 2018, the Company recorded $0.1 million of ground rent expense within property and recorded $0.1 million of rent expense related to its office and equipment leases within general and administrative expense in the Company’s consolidated statements of operations and comprehensive income. As of March 31, 2019, future lease payments due from the Company under the ground, office and equipment operating leases where the Company is directly responsible for payment and the future lease payments due under the ground operating leases where the Company’s tenants are directly 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 April 1 - December 31, 2019 $ 653 $ 370 $ 1,023 2020 759 328 1,087 2021 680 331 1,011 2022 669 327 996 2023 656 26 682 Thereafter 1,094 — 1,094 Total $ 4,511 $ 1,382 5,893 Present value discount (1,276 ) Lease liabilities $ 4,617 The Company has adopted the short-term lease policy election and accordingly, the table above excludes future minimum base cash rental payments by the Company or its tenants on ground leases that expire before December 31, 2019. The total of such future obligations is $0.1 million. As of December future lease payments due from the Company under the ground, office and equipment operating leases where the Company is directly responsible for payment and the future lease payments due under the ground operating leases where the Company’s tenants are directly 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 2019 $ 893 $ 492 $ 1,385 2020 759 328 1,087 2021 680 331 1,011 2022 669 327 996 2023 656 26 682 Thereafter 1,093 — 1,093 Total $ 4,750 $ 1,504 $ 6,254

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies As of March 31, 2019, the Company has remaining future commitments to fund $23.9 million to its tenants for development, construction and renovation costs related to properties leased from the Company. 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 March 31, 2019, 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 March 31, 2019 and 2018, 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	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	12. 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 March 31, 2019 and December 31, 2018. 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, dividends payable and accrued liabilities and other payables (excluding the Company’s lease liability recorded under ASC 842). 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 borrowings under the Revolving Credit Facility 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 borrowings under the Revolving Credit Facility as of December 31, 2018 approximate 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 March 31, 2019, the Company’s secured borrowings had an aggregate carrying value of $513.2 million (excluding net deferred financing costs of $8.4 million) and an estimated fair value of $515.3 million. As of December 31, 2018, the Company’s secured borrowings had an aggregate carrying value of $515.1 million (excluding net deferred financing costs of $9.0 million) and an estimated fair value of $520.6 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 March 31, 2019 Non-financial assets: Long-lived assets $ 2,413 $ 2,413 $ — $ — $ 2,413 December 31, 2018 Non-financial assets: Long-lived assets $ 3,238 $ 3,238 $ — $ — $ 3,238 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 March 31, 2019 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets: Automotive service—Capitol Heights, MD $ 2,000 Sales comparison approach Binding sales contract $ 2,000 Quick service restaurant—Mansfield, OH 88 Discounted cash flow approach De minimis 88 Quick service restaurant—Baden, PA 25 Discounted cash flow approach De minimis 25 Vacant property—St. Louis, MO 300 Discounted cash flow approach Non-binding sales contract 300

