Essential Properties Realty Trust (EPRT) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 11, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		91,992,507
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	001-38530
Entity Tax Identification Number	82-4005693
Entity Address, Address Line One	902 Carnegie Center Blvd.
Entity Address, Address Line Two	Suite 520
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	436-0619
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2020		Dec. 31, 2019
Real estate investments, at cost:
Land and improvements		$ 632,628		$ 588,279
Building and improvements		1,317,406		1,224,682
Lease incentives		5,358		4,908
Construction in progress		11,558		12,128
Intangible lease assets		80,592		78,922
Total real estate investments, at cost		2,047,542		1,908,919
Less: accumulated depreciation and amortization		(100,473)	[1]	(90,071)
Total real estate investments, net		1,947,069		1,818,848
Loans and direct financing lease receivables, net		99,487		92,184
Real estate investments held for sale, net		1,528		1,211
Net investments		2,048,084		1,912,243
Cash and cash equivalents		192,616		8,304
Restricted cash		21,456		13,015
Straight-line rent receivable, net		29,117		25,926
Prepaid expenses and other assets, net		14,173		15,959
Total assets	[2]	2,305,446		1,975,447
LIABILITIES AND EQUITY
Secured borrowings, net of deferred financing costs		173,470		235,336
Unsecured term loans, net of deferred financing costs		625,770		445,586
Revolving credit facility		65,000		46,000
Intangible lease liabilities, net		9,306		9,564
Dividend payable		21,295		19,395
Accrued liabilities and other payables		54,825		17,453
Total liabilities	[2]	949,666		773,334
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, 2020 and December 31, 2019		0		0
Common stock, $0.01 par value; 500,000,000 authorized; 91,949,849 and 83,761,151 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively		919		838
Additional paid-in capital		1,422,169		1,223,043
Distributions in excess of cumulative earnings		(34,878)		(27,482)
Accumulated other comprehensive loss		(39,820)		(1,949)
Total stockholders' equity		1,348,390		1,194,450
Non-controlling interests		7,390		7,663
Total equity		1,355,780		1,202,113
Total liabilities and equity		$ 2,305,446		$ 1,975,447
[1]	Includes $81.3 million and $45.3 million of accumulated depreciation as of March 31, 2020 and 2019, respectively.
[2]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 6. As of March 31, 2020 and December 31, 2019, all of the assets and liabilities of the Company were held by its operating partnership, a consolidated VIE, with the exception of $21.2 million and $19.3 million, respectively, of dividends payable,

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
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	91,949,849	83,761,151
Common shares, outstanding shares	91,949,849	83,761,151
Dividends payable	$ 21,295	$ 19,395
Assets and Liabilities Not Held by Variable Interest Entities ("VIEs")
Dividends payable	$ 21,200	$ 19,300

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental revenue	$ 39,542	$ 30,774
Interest on loans and direct financing lease receivables	1,938	326
Other revenue, net	7	7
Total revenues	41,487	31,107
Expenses:
Interest	6,833	7,089
General and administrative	7,536	4,188
Property expenses	373	1,247
Depreciation and amortization	13,012	9,120
Provision for impairment of real estate	373	1,440
Provision for loan losses	468
Total expenses	28,595	23,084
Other operating income:
Gain on dispositions of real estate, net	1,875	676
Income from operations	14,767	8,699
Other (loss)/income:
Loss on repayment of secured borrowings	(924)
Interest	231	91
Income before income tax expense	14,074	8,790
Income tax expense	31	67
Net income	14,043	8,723
Net income attributable to non-controlling interests	(84)	(2,594)
Net income attributable to stockholders	$ 13,959	$ 6,129
Basic weighted average shares outstanding	90,322,402	45,240,247
Basic net income per share	$ 0.15	$ 0.13
Diluted weighted average shares outstanding	91,332,297	64,640,054
Diluted net income per share	$ 0.15	$ 0.13

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 14,043	$ 8,723
Other comprehensive loss:
Unrealized loss on cash flow hedges	(38,432)
Cash flow hedge losses reclassified to interest expense	332
Total other comprehensive loss	(38,100)
Comprehensive (loss) income	(24,057)	8,723
Net income attributable to non-controlling interests	(84)	(2,594)
Adjustment for cash flow hedge losses attributable to non-controlling interests	229
Comprehensive (loss) income attributable to stockholders	$ (23,912)	$ 6,129

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Distributions in Excess of Cumulative Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Non-Controlling Interests
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
Common stock issuance/issued	245,525	$ 140	245,385			245,525
Common stock issuance/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
Balance at Dec. 31, 2019	$ 1,202,113	$ 838	1,223,043	(27,482)	$ (1,949)	1,194,450	7,663
Balance, shares at Dec. 31, 2019	83,761,151	83,761,151
Cumulative adjustment upon adoption of ASC 326 at Dec. 31, 2019	$ (188)			(187)		(187)	(1)
Common stock issuance/issued	206,238	$ 81	206,157			206,238
Common stock issuance/issued, shares		8,188,698
Costs related to issuance of common stock	(8,539)		(8,539)			(8,539)
Unrealized losses on cash flow hedges	(38,432)				(38,201)	(38,201)	(231)
Cash flow hedge losses reclassified to interest expense	332				330	330	2
Share-based compensation expense	1,508		1,508			1,508
Dividends declared on common stock and OP Units	(21,295)			(21,168)		(21,168)	(127)
Net income	14,043			13,959		13,959	84
Balance at Mar. 31, 2020	$ 1,355,780	$ 919	$ 1,422,169	$ (34,878)	$ (39,820)	$ 1,348,390	$ 7,390
Balance, shares at Mar. 31, 2020	91,949,849	91,949,849

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 14,043	$ 8,723
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,012	9,120
Amortization of lease incentive	475	57
Amortization of above/below market leases and right of use assets, net	80	171
Amortization of deferred financing costs and other assets	663	816
Loss on repayment of secured borrowings	924
Provision for impairment of real estate	373	1,440
Provision for loan losses	468
Gain on dispositions of investments, net	(1,875)	(676)
Straight-line rent receivable	(3,188)	(2,903)
Share and unit based compensation expense	1,508	1,242
Adjustment to rental revenue for tenant credit		4
Changes in other assets and liabilities:
Prepaid expenses and other assets	1,950	(299)
Accrued liabilities and other payables	(2,084)	(713)
Net cash provided by operating activities	26,349	16,982
Cash flows from investing activities:
Proceeds from sales of investments, net	19,601	10,481
Principal collections on loans and direct financing lease receivables	66	21
Investments in loans receivable	(8,024)	(207)
Deposits for prospective real estate investments	608	1,988
Investment in real estate, including capital expenditures	(155,878)	(114,896)
Investment in construction in progress	(3,655)	(1,135)
Lease incentives paid	(900)	(2,000)
Net cash used in investing activities	(148,182)	(105,748)
Cash flows from financing activities:
Repayments of secured borrowings	(62,978)	(1,965)
Borrowings under term loan facilities	180,000
Borrowings under revolving credit facility	69,000	52,000
Repayments under revolving credit facility	(50,000)	(86,000)
Proceeds from issuance of common stock, net	198,162	235,704
Offering costs	(203)
Dividends paid	(19,395)	(13,189)
Net cash provided by financing activities	314,586	186,550
Net increase (decrease) in cash and cash equivalents and restricted cash	192,753	97,784
Cash and cash equivalents and restricted cash, beginning of period	21,319	16,239	$ 16,239
Cash and cash equivalents and restricted cash, end of period	214,072	114,023	21,319
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	192,616	109,113	8,304
Restricted cash	21,456	4,910	13,015
Cash and cash equivalents and restricted cash, end of period	214,072	114,023	21,319
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	5,245	6,299
Cash paid for income taxes	52
Non-cash investing and financing activities:
Adjustment upon adoption of ASC 326	188
Reclassification from construction in progress upon project completion	4,225
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
Unrealized losses on cash flow hedges	38,432
Payable and accrued offering costs	259	1,066
Discounts and fees on capital raised through issuance of common stock	8,077	9,821
Payable and accrued deferred financing costs		67
Dividends declared	$ 21,295	$ 16,145	$ 19,395

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization And Formation Activities [Abstract]
Organization	1. Organization Essential Properties Realty Trust, Inc. (“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. The Company generally 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. The Company was organized on January 12, 2018 as a Maryland corporation. It elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes beginning with the year ended December 31, 2018, and it believes that its current organizational and operational status and intended distributions will allow it to continue to so qualify. Substantially all of the Company’s business is conducted through its operating partnership, Essential Properties, L.P. (the “Operating Partnership”). On June 25, 2018, the Company completed the initial public offering (“IPO”) of its common stock. The Company’s common stock is listed on the New York Stock Exchange under the ticker symbol “EPRT”. See Note 8—Equity for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (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, 2020 and 2019 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, 2019 . 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, 2020 and December 31, 2019, the Company, directly or indirectly, held a 99.4% and 99.3% ownership interest in the Operating Partnership and the consolidated financial statements include the financial statements of the Operating Partnership as of these dates. See Note 7—Equity for changes in the ownership interest in the Operating Partnership. 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. 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 of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. 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 incentives 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 uses 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 and fair value less estimated selling costs. 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, 2020 and 2019, the Company recorded $11.3 million 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. 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 term of the related lease 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 under ASC 326 – Credit Losses (“ASC 326”), ASC 310, Receivables Leases information about past events and current condition. Under ASC 840 and ASC 842, the Company reviews the estimated non-guaranteed residual value of a leased property at least annually. If the review results in a lower estimate than had been previously established, the Company determines whether the decline in estimated non-guaranteed residual value is other than temporary. If a decline is judged to be other than temporary, the accounting for the transaction is revised using the changed estimate and the resulting reduction in the net investment in direct financing lease receivables is recognized by the Company as a loss in the period in which the estimate is changed. As of March 31, 2020 and December 31, 2019 , the Company determined that none of its direct financing lease receivables were impaired. Allowance for Loan Losses Prior to the adoption of ASC Topic 326, Financial Instruments - Credit Losses On January 1, 2020, the Company adopted ASC 326 on a prospective basis. ASC 326 changes how the Company accounts for credit losses for all of the Company’s loans receivable and direct financing lease receivables. ASC 326 replaces the current “incurred In connection with the Company’s adoption of ASC 326 on January 1, 2020, the Company implemented a new process including the use of loan loss forecasting models. The Company has used the loan loss forecasting model for estimating expected life-time credit losses, at the individual loan level, for its loans and direct financing lease receivable portfolio. The forecasting model used is the probability weighted expected cash flow method, depending on the type of loan and global assumptions. The Company used a real estate loss estimate model (“RELEM”) which estimates losses on our loans and direct financing lease receivable portfolio, for purposes of calculating allowances for loan losses. The RELEM allows the Company to refine (on an ongoing basis) the expected loss estimate by incorporating loan specific assumptions as necessary, such as anticipated funding, interest payments, estimated extensions and estimated loan repayment/refinancing at maturity to estimate cash flows over the life of the loan. The model also incorporates assumptions related to underlying collateral values, various loss scenarios, and predicted losses to estimate expected losses. The Company specific loan-level inputs which include loan-to-stabilized-value “LTV” and debt service coverage ratio metrics, as well as principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and future funding’s. The Company categorizes the results by LTV range, which it considers the most significant indicator of credit quality for its loans and direct financing lease receivables. A lower LTV ratio typically indicates a lower credit loss risk. Real estate lending has several risks that need to be considered. There is the potential for changes in local real estate conditions and subjectivity of real estate valuations. In addition, overall economic conditions may impact the borrowers’ financial condition. Adverse economic conditions such as high unemployment levels, interest rates, tax rates and fuel and energy costs may have an impact on the results of operations and financial conditions of borrowers. The Company also evaluates each loan and direct financing lease receivable measured at amortized cost for credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan or direct financing lease receivables. Our allowance for loan losses is adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the real estate assets securing our loans. These estimations include various macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans and direct financing leases during their anticipated term. Impairment of Long-Lived Assets If circumstances indicate that the carrying value of a property may not be recoverable, the Company reviews the property 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 because recording an impairment loss results in an immediate negative adjustment to the consolidated statements of operations. During the three months ended March 31, 2020 and 2019, the Company recorded $0.4 million and $1.4 million provision for impairment of real estate, 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, 2020 and December 31, 2019, the Company had deposits of $192.6 million and $8.3 million, respectively, of which $192.4 million and $8.1 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 primarily consists of cash held with the trustee for the Company’s Master Trust Funding Program (as defined in Note 6—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 6—Secured Borrowings for further discussion. Adjustment to Rental Revenue for Tenant Credit 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. 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. During the three months ended March 31, 2020 and 2019, the Company recognized $0.6 million and $0.1 million adjustments to rental revenue, respectively. Deferred Financing Costs Financing costs related to establishing the Company’s 2018 Credit Facility and Revolving Credit Facility (as defined below) were deferred and are being amortized as an increase to interest expense in the consolidated statements of operations 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, the April 2019 Term Loan and the November 2019 Term Loan (as defined below) were deferred and are being amortized as an increase to interest expense in the consolidated statements of operations over the term of the related debt instrument and are reported as a reduction of the related debt balance on the consolidated balance sheets. Derivative Instruments In the normal course of business, the Company uses derivative financial instruments, which may include interest rate swaps, caps, options, floors and other interest rate derivative contracts, The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may also enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any change in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. 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 and 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, 2020 and 2019, the Company recorded contingent rent of $0.2 million and $0.3 million. Offering Costs In connection with the completion of equity offerings, the Company incurs legal, accounting and other offering-related costs. Such costs are deducted from the gross proceeds of each equity offering when the offering is completed. As of March 31, 2020 and December 31, 2019, the Company had capitalized a total of $57.5 million and $49.0 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, 2020 and December 31, 2019. Legal, accounting and other offering-related costs incurred in connection with the Secondary Offering (as defined below) were expensed as incurred and are recorded within general and administrative expense in the Company’s consolidated statements of operations. Income Taxes The Company elected and qualified 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 its REIT election, the Company continues 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 though the Company has elected and 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. Additionally, taxable income from non-REIT activities managed through the Company's taxable REIT subsidiary is subject to federal, state, and local taxes. The Company analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in such jurisdictions. The Company follows a two-step process to evaluate uncertain tax positions. Step one, recognition, occurs when an entity concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Step two, measurement, determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. As of March 31, 2020 and December 31, 2019, 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. During the three months ended March 31, 2020 and 2019, the Company did not record any interest or penalties, and there are no interest or penalties accrued at March 31, 2020 and December 31, 2019. The 2019, 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 2020 and 2019, the Company granted shares of restricted common stock and restricted share units (“RSUs”) to its directors, executive officers and other employees that vest over multiple periods, subject to the recipient’s continued service. The Company also granted performance-based RSUs to its executive officers, the final number of which is determined based on of market and subjective performance conditions and which vest over a multi-year period, subject to the recipient’s continued service. The Company accounts for the restricted common stock and RSUs in accordance with ASC 718, Compensation – Stock Compensation, which requires that such compensation be recognized in the financial statements based on its 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. The Company has 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 sheets as of March 31, 2020 and December 31, 2019. As of December 31, 2019, the Company concluded that seven entities to which it had provided mortgage loans were VIEs, because the entities’ equity was not sufficient to finance their activities without additional subordinated financial support. However, the Company was not the primary beneficiary of the entities, because the Company did not have the power to direct the activities that most significantly impact the entities’ economic performance. As of December 31, 2019, the carrying amount of the Company’s loans receivable with these entities was $ 60.5 As of March 31, 2020 March 31, 2020 66.8 March 31, 2020 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