Related Party Disclosures

Related Party Disclosures	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related-Party Transactions	13. Related-Party Transactions During the three months ended March 31, 2019 and 2018, an affiliate of Eldridge provided certain treasury and information technology services to the Company. The Company incurred a de minimis amount of expense for these services during the three months ended March 31, 2019 and 2018, which is included in general and administrative expense in the Company’s consolidated statements of operations and comprehensive income. The costs for the services provided by the affiliate of Eldridge would likely be different if such services were provided by unrelated parties. During the three months ended March 31, 2018, the Company issued and repaid short-term notes to an affiliate of Eldridge. See Note 6 – Notes Payable to Related Parties for additional information.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events The Company has evaluated all events and transactions that occurred after March 31, 2019 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 below and as disclosed elsewhere in these notes to the consolidated financial statements. 2019 Amendment to Credit Agreement and Term Loan On April 12, 2019, the Company entered into a restated credit agreement (the “Amended Credit Facility”) with a group of lenders, restating the terms of the pre-existing Revolving Credit Facility to increase the maximum aggregate initial original principal amount of revolving loans available thereunder up to $400.0 million (the “Amended Revolving Credit Facility”), and to permit the incurrence of an additional $200.0 million in term loans thereunder (the “Term Loan Facility”). The Amended Revolving Credit Facility has a term of four years from the amendment date, with an extension option of up to 12-months exercisable by the Operating Partnership, subject to certain conditions, and the Term Loan Facility has a term of five years from the effective date of the Amended Credit Facility. The loans under each of the Amended Revolving Credit Facility and the Term Loan Facility initially bear interest at an annual rate of applicable LIBOR plus the applicable margin (which applicable margin varies between the Amended Revolving Credit Facility and the Term Loan Facility). The applicable LIBOR will be the rate with a term equivalent to the interest period applicable to the relevant borrowing. The applicable margin will initially be 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 or 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 Amended Credit Facility is freely pre-payable at any time and is mandatorily pre-payable by the Company if borrowings exceed the borrowing base or the facility limit. The Company may re-borrow amounts paid down on the Amended Revolving Credit Facility, subject to customary borrowing conditions. The Company may not re-borrow amounts paid down on the Term Loan Facility. The Company is required to pay revolving credit fees throughout the term of the Amended Credit Facility based upon its usage of the facility, at a rate which depends on its usage of the facility during the period before the Company 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, the Company receives such a rating. The Company is required to pay a ticking fee on the Term Loan Facility for the period from the effective date of the Amended Credit Facility until the date the term loans are drawn (which must occur prior to November 22, 2019). The Amended Credit Facility has an accordion feature to increase, subject to certain conditions, the maximum availability of the facility (either through increased revolving commitments or additional term loans) by up to $200.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited 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 months ended March 31, 2019 and 2018 are not necessarily indicative of the results for the full year. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as filed with the SEC in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.
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 of gain on dispositions of real estate, net on the consolidated statement of operations and comprehensive income for the three months ended March 31, 2019. The Company has presented gain on dispositions of real estate, net as a component of income from operations in order to present gains 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 period as the SEC has eliminated Rule 3-15(a) of Regulation S-X, which previously had required the Company to present gains and losses on sale of properties outside of continuing operations in the income statement. Additionally, certain amounts previously reported in the consolidated statements of operations and comprehensive income have been reclassified to conform to the current period’s presentation of rental revenue (due to the adoption of the new lease accounting standard, as discussed further below), interest income and income tax expense.
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 March 31, 2019 and December 31, 2018, the Company held a 75.2% and 69.7% ownership interest in the Operating Partnership and the consolidated financial statements include the financial statements of the Operating Partnership as of these dates.
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 asset meets 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 incurs 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 pre-construction 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 March 31, 2019 and 2018, the Company recorded $7.7 million and $5.2 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. If 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 over the remaining periods of the respective leases. If 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 March 31, 2019 and December 31, 2018, the Company had no allowance for loan losses recorded in its consolidated financial statements.
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. Subsequent to the adoption of ASC 842, Leases 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 Leases
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 March 31, 2019 and 2018, the Company recorded a provision for impairment of real estate of $1.4 million and $1.8 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 March 31, 2019 and December 31, 2018, the Company had deposits of $109.1 million and $4.2 million, respectively, of which $108.9 million and $4.0 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.
Adjustment to Rental Revenue for Tenant Credit/Allowance for Doubtful Accounts	Adjustment to Rental Revenue for Tenant Credit/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. Prior to January 1, 2019, if the collectability of a receivable was in doubt, the accounts receivable and straight-line rent receivable balances were reduced by an allowance for doubtful accounts on the consolidated balance sheets or a direct write-off of the receivable was recorded in the consolidated statements of operations. The provision for doubtful accounts was 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 was subsequently deemed to be uncollectible, such receivable amounts were written-off to the allowance for doubtful accounts. As of January 1, 2019, if the assessment of the collectability of substantially all payments due under a lease changes from probable to not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current period adjustment to rental revenue in the consolidated statements of operations and comprehensive income. As of March 31, 2019 and December 31, 2018, the Company recorded an allowance for doubtful accounts of $0.2 million related to base rent receivable and recorded no allowance for doubtful accounts related to straight-line rent receivable. For the three months ended March 31, 2019, the Company recognized a current period adjustment to rental revenue of less than $0.1 million.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to establishing the Company’s Revolving Credit Facility (as defined below) were deferred and are being amortized as an increase to interest expense in the consolidated statements of operations and comprehensive income over the term of the facility and are reported as a component of prepaid expenses and other assets, net on the consolidated balance sheets. Financing costs related to the issuance of the Company’s secured borrowings under the Master Trust Funding Program (as defined below) were deferred and are being 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 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 and continues 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-cancelable 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. Generally, the Company’s leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. If economic incentives make it reasonably certain that an option period to extend the lease will be exercised, the Company will include these options in determining the non-cancelable term of the lease. 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 March 31, 2019 and 2018, the Company recorded contingent rent of $0.3 million and $0.5 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 and the Follow-On Offering, the Company incurred legal, accounting and other offering-related costs. Such costs have been deducted from the gross proceeds of each of the IPO and Follow-On Offering. As of March 31, 2019 and December 31, 2018, the Company had capitalized a total of $46.0 million and $35.1 million, respectively, of such costs in the Company’s consolidated balance sheets. These costs are presented as a reduction of additional paid-in capital as of March 31, 2019 and December 31, 2018.
Gains and Losses on Dispositions of Real Estate	Gains and Losses on Dispositions of Real Estate 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 ended 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 intended REIT election, the Company intends to meet the organizational and operational requirements and expects distributions to exceed 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. T he 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 March 31, 2019 and December 31, 2018, 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 months ended March 31, 2019 and 2018, the Company did not record any interest or penalties, and there are no interest or penalties accrued at March 31, 2019 and December 31, 2018. The 2018, 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 2019 and 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 2019, EPRT Inc. granted performance-based restricted share units (“RSUs”) to its executive officers, the final number of which is determined based off of market and subjective performance conditions and which 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 for equity-based compensation 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 variable interest entity (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 March 31, 2019 and December 31, 2018. As of he Company concluded that an entity which it had provided a $5.7 million mortgage loan receivable was a VIE because the terms of the loan agreement limited the entity’s ability to absorb expected losses or the entity’s right to receive expected residual returns. However, the Company was not the primary beneficiary of the entity, because the Company did not have the power to direct the activities that most significantly impact the entity’s economic performance. As of 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 had no liabilities associated with this investment as of . During the he Company had no loan receivable from this entity as of March 31, 2019.
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, including the assumed vesting of restricted share units with a market-based vesting condition, where dilutive. The OP Units held by non-controlling interests represent potentially dilutive securities as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for 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 March 31, 2019 Numerator for basic and diluted earnings per share: Net income $ 8,723 Less: net income attributable to non-controlling interests (2,594 ) Less: net income allocated to unvested restricted common stock (155 ) Net income available for common stockholders: basic 5,974 Net income attributable to non-controlling interests 2,594 Net income available for common stockholders: diluted $ 8,568 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 45,974,158 Less: weighted average number of shares of unvested restricted common stock (733,911 ) Weighted average shares outstanding used in basic net income per share 45,240,247 Effects of dilutive securities: (1) OP Units 19,056,552 Unvested restricted common stock and RSUs 343,255 Weighted average shares outstanding used in diluted net income per share 64,640,054 (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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) to amend the accounting for leases. The new standard requires lessees to classify leases as either finance or operating leases based on certain criteria and record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to the previous guidance for sales-type leases, direct financing leases and operating leases. The standard also eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, lease modifications and lease executory costs for all entities. Certain changes to the guidance pertaining to sale-leaseback transactions may impact the Company. For example, the inclusion of a purchase option in the lease associated with a sale-leaseback transaction will now result in the lessor accounting for such transaction as a financing arrangement. ASU 2016-02 was effective for the Company on January 1, 2019 and, in accordance with the provisions of ASU 2018-11, Leases (Topic 842), Targeted Improvements, was adopted by the Company using the modified retrospective approach as of the beginning of the period of adoption. There was no impact to retained earnings at the time of adoption and, therefore, no cumulative-effect adjustment was recorded. At the time of adoption, both lessees and lessors are permitted to make an election to apply a package of practical expedients available for implementation under the standard. The Company applied this package of practical expedients and, as such, at the time of adoption did not reassess the classification of existing lease contracts, whether existing or expired contracts contain a lease or whether a portion of initial direct costs for existing leases should have been expensed. In addition, the Company adopted the practical expedient provided in ASU 2018-11 that allows lessors to not separate non-lease components from the related lease components. The Company made this determination as the timing and pattern of transfer for the lease and non-lease components associated with its leases are the same and the lease components, if accounted for separately, would be classified as operating leases in accordance with ASC 842. The accounting applied by a lessor is largely unchanged under ASU 2016-02; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in obtaining a lease. Under the previous standards, certain of these costs were capitalizable. Although primarily a lessor, the Company is also a lessee under several ground lease arrangements and under its corporate office and office equipment leases. The Company completed its inventory and evaluation of these leases, calculated a right-of-use asset and a lease liability for the present value of the minimum lease payments and recognized an initial $4.8 million right-of-use asset and lease liability upon adoption. For a portion of the Company’s ground lease arrangements, the sublessees, or the Company’s tenants, are responsible for making payment directly to the ground lessors. Prior to the new standard such amounts were presented on a net basis; however, upon adoption of ASU 2016-02 the expense related to the ground lease obligations, along with the related sublease revenues, is presented on a gross basis in the consolidated statements of income. ASU 2016-02 also requires additional disclosures within the notes accompanying the consolidated financial statements. Substantially all of the Company’s lease contracts (under which the Company is the lessor) are “triple-net” leases, which means that its tenants are responsible for making payments to third parties for operating expenses such as property taxes and insurance costs associated with the properties the Company leases to them. Under the previous lease accounting guidance, these payments were excluded from rental revenue. In December 2018, the FASB issued ASU 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors. This update requires the Company to exclude from variable lease payments, and therefore revenue and expense, costs paid by its tenants directly to third parties (a net presentation). Costs paid by the Company and reimbursed by its tenants are included in rental revenue and property expenses (a gross presentation) in the Company’s consolidated statements of operations and comprehensive income. 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”) In February 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments - Credit Losses

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Reconciliation of Numerator and Denominator used in Computation of Basic and Diluted Net Income Per Share	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 March 31, 2019 Numerator for basic and diluted earnings per share: Net income $ 8,723 Less: net income attributable to non-controlling interests (2,594 ) Less: net income allocated to unvested restricted common stock (155 ) Net income available for common stockholders: basic 5,974 Net income attributable to non-controlling interests 2,594 Net income available for common stockholders: diluted $ 8,568 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 45,974,158 Less: weighted average number of shares of unvested restricted common stock (733,911 ) Weighted average shares outstanding used in basic net income per share 45,240,247 Effects of dilutive securities: (1) OP Units 19,056,552 Unvested restricted common stock and RSUs 343,255 Weighted average shares outstanding used in diluted net income per share 64,640,054 (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)	3 Months Ended
	Mar. 31, 2019
Investments [Abstract]
Schedule of Information about Acquisition Activity	The following table presents information about the Company’s acquisition activity during the three months ended March 31, 2019: (Dollar amounts in thousands) Total Investments Ownership type Fee Interest Number of properties acquired 51 Allocation of Purchase Price: Land and improvements $ 36,375 Building and improvements 79,291 Construction in progress (1) 1,135 Intangible lease assets 3,818 Assets acquired 120,620 Intangible lease liabilities (117 ) Liabilities assumed (117 ) Purchase price (including acquisition costs) $ 120,503 (1) Represents amounts incurred at and subsequent to acquisition and includes approximately $25,000 of capitalized interest expense. (Dollar amounts in thousands) Total Investments Ownership type Fee Interest Number of properties acquired 28 Allocation of Purchase Price: Land and improvements $ 18,754 Building and improvements 38,105 Construction in progress (1) 4,533 Leasehold improvement 28 Intangible lease assets 2,679 Assets acquired 64,099 Intangible lease liabilities (495 ) Liabilities assumed (495 ) Purchase price (including acquisition costs) $ 63,604 (1) Represents amounts incurred at and subsequent to acquisition and includes $0.1 million of capitalized interest expense.
Schedule of Gross Investment Activity	During the three months ended March 31, 2019 and 2018, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Investment Locations Dollar Amount of Investments Gross investments, January 1, 2018 508 $ 939,072 Acquisitions of and additions to real estate investments 28 64,099 Sales of investments in real estate (6) (7,152 ) Provisions for impairment of real estate (1) (1,861 ) Principal collections on direct financing lease receivables (18 ) Gross investments, March 31, 2018 994,140 Less: Accumulated depreciation and amortization (2) (31,310 ) Net investments, March 31, 2018 530 $ 962,830 Gross investments, January 1, 2019 677 $ 1,394,549 Acquisitions of and additions to real estate investments (3) 51 123,896 Sales of investments in real estate (7) (10,651 ) Relinquishment of properties at end of ground lease term (1) (241 ) Provisions for impairment of real estate (4) (1,440 ) Investments in loans receivable (5) 207 Principal collections on and settlements of loans and direct financing lease receivables (3) (9) (5,769 ) Other (501 ) Gross investments, March 31, 2019 1,500,050 Less: Accumulated depreciation and amortization (2) (60,230 ) Net investments, March 31, 2019 711 $ 1,439,820 (1) During the three months ended March 31, 2018, the Company identified and recorded provisions for impairment at 3 vacant and 4 tenanted properties. The amount in the table above excludes approximately $12,000 related to intangible lease liabilities for these assets. (2) Includes $45.3 million and $20.4 million of accumulated depreciation as of March 31, 2019 and 2018, respectively. (3) During the three months ended March 31, 2019, the Company acquired nine properties that had secured one of its loans receivable for a purchase price of $8.2 million. The loan receivable securing these properties had a carrying value of $5.7 million prior to its settlement. (4) During the three months ended March 31, 2019, the Company identified and recorded provisions for impairment at 1 vacant and 3 tenanted properties. (5) Relates to financing at one property securing a $3.4 million development construction loan as the land at this location is included in gross investments on January 1, 2019.
Schedule of Loans Receivable	The Company’s loans receivable as of March 31, 2019 and December 31, 2018 are summarized as follows (dollar amounts in thousands): Principal Outstanding Loan Type Monthly Payment Number of Secured Properties Interest Rate Maturity Date March 31, 2019 December 31, 2018 Mortgage (1)(2) Interest only 2 10.00% 2021 $ 2,376 $ 2,376 Mortgage (1) Interest only 9 7.55% 2019 — 5,748 Mortgage (1)(2) Interest only 1 5.25% 2019 3,500 3,500 Development construction (2)(3) Principal + Interest 1 8.00% 2058 3,436 3,230 Net investment $ 9,312 $ 14,854 (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 March 31, 2019 are as follows: (in thousands) Loans Receivable April 1, 2019 - December 31, 2019 $ 3,510 2020 14 2021 2,391 2022 17 2023 18 Thereafter 3,362 Total $ 9,312
Schedule of Direct Financing Lease Receivables	The components of the investments accounted for as direct financing lease receivables were as follows: (in thousands) March 31, 2019 December 31, 2018 Minimum lease payments receivable $ 4,117 $ 4,198 Estimated unguaranteed residual value of leased assets 270 270 Unearned income from leased assets (1,756 ) (1,817 ) Net investment $ 2,631 $ 2,651
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 March 31, 2019 are as follows: (in thousands) Future Minimum Base Rental Payments April 1, 2019 - December 31, 2019 $ 251 2020 338 2021 340 2022 345 2023 347 Thereafter 2,496 Total $ 4,117
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 three months ended March 31, 2019 and 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 4 5,885 — 5,885 Sales (3 ) (4,173 ) 129 (4,044 ) Transfers to held and used classification — — — — Held for sale balance, March 31, 2018 4 $ 5,885 $ — $ 5,885 Held for sale balance, December 31, 2018 — $ — $ — $ — Transfers to held for sale classification 2 3,765 — 3,765 Sales — — — — Transfers to held and used classification — — — — Held for sale balance, March 31, 2019 2 $ 3,765 $ — $ 3,765
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 March 31, State 2019 2018 Georgia 11.1% 12.0% Texas 12.6% 13.6%
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following as of the dates presented: March 31, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 53,476 $ 10,603 $ 42,873 $ 50,317 $ 9,498 $ 40,819 Intangible market lease assets 15,656 4,669 10,987 16,104 4,144 11,960 Total intangible assets $ 69,132 $ 15,272 $ 53,860 $ 66,421 $ 13,642 $ 52,779 Intangible market lease liabilities $ 12,322 $ 2,248 $ 10,074 $ 14,894 $ 3,278 $ 11,616
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 March 31, 2019, by category and in total, were as follows: Years Remaining In-place leases 10.5 Intangible market lease assets 8.9 Total intangible assets 10.1 Intangible market lease liabilities 17.6
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 March 31, (in thousands) 2019 2018 Amortization of in-place leases (1) $ 1,332 $ 1,229 Amortization (accretion) of market lease intangibles, net (2) 244 280 Amortization (accretion) of above- and below-market ground lease intangibles, net (3) — (141 ) (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) April 1 - December 31, 2019 2020 2021 2022 2023 In-place lease assets $ 3,836 $ 4,712 $ 4,515 $ 4,387 $ 4,036 Adjustment to amortization expense $ 3,836 $ 4,712 $ 4,515 $ 4,387 $ 4,036 Above-market lease assets $ (1,035 ) $ (1,319 ) $ (1,300 ) $ (1,299 ) $ (1,267 ) Below-market lease liabilities 431 553 553 554 502 Net adjustment to rental revenue $ (604 ) $ (766 ) $ (747 ) $ (745 ) $ (765 )

Secured Borrowings (Tables)

Secured Borrowings (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Scheduled Principal Payments	The following table summarizes the scheduled principal payments on the Company’s secured borrowings as of March 31, 2019: (in thousands) Future Principal Payments April 1 - December 31, 2019 $ 6,044 2020 8,419 2021 267,558 2022 4,292 2023 4,512 Thereafter 222,330 Total $ 513,155

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Summary of Quarterly Cash Dividends	During the three months ended March 31, 2019, the Company’s board of directors declared the following quarterly cash dividends on common stock (dollars in thousands, except per share data): Date Declared Record Date Date Paid Dividend Amount Per Common Share Total Dividend March 8, 2019 March 29, 2019 April 16, 2019 $ 0.21 $ 12,143