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments	3. Investments As of March 31, 2020, the Company had investments in 1,050 properties, including eight developments in progress and one undeveloped land parcel. Of these 1,050 properties, 949 represented owned properties (of which nine were subject to leases accounted for as direct financing leases or loans), 9 represented ground lease interests (of which one building was subject to a lease accounted for as a direct financing lease) and 92 represented properties which secure the Company’s investments in eight mortgage loans receivable. The Company’s gross investment portfolio totaled $2.1 billion as of March 31, 2020 and consisted of gross acquisition cost of real estate investments (including transaction costs) totaling $2.0 billion, and loans and direct financing lease receivables, net, with an aggregate carrying amount of $99.5 million. As of March 31, 2020, 248 of these investments, comprising $342.7 million of net investments, were assets of consolidated special purpose entity subsidiaries and were pledged as collateral under the non-recourse obligations of the Company’s Master Trust Funding Program. (See Note 6—Secured Borrowings.) As of December 31, 2019, the Company had investments in 1,000 property locations, including eight developments in progress and one undeveloped land parcel. Of these 1,000 property locations, 897 represented owned properties (of which eight were subject to leases accounted for as direct financing leases or loans), and 12 represented ground lease interests (of which one building was subject to a lease accounted for as a direct financing lease) and 91 represented properties which secure the Company’s investments in six mortgage loans receivable. The Company’s gross investment portfolio totaled $2.0 billion as of December 31, 2019 and consisted of gross acquisition cost of real estate investments (including transaction costs) totaling $1.9 billion and loans and direct financing lease receivables, net, with an aggregate carrying amount of $92.2 million. As of December 31, 2019, 355 of these investments, comprising $601.3 million of net investments, were assets of consolidated special purpose entity subsidiaries and were pledged as collateral under the non-recourse obligations of these special purpose entities. Acquisitions in 2020 During the three months ended March 31, 2020, the Company did not have any acquisitions that individually represented more than 5% of the Company’s total investment activity as of March 31, 2020. The following table presents information about the Company’s acquisition activity during the three months ended March 31, 2020: (Dollar amounts in thousands) Total Investments Ownership type Fee Interest Number of properties acquired 61 Allocation of Purchase Price: Land and improvements $ 48,626 Building and improvements 97,311 Construction in progress (1) 3,656 Intangible lease assets 3,094 Assets acquired 152,687 Intangible lease liabilities — Liabilities assumed — Purchase price (including acquisition costs) $ 152,687 (1) Represents amounts incurred at and subsequent to acquisition and includes $0.1 million of capitalized interest expense. Acquisitions in 2019 During the three months ended March 31, 2019, the Company did not complete any acquisitions that individually 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 (2) 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. Gross Investment Activity During the three months ended March 31, 2020 and 2019, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Investment Locations Dollar Amount of Investments Gross investments, January 1, 2019 677 $ 1,394,549 Acquisitions of and additions to real estate investments (1) 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 (2) (1,440 ) Investments in loans receivable (3) 207 Principal collections on direct financing lease receivables (9) (5,769 ) Other (501 ) Gross investments, March 31, 2019 1,500,050 Less: Accumulated depreciation and amortization (4) (60,230 ) Net investments, March 31, 2019 711 $ 1,439,820 Gross investments, January 1, 2020 1,000 $ 2,002,314 Acquisitions of and additions to real estate investments 61 160,433 Sales of investments in real estate (10) (19,207 ) Relinquishment of properties at end of ground lease term (3) (1,931 ) Provisions for impairment of real estate (5) (373 ) Investments in loans receivable 2 8,024 Principal collections on loans and direct financing lease receivables (66 ) Other (637 ) Gross investments, March 31, 2020 2,148,557 Less: Accumulated depreciation and amortization (4) (100,473 ) Net investments, March 31, 2020 1,050 $ 2,048,084 (1) During the three months ended March 31, 2019, the Company acquired nine properties that had secured one of its loans receivables for an aggregate purchase price of $8.2 million. These loans receivable had a carrying value of $5.7 million prior to their settlement. (2) During the three months ended March 31, 2019, the Company identified and recorded provisions for impairment at 1 vacant and 3 tenanted properties. (3) 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. (4) Includes $81.3 million and $45.3 million of accumulated depreciation as of March 31, 2020 and 2019, respectively. (5) During the three months ended March 31, 2020, the Company identified and recorded provisions for impairment at 2 vacant properties. 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 more information about the Company’s leases. Loans and Direct Financing Lease Receivables As of March 31, 2020 and December 31, 2019, the Company had nine and seven loans receivable with an aggregate carrying amount of $97.6 million and $89.6 million, respectively. During the three months ended March 31, 2020, the borrowers did not settle or repay any loans partially or in full. The Company entered into two arrangements accounted for as loans receivable during the three months ended March 31, 2020 with an aggregate carrying value of $7.0 million as of March 31, 2020. The maximum amount of loss due to credit risk is our current principal balance of $97.6 million. During the three months ended March 31, 2019, the Company did not enter into any loan receivable arrangements. The Company’s loans receivable as of March 31, 2020 and December 31, 2019 are summarized as follows (dollar amounts in thousands): Principal Balance Outstanding Loan Type Monthly Payment Number of Secured Properties Interest Rate Maturity Date March 31, 2020 December 31, 2019 Mortgage (1)(2) Interest only 2 8.80% 2039 $ 12,000 $ 12,000 Mortgage (2) Principal + Interest 2 8.10% 2059 6,125 5,125 Mortgage (1) Interest only 2 8.53% 2039 7,300 7,300 Mortgage (1) Interest only 69 8.16% 2034 28,000 28,000 Mortgage (1) Interest only 18 8.05% 2034 34,604 34,604 Mortgage (1) Interest only 1 8.42% 2040 5,300 — Leasehold interest (4) Principal + Interest (4) 10.69% 2039 1,432 1,435 Leasehold interest (5) Principal + Interest 1 2.25% 2034 1,150 1,164 Leasehold interest (5) Principal + Interest 1 2.41% 2034 1,705 — Net investment $ 97,616 $ 89,628 (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 was secured by a mortgage on the building and improvements at the development property. The Company provided periodic funding to the borrower under this arrangement as construction progressed. (4) This leasehold interest transaction is accounted for as a loan receivable, as the lease for two land parcels contains an option for the lessee to repurchase the leased assets in 2024 or 2025. (5) These leasehold interest transactions are accounted for as loans receivable, as the leases for each property contain options for the lessee to repurchase the leased asset in the future. Scheduled principal payments due under the Company’s loans receivable as of March 31, 2020 were as follows: (in thousands) Loans Receivable April 1 - December 31, 2020 $ 112 2021 165 2022 174 2023 184 2024 195 Thereafter 96,786 Total $ 97,616 As of March 31, 2020 and December 31, 2019, the Company had $2.5 million and $2.6 million, respectively, 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, 2020 December 31, 2019 Minimum lease payments receivable $ 3,782 $ 3,866 Estimated unguaranteed residual value of leased assets 270 270 Unearned income from leased assets (1,523 ) (1,581 ) Net investment $ 2,529 $ 2,555 Scheduled future minimum non-cancelable base rental payments due to be received under the direct financing lease receivables as of March 31, 2020 were as follows: (in thousands) Future Minimum Base Rental Payments April 1 - December 31, 2020 $ 253 2021 340 2022 345 2023 347 2024 289 Thereafter 2,208 Total $ 3,782 Allowance for Loan Losses As discussed in Note 2, the Company utilizes the RELEM model which estimates losses on loans and direct financing lease receivables for purposes of calculating an allowance for loan losses. As of March 31, 2020, the Company recorded an allowance for loan losses of $0.7 million. Changes in the Company’s allowance for loan losses are presented within provision for loan losses in the Company’s consolidated statements of operations. For the three months ended March 31, 2020, the changes to allowance for loan losses were as follows: (in thousands) Loans and Direct Financing Lease Receivables Balance at December 31, 2019 $ — Cumulative-effect adjustment upon adoption of ASC 326 188 Current period provision for expected credit losses (1) 468 Write-offs charged — Recoveries — Balance at March 31, 2020 $ 656 (1 ) The increase in expected credit losses is related to the change in assumptions related to current macroeconomic factors related to COVID-19. The significant credit quality indicators for the Company’s loans and direct financing lease receivables measured at amortized cost, were as follows as of March 31, 2020: Amortized Cost Basis by Origination Year (in thousands) 2020 2019 2018 2017 2016 Total Amortized Costs Basis Credit Quality Indicator: LTV <60% $ — $ 28,000 $ — $ — $ 832 $ 28,832 LTV 60%-70% — 34,605 — — 1,100 35,704 LTV >70% 7,024 28,027 — — 883 35,935 $ 7,024 $ 90,631 $ — $ — $ 2,815 $ 100,471 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, tenant operation type (e.g., industry, sector or concept), unit-level financial performance, local market conditions and lease rates, associated indebtedness and asset location. 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, 2020 and 2019 (Dollar amounts in thousands) Number of Properties Real Estate Investments Intangible Lease Liabilities Net Carrying Value 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 Held for sale balance, December 31, 2019 1 $ 1,211 $ — $ 1,211 Transfers to held for sale classification 3 1,528 — 1,528 Sales (1 ) $ (1,211 ) $ — $ (1,211 ) Transfers to held and used classification — — — — Held for sale balance, March 31, 2020 3 $ 1,528 $ — $ 1,528 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, 2020 or 2019 represented 10% or more of total rental revenue in the Company’s consolidated statements of operations. 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: Three months ended March 31, State 2020 2019 Texas 11.6% 12.6% Georgia 10.2% 11.1% Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of the dates presented: March 31, 2020 December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 67,029 $ 15,259 $ 51,770 $ 64,828 $ 14,195 $ 50,633 Intangible market lease assets 13,563 4,088 9,475 14,094 4,228 9,866 Total intangible assets $ 80,592 $ 19,347 $ 61,245 $ 78,922 $ 18,423 $ 60,499 Intangible market lease liabilities $ 11,930 $ 2,624 $ 9,306 $ 12,054 $ 2,490 $ 9,564 The remaining weighted average amortization periods for the Company’s intangible assets and liabilities as of March 31, 2020, by category and in total, were as follows: Years Remaining In-place leases 10.5 Intangible market lease assets 14.5 Total intangible assets 11.1 Intangible market lease liabilities 15.7 The following table discloses amounts recognized within the consolidated statements of operations 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) 2020 2019 Amortization of in-place leases (1) $ 1,679 $ 1,332 Amortization (accretion) of market lease intangibles, net (2) 80 244 Amortization (accretion) of above- and below-market ground lease intangibles, net (3) 122 — (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 and net amortization of above- and below-market lease intangibles to rental revenue for the next five years: (in thousands) April 1- December 31, 2020 2021 2022 2023 2024 In-place lease assets $ 4,960 $ 6,435 $ 6,276 $ 5,825 $ 5,044 Adjustment to amortization expense $ 4,960 $ 6,435 $ 6,276 $ 5,825 $ 5,044 Above-market lease assets $ (616 ) $ (814 ) $ (813 ) $ (781 ) $ (746 ) Below-market lease liabilities 412 552 553 506 505 Net adjustment to rental revenue $ (204 ) $ (262 ) $ (260 ) $ (275 ) $ (241 )