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Equity Based Payments [Abstract]
Schedule of Assumptions Used in Measurement of Grant Date Fair Value of Total Shareholder Return RSUs Using Monte Carlo Simulation Model	The grant date fair value of the TSR RSUs was measured using a Monte Carlo simulation model based on the following assumptions: Volatility 18 % Risk free rate 2.57 %
Schedule of Information about Equity Incentive Plan Activity	The following table presents information about Equity Incentive Plan activity during the three months ended March 31, 2019: Restricted Stock Awards Restricted Stock Units Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested restricted common stock outstanding, January 1, 2019 691,290 $ 13.68 — $ — Granted 46,368 14.12 89,314 23.07 Vested — — — — Forfeited — — — — Unvested restricted common stock outstanding, March 31, 2019 737,658 $ 13.71 89,314 $ 23.07
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 three months ended March 31, 2019 and 2018: Class B Units Class D Units Total Unvested units outstanding, January 1, 2018 6,940 2,400 9,340 Granted — — — Vested (1,610 ) (600 ) (2,210 ) Forfeited — — — Unvested units outstanding, March 31, 2018 5,330 1,800 7,130 Unvested units outstanding, January 1, 2019 5,230 1,800 7,030 Granted — — — Vested (1,610 ) (600 ) (2,210 ) Forfeited — — — Unvested units outstanding, March 31, 2019 3,620 1,200 4,820
Schedule of Per Unit Fair Value of Unvested Class D Units Estimated Using Assumptions as of Valuation Dates	The per unit fair value of unvested Class D units was estimated using the following assumptions as of March 31, 2018: March 31, 2018 Volatility 45 % Risk free rate 1.71 % Marketability discount 15 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases (ASC 842)	Under ASC 842, scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of March 31, 2019 are as follows: (in thousands) Future Minimum Base Rental Receipts April 1, 2019 - December 31, 2019 $ 85,706 2020 114,619 2021 115,439 2022 116,971 2023 117,609 Thereafter 1,328,238 Total $ 1,878,582
Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases (ASC 840)	Under ASC 840, scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of December 31, 2018 are as follows: (in thousands) Future Minimum Base Rental Receipts 2019 105,827 2020 106,082 2021 106,743 2022 108,035 2023 105,924 Thereafter 1,150,158 Total $ 1,682,769
Components of Fixed and Variable Lease Revenues	The fixed and variable components (in thousands) Three months ended March 31, 2019 Fixed lease revenues $ 29,961 Variable lease revenues (1) 1,093 Total lease revenues (2) $ 31,054 (1) Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants. (2) Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.
Information Related to Measurement of Lease Liabilities	The following table sets forth information related to the measurement of the Company’s lease liabilities as of March 31, 2019: March 31, 2019 Weighted average remaining lease term (in years) 5.5 Weighted average discount rate 7.00%
Details of Rent Expense	The following table three months ended March 31, 2019: (in thousands) Three months ended March 31, 2019 Fixed rent expense $ 363 Variable rent expense — Total rent expense $ 363
Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 842)	As of March 31, 2019, future lease payments due from the Company under the ground, office and equipment operating leases where the Company is directly responsible for payment and the future lease payments due under the ground operating leases where the Company’s tenants are directly 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 April 1 - December 31, 2019 $ 653 $ 370 $ 1,023 2020 759 328 1,087 2021 680 331 1,011 2022 669 327 996 2023 656 26 682 Thereafter 1,094 — 1,094 Total $ 4,511 $ 1,382 5,893 Present value discount (1,276 ) Lease liabilities $ 4,617
Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 840)	As of December future lease payments due from the Company under the ground, office and equipment operating leases where the Company is directly responsible for payment and the future lease payments due under the ground operating leases where the Company’s tenants are directly 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 2019 $ 893 $ 492 $ 1,385 2020 759 328 1,087 2021 680 331 1,011 2022 669 327 996 2023 656 26 682 Thereafter 1,093 — 1,093 Total $ 4,750 $ 1,504 $ 6,254

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Non-financial assets: Long-lived assets $ 2,413 $ 2,413 $ — $ — $ 2,413 December 31, 2018 Non-financial assets: Long-lived assets $ 3,238 $ 3,238 $ — $ — $ 3,238
Summary of Quantitative Information About Level 3 Fair Value Measurements	Quantitative information about Level 3 fair value measurements as of March 31, 2019 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets: Automotive service—Capitol Heights, MD $ 2,000 Sales comparison approach Binding sales contract $ 2,000 Quick service restaurant—Mansfield, OH 88 Discounted cash flow approach De minimis 88 Quick service restaurant—Baden, PA 25 Discounted cash flow approach De minimis 25 Vacant property—St. Louis, MO 300 Discounted cash flow approach Non-binding sales contract 300

Organization - Additional Infor

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 18, 2019USD ($)$ / sharesshares	Jul. 24, 2018USD ($)$ / sharesshares	Jun. 25, 2018$ / sharesshares	Jan. 31, 2017ClassofEquity	Jul. 20, 2018$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018$ / sharesshares	Jun. 21, 2018shares	Jun. 20, 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 issuance of shares, net of underwriting discounts and commissions and other expenses | $						$ 235,704
Common stock, issued shares						57,825,460	43,749,092
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%
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%
Change in ownership percentages										0.00%
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
Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock issued, shares						14,030,000
Common stock, price per share | $ / shares					$ 14
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]
Common stock issued, shares		2,772,191	32,500,000
Common shares, par value per share | $ / shares			$ 0.01
Common stock, price per share | $ / shares		$ 14	$ 14
Proceeds from issuance of shares, net of underwriting discounts and commissions and other expenses | $		$ 458,700
Private Placement | Eldridge Industries, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from concurrent private placement | $						$ 125,000
Common stock, issued shares									43,057,802
Private Placement | Eldridge Industries, LLC | Operating Partnership
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating partnership 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
Follow-On Offering | Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock issued, shares	14,030,000
Common shares, par value per share | $ / shares	$ 0.01
Common stock, price per share | $ / shares	$ 17.50
Proceeds from issuance of shares, net of underwriting discounts and commissions and other expenses | $	$ 234,600
Common stock to purchase number of additional shares	1,830,000

Summary of Significant Accoun_4

Summary of Significant Accounting Principles - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019USD ($)LoanSegment	Mar. 31, 2018USD ($)Loan	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)Loan
Summary Of Significant Accounting Policies [Line Items]
Percentage of ownership interests in operating partnership	75.20%			69.70%
Allowance for loan losses	$ 0			$ 0
Provision for impairment	1,440,000	$ 1,849,000
Deposits	109,113,000	1,842,000		4,236,000
Deposits in excess of amount insured by FDIC	108,900,000			4,000,000
Contingent rent	300,000	500,000
Capitalized offering costs	$ 46,000,000			35,100,000
Percentage of taxable income require to REIT	90.00%
Provision for income tax	$ 0
Uncertain tax positions, interest or penalties	0	0
Uncertain tax position, interest or penalties accrued	0			$ 0
Mortgage loan receivable	$ 9,312,000	$ 14,854,000
Number of loan receivable agreements secured | Loan	3	0		4
Number of reportable segments | Segment	1
Common stock, conversion basis	one-for-one basis
Right-of-use asset	$ 3,700,000
Lease liability	$ 4,617,000
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Right-of-use asset			$ 4,800,000
Lease liability			$ 4,800,000
Variable Interest Entities ("VIEs") | Mortgage Loan Receivable
Summary Of Significant Accounting Policies [Line Items]
Mortgage loan receivable				$ 5,700,000
Mortgage loan receivable, maximum loss exposure				5,700,000
Liabilities associated with investment				0
Number of loan receivable agreements secured | Loan	0
Federal
Summary Of Significant Accounting Policies [Line Items]
Open tax year	2016 2017 2018
State
Summary Of Significant Accounting Policies [Line Items]
Open tax year	2016 2017 2018
Base Rent
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts receivable	$ 200,000			200,000
Straight-line Rent
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts receivable	0			$ 0
Maximum
Summary Of Significant Accounting Policies [Line Items]
Adjustment to rental revenue	100,000
Real Estate Investments
Summary Of Significant Accounting Policies [Line Items]
Depreciation	$ 7,700,000	$ 5,200,000
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
	Mar. 31, 2019	Mar. 31, 2018
Numerator for basic and diluted earnings per share:
Net income	$ 8,723	$ 1,109
Net income attributable to non-controlling interests	(2,594)
Less: net income allocated to unvested restricted common stock	(155)
Net income available for common stockholders: basic	5,974
Net income attributable to non-controlling interests	2,594
Net income available for common stockholders: diluted	$ 8,568
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding	45,974,158
Less: weighted average number of shares of unvested restricted common stock	(733,911)
Weighted average shares outstanding used in basic net income per share	45,240,247
Effects of dilutive securities:
Weighted average shares outstanding used in diluted net income per share	64,640,054
Operating Partnership Unit
Effects of dilutive securities:
Dilutive securities	19,056,552
Unvested Restricted Common Stock and RSUs
Effects of dilutive securities:
Dilutive securities	343,255

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	Apr. 01, 2019USD ($)Property	Mar. 31, 2019USD ($)LoanPropertyInvestment	Mar. 31, 2018USD ($)LoanInvestment	Dec. 31, 2018USD ($)LoanPropertyInvestment	Dec. 31, 2017USD ($)
Investment [Line Items]
Number of property locations of investments | Property		708		665
Number of property development in progress | Property		6		4
Number of real estate properties undeveloped land parcels | Property		1		1
Number of mortgage loans receivable | Loan		2		3
Number of additional properties secured for mortgage loan receivable | Property		3		12
Number of owned properties | Property		696		652
Number of properties owned as direct financing receivables | Property		5		5
Number of ground lease interests | Property		12		13
Number of real estate subject to direct financing leases | Property		1		1
Gross acquisition cost of real estate investments		$ 1,500,050	$ 994,140	$ 1,394,549	$ 939,072
Real estate investments, at cost		1,484,342		1,377,044
Aggregate carrying amount of loans and direct financing lease receivable		11,900		$ 17,500
Real estate investments held for sale, net		$ 3,800
Number of investments | Investment		349		347
Net investments		$ 611,900		$ 609,200
Number of acquisitions represented more than five percentage of total investment activity | Investment		0	0
Number of loan receivable agreements secured | Loan		3	0	4
Aggregate carrying value of loans receivable		$ 9,300		$ 14,900
Proceeds from loans receivable		5,700
Aggregate carrying amount of direct financing lease receivable		$ 2,600		$ 2,600
Subsequent Event
Investment [Line Items]
Number of real estate investment properties acquired | Property	9
Aggregate investment (including acquisition-related costs)	$ 14,600
Investment in new and ongoing construction in progress	$ 1,100
Number of investment properties sold or transferred | Property	5
Investment, aggregate gross sales price	$ 11,100
Investment, disposition costs	$ 500

Investments - Schedule of Infor

Investments - Schedule of Information about Acquisition Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property		Mar. 31, 2018USD ($)Property
Investments [Abstract]
Ownership type	Fee Interest		Fee Interest
Number of properties acquired | Property	51		28
Allocation of Purchase Price:
Land and improvements	$ 36,375		$ 18,754
Building and improvements	79,291		38,105
Construction in progress	1,135	[1]	4,533	[2]
Leasehold improvement			28
Intangible lease assets	3,818		2,679
Assets acquired	120,620		64,099
Intangible lease liabilities	(117)		(495)
Liabilities assumed	(117)		(495)
Purchase price (including acquisition costs)	$ 120,503		$ 63,604
[1]	Represents amounts incurred at and subsequent to acquisition and includes approximately $25,000 of capitalized interest expense.
[2]	Represents amounts incurred at and subsequent to acquisition and includes $0.1 million of capitalized interest expense

Investments - Schedule of Inf_2

Investments - Schedule of Information about Acquisition Activity (Parenthetical) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investments [Abstract]
Capitalized interest expense	$ 25,000	$ 100,000

Investments - Summary of Gross

Investments - Summary of Gross Investment Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)InvestmentLocation	Mar. 31, 2018USD ($)InvestmentLocation	Dec. 31, 2018USD ($)
Real Estate Investments [Abstract]
Number of Investment Locations | InvestmentLocation	677	508
Number of Investment Locations, Acquisitions of and additions to real estate investments | InvestmentLocation	51	28
Number of Investment Locations, Sales of investments in real estate | InvestmentLocation	(7)	(6)
Number of Investment Locations, Relinquishment of properties at end of ground lease term | InvestmentLocation	(1)
Number of Investment Locations, Principal collections on and settlements of loans and direct financing lease receivables | InvestmentLocation	(9)
Number of Investment Locations | InvestmentLocation	711	530
Gross investments	$ 1,394,549	$ 939,072
Acquisitions of and additions to real estate investments	123,896	64,099
Sales of investments in real estate	(10,651)	(7,152)
Relinquishment of properties at end of ground lease term	(241)
Provisions for impairment of real estate	(1,440)	(1,861)
Investments in loans receivable	207
Principal collections on loans and direct financing lease receivables		(18)
Principal collections on and settlements of loans and direct financing lease receivables	(5,769)
Other	(501)
Gross investments	1,500,050	994,140
Less: accumulated depreciation and amortization	(60,230)	(31,310)	$ (51,855)
Net investments	$ 1,439,820	$ 962,830	$ 1,342,694

Investments - Summary of Gros_2

Investments - Summary of Gross Investment Activity (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Property	Mar. 31, 2018USD ($)Property	Dec. 31, 2018Property
Real Estate Properties [Line Items]
Number of property locations of investments | Property	708		665
Intangible lease liabilities		$ 12,000
Accumulated depreciation	$ 45,300,000	$ 20,400,000
Number of real estate properties acquired | Property	9
Loans receivable to purchaser of real estate property	$ 8,200,000
Property securitized by loan receivable carrying value	5,700,000
Property securitized by loan receivable	$ 3,400,000
Vacant Properties
Real Estate Properties [Line Items]
Number of property locations of investments | Property	1	3
Tenanted Properties
Real Estate Properties [Line Items]
Number of property locations of investments | Property	3	4

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property	Mar. 31, 2018USD ($)
Loans Receivable Disclosure [Line Items]
Principal Outstanding	$ 9,312	$ 14,854
Mortgage Loan Receivable 10 % Due at 2021
Loans Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	2
Interest Rate	10.00%
Maturity Date	2021
Principal Outstanding	$ 2,376	2,376
Mortgage Loan Receivable 7.55% Due at 2019
Loans Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	9
Interest Rate	7.55%
Maturity Date	2019
Principal Outstanding		5,748
Mortgage Loan Receivable 5.25% Due at 2019
Loans Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	1
Interest Rate	5.25%
Maturity Date	2019
Principal Outstanding	$ 3,500	3,500
Development Construction Loan Receivable 8.00% Due at 2058
Loans Receivable Disclosure [Line Items]
Monthly Payment	Principal + Interest
Number of Secured Properties | Property	1
Interest Rate	8.00%
Maturity Date	2058
Principal Outstanding	$ 3,436	$ 3,230

Investments - Schedule of Loa_2

Investments - Schedule of Loans Receivable (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2019
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) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Loans Receivable Scheduled Principal Payments Due To Be Received [Abstract]
April 1, 2019 - December 31, 2019	$ 3,510
2020	14
2021	2,391
2022	17
2023	18
Thereafter	3,362
Total	$ 9,312	$ 14,854

Investments - Schedule of Direc

Investments - Schedule of Direct Financing Lease Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Net Investment In Leases [Abstract]
Minimum lease payments receivable	$ 4,117	$ 4,198
Estimated unguaranteed residual value of leased assets	270	270
Unearned income from leased assets	(1,756)	(1,817)
Net investment	$ 2,631	$ 2,651

Investments - Scheduled Future

Investments - Scheduled Future Minimum Non-cancelable Base Rental Payments Under Direct Financing Lease Receivables (Details) $ in Thousands	Mar. 31, 2019USD ($)
Net Investment In Leases [Abstract]
April 1, 2019 - December 31, 2019	$ 251
2020	338
2021	340
2022	345
2023	347
Thereafter	2,496
Total	$ 4,117

Investments - Activity in Real

Investments - Activity in Real Estate Investments and Intangible Lease Liabilities Held for Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property	Mar. 31, 2018USD ($)Property
Investments [Abstract]
Number of Properties, Held for sale balance | Property		3
Number of Properties, Transfers to held for sale classification | Property	2	4
Number of Properties, Sales | Property		(3)
Number of Properties, Held for sale balance | Property	2	4
Real Estate Investments, Held for sale balance		$ 4,173
Real Estate Investments, Transfers to held for sale classification	$ 3,765	5,885
Real Estate Investments, Sales		(4,173)
Real Estate Investments, Held for sale balance	3,765	5,885
Intangible Lease Liabilities, Held for sale balance		(129)
Intangible Lease Liabilities, Sales		129
Net Carrying Value, Held for sale balance,		4,044
Net Carrying Value, Transfers to held for sale classification	3,765	5,885
Net Carrying Value, Sales		(4,044)
Net Carrying Value, Held for sale balance	$ 3,765	$ 5,885