Credit Facilities

Credit Facilities	3 Months Ended
	Mar. 31, 2020
Line Of Credit Facility [Abstract]
Credit Facilities	4. Credit Facilities On April 12, 2019, the Company, through the Operating Partnership, entered into a restated credit agreement (the “Amended Credit Agreement”) with a group of lenders, amending and restating the terms of the Company’s previous $300mm revolving credit facility (the “2018 Credit Facility”) to increase the maximum aggregate initial original principal amount of revolving loans available thereunder up to $400.0 million (the “Revolving Credit Facility”) and to permit the incurrence of an additional $200.0 million in term loans thereunder (the “April 2019 Term Loan”). The Revolving Credit Facility has a term of four years from April 12, 2019, with an extension option of up to one year exercisable by the Operating Partnership, subject to certain conditions, and the April 2019 Term Loan has a term of five years from the effective date of the amended agreement. The loans under each of the Revolving Credit Facility and the April 2019 Term Loan initially bear interest at an annual rate of applicable LIBOR plus the applicable margin (which applicable margin varies between the Revolving Credit Facility and the April 2019 Term Loan). The applicable LIBOR is the rate with a term equivalent to the interest period applicable to the relevant borrowing. The applicable margin initially is a spread set according to a leverage-based pricing grid. At the Operating Partnership’s election, on and after receipt of an investment grade corporate credit rating from Standard & Poor’s (“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 provided by S&P and/or Moody’s. The Revolving Credit Facility and the April 2019 Term Loan are freely pre-payable at any time and the Revolving Credit Facility is mandatorily payable if borrowings exceed the borrowing base or the facility limit. The Operating Partnership may re-borrow amounts paid down on the Revolving Credit Facility but not on the April 2019 Term Loan. The Operating Partnership is required to pay revolving credit fees throughout the term of the Revolving Credit Agreement based upon its usage of the Revolving Credit Facility, at a rate which depends on its usage of such 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 Operating Partnership was required to pay a ticking fee on the April 2019 Term Loan for the period from April 12, 2019 through May 14, 2019, the date the term loans were drawn. The Amended Credit Agreement has an accordion feature to increase, subject to certain conditions, the maximum availability of credit (either through increased revolving commitments or additional term loans) by up to $200 million. Additionally, on November 22, 2019, the Company further amended the Amended Credit Agreement to update certain terms to be consistent with those as described under, and to acknowledge, where applicable, the November 2019 Term Loan (as defined below) and to make certain other changes to the Amended Credit Agreement consistent with market practice on future replacement of the LIBOR rate and qualified financial contracts. The Operating Partnership is the borrower under the Amended Credit Agreement, and the Company and each of its subsidiaries that owns a direct or indirect interest in an eligible real property asset are guarantors under the Amended Credit Agreement. Under the terms of the Amended Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios, secured borrowing ratios and a minimum level of tangible net worth. The Amended Credit Agreement restricts the Company’s ability to pay distributions to its stockholders under certain circumstances. However, the Company may make distributions to the extent necessary to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended. The Amended Credit Agreement contains certain additional covenants that, subject to exceptions, limit or restrict the Company’s incurrence of indebtedness and liens, disposition of assets, transactions with affiliates, mergers and fundamental changes, modification of organizational documents, changes to fiscal periods, making of investments, negative pledge clauses and lines of business and REIT qualification. The Company was in compliance with all financial covenants and was not in default of any other provisions under the Amended Credit Facility as of March 31, 2020 and December 31, 2019. November 2019 Term Loan On November 26, 2019, the Company, through the Operating Partnership, entered into a new $430 million term loan credit facility (the “November 2019 Term Loan”) with a group of lenders. The November 2019 Term Loan provides for term loans to be drawn up to an aggregate amount of $430 million with a maturity of November 26, 2026. The loans under the November 2019 Term Loan are available to be drawn in up to three draws during the six-month period beginning on November 26, 2019. The Company had outstanding borrowings of $430 million at March 31, 2020 and $250 million at December 31, 2019 under the November 2019 Term Loan. Borrowings under the November 2019 Term Loan bear interest at an annual rate of applicable LIBOR plus the applicable margin. 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 operating Partnership’s irrevocable 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 provided by S&P and/or Moody’s. The November 2019 Term Loan is pre-payable at any time by the Operating Partnership (as borrower), provided, that if the loans under the November 2019 Term Loan are repaid on or before November 26, 2020,they are subject to a two percent prepayment premium, and if repaid thereafter but on or before November 26, 2021, they are subject to a one percent prepayment premium. After November 26, 2021 the loans may be repaid without penalty. The Operating Partnership may not re-borrow amounts paid down on the November 2019 Term Loan. The Operating Partnership is required to pay a ticking fee on any undrawn portion of the November 2019 Term Loan for the period from and including the 91st day after November 26, 2019 until the earlier of the date the initial term loans are fully drawn or May 26, 2020. The November 2019 Term Loan has an accordion feature to increase, subject to certain conditions, the maximum availability of the facility up to an aggregate of $500 million. The Operating Partnership is the borrower under the November 2019 Term Loan, and the Company and each of its subsidiaries that owns a direct or indirect interest in an eligible real property asset are guarantors under the facility. Under the terms of the November 2019 Term Loan, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios, secured borrowing ratios and a minimum level of tangible net worth. Additionally, the November 2019 Term Loan restricts the Company’s ability to pay distributions to its stockholders under certain circumstances. However, the Company may make distributions to the extent necessary to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended. The facility contains certain covenants that, subject to exceptions, limit or restrict the Company’s incurrence of indebtedness and liens, disposition of assets, transactions with affiliates, mergers and fundamental changes, modification of organizational documents, changes to fiscal periods, making of investments, negative pledge clauses and lines of business and REIT qualification. The Company was in compliance with all financial covenants and was not in default of any other provisions under the November 2019 Term Loan as of March 31, 2020. Revolving Credit Facility The following table presents information about the Revolving Credit Facility and the 2018 Credit Facility in effect for the three months ended March 31, 2020 and 2019: (in thousands) 2020 2019 Balance on January 1, $ 46,000 34,000 Borrowings 69,000 459,000 Repayments (50,000 ) (447,000 ) Balance on March 31, $ 65,000 $ 46,000 Total deferred financing costs, net, of $3.3 million and $3.5 million related to the Revolving Credit Facility and the 2018 Credit Facility were included within prepaid expenses and other assets, net on the Company’s consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively. The Company recorded $0.3 million and $0.2 million, respectively, to interest expense during the three months ended March 31, 2020 and 2019 related to amortization of these deferred financing costs Additionally, t he Company recorded $0.4 million and $0.7 million of interest expense on borrowings and unused facility fees during the three months ended March 31, 2020 and 2019, respectively, related to the Revolving Credit Facility and the 2018 Credit Facility. The weighted average interest rates in effect on the Company’s borrowings under the Revolving Credit Facility as of March 31, 2020 and December 31, 2019 was 2.36% and 3.06%, respectively. As of March 31, 2020 and December 31, 2019, the Company had $335.0 million and $354.0 million of unused borrowing capacity related to the Revolving Credit Facility. Term Loan Facilities In May 2019, the Company borrowed the entire $200.0 million available under the April 2019 Term Loan and used the proceeds to repurchase, in part, notes previously issued under its Master Trust Funding Program. The Company borrowed the entire $430.0 million available under the November 2019 Term Loan in separate draws in December 2019 and March 2020 and used the proceeds to voluntarily prepay notes previously issued under its Master Trust Funding Program at par, to repay amounts outstanding under the Revolving Credit Facility and for general working capital purposes. See Note 6—Secured Borrowings for additional information. Total deferred financing costs, net, of $4.2 million related to the Company’s term loan facilities are included as a component of unsecured term loans, net of deferred financing costs on the Company’s consolidated balance sheet as of March 31, 2020. The Company recorded approximately $0.2 million to interest expense during the three months ended March 31, 2020 related to the amortization of these fees and direct costs of its term loan facilities. During the three months ended March 31, 2020, the Company recorded $3.6 million of cash interest expense, respectively, The variable interest rates in effect on the Company’s borrowings under the April 2019 Term Loan and November 2019 Term Loan as of March 31, 2020 were 2.13% and 2.37%, respectively. The variable interest rates in effect on the Company’s borrowings under the April 2019 Term Loan and November 2019 Term Loan as of December 31, 2019 were 3.00% and 3.22%, The Company fixed the interest rates on its term loan facilities’ variable-rate debt through the use of interest rate swap agreements. .

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	5. Derivative and Hedging Activities The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. These derivatives are designated and qualify as cash flow hedges and are recorded on a gross basis at fair value. Subsequent to the adoption of ASU 2017-12, assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in accumulated other comprehensive income (loss) and the change in fair value is reflected as unrealized gain/loss on cash flow hedges in the supplemental disclosures of non-cash financing activities in the consolidated statement of cash flows. The amounts recorded in accumulated other comprehensive income (loss) will subsequently be reclassified to interest expense as interest payments are made on the Company’s borrowings under its variable-rate term loan facilities. During the next twelve months, the Company estimates that $8.2 million will be reclassified from other comprehensive income as an increase to interest expense. The Company does not have netting arrangements related to its derivatives. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. As of March 31, 2020, there were no events of default related to the interest rate swaps. The following table summarizes the notional amount at inception and fair value of these instruments on the Company's balance sheet as of March 31, 2020 and December 31, 2019 (dollar amounts in thousands): Derivatives Designated as Hedging Instruments Fixed Rate Paid by Company Variable Rate Paid by Bank Effective Date Maturity Date Notional Value (1) Fair Value of Asset/(Liability) as of March 31, 2020 (2) Fair Value of Asset/(Liability) as of December 31, 2019 Interest Rate Swap 2.06% 1 month LIBOR 5/14/2019 4/12/2024 $ 100,000 $ (6,821 ) $ (1,996 ) Interest Rate Swap 2.06% 1 month LIBOR 5/14/2019 4/12/2024 50,000 (3,411 ) (999 ) Interest Rate Swap 2.07% 1 month LIBOR 5/14/2019 4/12/2024 50,000 (3,417 ) (1,005 ) Interest Rate Swap 1.61% 1 month LIBOR 12/9/2019 11/26/2026 175,000 (12,416 ) 758 Interest Rate Swap 1.61% 1 month LIBOR 12/9/2019 11/26/2026 50,000 (3,562 ) 210 Interest Rate Swap 1.60% 1 month LIBOR 12/9/2019 11/26/2026 25,000 (1,756 ) 127 Interest Rate Swap (3) 1.36% 1 month LIBOR 7/9/2020 11/26/2026 100,000 (5,342 ) — Interest Rate Swap (3) 1.36% 1 month LIBOR 7/9/2020 11/26/2026 80,000 (4,280 ) — $ 630,000 $ (41,005 ) $ (2,905 ) (1) Notional value indicates the extent of the Company’s involvement in these instruments, but does not represent exposure to credit, interest rate or market risks. (2) Derivatives in a liability position are included within accrued liabilities and other payables in the Company’s consolidated balance sheets totaling to $41.0 million and $2.9 million at March 31, 2020 and December 31, 2019, respectively. (3) The Company entered into two forward swap contracts during the three months ended March 31, 2020 with an effective date of July 9, 2020 and total notional value of $180.0 million. The following table presents the changes in accumulated other comprehensive loss for the three months ended March 31, 2020: (in thousands) Total Balance at December 31, 2019 $ (1,949 ) Other comprehensive (loss) income (37,871 ) Balance at March 31, 2020 $ (39,820 ) The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of March 31, 2020, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $42.4 million. As of December 31, 2019, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $4.1 million. As of December 31, 2019, the fair value of derivatives in a net asset position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.0 million. As of March 31, 2020, the Company had not posted any collateral related to these agreements and was not in breach of any provisions of such agreements. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $42.6 million as of March 31, 2020.

Secured Borrowings

Secured Borrowings	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Secured Borrowings	6. 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 SPEs 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 Industries, LLC (“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”). The Series 2017-1 Notes were issued by three SPEs formed to hold assets and issue the secured borrowings associated with the securitization. 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 were scheduled to mature in November 2046, but the terms of the Class A Notes required principal to be paid monthly through November 2021, with a balloon repayment at that time, and the terms of the Class B Notes required no monthly principal payments but required the full principal balance to be paid in November 2021. 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 interest rate escalation provisions 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. In May 2019, the Company repurchased a portion of its Class A Series 2016-1 Notes with a face value of $200 million for $201.4 million from an affiliate of Eldridge. On November 12, 2019, the Company cancelled all $200 million of these repurchased Class A Series 2016-1 Notes. In November 2019, the Company voluntarily prepaid all $70.4 million of the then outstanding Series 2016-1 Notes (consisting of the remaining $53.2 million Class A Series 2016-1 Notes and $17.2 million Class B Series 2016-1 Notes) at par plus accrued interest pursuant to the terms of the agreements related to such securities. In February 2020, the Company voluntarily prepaid $62.3 million of the Class A Series 2017-1 Notes at par plus accrued interest pursuant to the terms of the agreements related to such securities. The Company was not subject to the payment of a make whole amount in connection with this prepayment. The Company accounted for this prepayment as a debt extinguishment. As of March 31, 2020 and December 31, 2019, the Company had issued notes with $176.1 million and $239.1 million, respectively, of combined principal outstanding under the notes issued through its Master Trust Funding Program. Total deferred financing costs, net, of $3.6 million and $3.8 million related to the Master Trust Funding Program were included within secured borrowings, net of deferred financing costs on the Company’s consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively. The Company recorded $0.2 million and $0.6 million to interest expense during the three months ended March 31, 2020 and 2019, related to amortization of these costs During the three months ended March 31, 2020 and 2019, the Company recorded $2.1 million and $5.6 million, respectively, of interest expense on borrowings under the Master Trust Funding Program. The Company’s secured borrowings issued under the Master Trust Funding Program bear interest at a weighted average interest rate of 4.19% as of March 31, 2020. The Company’s secured borrowings issued under the Master Trust Funding Program bear interest at a weighted average interest rate of 4.17% as of December 31, 2019. The following table summarizes the scheduled principal payments on the Company’s secured borrowings under the Master Trust Funding Program as of March 31, 2020: (in thousands) Future Principal Payments April 1 - December 31, 2020 $ 2,932 2021 4,083 2022 4,292 2023 4,512 2024 160,305 Total $ 176,124 The Company was not in default of any provisions under the Master Trust Funding Program as of March 31, 2020 or December 31, 2019.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	7. Equity Stockholders’ Equity On March 18, 2019, the Company completed a follow-on offering of 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, pursuant to a registration statement on Form S-11 (File Nos. 333-230188 and 333-230252) filed with the SEC under the Securities Act of 1933, as amended (the “Securities Act”). N et proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $234.6 million On July 22, 2019, EPRT Holdings, LLC (“EPRT Holdings”) and Security Benefit Life Insurance Company (together, the “Selling Stockholders”), affiliates of Eldridge Industries, LLC (“Eldridge”), completed a secondary public offering (the “Secondary Offering”) of 26,288,316 shares of the Company’s common stock, including 3,428,910 shares of common stock purchased by underwriters pursuant to an option to purchase additional shares. Prior to completion of the Secondary Offering, the Selling Stockholders exchanged 18,502,705 OP Units of the Operating Partnership for a like number of shares of the Company’s common stock. The Company did no t receive any proceeds from this transaction. On January 14, 2020, the Company completed a follow-on offering of 7,935,000 shares its common stock, including 1,035,000 shares of common stock purchased by the underwriters pursuant to an option to purchase additional shares, at an offering price of $25.20 per share. Net proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $191.5 million. At the Market Program In August 2019, the Company established an “at the market” common equity distribution program (“ATM Program”), through which the Company may, from time to time, publicly offer and sell registered shares of its common stock having an aggregate gross sales price of up to $200 million. During the three months ended March 31, 2020 253,698 N three months ended March 31, 2020 Dividends on Common Stock During the , the Company’s board of directors declared the following quarterly cash dividends on common stock: Date Declared Record Date Date Paid Dividend per Share of Common Stock Total Dividend March 18, 2020 March 31, 2020 April 15, 2020 $ 0.23 $ 21,168 March 7, 2019 March 29, 2019 April 16, 2019 0.21 12,143

Non-controlling Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Non-controlling Interests	8. Non-controlling Interests Essential Properties OP G.P., LLC, a wholly owned subsidiary of the Company, is the sole general partner of the Operating Partnership, and holds a 1.0% general partner interest in the Operating Partnership. The Company contributes the net proceeds from issuing shares of common stock to the Operating Partnership in exchange for a number of OP Units equal to the number of shares of common stock issued. Prior to completion of the Secondary Offering, the Selling Stockholders exchanged 18,502,705 OP Units of the Operating Partnership for a like number of shares of the Company’s common stock. Concurrently, EPRT Holdings, one of the Selling Stockholders, distributed the remaining 553,847 OP Units it held to former members of EPRT Holdings (the “Non-controlling OP Unit Holders”). The Selling Stockholders thereafter sold all of the shares of common stock that they owned through the Secondary Offering and accordingly no longer owned shares of the Company’s common stock or held OP Units following the completion of the Secondary Offering. As of March 31, 2020, the Company held 91,949,849 OP Units, representing a 99.4% interest in the Operating Partnership. As of the same date, the Non-controlling OP Unit Holders held 553,847 OP Units in the aggregate, representing a 0.6% limited partner interest in the Operating Partnership. The OP Units held by EPRT Holdings and Eldridge prior to the completion of the Secondary Offering and the OP Units held by the Non-controlling OP Unit Holders are presented as non-controlling interests in the Company’s consolidated financial statements. A holder of OP Units has the right to distributions per unit equal to dividends per share paid on the Company’s common stock and has the right to redeem OP Units for cash or, at the Company’s election, shares of the Company's common stock on a one-for-one basis, provided, however, that such OP Units must have been outstanding for at least one year. During the three months ended March 31, 2020 and 2019, the Company declared total cash dividends of $0.23 and $0.21 per share of common stock, respectively. Distributions to OP Unit holders were declared and paid concurrently with the Company’s cash dividends to common stockholders.