Investments - Schedule of Exter

Investments - Schedule of External Customers by Geographic Areas (Details) - Rental Revenue - Geographic Concentration Risk	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Texas
Concentration Risk [Line Items]
Concentration risk percentage	12.60%	13.60%
Georgia
Concentration Risk [Line Items]
Concentration risk percentage	11.10%	12.00%

Investments - Schedule of Intan

Investments - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	$ 69,132	$ 66,421
Intangible assets, Accumulated Amortization	15,272	13,642
Intangible assets, Net Carrying Amount	53,860	52,779
Intangible market lease liabilities, Gross Carrying Amount	12,322	14,894
Intangible market lease liabilities, Accumulated Amortization	2,248	3,278
Intangible market lease liabilities, Net Carrying Amount	10,074	11,616
In-place Leases
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	53,476	50,317
Intangible assets, Accumulated Amortization	10,603	9,498
Intangible assets, Net Carrying Amount	42,873	40,819
Intangible Market Lease Assets
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	15,656	16,104
Intangible assets, Accumulated Amortization	4,669	4,144
Intangible assets, Net Carrying Amount	$ 10,987	$ 11,960

Investments - Summary of Remain

Investments - Summary of Remaining Weighted Average Amortization Period for Intangible Assets and Liabilities (Details)	3 Months Ended
	Mar. 31, 2019
Finite Lived Intangible Assets [Line Items]
Total intangible assets	10 years 1 month 6 days
Remaining weighted average amortization period, Intangible market lease liabilities	17 years 7 months 6 days
In-place Leases
Finite Lived Intangible Assets [Line Items]
Remaining weighted average amortization period, In-place leases	10 years 6 months
Intangible Market Lease Assets
Finite Lived Intangible Assets [Line Items]
Total 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
	Mar. 31, 2019	Mar. 31, 2018
Amortization of In-Place Leases, Amortization and Accretion of Above- and Below-Market Lease Assets and Liabilities [Line Items]
Amortization of in-place leases	$ 1,332	$ 1,229
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	$ 244	280
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		$ (141)

Investments - Summary of Projec

Investments - Summary of Projected Amortization Expenses for Next Five Years (Details) $ in Thousands	Mar. 31, 2019USD ($)
In-place Leases | Amortization Expense
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, April 1 - December 31, 2019	$ 3,836
Finite-lived intangible assets, amortization expense, 2020	4,712
Finite-lived intangible assets, amortization expense, 2021	4,515
Finite-lived intangible assets, amortization expense, 2022	4,387
Finite-lived intangible assets, amortization expense, 2023	4,036
Adjustment in-place Lease | Amortization Expense
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, April 1 - December 31, 2019	3,836
Finite-lived intangible assets, amortization expense, 2020	4,712
Finite-lived intangible assets, amortization expense, 2021	4,515
Finite-lived intangible assets, amortization expense, 2022	4,387
Finite-lived intangible assets, amortization expense, 2023	4,036
Above-Market Lease Assets | Rental Revenue
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, Above and below market lease (assets) liabilities net adjustment to rental revenue, April 1 - December 31, 2019	(1,035)
Finite-lived intangible assets, amortization expense, 2020	(1,319)
Finite-lived intangible assets, amortization expense, 2021	(1,300)
Finite-lived intangible assets, amortization expense, 2022	(1,299)
Finite-lived intangible assets, amortization expense, 2023	(1,267)
Below-Market Lease Liabilities | Rental Revenue
Finite Lived Intangible Assets [Line Items]
Below market leases, amortization income, April 1 - December 31, 2019	431
Below market leases, amortization income, 2020	553
Below market leases, amortization income, 2021	553
Below market leases, amortization income, 2022	554
Below market leases, amortization income, 2023	502
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, April 1 - December 31, 2019	(604)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2020	(766)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2021	(747)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2022	(745)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2023	$ (765)

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facility - Additional Information (Details) - USD ($)	Jun. 25, 2018	Mar. 31, 2019	Dec. 31, 2018
Line Of Credit Facility [Line Items]
Borrowings under revolving credit facility		$ 52,000,000
Principal balance outstanding under the facility		0	$ 34,000,000
Total deferred finance costs, net		8,400,000	9,000,000
Senior Unsecured Revolving Credit Facility
Line Of Credit Facility [Line Items]
Aggregate total revolving credit commitments	$ 300,000,000
Credit facility term	4 years
Maximum additional availability of the facility	$ 200,000,000
Borrowings under revolving credit facility		52,000,000
Borrowings or repayments under facility		86,000,000
Line of credit facility, unused borrowing capacity		300,000,000
Principal balance outstanding under the facility		0
Interest expense recorded from amortization of deferred financing costs		200,000
Interest expense including unused facility fees		700,000
Senior Unsecured Revolving Credit Facility | Prepaid Expenses and Other Current Assets, Net
Line Of Credit Facility [Line Items]
Total deferred finance costs, net		$ 2,900,000	$ 3,000,000
Senior Unsecured Revolving Credit Facility | Minimum [Member] | LIBOR
Line Of Credit Facility [Line Items]
Annual interest rate	1.45%
Senior Unsecured Revolving Credit Facility | Minimum [Member] | Prime Rate
Line Of Credit Facility [Line Items]
Annual interest rate	0.45%
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 interest rate	2.15%
Senior Unsecured Revolving Credit Facility | Maximum | Prime Rate
Line Of Credit Facility [Line Items]
Annual interest rate	1.15%

Secured Borrowings - Additional

Secured Borrowings - Additional Information (Details) $ in Millions	1 Months Ended		3 Months Ended
	Jul. 31, 2017USD ($)SpecialPurposeEntity	Dec. 31, 2016USD ($)SpecialPurposeEntity	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Number of special purpose entities formed to hold assets and issue secured borrowings | SpecialPurposeEntity	3	2
Principal outstanding			$ 513.2		$ 515.1
Total deferred finance costs, net			$ 8.4		$ 9
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%
Debt instrument, base interest rates			5.00%
Interest expense			$ 5.6	$ 5.7
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	$ 75.1
Series 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%
Series 2016-1 Class A Notes | Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued		$ 263.5
Series 2016-1 Class B Notes
Debt Instrument [Line Items]
Debt instrument, base interest rates			3.70%
Series 2016-1 Class B Notes | Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued		$ 17.3
Series 2017-1 Class A Notes
Debt Instrument [Line Items]
Notes issued	232.4
Series 2017-1 Class B Notes
Debt Instrument [Line Items]
Notes issued	$ 15.7
Series 2016-1 Notes
Debt Instrument [Line Items]
Debt instrument, payment terms description			The Series 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%
Series 2017-1 Notes
Debt Instrument [Line Items]
Debt instrument maturity month year			2047-06
Weighted-average interest rate			4.16%

Secured Borrowings - Summary of

Secured Borrowings - Summary of Scheduled Principal Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Debt Disclosure [Abstract]
April 1 - December 31, 2019	$ 6,044
2020	8,419
2021	267,558
2022	4,292
2023	4,512
Thereafter	222,330
Total	$ 513,155

Notes Payable to Related Part_2

Notes Payable to Related Parties - Additional Information (Details)	Mar. 31, 2018USD ($)Note	Jan. 31, 2018USD ($)Note	Mar. 31, 2019USD ($)Note	Mar. 31, 2018USD ($)Note
Related Party Transaction [Line Items]
Debt instrument, base interest rates			5.00%
Interest expense related parties | $			$ 0	$ 2,079,000
Warehouse Notes
Related Party Transaction [Line Items]
Number of notes issued | Note			10
Notes issued during the year | $			$ 45,000,000
Repayment on notes | $	$ 225,000,000	$ 50,000,000
Number of notes repaid in full | Note		3
Number of notes repaid in part | Note		1
Number of notes outstanding | Note	26			26
Notes issued outstanding amount | $			$ 0
Warehouse Notes | Maximum
Related Party Transaction [Line Items]
Accrued interest rate maturity period			1 year
Warehouse Notes | Maximum | LIBOR
Related Party Transaction [Line Items]
Debt instrument, base interest rates			2.76%
Warehouse Notes | Eldridge Industries, LLC | Minimum [Member] | LIBOR
Related Party Transaction [Line Items]
Debt instrument, base interest rates			2.14%

Equity - Additional Information

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

Mar. 18, 2019

Jul. 24, 2018

Jun. 25, 2018

Jan. 31, 2018

Dec. 31, 2017

Jan. 31, 2017

Jan. 31, 2019

Jul. 20, 2018

Mar. 31, 2019

Dec. 31, 2016

Jun. 21, 2018

Jun. 20, 2018

Class Of Stock [Line Items]

Proceeds from issuance of common stock, net

$ 235,704,000

Direct capital contributions

$ 288,600,000

Indirect capital contributions

$ 163,100,000

Additional indirect capital contributions

$ 17,300,000

Direct equity contribution

$ 50,000,000

Price per unit

$ 1,000

Compound interest rate percentage

8.00%

Issuance of new grant of unvested shares

500

Proceeds to repay of outstanding principal

$ 50,000,000

EPRT Holdings LLC

Class Of Stock [Line Items]

Direct equity contribution

$ 80,000,000

Interest received in Operating Partnership

17,913,592

17,913,592

17,913,592

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

Class Of Stock [Line Items]

Direct equity contribution

3,700,000

Retention of equity investment in subsidiary

$ 91,500,000

Common Stock

Class Of Stock [Line Items]

Shares issued

14,030,000

Common stock, price per share

$ 14

Common stock to purchase number of additional shares

4,875,000

Net proceeds from IPO and concurrent private placement

$ 583,700,000

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

Class Of Stock [Line Items]

Restricted shares issued

691,290

46,368

Common Stock | Initial Public Offering

Class Of Stock [Line Items]

Shares issued

2,772,191

32,500,000

Common stock, price per share

$ 14

$ 14

Proceeds from issuance of common stock, net

$ 458,700,000

Common Stock | Over-allotment Option

Class Of Stock [Line Items]

Shares issued

2,772,191

Common Stock | Follow-On Offering

Class Of Stock [Line Items]

Shares issued

14,030,000

Common stock, price per share

$ 17.50

Common stock to purchase number of additional shares

1,830,000

Proceeds from issuance of common stock, net

$ 234,600,000

Eldridge Industries, LLC | Private Placement

Class Of Stock [Line Items]

Common stock, price per share

$ 14

Underwriting discounts or commissions

$ 0

Eldridge Industries, LLC | Operating Partnership Unit | Private Placement

Class Of Stock [Line Items]

Common stock, price per share

$ 14

Operating partnership units issued

1,142,960

1,142,960

Eldridge Industries, LLC | Common Stock | Private Placement

Class Of Stock [Line Items]

Concurrent private placement shares

7,785,611

Equity - Summary of Quarterly C

Equity - Summary of Quarterly Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 08, 2019	Mar. 31, 2019
Dividends Payable [Line Items]
Dividend Amount Per Common Share		$ 0.21
Common Stock
Dividends Payable [Line Items]
Date Declared	Mar. 8, 2019
Record Date	Mar. 29, 2019
Date Paid	Apr. 16, 2019
Dividend Amount Per Common Share	$ 0.21
Total Dividend	$ 12,143

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Details) - $ / shares	Jun. 25, 2018	Mar. 31, 2019	Dec. 31, 2018	Jun. 21, 2018	Jun. 20, 2018
Minority Interest [Line Items]
Percentage of ownership interest, excluding general partner ownership interest		74.20%
Percentage of ownership interests in operating partnership		75.20%	69.70%
Common stock, conversion basis		one-for-one basis
Total cash dividends per share, common stock		$ 0.21
2018 Equity Incentive Plan
Minority Interest [Line Items]
Number of unvested shares issued		737,658
Eldridge Industries, LLC
Minority Interest [Line Items]
Percentage of ownership interests in operating partnership		1.50%
Eldridge Industries, LLC | Operating Partnership Unit
Minority Interest [Line Items]
Operating partnership units received		57,825,460
Eldridge Industries, LLC | Operating Partnership Unit | Private Placement
Minority Interest [Line Items]
Operating partnership units issued	1,142,960	1,142,960
EPRT Holdings LLC
Minority Interest [Line Items]
Interest received in Operating Partnership		17,913,592		17,913,592	17,913,592
Percentage of ownership interests in operating partnership		23.30%

Equity Based Compensation - 201

Equity Based Compensation - 2018 Incentive Award Plan - Additional Information (Details) - 2018 Equity Incentive Plan - shares	Mar. 31, 2019	Jun. 22, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares issuable under plan	3,550,000
Shares of common stock, reserved for issuance		3,550,000

Equity Based Compensation - Res

Equity Based Compensation - Restricted Stock Awards - Additional Information (Details) - 2018 Equity Incentive Plan - USD ($) $ in Millions	Jun. 25, 2018	Jan. 31, 2019	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued			737,658
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued			46,368
Unrecognized compensation cost			$ 7.5
Unrecognized compensation cost, weighted average recognition period			2 years 3 months 18 days
Restricted Stock Awards | Distributions in Excess of Retained Earnings
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividends declared on unvested restricted common stock			$ 0.2
Restricted Stock Awards | First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards expected to vest	15,484
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
Restricted Stock Awards | Directors, Executive Officers and Other Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued	691,290	46,368

Equity Based Compensation - R_2

Equity Based Compensation - Restricted Stock Units - Additional Information (Details) - Restricted Stock Units	1 Months Ended	3 Months Ended
	Jan. 31, 2019Companyshares	Mar. 31, 2019USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested share awards percentage	75.00%
Number of peer companies returns compared for calculation of vesting percentages and vesting number of units | Company	11
Total Shareholder return calculation basis description		TSR will be calculated based upon the average closing price for the 20-trading day period ending December 31, 2021, divided by the average closing price for the 20-trading day period ended January 1, 2019. The target number of units is based on achieving a TSR equal to the 50th percentile of the peer group.
Unrecognized compensation cost		$ 1,900,000
Unrecognized compensation cost, weighted average recognition period		3 years 3 months 18 days
Nonvested share awards remaining percentage		25.00%
Compensation expense		$ 0
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	0.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce	250.00%
Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued | shares	119,085

Equity Based Compensation - Sch

Equity Based Compensation - Schedule of Assumptions Used in Measurement of Grant Date Fair Value of Total Shareholder Return RSUs Using Monte Carlo Simulation Model (Details)	3 Months Ended
	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	45.00%
Risk free rate	1.71%
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	18.00%
Risk free rate	2.57%

Equity Based Compensation - S_2

Equity Based Compensation - Schedule of Information about Equity Incentive Plan Activity (Details) - 2018 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock, Granted	737,658
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock outstanding, Beginning Balance	691,290
Unvested restricted common stock, Granted	46,368
Unvested restricted common stock outstanding, Ending Balance	737,658
Unvested restricted common stock outstanding, Weighted average grant date fair value | $ / shares	$ 13.68
Unvested restricted common stock outstanding, Granted, Weighted average grant date fair value | $ / shares	14.12
Unvested restricted common stock outstanding, Weighted average grant date fair value | $ / shares	$ 13.71
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock, Granted	89,314
Unvested restricted common stock outstanding, Ending Balance	89,314
Unvested restricted common stock outstanding, Granted, Weighted average grant date fair value | $ / shares	$ 23.07
Unvested restricted common stock outstanding, Weighted average grant date fair value | $ / shares	$ 23.07

Equity Based Compensation - Add

Equity Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
2018 Equity Incentive Plan | Restricted Stock Awards and Restricted Stock Units | General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 1