Equity Based Compensation

Equity Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Equity Based Payments [Abstract]
Equity Based Compensation	9. Equity Based Compensation 2018 Incentive Plan Effective immediately prior to the closing of the IPO, the Company adopted an equity incentive plan (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. Restricted Stock Awards In January 2019, an aggregate of 46,368 shares of unvested restricted common stock awards (“RSAs”) were issued to the Company’s executive officers, other employees and an external consultant under the Equity Incentive Plan. These RSAs 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 following table presents information about the Company’s RSAs for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Compensation cost recognized in general and administrative expense $ 894 $ 872 Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings 111 155 Fair value of shares vested during the period 152 — The following table presents information about the Company’s RSAs as of the dates presented: (Dollars in thousands) March 31, 2020 December 31, 2019 Total unrecognized compensation cost $ 4,132 $ 5,026 Weighted average period over which compensation cost will be recognized (in years) 1.3 1.6 Restricted Stock Units In January 2019 and 2020, the Company issued target grants of 119,085 and 84,684 performance-based restricted stock units (“RSUs”), respectively, to the Company’s executive officers under the Equity Incentive Plan Of these awards, 75% are non-vested RSUs 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 peer companies identified in the grant agreements. 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 (for the 2019 grants) or December 31, 2022 (for the 2020 grants), divided by the average closing price for the 20-trading day period ended January 1, 2019 (for the 2019 grants) or January 1, 2020 (for the 2020 grants). The target number of units is based on achieving a TSR equal to the 50th percentile of the peer group. The grant date fair value of the TSR RSUs was measured using a Monte Carlo simulation model based on the following assumptions as of each grant date: January 2020 2019 Volatility 20 % 18 % Risk free rate 1.61 % 2.57 % The remaining 25% 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, 2020 and 2019. In June 2019, the Company issued 11,500 RSUs to the Company’s independent directors. These awards vest in full on the earlier of one year from the grant date or the first annual meeting of stockholders that occurs after the grant date, subject to the individual recipient’s continued provision of service to the Company through the applicable vesting date. The Company estimated the grant date fair value of these RSUs using the average market price of the Company’s common stock on the date of grant. Additionally, in January 2020, the Company issued an aggregate of 71,607 shares of unvested RSUs to the Company’s executive officers and other employees under the Equity Incentive Plan. These awards vest over a period of 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 following table presents information about the Company’s RSUs for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Compensation cost recognized in general and administrative expense $ 614 $ 136 Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings 19 — Fair value of units vested during the period — — The following table presents information about the Company’s RSUs as of the dates presented: (Dollars in thousands) March 31, 2020 December 31, 2019 Total unrecognized compensation cost $ 5,312 $ 1,584 Weighted average period over which compensation cost will be recognized (in years) 3.0 2.4 The following table presents information about the Company’s RSA and RSU activity during the three months ended March 31, 2020 and 2019: Restricted Stock Awards Restricted Stock Units Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested, January 1, 2019 691,290 $ 13.68 — $ — Granted 46,368 14.12 89,314 23.07 Vested — — — — Forfeited — — — — Unvested, March 31, 2019 737,658 $ 13.71 89,314 $ 23.07 Unvested, January 1, 2020 492,701 $ 13.72 100,814 $ 22.80 Granted — — 135,120 32.13 Vested (10,747 ) 14.12 — — Forfeited — — — — Unvested, March 31, 2020 481,954 $ 13.71 235,934 $ 28.14 Unit Based Compensation Prior to the Company’s IPO in 2018, certain of the Company’s management, board of directors and other external parties held Class B and Class D units in EPRT Holdings which had been granted as equity awards in prior periods. Following the completion of the IPO and related formation transactions, the Class B and Class D unitholders continued to hold vested and unvested interests in EPRT Holdings and, indirectly, the OP Units of the Company’s Operating Partnership held by EPRT Holdings. On July 22, 2019, in conjunction with the completion of the Secondary Offering, 3,520 previously unvested Class B units and 1,200 previously unvested Class D units in EPRT Holdings automatically vested in accordance with the terms of the grant agreements, which represented all of the remaining outstanding unvested Class B and Class D units. Due to this accelerated vesting, the Company recorded all remaining unrecognized compensation cost on the Class B and Class D units to general and administrative expenses in its consolidated statements of operations at the time of vesting . No Class B or Class D units remained outstanding as of March 31, 2020 and December 31, 2019. The following table presents information about the Class B and Class D unit activity during the three months ended March 31, 2019: Class B Units Class D Units Total Unvested, January 1, 2019 5,230 1,800 7,030 Granted — — — Vested (1,610 ) (600 ) (2,210 ) Forfeited — — — Unvested, March 31, 2019 3,620 1,200 4,820 The following table presents information about the Class B and Class D units for the periods presented: Three months ended March 31, 2019 (in thousands) Compensation cost recognized in general and administrative expense $ 219 Fair value of units vested during the period 521

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	10. Leases As Lessor The Company’s investment properties are 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, 2020 were as follows: (in thousands) Future Minimum Base Rental Receipts April 1 - December 31, 2020 $ 115,952 2021 156,458 2022 158,577 2023 159,766 2024 159,257 Thereafter 1,774,312 Total $ 2,524,322 Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum base rental payments to be received during the initial non-cancelable lease term only. In addition, the future minimum lease payments exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to performance thresholds and exclude increases in annual rent based on future changes in the Consumer Price Index, among other items. The fixed and variable components Three months ended March 31, (in thousands) 2020 2019 Fixed lease revenues $ 40,403 $ 29,961 Variable lease revenues (1) 366 1,093 Total lease revenues (2) $ 40,769 $ 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 right of use (“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, 2020, the Company’s ROU assets and lease liabilities were $4.6 million and $7.3 million, respectively. As of December 31, 2019, the Company’s ROU assets and lease liabilities were $4.8 million and $7.5 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, 2020 : March 31, 2020 December 31, 2019 Weighted average remaining lease term (in years) 22.4 21.9 Weighted average discount rate 7.00% 7.00% Upon adoption of ASC 842 on January 1, 2019 (see Note 2—Summary of Significant Accounting Policies), 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 for the three months ended March 31, 2020 The following table : Three months ended March 31, (in thousands) 2020 2019 Fixed rent expense $ 382 $ 363 Variable rent expense — — Total rent expense $ 382 $ 363 As of March 31, 2020, under ASC 842, 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 were 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, 2020 $ 547 $ 484 $ 1,031 2021 680 650 1,330 2022 669 652 1,321 2023 656 318 974 2024 556 265 821 Thereafter 538 12,167 12,705 Total $ 3,646 $ 14,536 18,182 Present value discount (10,899 ) Lease liabilities $ 7,283 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 leases that have a term of less than 12 months at lease inception. The total of such future obligations is not material.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies As of March 31, 2020, the Company has remaining future commitments, under mortgage notes, reimbursement obligations or similar arrangements, to fund 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 be liable for costs and damages related to environmental matters. As of March 31, 2020, 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 business, financial condition, results of operations or liquidity. 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, 2020 and 2019, 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

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
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 as of March 31, 2020 and December 31, 2019. 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. 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, the April 2019 Term Loan and the November 2019 Term Loan 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, the April 2019 Term Loan and the November 2019 Term Loan as of March 31, 2020 and December 31, 2019 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 31,2020, the Company’s secured borrowings had an aggregate carrying value of $176.1 million (excluding net deferred financing costs of $3.6 million) and an estimated fair value of $178.8 million. As of December 31, 2019, the Company’s secured borrowings had an aggregate carrying value of $239.1 million (excluding net deferred financing costs of $3.8 million) and an estimated fair value of $247.1 million. The Company measures its derivative financial instruments at fair value on a recurring basis. The fair values of the Company’s derivative financial instruments were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of March 31, 2020 and December 31, 2019, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. As of March 31, 2020 and December 31, 2019, the Company estimated the fair value of its interest rate swap contracts a $2.9 million net liability, respectively 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 date presented: Net Carrying Fair Value Measurements Using Fair Value Hierarchy (in thousands) Value Fair Value Level 1 Level 2 Level 3 March 31, 2020 Non-financial assets: Long-lived assets $ 587 $ — $ — $ — $ 587 December 31, 2019 Non-financial assets: Long-lived assets $ 3,864 $ — $ — $ — $ 3,864 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, 2020 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets: Quick service restaurant - Childersburg, AL $ 300 Sales comparison approach Non-binding sales contract $ 300 Vacant - Sylacauga, AL 287 Sales comparison approach Binding sales contract $ 287

Related Party Disclosures

Related Party Disclosures	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	13. Related-Party Transactions During the three months ended March 31, 2019, 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, which is included in general and administrative expense in the Company’s consolidated statements of operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events The Company has evaluated all events and transactions that occurred after March 31, 2020 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. Acquisition and Disposition Activity Subsequent to March 31, 2020, the Company invested in 6 real estate investment properties for an aggregate investment (including acquisition-related costs) of $11.2 million and invested $5.3 million through new and ongoing construction in progress and reimbursements to tenants for development, construction and renovation costs. Subsequent to March 31, 2020, the Company sold its investment in 3 real estate properties for an aggregate gross sales price of $3.6 million and incurred $0.3 million of disposition costs related to these transactions. COVID-19 The global spread of COVID-19 has created significant uncertainty and economic disruption, both in the near-term and potentially longer-term. The extent to which this pandemic could affect the Company’s financial condition, liquidity, and results of operations is difficult to predict and depends on evolving factors, including: duration, scope, government actions, and other social responses. The Company is closely monitoring the impact of COVID-19 on all aspects of its business, including the safety and health of its employees, its portfolio and its tenant credit health, as well as its liquidity, capital allocation, and balance sheet management. The Company continues to actively engage in discussions with its tenants regarding the impact of COVID-19 on their business operations, liquidity, prospects, and financial position, and m any of the Company’s tenants have requested rent deferrals due to the pandemic. Through May 7, 2020, the Company has collected 60.9% of contractual base rent due from its tenants for the month of April 2020 and has entered into deferral agreements with its tenants for an additional 32.7% of contractual base rent for the month of April 2020 These rent deferrals were negotiated on a tenant-by-tenant basis, and, in general, allow a tenant to defer its April rent and all or a portion of its rent for May and June, with all of the deferred rent to be paid to the Company pursuant to a schedule that extends up to 24 months from the original due date of the deferred rent. It is possible that the existing deterioration, or further deterioration, in the Company’s tenants’ ability to operate their businesses caused by the COVID-19 pandemic or otherwise, will cause our tenants to be unable or unwilling to meet their contractual obligations to the Company, including the payment of rent (including deferred rent) or to request further rent deferrals. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Given the significant uncertainty around the duration and severity of COVID-19, the Company is unable to predict the impact COVID-19 will have on its tenants’ continued ability to pay rent, including deferred rent.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (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, 2020 and 2019 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, 2019 .
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, 2020 and December 31, 2019, the Company, directly or indirectly, held a 99.4% and 99.3% ownership interest in the Operating Partnership and the consolidated financial statements include the financial statements of the Operating Partnership as of these dates. See Note 7—Equity for changes in the ownership interest in the Operating Partnership.
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. 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 of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. 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 incentives 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 uses 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 and fair value less estimated selling costs. 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, 2020 and 2019, the Company recorded $11.3 million 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.
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 term of the related lease 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 under ASC 326 – Credit Losses (“ASC 326”), ASC 310, Receivables Leases information about past events and current condition. Under ASC 840 and ASC 842, the Company reviews the estimated non-guaranteed residual value of a leased property at least annually. If the review results in a lower estimate than had been previously established, the Company determines whether the decline in estimated non-guaranteed residual value is other than temporary. If a decline is judged to be other than temporary, the accounting for the transaction is revised using the changed estimate and the resulting reduction in the net investment in direct financing lease receivables is recognized by the Company as a loss in the period in which the estimate is changed. As of March 31, 2020 and December 31, 2019 , the Company determined that none of its direct financing lease receivables were impaired.
Allowance for Loan Losses	Allowance for Loan Losses Prior to the adoption of ASC Topic 326, Financial Instruments - Credit Losses On January 1, 2020, the Company adopted ASC 326 on a prospective basis. ASC 326 changes how the Company accounts for credit losses for all of the Company’s loans receivable and direct financing lease receivables. ASC 326 replaces the current “incurred In connection with the Company’s adoption of ASC 326 on January 1, 2020, the Company implemented a new process including the use of loan loss forecasting models. The Company has used the loan loss forecasting model for estimating expected life-time credit losses, at the individual loan level, for its loans and direct financing lease receivable portfolio. The forecasting model used is the probability weighted expected cash flow method, depending on the type of loan and global assumptions. The Company used a real estate loss estimate model (“RELEM”) which estimates losses on our loans and direct financing lease receivable portfolio, for purposes of calculating allowances for loan losses. The RELEM allows the Company to refine (on an ongoing basis) the expected loss estimate by incorporating loan specific assumptions as necessary, such as anticipated funding, interest payments, estimated extensions and estimated loan repayment/refinancing at maturity to estimate cash flows over the life of the loan. The model also incorporates assumptions related to underlying collateral values, various loss scenarios, and predicted losses to estimate expected losses. The Company specific loan-level inputs which include loan-to-stabilized-value “LTV” and debt service coverage ratio metrics, as well as principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and future funding’s. The Company categorizes the results by LTV range, which it considers the most significant indicator of credit quality for its loans and direct financing lease receivables. A lower LTV ratio typically indicates a lower credit loss risk. Real estate lending has several risks that need to be considered. There is the potential for changes in local real estate conditions and subjectivity of real estate valuations. In addition, overall economic conditions may impact the borrowers’ financial condition. Adverse economic conditions such as high unemployment levels, interest rates, tax rates and fuel and energy costs may have an impact on the results of operations and financial conditions of borrowers. The Company also evaluates each loan and direct financing lease receivable measured at amortized cost for credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan or direct financing lease receivables. Our allowance for loan losses is adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the real estate assets securing our loans. These estimations include various macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans and direct financing leases during their anticipated term.
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 property 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 because recording an impairment loss results in an immediate negative adjustment to the consolidated statements of operations. During the three months ended March 31, 2020 and 2019, the Company recorded $0.4 million and $1.4 million provision for impairment of real estate, 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, 2020 and December 31, 2019, the Company had deposits of $192.6 million and $8.3 million, respectively, of which $192.4 million and $8.1 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 primarily consists of cash held with the trustee for the Company’s Master Trust Funding Program (as defined in Note 6—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 6—Secured Borrowings for further discussion.
Adjustment to Rental Revenue for Tenant Credit	Adjustment to Rental Revenue for Tenant Credit 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. 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. During the three months ended March 31, 2020 and 2019, the Company recognized $0.6 million and $0.1 million adjustments to rental revenue, respectively.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to establishing the Company’s 2018 Credit Facility and Revolving Credit Facility (as defined below) were deferred and are being amortized as an increase to interest expense in the consolidated statements of operations 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, the April 2019 Term Loan and the November 2019 Term Loan (as defined below) were deferred and are being amortized as an increase to interest expense in the consolidated statements of operations over the term of the related debt instrument and are reported as a reduction of the related debt balance on the consolidated balance sheets.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company uses derivative financial instruments, which may include interest rate swaps, caps, options, floors and other interest rate derivative contracts, The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may also enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any change in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations.
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 and 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, 2020 and 2019, the Company recorded contingent rent of $0.2 million and $0.3 million.
Offering Costs	Offering Costs In connection with the completion of equity offerings, the Company incurs legal, accounting and other offering-related costs. Such costs are deducted from the gross proceeds of each equity offering when the offering is completed. As of March 31, 2020 and December 31, 2019, the Company had capitalized a total of $57.5 million and $49.0 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, 2020 and December 31, 2019. Legal, accounting and other offering-related costs incurred in connection with the Secondary Offering (as defined below) were expensed as incurred and are recorded within general and administrative expense in the Company’s consolidated statements of operations.
Income Taxes	Income Taxes The Company elected and qualified 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 its REIT election, the Company continues 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 though the Company has elected and 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. Additionally, taxable income from non-REIT activities managed through the Company's taxable REIT subsidiary is subject to federal, state, and local taxes. The Company analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in such jurisdictions. The Company follows a two-step process to evaluate uncertain tax positions. Step one, recognition, occurs when an entity concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Step two, measurement, determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. As of March 31, 2020 and December 31, 2019, 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. During the three months ended March 31, 2020 and 2019, the Company did not record any interest or penalties, and there are no interest or penalties accrued at March 31, 2020 and December 31, 2019. The 2019, 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 2020 and 2019, the Company granted shares of restricted common stock and restricted share units (“RSUs”) to its directors, executive officers and other employees that vest over multiple periods, subject to the recipient’s continued service. The Company also granted performance-based RSUs to its executive officers, the final number of which is determined based on of market and subjective performance conditions and which vest over a multi-year period, subject to the recipient’s continued service. The Company accounts for the restricted common stock and RSUs in accordance with ASC 718, Compensation – Stock Compensation, which requires that such compensation be recognized in the financial statements based on its 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. The Company has 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 sheets as of March 31, 2020 and December 31, 2019. As of December 31, 2019, the Company concluded that seven entities to which it had provided mortgage loans were VIEs, because the entities’ equity was not sufficient to finance their activities without additional subordinated financial support. However, the Company was not the primary beneficiary of the entities, because the Company did not have the power to direct the activities that most significantly impact the entities’ economic performance. As of December 31, 2019, the carrying amount of the Company’s loans receivable with these entities was $ 60.5 As of March 31, 2020 March 31, 2020 66.8 March 31, 2020
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 or service-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): Three months ended March 31, (dollar amounts in thousands) 2020 2019 Numerator for basic and diluted earnings per share: Net income $ 14,043 $ 8,723 Less: net income attributable to non-controlling interests (84 ) (2,594 ) Less: net income allocated to unvested restricted common stock and RSUs (130 ) (155 ) Net income available for common stockholders: basic 13,829 5,974 Net income attributable to non-controlling interests 84 2,594 Net income available for common stockholders: diluted $ 13,913 $ 8,568 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 90,805,301 45,974,158 Less: weighted average number of shares of unvested restricted common stock (482,899 ) (733,911 ) Weighted average shares outstanding used in basic net income per share 90,322,402 45,240,247 Effects of dilutive securities: (1) OP Units 553,847 19,056,552 Unvested restricted common stock and RSUs 456,048 343,255 Weighted average shares outstanding used in diluted net income per share 91,332,297 64,640,054 (1) For the three months ended March 31, 2020, excludes the impact of 65,312 unvested restricted stock units as the effect would have been antidilutive.
Recent Accounting Developments	Recent Accounting Developments In February 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. During April 2020, the Financial Accounting Standards Board ("FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 global pandemic. Under existing lease guidance, the entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if a lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Lease Modification Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially similar to the cash flows in the original lease. As of March 31, 2020, we have not modified any of our leases and as a result, have not yet made a determination on whether to elect this option. Accordingly, the Lease Modification Q&A did not have an impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
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): Three months ended March 31, (dollar amounts in thousands) 2020 2019 Numerator for basic and diluted earnings per share: Net income $ 14,043 $ 8,723 Less: net income attributable to non-controlling interests (84 ) (2,594 ) Less: net income allocated to unvested restricted common stock and RSUs (130 ) (155 ) Net income available for common stockholders: basic 13,829 5,974 Net income attributable to non-controlling interests 84 2,594 Net income available for common stockholders: diluted $ 13,913 $ 8,568 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 90,805,301 45,974,158 Less: weighted average number of shares of unvested restricted common stock (482,899 ) (733,911 ) Weighted average shares outstanding used in basic net income per share 90,322,402 45,240,247 Effects of dilutive securities: (1) OP Units 553,847 19,056,552 Unvested restricted common stock and RSUs 456,048 343,255 Weighted average shares outstanding used in diluted net income per share 91,332,297 64,640,054 (1) For the three months ended March 31, 2020, excludes the impact of 65,312 unvested restricted stock units as the effect would have been antidilutive.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020: (Dollar amounts in thousands) Total Investments Ownership type Fee Interest Number of properties acquired 61 Allocation of Purchase Price: Land and improvements $ 48,626 Building and improvements 97,311 Construction in progress (1) 3,656 Intangible lease assets 3,094 Assets acquired 152,687 Intangible lease liabilities — Liabilities assumed — Purchase price (including acquisition costs) $ 152,687 (1) Represents amounts incurred at and subsequent to acquisition and includes $0.1 million of capitalized interest expense. (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 (2) 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.
Schedule of Gross Investment Activity	During the three months ended March 31, 2020 and 2019, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Investment Locations Dollar Amount of Investments Gross investments, January 1, 2019 677 $ 1,394,549 Acquisitions of and additions to real estate investments (1) 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 (2) (1,440 ) Investments in loans receivable (3) 207 Principal collections on direct financing lease receivables (9) (5,769 ) Other (501 ) Gross investments, March 31, 2019 1,500,050 Less: Accumulated depreciation and amortization (4) (60,230 ) Net investments, March 31, 2019 711 $ 1,439,820 Gross investments, January 1, 2020 1,000 $ 2,002,314 Acquisitions of and additions to real estate investments 61 160,433 Sales of investments in real estate (10) (19,207 ) Relinquishment of properties at end of ground lease term (3) (1,931 ) Provisions for impairment of real estate (5) (373 ) Investments in loans receivable 2 8,024 Principal collections on loans and direct financing lease receivables (66 ) Other (637 ) Gross investments, March 31, 2020 2,148,557 Less: Accumulated depreciation and amortization (4) (100,473 ) Net investments, March 31, 2020 1,050 $ 2,048,084 (1) During the three months ended March 31, 2019, the Company acquired nine properties that had secured one of its loans receivables for an aggregate purchase price of $8.2 million. These loans receivable had a carrying value of $5.7 million prior to their settlement. (2) During the three months ended March 31, 2019, the Company identified and recorded provisions for impairment at 1 vacant and 3 tenanted properties. (3) 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. (4) Includes $81.3 million and $45.3 million of accumulated depreciation as of March 31, 2020 and 2019, respectively. (5) During the three months ended March 31, 2020, the Company identified and recorded provisions for impairment at 2 vacant properties.
Schedule of Loans Receivable	The Company’s loans receivable as of March 31, 2020 and December 31, 2019 are summarized as follows (dollar amounts in thousands): Principal Balance Outstanding Loan Type Monthly Payment Number of Secured Properties Interest Rate Maturity Date March 31, 2020 December 31, 2019 Mortgage (1)(2) Interest only 2 8.80% 2039 $ 12,000 $ 12,000 Mortgage (2) Principal + Interest 2 8.10% 2059 6,125 5,125 Mortgage (1) Interest only 2 8.53% 2039 7,300 7,300 Mortgage (1) Interest only 69 8.16% 2034 28,000 28,000 Mortgage (1) Interest only 18 8.05% 2034 34,604 34,604 Mortgage (1) Interest only 1 8.42% 2040 5,300 — Leasehold interest (4) Principal + Interest (4) 10.69% 2039 1,432 1,435 Leasehold interest (5) Principal + Interest 1 2.25% 2034 1,150 1,164 Leasehold interest (5) Principal + Interest 1 2.41% 2034 1,705 — Net investment $ 97,616 $ 89,628 (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 was secured by a mortgage on the building and improvements at the development property. The Company provided periodic funding to the borrower under this arrangement as construction progressed. (4) This leasehold interest transaction is accounted for as a loan receivable, as the lease for two land parcels contains an option for the lessee to repurchase the leased assets in 2024 or 2025. (5) These leasehold interest transactions are accounted for as loans receivable, as the leases for each property contain options for the lessee to repurchase the leased asset in the future.
Scheduled Principal Payments Due under Loans Receivable	Scheduled principal payments due under the Company’s loans receivable as of March 31, 2020 were as follows: (in thousands) Loans Receivable April 1 - December 31, 2020 $ 112 2021 165 2022 174 2023 184 2024 195 Thereafter 96,786 Total $ 97,616
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, 2020 December 31, 2019 Minimum lease payments receivable $ 3,782 $ 3,866 Estimated unguaranteed residual value of leased assets 270 270 Unearned income from leased assets (1,523 ) (1,581 ) Net investment $ 2,529 $ 2,555
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, 2020 were as follows: (in thousands) Future Minimum Base Rental Payments April 1 - December 31, 2020 $ 253 2021 340 2022 345 2023 347 2024 289 Thereafter 2,208 Total $ 3,782
Summary of Changes to Allowance for Loan Losses	For the three months ended March 31, 2020, the changes to allowance for loan losses were as follows: (in thousands) Loans and Direct Financing Lease Receivables Balance at December 31, 2019 $ — Cumulative-effect adjustment upon adoption of ASC 326 188 Current period provision for expected credit losses (1) 468 Write-offs charged — Recoveries — Balance at March 31, 2020 $ 656 (1 ) The increase in expected credit losses is related to the change in assumptions related to current macroeconomic factors related to COVID-19.
Summary of Significant Credit Quality Indicators Measured at Amortized Cost	The significant credit quality indicators for the Company’s loans and direct financing lease receivables measured at amortized cost, were as follows as of March 31, 2020: Amortized Cost Basis by Origination Year (in thousands) 2020 2019 2018 2017 2016 Total Amortized Costs Basis Credit Quality Indicator: LTV <60% $ — $ 28,000 $ — $ — $ 832 $ 28,832 LTV 60%-70% — 34,605 — — 1,100 35,704 LTV >70% 7,024 28,027 — — 883 35,935 $ 7,024 $ 90,631 $ — $ — $ 2,815 $ 100,471
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, 2020 and 2019 (Dollar amounts in thousands) Number of Properties Real Estate Investments Intangible Lease Liabilities Net Carrying Value 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 Held for sale balance, December 31, 2019 1 $ 1,211 $ — $ 1,211 Transfers to held for sale classification 3 1,528 — 1,528 Sales (1 ) $ (1,211 ) $ — $ (1,211 ) Transfers to held and used classification — — — — Held for sale balance, March 31, 2020 3 $ 1,528 $ — $ 1,528
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: Three months ended March 31, State 2020 2019 Texas 11.6% 12.6% Georgia 10.2% 11.1%
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following as of the dates presented: March 31, 2020 December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 67,029 $ 15,259 $ 51,770 $ 64,828 $ 14,195 $ 50,633 Intangible market lease assets 13,563 4,088 9,475 14,094 4,228 9,866 Total intangible assets $ 80,592 $ 19,347 $ 61,245 $ 78,922 $ 18,423 $ 60,499 Intangible market lease liabilities $ 11,930 $ 2,624 $ 9,306 $ 12,054 $ 2,490 $ 9,564
Summary of Remaining Weighted Average Amortization Periods for Intangible Assets and Liabilities	The remaining weighted average amortization periods for the Company’s intangible assets and liabilities as of March 31, 2020, by category and in total, were as follows: Years Remaining In-place leases 10.5 Intangible market lease assets 14.5 Total intangible assets 11.1 Intangible market lease liabilities 15.7
Summary of Amortization and Accretion Recognized	The following table discloses amounts recognized within the consolidated statements of operations 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) 2020 2019 Amortization of in-place leases (1) $ 1,679 $ 1,332 Amortization (accretion) of market lease intangibles, net (2) 80 244 Amortization (accretion) of above- and below-market ground lease intangibles, net (3) 122 — (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 and net amortization of above- and below-market lease intangibles to rental revenue for the next five years: (in thousands) April 1- December 31, 2020 2021 2022 2023 2024 In-place lease assets $ 4,960 $ 6,435 $ 6,276 $ 5,825 $ 5,044 Adjustment to amortization expense $ 4,960 $ 6,435 $ 6,276 $ 5,825 $ 5,044 Above-market lease assets $ (616 ) $ (814 ) $ (813 ) $ (781 ) $ (746 ) Below-market lease liabilities 412 552 553 506 505 Net adjustment to rental revenue $ (204 ) $ (262 ) $ (260 ) $ (275 ) $ (241 )

Credit Facilities (Tables)

Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Summary of Information about Revolving Credit Facility and 2018 Credit Facility	The following table presents information about the Revolving Credit Facility and the 2018 Credit Facility in effect for the three months ended March 31, 2020 and 2019: (in thousands) 2020 2019 Balance on January 1, $ 46,000 34,000 Borrowings 69,000 459,000 Repayments (50,000 ) (447,000 ) Balance on March 31, $ 65,000 $ 46,000

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Notional Amount and Fair Value of Instruments	The following table summarizes the notional amount at inception and fair value of these instruments on the Company's balance sheet as of March 31, 2020 and December 31, 2019 (dollar amounts in thousands): Derivatives Designated as Hedging Instruments Fixed Rate Paid by Company Variable Rate Paid by Bank Effective Date Maturity Date Notional Value (1) Fair Value of Asset/(Liability) as of March 31, 2020 (2) Fair Value of Asset/(Liability) as of December 31, 2019 Interest Rate Swap 2.06% 1 month LIBOR 5/14/2019 4/12/2024 $ 100,000 $ (6,821 ) $ (1,996 ) Interest Rate Swap 2.06% 1 month LIBOR 5/14/2019 4/12/2024 50,000 (3,411 ) (999 ) Interest Rate Swap 2.07% 1 month LIBOR 5/14/2019 4/12/2024 50,000 (3,417 ) (1,005 ) Interest Rate Swap 1.61% 1 month LIBOR 12/9/2019 11/26/2026 175,000 (12,416 ) 758 Interest Rate Swap 1.61% 1 month LIBOR 12/9/2019 11/26/2026 50,000 (3,562 ) 210 Interest Rate Swap 1.60% 1 month LIBOR 12/9/2019 11/26/2026 25,000 (1,756 ) 127 Interest Rate Swap (3) 1.36% 1 month LIBOR 7/9/2020 11/26/2026 100,000 (5,342 ) — Interest Rate Swap (3) 1.36% 1 month LIBOR 7/9/2020 11/26/2026 80,000 (4,280 ) — $ 630,000 $ (41,005 ) $ (2,905 ) (1) Notional value indicates the extent of the Company’s involvement in these instruments, but does not represent exposure to credit, interest rate or market risks. (2) Derivatives in a liability position are included within accrued liabilities and other payables in the Company’s consolidated balance sheets totaling to $41.0 million and $2.9 million at March 31, 2020 and December 31, 2019, respectively. (3) The Company entered into two forward swap contracts during the three months ended March 31, 2020 with an effective date of July 9, 2020 and total notional value of $180.0 million.
Components of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss for the three months ended March 31, 2020: (in thousands) Total Balance at December 31, 2019 $ (1,949 ) Other comprehensive (loss) income (37,871 ) Balance at March 31, 2020 $ (39,820 )