Equity Based Compensation - Uni

Equity Based Compensation - Unit Based Compensation - Additional Information - (Details) $ / shares in Units, $ in Millions	Dec. 31, 2017Installmentshares	Jan. 31, 2017Installment$ / sharesshares	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Class B Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance beginning date of vested units		Mar. 30, 2024
Grant date fair value of common stock awards per share | $ / shares		$ 323.65
Fair value of vested units			$ 0.5
Unrecognized compensation cost			$ 1.7		$ 1.9
Unrecognized compensation cost, weighted average recognition period			2 years 1 month 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
Fair value of vested units			$ 0.1
Unrecognized compensation cost			$ 0.2		$ 0.2
Unrecognized compensation cost, weighted average recognition period			2 years
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		$ 425.40
Class B and Class D Units | General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense			$ 0.2	$ 0.2
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_3

Equity Based Compensation - Schedule of Information about Unvested Class B and Class D Units (Details) - shares	Dec. 31, 2017	Mar. 31, 2019	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units outstanding, Beginning balance		7,030	9,340
Issuance of new grant of unvested shares	500
Unvested units, Vested		(2,210)	(2,210)
Unvested units outstanding, Ending balance	9,340	4,820	7,130
Class B Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units outstanding, Beginning balance		5,230	6,940
Unvested units, Vested		(1,610)	(1,610)
Unvested units outstanding, Ending balance	6,940	3,620	5,330
Class D Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units outstanding, Beginning balance		1,800	2,400
Unvested units, Vested		(600)	(600)
Unvested units outstanding, Ending balance	2,400	1,200	1,800

Equity Based Compensation - S_4

Equity Based Compensation - Schedule of Per Unit Fair Value of Unvested Class D Units Estimated Using Assumptions as of Valuation Dates (Details)	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Volatility	45.00%
Risk free rate	1.71%
Marketability discount	15.00%

Leases - Scheduled Future Minim

Leases - Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases (ASC 842) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
April 1, 2019 - December 31, 2019	$ 85,706
2020	114,619
2021	115,439
2022	116,971
2023	117,609
Thereafter	1,328,238
Total	$ 1,878,582

Leases - Scheduled Future Min_2

Leases - Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases (ASC 840) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leases Future Minimum Payments Receivable [Abstract]
2019	$ 105,827
2020	106,082
2021	106,743
2022	108,035
2023	105,924
Thereafter	1,150,158
Total	$ 1,682,769

Leases - Components of Fixed an

Leases - Components of Fixed and Variable Lease Revenues (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Operating Leases Lease Income [Abstract]
Fixed lease revenues	$ 29,961
Variable lease revenues (1)	1,093
Total lease revenues (2)	$ 31,054

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Lessee Lease Description [Line Items]
Right-of-use asset	$ 3,700
Lease liabilities	4,617
Rent expense	363
Ground Rent Expense within Property Expenses
Lessee Lease Description [Line Items]
Rent expense	100
Office and Equipment Leases within General and Administrative Expense
Lessee Lease Description [Line Items]
Rent expense	100
Ground Operating Leases
Lessee Lease Description [Line Items]
Lease liabilities	$ 100
ASU 2016-02
Lessee Lease Description [Line Items]
Right-of-use asset		$ 4,800
Lease liabilities		4,800
Accrued Rent Expense Reclassified from Accrued Liabilities and Other Payables | ASU 2016-02
Lessee Lease Description [Line Items]
Right-of-use asset		(100)
Acquired Above-Market Lease Liabilities, Net, Reclassified from Intangible Lease Liabilities, Net | ASU 2016-02
Lessee Lease Description [Line Items]
Right-of-use asset		(1,200)
Acquired Below-Market Lease Assets, Net, Reclassified from Intangible Lease Assets, Net | ASU 2016-02
Lessee Lease Description [Line Items]
Right-of-use asset		100
Prepaid Lease Payments | ASU 2016-02
Lessee Lease Description [Line Items]
Right-of-use asset		$ 200

Leases - Information Related to

Leases - Information Related to Measurement of Lease Liabilities (Details)	Mar. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	5 years 6 months
Weighted average discount rate	7.00%

Leases - Details of Rent Expens

Leases - Details of Rent Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Fixed rent expense	$ 363
Total rent expense	$ 363

Leases - Summary of Future Leas

Leases - Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 842) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessee Lease Description [Line Items]
April 1 - December 31, 2019	$ 1,023
2020	1,087
2021	1,011
2022	996
2023	682
Thereafter	1,094
Total	5,893
Present value discount	(1,276)
Lease liability	4,617
Office and Ground Leases to be Paid by the Company
Lessee Lease Description [Line Items]
April 1 - December 31, 2019	653
2020	759
2021	680
2022	669
2023	656
Thereafter	1,094
Total	4,511
Ground Leases to be Paid Directly by the Company's Tenants
Lessee Lease Description [Line Items]
April 1 - December 31, 2019	370
2020	328
2021	331
2022	327
2023	26
Total	$ 1,382

Leases - Summary of Future Le_2

Leases - Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 840) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
2019	$ 1,385
2020	1,087
2021	1,011
2022	996
2023	682
Thereafter	1,093
Total	6,254
Office and Ground Leases to be Paid by the Company
Operating Leased Assets [Line Items]
2019	893
2020	759
2021	680
2022	669
2023	656
Thereafter	1,093
Total	4,750
Ground Leases to be Paid Directly by the Company's Tenants
Operating Leased Assets [Line Items]
2019	492
2020	328
2021	331
2022	327
2023	26
Total	$ 1,504

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies [Line Items]
Reimbursement to tenants	$ 23.9
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
401(k) Plan
Commitments and Contingencies [Line Items]
Defined contribution plan name	401(k) Plan
Employer matching contribution	$ 0.1	$ 0.1
401(k) Plan | Maximum
Commitments and Contingencies [Line Items]
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of eligible compensation	3.00%
401(k) Plan | Minimum [Member]
Commitments and Contingencies [Line Items]
Employer matching contribution, percent of match	50.00%
Employer matching contribution, percent of eligible compensation	2.00%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net deferred financing costs	$ 8.4	$ 9
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Secured borrowings	513.2	515.1
Level 3 | Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Secured borrowings	$ 515.3	$ 520.6

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	Mar. 31, 2019	Dec. 31, 2018
Net Carrying Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-financial long-lived assets	$ 2,413	$ 3,238
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-financial long-lived assets	2,413	3,238
Fair Value | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-financial long-lived assets	$ 2,413	$ 3,238

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Quantitative Information About Level 3 Fair Value Measurements (Details) - Level 3 $ in Thousands	Mar. 31, 2019USD ($)
Automotive Service | Capitol Heights, MD
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 2,000
Alternative Investment, Valuation Technique [Extensible List]	eprt:SalesComparisonApproachMember
Alternative Investment, Measurement Input [Extensible List]	eprt:BindingSalesContractMember
Significant Unobservable Inputs	$ 2,000
Quick service restaurant | Mansfield, OH
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 88
Alternative Investment, Valuation Technique [Extensible List]	eprt:DiscountedCashFlowApproach
Significant Unobservable Inputs	$ 88
Quick service restaurant | Baden, PA
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 25
Alternative Investment, Valuation Technique [Extensible List]	eprt:DiscountedCashFlowApproach
Significant Unobservable Inputs	$ 25
Vacant property | St. Louis, MO
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 300
Alternative Investment, Valuation Technique [Extensible List]	eprt:DiscountedCashFlowApproach
Alternative Investment, Measurement Input [Extensible List]	eprt:NonBindingSalesContractMember
Significant Unobservable Inputs	$ 300

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event	Apr. 12, 2019USD ($)
Amended Credit Facility
Subsequent Event [Line Items]
Aggregate total revolving credit commitments	$ 400,000,000
Credit facility term	4 years
Amended Credit Facility | Maximum
Subsequent Event [Line Items]
Credit facility extension term	12 months
Term Loan Facility
Subsequent Event [Line Items]
Additional available amount under the facility	$ 200,000,000
Credit facility term	5 years