Secured Borrowings (Tables)

Secured Borrowings (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Scheduled Principal Payments	The following table summarizes the scheduled principal payments on the Company’s secured borrowings under the Master Trust Funding Program as of March 31, 2020: (in thousands) Future Principal Payments April 1 - December 31, 2020 $ 2,932 2021 4,083 2022 4,292 2023 4,512 2024 160,305 Total $ 176,124

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Quarterly Cash Dividends	During the , the Company’s board of directors declared the following quarterly cash dividends on common stock: Date Declared Record Date Date Paid Dividend per Share of Common Stock Total Dividend March 18, 2020 March 31, 2020 April 15, 2020 $ 0.23 $ 21,168 March 7, 2019 March 29, 2019 April 16, 2019 0.21 12,143

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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 as of each grant date: January 2020 2019 Volatility 20 % 18 % Risk free rate 1.61 % 2.57 %
Schedule of Information about RSA and RSU Activity	The following table presents information about the Company’s RSA and RSU activity during the three months ended March 31, 2020 and 2019: Restricted Stock Awards Restricted Stock Units Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested, January 1, 2019 691,290 $ 13.68 — $ — Granted 46,368 14.12 89,314 23.07 Vested — — — — Forfeited — — — — Unvested, March 31, 2019 737,658 $ 13.71 89,314 $ 23.07 Unvested, January 1, 2020 492,701 $ 13.72 100,814 $ 22.80 Granted — — 135,120 32.13 Vested (10,747 ) 14.12 — — Forfeited — — — — Unvested, March 31, 2020 481,954 $ 13.71 235,934 $ 28.14
Schedule of Information about Class B and Class D Unit Activity	The following table presents information about the Class B and Class D unit activity during the three months ended March 31, 2019: Class B Units Class D Units Total Unvested, January 1, 2019 5,230 1,800 7,030 Granted — — — Vested (1,610 ) (600 ) (2,210 ) Forfeited — — — Unvested, March 31, 2019 3,620 1,200 4,820
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Information about RSAs, RSUs and Class B and Class D Units	The following table presents information about the Company’s RSAs for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Compensation cost recognized in general and administrative expense $ 894 $ 872 Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings 111 155 Fair value of shares vested during the period 152 —
Schedule of Unrecognized Compensation Cost	The following table presents information about the Company’s RSAs as of the dates presented: (Dollars in thousands) March 31, 2020 December 31, 2019 Total unrecognized compensation cost $ 4,132 $ 5,026 Weighted average period over which compensation cost will be recognized (in years) 1.3 1.6
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Information about RSAs, RSUs and Class B and Class D Units	The following table presents information about the Company’s RSUs for the periods presented: Three months ended March 31, (in thousands) 2020 2019 Compensation cost recognized in general and administrative expense $ 614 $ 136 Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings 19 — Fair value of units vested during the period — —
Schedule of Unrecognized Compensation Cost	The following table presents information about the Company’s RSUs as of the dates presented: (Dollars in thousands) March 31, 2020 December 31, 2019 Total unrecognized compensation cost $ 5,312 $ 1,584 Weighted average period over which compensation cost will be recognized (in years) 3.0 2.4
Class B and Class D Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Information about RSAs, RSUs and Class B and Class D Units	The following table presents information about the Class B and Class D units for the periods presented: Three months ended March 31, 2019 (in thousands) Compensation cost recognized in general and administrative expense $ 219 Fair value of units vested during the period 521

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases	Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of March 31, 2020 were as follows: (in thousands) Future Minimum Base Rental Receipts April 1 - December 31, 2020 $ 115,952 2021 156,458 2022 158,577 2023 159,766 2024 159,257 Thereafter 1,774,312 Total $ 2,524,322
Components of Fixed and Variable Lease Revenues	The fixed and variable components Three months ended March 31, (in thousands) 2020 2019 Fixed lease revenues $ 40,403 $ 29,961 Variable lease revenues (1) 366 1,093 Total lease revenues (2) $ 40,769 $ 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, 2020 : March 31, 2020 December 31, 2019 Weighted average remaining lease term (in years) 22.4 21.9 Weighted average discount rate 7.00% 7.00%
Details of Rent Expense	The following table : Three months ended March 31, (in thousands) 2020 2019 Fixed rent expense $ 382 $ 363 Variable rent expense — — Total rent expense $ 382 $ 363
Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 842)	As of March 31, 2020, under ASC 842, 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 were 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, 2020 $ 547 $ 484 $ 1,031 2021 680 650 1,330 2022 669 652 1,321 2023 656 318 974 2024 556 265 821 Thereafter 538 12,167 12,705 Total $ 3,646 $ 14,536 18,182 Present value discount (10,899 ) Lease liabilities $ 7,283

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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 date presented: Net Carrying Fair Value Measurements Using Fair Value Hierarchy (in thousands) Value Fair Value Level 1 Level 2 Level 3 March 31, 2020 Non-financial assets: Long-lived assets $ 587 $ — $ — $ — $ 587 December 31, 2019 Non-financial assets: Long-lived assets $ 3,864 $ — $ — $ — $ 3,864
Summary of Quantitative Information About Level 3 Fair Value Measurements	Quantitative information about Level 3 fair value measurements as of March 31, 2020 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets: Quick service restaurant - Childersburg, AL $ 300 Sales comparison approach Non-binding sales contract $ 300 Vacant - Sylacauga, AL 287 Sales comparison approach Binding sales contract $ 287

Summary of Significant Accoun_4

Summary of Significant Accounting Principles - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)LoanEntitySegment	Mar. 31, 2019USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)LoanEntity
Summary Of Significant Accounting Policies [Line Items]
Percentage of ownership interests in operating partnership	99.40%			99.30%
Allowance for loan losses	$ 656,000		$ 200,000	$ 0
Provision for impairment	373,000	$ 1,440,000
Deposits	192,616,000	109,113,000		8,304,000
Deposits in excess of amount insured by FDIC	192,400,000			8,100,000
Adjustment to rental revenue	600,000	100,000
Contingent rent	200,000	300,000
Capitalized offering costs	$ 57,500,000			49,000,000
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
Number of loan receivable agreements secured | Loan	9			7
Aggregate carrying value of loans receivable	$ 97,600,000			$ 89,600,000
Number of reportable segments | Segment	1
Common stock, conversion basis	one-for-one basis
Variable Interest Entity Not Primary Beneficiary ("VIEs") | Mortgage Loan Receivable
Summary Of Significant Accounting Policies [Line Items]
Liabilities associated with investment	$ 0			0
Aggregate carrying value of loans receivable	$ 66,800,000			$ 60,500,000
Number of variable interest entities | Entity	8			7
Federal
Summary Of Significant Accounting Policies [Line Items]
Open tax year	2016 2017 2018 2019
State
Summary Of Significant Accounting Policies [Line Items]
Open tax year	2016 2017 2018 2019
Real Estate Investments
Summary Of Significant Accounting Policies [Line Items]
Depreciation	$ 11,300,000	$ 7,700,000
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, 2020	Mar. 31, 2019
Numerator for basic and diluted earnings per share:
Net income	$ 14,043	$ 8,723
Net income		8,723
Net income attributable to non-controlling interests	(84)	(2,594)
Less: net income allocated to unvested restricted common stock and RSUs	(130)	(155)
Net income available for common stockholders: basic	13,829	5,974
Net income attributable to non-controlling interests	84	2,594
Net income available for common stockholders: diluted	$ 13,913	$ 8,568
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding	90,805,301	45,974,158
Less: weighted average number of shares of unvested restricted common stock	(482,899)	(733,911)
Weighted average shares outstanding used in basic net income per share	90,322,402	45,240,247
Effects of dilutive securities:
Weighted average shares outstanding used in diluted net income per share	91,332,297	64,640,054
Operating Partnership Unit
Effects of dilutive securities:
Dilutive securities	553,847	19,056,552
Unvested Restricted Common Stock and RSUs
Effects of dilutive securities:
Dilutive securities	456,048	343,255

Summary of Significant Accoun_6

Summary of Significant Accounting Principles - Reconciliation of Numerator and Denominator used in Computation of Basic and Diluted Net Income Per Share (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020shares
Unvested Restricted Stock Units
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	65,312

Investments - Additional Inform

Investments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)LoanPropertyInvestment	Mar. 31, 2019USD ($)Investment	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)LoanPropertyInvestment	Dec. 31, 2018USD ($)
Investments [Abstract]
Number of property locations of investments | Property	1,050			1,000
Number of property development in progress | Property	8			8
Number of real estate properties undeveloped land parcels | Property	1			1
Number of mortgage loans receivable | Loan	8			6
Number of additional properties secured for mortgage loan receivable | Property	92			91
Number of owned properties | Property	949			897
Number of properties owned as direct financing receivables | Property	9			8
Number of ground lease interests | Property	9			12
Number of real estate subject to direct financing leases | Property	1			1
Gross acquisition cost of real estate investments	$ 2,148,557,000	$ 1,500,050,000		$ 2,002,314,000	$ 1,394,549,000
Real estate investments, at cost	2,047,542,000			1,908,919,000
Aggregate carrying amount of loans and direct financing lease receivable	$ 99,500,000			$ 92,200,000
Number of investments | Investment	248			355
Net investments	$ 342,700,000			$ 601,300,000
Number of acquisitions individually represented more than five percentage of total investment activity | Investment	0	0
Number of loan receivable agreements secured | Loan	9			7
Aggregate carrying value of loans receivable	$ 97,600,000			$ 89,600,000
Number of loans settled or repaid in full | Loan	0
Loans receivables aggregate carrying value	$ 7,000,000
Credit risk, maximum exposure	97,600,000
Aggregate carrying amount of direct financing lease receivable	2,500,000			2,600,000
Allowance for loan losses	$ 656,000		$ 200,000	$ 0

Investments - Schedule of Infor

Investments - Schedule of Information about Acquisition Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Property		Mar. 31, 2019USD ($)Property
Investments [Abstract]
Ownership type	Fee Interest
Number of properties acquired | Property	61		51
Allocation of Purchase Price:
Land and improvements	$ 48,626		$ 36,375
Building and improvements	97,311		79,291
Construction in progress	3,656	[1]	1,135	[2]
Intangible lease assets	3,094		3,818
Assets acquired	152,687		120,620
Intangible lease liabilities			(117)
Liabilities assumed			(117)
Purchase price (including acquisition costs)	$ 152,687		$ 120,503
[1]	Represents amounts incurred at and subsequent to acquisition and includes $0.1 million of capitalized interest expense.
[2]	Represents amounts incurred at and subsequent to acquisition and includes approximately $25,000 of capitalized interest.

Investments - Schedule of Inf_2

Investments - Schedule of Information about Acquisition Activity (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments [Abstract]
Capitalized interest expense	$ 100	$ 25,000

Investments - Summary of Gross

Investments - Summary of Gross Investment Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)InvestmentLocation		Mar. 31, 2019USD ($)InvestmentLocation		Dec. 31, 2019USD ($)
Real Estate Investments [Abstract]
Number of Investment Locations | InvestmentLocation	1,000		677
Number of Investment Locations, Acquisitions of and additions to real estate investments | InvestmentLocation	61		51	[1]
Number of Investment Locations, Sales of investments in real estate | InvestmentLocation	(10)		(7)
Number of Investment Locations, Relinquishment of properties at end of ground lease term | InvestmentLocation	(3)		(1)
Number of Investment Locations, Principal collections on direct financing lease receivables | InvestmentLocation			(9)
Number of Investment Locations | InvestmentLocation	1,050		711
Number of Investment Locations,Investments in loans receivable | InvestmentLocation	2
Gross investments	$ 2,002,314		$ 1,394,549
Acquisitions of and additions to real estate investments (1)	160,433		123,896	[1]
Sales of investments in real estate	(19,207)		(10,651)
Relinquishment of properties at end of ground lease term	(1,931)		(241)
Provisions for impairment of real estate	(373)	[2]	(1,440)	[3]
Investments in loans receivable (3)	8,024		207	[4]
Principal collections on loans and direct financing lease receivables	(66)		(5,769)
Other	(637)		(501)
Gross investments	2,148,557		1,500,050
Less: accumulated depreciation and amortization	(100,473)	[5]	(60,230)	[5]	$ (90,071)
Net investments	$ 2,048,084		$ 1,439,820		$ 1,912,243
[1]	During the three months ended March 31, 2019, the Company acquired nine properties that had secured one of its loans receivables for an aggregate purchase price of $8.2 million. These loans receivable had a carrying value of $5.7 million prior to their settlement
[2]	During the three months ended March 31, 2020, the Company identified and recorded provisions for impairment at 2 vacant properties.
[3]	During the three months ended March 31, 2019, the Company identified and recorded provisions for impairment at  1 vacant and 3 tenanted properties.
[4]	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.
[5]	Includes $81.3 million and $45.3 million of accumulated depreciation as of March 31, 2020 and 2019, respectively.

Investments - Summary of Gros_2

Investments - Summary of Gross Investment Activity (Parenthetical) (Details) $ in Millions	Jan. 01, 2019USD ($)	Mar. 31, 2019USD ($)Property	Mar. 31, 2020USD ($)Property	Dec. 31, 2019Property
Real Estate Properties [Line Items]
Number of property locations of investments | Property			1,050	1,000
Property securitized by loan receivable | $	$ 3.4
Accumulated depreciation | $		$ 45.3	$ 81.3
Number of real estate properties acquired | Property		9
Loans receivable to purchaser of real estate property | $		$ 8.2
Loans receivable carrying value | $		$ 5.7
Vacant Properties
Real Estate Properties [Line Items]
Number of property locations of investments | Property		1	2
Tenanted Properties
Real Estate Properties [Line Items]
Number of property locations of investments | Property		3

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)
Loans And Leases Receivable Disclosure [Line Items]
Principal Balance Outstanding	$ 97,616	$ 89,628
Mortgage Loan Receivable 8.80% Due at 2039
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	2
Interest Rate	8.80%
Maturity Date	2039
Principal Balance Outstanding	$ 12,000	12,000
Mortgage Loan Receivable 8.10% Due at 2059
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Principal + Interest
Number of Secured Properties | Property	2
Interest Rate	8.10%
Maturity Date	2059
Principal Balance Outstanding	$ 6,125	5,125
Mortgage Loan Receivable 8.53% Due at 2039
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	2
Interest Rate	8.53%
Maturity Date	2039
Principal Balance Outstanding	$ 7,300	7,300
Mortgage Loan Receivable 8.16% Due at 2034
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	69
Interest Rate	8.16%
Maturity Date	2034
Principal Balance Outstanding	$ 28,000	28,000
Mortgage Loan Receivable 8.05% Due at 2034
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	18
Interest Rate	8.05%
Maturity Date	2034
Principal Balance Outstanding	$ 34,604	34,604
Mortgage Loan Receivable 8.42% Due at 2040
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Interest only
Number of Secured Properties | Property	1
Interest Rate	8.42%
Maturity Date	2040
Principal Balance Outstanding	$ 5,300
Leasehold Interest 10.69% Due 2039
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Principal + Interest
Interest Rate	10.69%
Maturity Date	2039
Principal Balance Outstanding	$ 1,432	1,435
Leasehold Interest 2.25% Due 2034
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Principal + Interest
Number of Secured Properties | Property	1
Interest Rate	2.25%
Maturity Date	2034
Principal Balance Outstanding	$ 1,150	$ 1,164
Leasehold Interest 2.41% Due 2034
Loans And Leases Receivable Disclosure [Line Items]
Monthly Payment	Principal + Interest
Number of Secured Properties | Property	1
Interest Rate	2.41%
Maturity Date	2034
Principal Balance Outstanding	$ 1,705

Investments - Schedule of Loa_2

Investments - Schedule of Loans Receivable (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020Land
Loans Receivable Disclosure [Line Items]
Number of land lease have option for lessee to purchase leased assets	2
Minimum
Loans Receivable Disclosure [Line Items]
Option for the lessee to repurchase the leased assets in year	2024
Maximum
Loans Receivable Disclosure [Line Items]
Option for the lessee to repurchase the leased assets in year	2025

Investments - Scheduled of Prin

Investments - Scheduled of Principal Payments Due under Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loans Receivable Scheduled Principal Payments Due To Be Received [Abstract]
April 1 - December 31, 2020	$ 112
2021	165
2022	174
2023	184
2024	195
Thereafter	96,786
Total	$ 97,616	$ 89,628

Investments - Schedule of Direc

Investments - Schedule of Direct Financing Lease Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Net Investment In Leases [Abstract]
Minimum lease payments receivable	$ 3,782	$ 3,866
Estimated unguaranteed residual value of leased assets	270	270
Unearned income from leased assets	(1,523)	(1,581)
Net investment	$ 2,529	$ 2,555

Investments - Scheduled Future

Investments - Scheduled Future Minimum Non-cancelable Base Rental Payments Under Direct Financing Lease Receivables (Details) $ in Thousands	Mar. 31, 2020USD ($)
Net Investment In Leases [Abstract]
April 1 - December 31, 2020	$ 253
2021	340
2022	345
2023	347
2024	289
Thereafter	2,208
Total	$ 3,782

Investments - Summary of Change

Investments - Summary of Changes to Allowance for Loan Losses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Loans And Leases Receivable Disclosure [Line Items]
Balance	$ 0
Cumulative-effect adjustment upon adoption of ASC 326		$ (188,000)
Provision for loan losses	468,000
Balance	656,000
ASC 326
Loans And Leases Receivable Disclosure [Line Items]
Cumulative-effect adjustment upon adoption of ASC 326	$ 188,000

Investments - Summary of Signif

Investments - Summary of Significant Credit Quality Indicators Measured at Amortized Cost (Details) $ in Thousands	Mar. 31, 2020USD ($)
Financing Receivable Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year, 2020	$ 7,024
Amortized Cost Basis by Origination Year, 2019	90,631
Amortized Cost Basis by Origination Year, 2016	2,815
Total Amortized Costs Basis	100,471
LTV Less than 60%
Financing Receivable Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year, 2019	28,000
Amortized Cost Basis by Origination Year, 2016	832
Total Amortized Costs Basis	28,832
LTV 60%-70%
Financing Receivable Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year, 2019	34,605
Amortized Cost Basis by Origination Year, 2016	1,100
Total Amortized Costs Basis	35,704
LTV >70%
Financing Receivable Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year, 2020	7,024
Amortized Cost Basis by Origination Year, 2019	28,027
Amortized Cost Basis by Origination Year, 2016	883
Total Amortized Costs Basis	$ 35,935

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, 2020USD ($)Property	Mar. 31, 2019USD ($)Property
Investments [Abstract]
Number of Properties, Held for sale balance | Property	1
Number of Properties, Transfers to held for sale classification | Property	3	2
Number of Properties, Sales | Property	(1)
Number of Properties, Held for sale balance | Property	3	2
Real Estate Investments, Held for sale balance	$ 1,211
Real Estate Investments, Transfers to held for sale classification	1,528	$ 3,765
Real Estate Investments, Sales	(1,211)
Real Estate Investments, Held for sale balance	1,528	3,765
Net Carrying Value, Held for sale balance	1,211
Net Carrying Value, Transfers to held for sale classification	1,528	3,765
Net Carrying Value, Sales	(1,211)
Net Carrying Value, Held for sale balance	$ 1,528	$ 3,765

Investments - Schedule of Exter

Investments - Schedule of External Customers by Geographic Areas (Details) - Rental Revenue - Geographic Concentration Risk	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Texas
Concentration Risk [Line Items]
Concentration risk percentage	11.60%	12.60%
Georgia
Concentration Risk [Line Items]
Concentration risk percentage	10.20%	11.10%

Investments - Schedule of Intan

Investments - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	$ 80,592	$ 78,922
Intangible assets, Accumulated Amortization	19,347	18,423
Intangible assets, Net Carrying Amount	61,245	60,499
Intangible market lease liabilities, Gross Carrying Amount	11,930	12,054
Intangible market lease liabilities, Accumulated Amortization	2,624	2,490
Intangible market lease liabilities, Net Carrying Amount	9,306	9,564
In-place Leases
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	67,029	64,828
Intangible assets, Accumulated Amortization	15,259	14,195
Intangible assets, Net Carrying Amount	51,770	50,633
Intangible Market Lease Assets
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	13,563	14,094
Intangible assets, Accumulated Amortization	4,088	4,228
Intangible assets, Net Carrying Amount	$ 9,475	$ 9,866

Investments - Summary of Remain

Investments - Summary of Remaining Weighted Average Amortization Periods for Intangible Assets and Liabilities (Details)	3 Months Ended
	Mar. 31, 2020
Finite Lived Intangible Assets [Line Items]
Total intangible assets	11 years 1 month 6 days
Remaining weighted average amortization period, Intangible market lease liabilities	15 years 8 months 12 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	14 years 6 months

Investments - Summary of Amorti

Investments - Summary of Amortization and Accretion Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Amortization of In-Place Leases, Amortization and Accretion of Above- and Below-Market Lease Assets and Liabilities [Line Items]
Amortization of in-place leases	$ 1,679	$ 1,332
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	80	$ 244
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	$ 122

Investments - Summary of Projec

Investments - Summary of Projected Amortization Expenses for Next Five Years (Details) $ in Thousands	Mar. 31, 2020USD ($)
In-place Leases | Amortization Expense
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, April 1 - December 31, 2020	$ 4,960
Finite-lived intangible assets, amortization expense, 2021	6,435
Finite-lived intangible assets, amortization expense, 2022	6,276
Finite-lived intangible assets, amortization expense, 2023	5,825
Finite-lived intangible assets, amortization expense, 2024	5,044
Adjustment in-place Lease | Amortization Expense
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, April 1 - December 31, 2020	4,960
Finite-lived intangible assets, amortization expense, 2021	6,435
Finite-lived intangible assets, amortization expense, 2022	6,276
Finite-lived intangible assets, amortization expense, 2023	5,825
Finite-lived intangible assets, amortization expense, 2024	5,044
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, 2020	(616)
Finite-lived intangible assets, amortization expense, 2021	(814)
Finite-lived intangible assets, amortization expense, 2022	(813)
Finite-lived intangible assets, amortization expense, 2023	(781)
Finite-lived intangible assets, amortization expense, 2024	(746)
Below-Market Lease Liabilities | Rental Revenue
Finite Lived Intangible Assets [Line Items]
Below market leases, amortization income, April 1 - December 31, 2020	412
Below market leases, amortization income, 2021	552
Below market leases, amortization income, 2022	553
Below market leases, amortization income, 2023	506
Below market leases, amortization income, 2024	505
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, 2020	(204)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2021	(262)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2022	(260)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2023	(275)
Above and below market lease (assets) liabilities net adjustment to rental revenue, 2024	$ (241)

Credit Facilities - Additional

Credit Facilities - Additional Information (Details)	Apr. 12, 2019USD ($)
Senior Unsecured Revolving Credit Facility
Line Of Credit Facility [Line Items]
Aggregate revolving credit commitments	$ 300,000,000
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Aggregate revolving credit commitments	$ 400,000,000
April 2019 Term Loan
Line Of Credit Facility [Line Items]
Credit facility term	5 years
Maximum additional availability of the facility	$ 200,000,000
Amended Credit Agreement
Line Of Credit Facility [Line Items]
Credit facility term	4 years
Amended Credit Agreement | Maximum
Line Of Credit Facility [Line Items]
Credit facility extension term	1 year

Credit Facilities - November 20

Credit Facilities - November 2019 Term Loan - Additional Information (Details)	Nov. 26, 2019USD ($)Draw	May 14, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Line Of Credit Facility [Line Items]
Credit facility			$ 430,000,000		$ 430,000,000
Outstanding borrowings		$ 200,000,000	69,000,000	$ 52,000,000
November 2019 Term Loan
Line Of Credit Facility [Line Items]
Credit facility	$ 430,000,000
Aggregate revolving credit commitments	$ 430,000,000
Maturity date	Nov. 26, 2026
Number of draws | Draw	3
Outstanding borrowings			$ 430,000,000		$ 250,000,000
Interest rate terms			Borrowings under the November 2019 Term Loan bear interest at an annual rate of applicable LIBOR plus the applicable margin.
Prepayment terms			The November 2019 Term Loan is pre-payable at any time by the Operating Partnership (as borrower), provided, that if the loans under the November 2019 Term Loan are repaid on or before November 26, 2020,they are subject to a two percent prepayment premium, and if repaid thereafter but on or before November 26, 2021, they are subject to a one percent prepayment premium. After November 26, 2021 the loans may be repaid without penalty. The Operating Partnership may not re-borrow amounts paid down on the November 2019 Term Loan. The Operating Partnership is required to pay a ticking fee on any undrawn portion of the November 2019 Term Loan for the period from and including the 91st day after November 26, 2019 until the earlier of the date the initial term loans are fully drawn or May 26, 2020.
Maximum additional availability of the facility	$ 500,000,000
November 2019 Term Loan | On or Before November 26, 2020
Line Of Credit Facility [Line Items]
Prepayment premium percentage	2.00%
November 2019 Term Loan | On or Before November 26, 2021
Line Of Credit Facility [Line Items]
Prepayment premium percentage	1.00%

Credit Facilities - Summary of

Credit Facilities - Summary of Information about Revolving Credit Facility and 2018 Credit Facility (Details) - USD ($) $ in Thousands	May 14, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Balance on January 1,		$ 46,000
Outstanding borrowings	$ 200,000	69,000	$ 52,000
Repayments		(50,000)	(86,000)
Balance on March 31,		65,000		$ 46,000
Revolving Credit Facility and the 2018 Credit Facility
Line Of Credit Facility [Line Items]
Balance on January 1,		46,000	34,000	34,000
Outstanding borrowings		69,000	459,000
Repayments		(50,000)	(447,000)
Balance on March 31,		$ 65,000	$ 46,000	$ 46,000

Credit Facilities - Revolving C

Credit Facilities - Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Total deferred finance costs, net	$ 3.6		$ 3.8
Interest expense recorded from amortization of deferred financing costs	0.2	$ 0.6
Revolving Credit Facility and the 2018 Credit Facility
Line Of Credit Facility [Line Items]
Interest expense recorded from amortization of deferred financing costs	$ 0.3	0.2
Weighted-average interest rates	2.36%		3.06%
Line of credit facility, unused borrowing capacity	$ 335		$ 354
Revolving Credit Facility and the 2018 Credit Facility | Prepaid Expenses and Other Current Assets, Net
Line Of Credit Facility [Line Items]
Total deferred finance costs, net	3.3		$ 3.5
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Interest expense on borrowings and unused facility fees	$ 0.4	$ 0.7

Credit Facilities - Term Loan F

Credit Facilities - Term Loan Facilities - Additional Information (Details) - USD ($)	May 14, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Borrowings under revolving credit facility	$ 200,000,000	$ 69,000,000	$ 52,000,000
Credit agreement		430,000,000		$ 430,000,000
Total deferred finance costs, net		3,600,000		$ 3,800,000
Interest expense recorded from amortization of deferred financing costs		$ 200,000	$ 600,000
Annual interest rate		2.13%		3.00%
Interest Rate Swaps
Line Of Credit Facility [Line Items]
Annual interest rate		2.37%		3.22%
Term Loan Facility | Interest Expense
Line Of Credit Facility [Line Items]
Interest expense including delayed draw ticking fees		$ 3,600,000
Term Loan Facility | Unsecured Term Loan
Line Of Credit Facility [Line Items]
Total deferred finance costs, net		4,200,000
Interest expense recorded from amortization of deferred financing costs		$ 200,000

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives reclassified from other comprehensive income	$ 8.2
Derivatives reclassified from/to other comprehensive income, estimate of time to transfer	12 months
Fair value of derivatives in net liability	$ 42.4	$ 4.1
Derivative instrument termination value	$ 42.6
Fair value of derivatives in net asset		$ 1

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Instruments (Details) - Derivatives Designated as Hedging Instruments - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Notional Value	$ 630,000,000
Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (41,005,000)	$ (2,905,000)
Interest Rate Swap One
Derivatives Fair Value [Line Items]
Fixed Rate Paid by Company	2.06%
Variable Rate Paid by Bank	1 month LIBOR
Effective Date	May 14, 2019
Maturity Date	Apr. 12, 2024
Notional Value	$ 100,000,000
Interest Rate Swap One | Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (6,821,000)	(1,996,000)
Interest Rate Swap Two
Derivatives Fair Value [Line Items]
Fixed Rate Paid by Company	2.06%
Variable Rate Paid by Bank	1 month LIBOR
Effective Date	May 14, 2019
Maturity Date	Apr. 12, 2024
Notional Value	$ 50,000,000
Interest Rate Swap Two | Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (3,411,000)	(999,000)
Interest Rate Swap Three
Derivatives Fair Value [Line Items]
Fixed Rate Paid by Company	2.07%
Variable Rate Paid by Bank	1 month LIBOR
Effective Date	May 14, 2019
Maturity Date	Apr. 12, 2024
Notional Value	$ 50,000,000
Interest Rate Swap Three | Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (3,417,000)	(1,005,000)
Interest Rate Swap Four
Derivatives Fair Value [Line Items]
Fixed Rate Paid by Company	1.61%
Variable Rate Paid by Bank	1 month LIBOR
Effective Date	Dec. 9, 2019
Maturity Date	Nov. 26, 2026
Notional Value	$ 175,000,000
Interest Rate Swap Four | Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (12,416,000)	758,000
Interest Rate Swap Five
Derivatives Fair Value [Line Items]
Fixed Rate Paid by Company	1.61%
Variable Rate Paid by Bank	1 month LIBOR
Effective Date	Dec. 9, 2019
Maturity Date	Nov. 26, 2026
Notional Value	$ 50,000,000
Interest Rate Swap Five | Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (3,562,000)	210,000
Interest Rate Swap Six
Derivatives Fair Value [Line Items]
Fixed Rate Paid by Company	1.60%
Variable Rate Paid by Bank	1 month LIBOR
Effective Date	Dec. 9, 2019
Maturity Date	Nov. 26, 2026
Notional Value	$ 25,000,000
Interest Rate Swap Six | Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (1,756,000)	$ 127,000
Interest Rate Swap Seven
Derivatives Fair Value [Line Items]
Fixed Rate Paid by Company	1.36%
Variable Rate Paid by Bank	1 month LIBOR
Effective Date	Jul. 9, 2020
Maturity Date	Nov. 26, 2026
Notional Value	$ 100,000,000
Interest Rate Swap Seven | Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (5,342,000)
Interest Rate Swap Eight
Derivatives Fair Value [Line Items]
Fixed Rate Paid by Company	1.36%
Variable Rate Paid by Bank	1 month LIBOR
Effective Date	Jul. 9, 2020
Maturity Date	Nov. 26, 2026
Notional Value	$ 80,000,000
Interest Rate Swap Eight | Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Fair Value of Asset/(Liability)	$ (4,280,000)

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Instruments (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)Forwardswap	Dec. 31, 2019USD ($)
Forward Swap Contracts
Derivatives Fair Value [Line Items]
Number of forward swap contracts | Forwardswap	2
Effective Date	Jul. 9, 2020
Notional Value	$ 180
Accrued Liabilities and Other Payables
Derivatives Fair Value [Line Items]
Derivatives liability	$ 41	$ 2.9

Derivative and Hedging Activi_6

Derivative and Hedging Activities - Components of Accumulated Other Comprehensive Loss (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Beginning Balance	$ (1,949)
Other comprehensive (loss) income	(37,871)
Ending Balance	$ (39,820)

Secured Borrowings - Additional

Secured Borrowings - Additional Information (Details)	1 Months Ended				3 Months Ended
	Feb. 29, 2020USD ($)	Nov. 30, 2019USD ($)	Jul. 31, 2017USD ($)SpecialPurposeEntity	Dec. 31, 2016USD ($)SpecialPurposeEntity	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Nov. 12, 2019USD ($)	May 31, 2019USD ($)
Debt Instrument [Line Items]
Notes issued					$ 430,000,000		$ 430,000,000
Number of special purpose entities formed to hold assets and issue secured borrowings | SpecialPurposeEntity			3	2
Principal outstanding					176,100,000		239,100,000
Total deferred finance costs, net					3,600,000		$ 3,800,000
Interest expense recorded from amortization of deferred financing costs					200,000	$ 600,000
Loss on repayment of secured borrowings					924,000
Interest expense					$ 2,100,000	$ 5,600,000
Series 2016-1 Class A Notes
Debt Instrument [Line Items]
Debt instrument, payment terms description					The Series 2016-1 Notes were scheduled to mature in November 2046, but the terms of the Class A Notes required principal to be paid monthly through November 2021, with a balloon repayment at that time, and the terms of the Class B Notes required no monthly principal payments but required the full principal balance to be paid in November 2021.
Debt instrument maturity month year					2046-11
Debt instrument, frequency of periodic payment					monthly through November 2021
Prepayment of debt		$ 53,200,000
Series 2016-1 Class A Notes | May 2019
Debt Instrument [Line Items]
Weighted-average interest rates					4.19%		4.17%
Series 2016-1 Class A Notes | Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued				$ 263,500,000
Series 2016-1 Class B Notes
Debt Instrument [Line Items]
Prepayment of debt		17,200,000
Series 2016-1 Class B Notes | Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued				$ 17,300,000
Series 2017-1 Class A Notes
Debt Instrument [Line Items]
Notes issued			$ 232,400,000
Prepayment of debt	$ 62,300,000
Series 2017-1 Class B Notes
Debt Instrument [Line Items]
Notes issued			$ 15,700,000
Series 2017-1 Notes
Debt Instrument [Line Items]
Debt instrument, payment terms description					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 interest rate escalation provisions if these repayment schedules are not met.
Debt instrument maturity month year					2047-06
Debt instrument, frequency of periodic payment					monthly through June 2024
Series 2016-1 Notes
Debt Instrument [Line Items]
Debt instrument repurchased, face amount									$ 200,000,000
Debt instrument repurchased, amount									$ 201,400,000
Debt instrument, cancel amount								$ 200,000,000
Prepayment of debt		$ 70,400,000

Secured Borrowings - Summary of

Secured Borrowings - Summary of Scheduled Principal Payments (Details) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
April 1 - December 31, 2020	$ 2,932
2021	4,083
2022	4,292
2023	4,512
2024	160,305
Total	$ 176,124

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	Jan. 14, 2020	Jul. 22, 2019	Mar. 18, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net				$ 198,162,000	$ 235,704,000
Common shares, issued shares				91,949,849		83,761,151
Secondary Offering | Operating Partnership
Class Of Stock [Line Items]
Operating partnership units converted		18,502,705		18,502,705
ATM Program
Class Of Stock [Line Items]
Common shares, issued shares				253,698
Common stock weighted average price per share				$ 24.74
Proceeds from issuance of common stock gross				$ 6,300,000
Proceeds from issuance of common stock net				6,200,000
ATM Program | Maximum
Class Of Stock [Line Items]
Common stock shares authorized, value				$ 200,000,000
Common Stock
Class Of Stock [Line Items]
Shares issued				8,188,698	14,030,000
Common Stock | Follow-On Offering
Class Of Stock [Line Items]
Shares issued	7,935,000		14,030,000
Common stock to purchase number of additional shares	1,035,000		1,830,000
Common stock, price per share	$ 25.20		$ 17.50
Proceeds from issuance of common stock, net	$ 191,500,000		$ 234,600,000
Common Stock | Secondary Offering
Class Of Stock [Line Items]
Shares issued		26,288,316
Stock issued during period for options to purchase additional shares		3,428,910
Proceeds from secondary offering		$ 0

Equity - Summary of Quarterly C

Equity - Summary of Quarterly Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 18, 2020	Mar. 07, 2019	Mar. 31, 2020	Mar. 31, 2019
Dividends Payable [Line Items]
Dividend per Share of Common Stock			$ 0.23	$ 0.21
Common Stock
Dividends Payable [Line Items]
Date Declared	Mar. 18, 2020	Mar. 7, 2019
Record Date	Mar. 31, 2020	Mar. 29, 2019
Date Paid	Apr. 15, 2020	Apr. 16, 2019
Dividend per Share of Common Stock	$ 0.23	$ 0.21
Total Dividend	$ 21,168	$ 12,143

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Details) - $ / shares	Jul. 22, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Minority Interest [Line Items]
Percentage of ownership interests in operating partnership		99.40%		99.30%
Common stock, conversion basis		one-for-one basis
Total cash dividends per share, common stock		$ 0.23	$ 0.21
Operating Partnership Unit
Minority Interest [Line Items]
Percentage of ownership interest, excluding general partner ownership interest		99.40%
Operating Partnership Unit | EPRT Holdings LLC
Minority Interest [Line Items]
Interest held in operating partnership		553,847
Percentage of ownership interests in operating partnership		0.60%
Eldridge Industries, LLC | Operating Partnership Unit
Minority Interest [Line Items]
Operating partnership units held		91,949,849
Secondary Offering | Operating Partnership Unit
Minority Interest [Line Items]
Operating partnership units outstanding		553,847
Secondary Offering | Operating Partnership
Minority Interest [Line Items]
Operating partnership units converted	18,502,705	18,502,705
Essential Properties OP GP LLC
Minority Interest [Line Items]
Percentage of general partner partnership interest owned		1.00%

Equity Based Compensation - 201

Equity Based Compensation - 2018 Incentive Plan - Additional Information (Details)	Mar. 31, 2020shares
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares issuable under plan	3,550,000

Equity Based Compensation - Res

Equity Based Compensation - Restricted Stock Awards - Additional Information (Details) - 2018 Equity Incentive Plan - Restricted Stock Awards - shares	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued		46,368
Directors, Executive Officers and Other Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued	46,368
Directors, Executive Officers and Other Employees | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Directors, Executive Officers and Other Employees | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years

Equity Based Compensation - Sch

Equity Based Compensation - Schedule of Information about RSAs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 7,536	$ 4,188
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	894	872
Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings	111	$ 155
Fair value of shares vested during the period	$ 152

Equity Based Compensation - S_2

Equity Based Compensation - Schedule of Information about Unrecognized Compensation Cost RSAs (Details) - Restricted Stock Awards - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost	$ 4,132	$ 5,026
Weighted average period over which compensation cost will be recognized (in years)	1 year 3 months 18 days	1 year 7 months 6 days

Equity Based Compensation - R_2

Equity Based Compensation - Restricted Stock Units - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended
	Jan. 31, 2020	Jun. 30, 2019	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense				$ 1,508,000	$ 1,242,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested share awards percentage			75.00%
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 (for the 2019 grants) or December 31, 2022 (for the 2020 grants), divided by the average closing
Nonvested share awards remaining percentage issued	25.00%		25.00%
Compensation expense				$ 0	$ 0
Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce			0.00%
Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage payout schedule can produce			250.00%
Executive Officers | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued	84,684		119,085
Non-employee Directors | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued		11,500
Vesting period		1 year
Executive Officers and Other Employees | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of unvested shares issued	71,607
Vesting period	4 years

Equity Based Compensation - S_3

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) - Restricted Stock Units	1 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	20.00%	18.00%
Risk free rate	1.61%	2.57%

Equity Based Compensation - S_4

Equity Based Compensation - Schedule of Information about RSUs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 1,508,000	$ 1,242,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	0	0
Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings	19,000
Restricted Stock Units | General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 614,000	$ 136,000

Equity Based Compensation - S_5

Equity Based Compensation - Schedule of Information about Unrecognized Compensation Cost Restricted Stock Units (Details) - Restricted Stock Units - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost	$ 5,312	$ 1,584
Weighted average period over which compensation cost will be recognized (in years)	3 years	2 years 4 months 24 days

Equity Based Compensation - S_6

Equity Based Compensation - Schedule of Information about RSA and RSU Activity (Details) - 2018 Equity Incentive Plan - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock award and RSU. Beginning Balance	100,814
Unvested restricted stock award and RSU. Granted	135,120	89,314
Unvested restricted stock award and RSU, Ending Balance	235,934	89,314
Unvested restricted common stock, Weighted average grant date fair value	$ 22.80
Unvested restricted common stock, Granted, Weighted average grant date fair value	32.13	$ 23.07
Unvested restricted common stock, Weighted average grant date fair value	$ 28.14	$ 23.07
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock award and RSU. Beginning Balance	492,701	691,290
Unvested restricted stock award and RSU. Granted		46,368
Unvested restricted stock award and RSU. Vested	(10,747)
Unvested restricted stock award and RSU, Ending Balance	481,954	737,658
Unvested restricted common stock, Weighted average grant date fair value	$ 13.72	$ 13.68
Unvested restricted common stock, Granted, Weighted average grant date fair value		14.12
Unvested restricted common stock, Vested, Weighted average grant date fair value	14.12
Unvested restricted common stock, Weighted average grant date fair value	$ 13.71	$ 13.71

Equity Based Compensation - Uni

Equity Based Compensation - Unit Based Compensation - Additional Information - (Details) - shares	Jul. 22, 2019	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units vested		2,210
Class B Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units vested	3,520	1,610
Class D Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units vested	1,200	600

Equity Based Compensation - S_7

Equity Based Compensation - Schedule of Information about Class B and Class D Unit Activity (Details) - shares	Jul. 22, 2019	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units, Beginning balance		7,030
Unvested units, Vested		(2,210)
Unvested units, Ending balance		4,820
Class B Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units, Beginning balance		5,230
Unvested units, Vested	(3,520)	(1,610)
Unvested units, Ending balance		3,620
Class D Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested units, Beginning balance		1,800
Unvested units, Vested	(1,200)	(600)
Unvested units, Ending balance		1,200

Equity Based Compensation - S_8

Equity Based Compensation - Schedule of Information about Class B and Class D Units (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 1,508	$ 1,242
Class B and Class D Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of units vested during the period		521
Class B and Class D Units | General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense		$ 219

Leases - Scheduled Future Minim

Leases - Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases (Details) $ in Thousands	Mar. 31, 2020USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
April 1 - December 31, 2020	$ 115,952
2021	156,458
2022	158,577
2023	159,766
2024	159,257
Thereafter	1,774,312
Total	$ 2,524,322

Leases - Components of Fixed an

Leases - Components of Fixed and Variable Lease Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Leases Lease Income [Abstract]
Fixed lease revenues	$ 40,403	$ 29,961
Variable lease revenues (1)	366	1,093
Total lease revenues (2)	$ 40,769	$ 31,054

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Lessee Lease Description [Line Items]
Right-of-use asset	$ 4,600	$ 4,800
Lease liabilities	$ 7,283	$ 7,500
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, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	22 years 4 months 24 days	21 years 10 months 24 days
Weighted average discount rate	7.00%	7.00%

Leases - Details of Rent Expens

Leases - Details of Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Fixed rent expense	$ 382	$ 363
Total rent expense	$ 382	$ 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) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
April 1 - December 31, 2020	$ 1,031
2021	1,330
2022	1,321
2023	974
2024	821
Thereafter	12,705
Total	18,182
Present value discount	(10,899)
Lease liabilities	7,283	$ 7,500
Office and Ground Leases to be Paid by the Company
Lessee Lease Description [Line Items]
April 1 - December 31, 2020	547
2021	680
2022	669
2023	656
2024	556
Thereafter	538
Total	3,646
Ground Leases to be Paid Directly by the Company's Tenants
Lessee Lease Description [Line Items]
April 1 - December 31, 2020	484
2021	650
2022	652
2023	318
2024	265
Thereafter	12,167
Total	$ 14,536

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies [Line Items]
Reimbursement to tenants	$ 22.1
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
Executive Officers | Accrued Liabilities and Other Payables
Commitments and Contingencies [Line Items]
Employment agreement liability recorded with one executive officer	$ 0.4
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
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, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net deferred financing costs	$ 3.6	$ 3.8
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Secured borrowings	176.1	239.1
Level 3 | Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Secured borrowings	178.8	247.1
Level 3 | Estimated Fair Value | Interest Rate Swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value of Asset/(Liability)	$ 41	$ 2.9

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Values of Real Estate Investments Measured at Nonrecurring Basis (Details) - Fair Value Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Net Carrying Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-financial long-lived assets	$ 587	$ 3,864
Fair Value | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Non-financial long-lived assets	$ 587	$ 3,864

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, 2020USD ($)
Quick Service Restaurant | Childersburg, AL
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 300
Alternative Investment, Valuation Technique [Extensible List]	eprt:SaleComparisonApproachMember
Alternative Investment, Measurement Input [Extensible List]	eprt:NonBindingSalesContractMember
Significant Unobservable Inputs	$ 300
Vacant | Sylacauga, AL
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 287
Alternative Investment, Valuation Technique [Extensible List]	eprt:SaleComparisonApproachMember
Alternative Investment, Measurement Input [Extensible List]	eprt:BindingSalesContractMember
Significant Unobservable Inputs	$ 287

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event $ in Millions	May 07, 2020	Apr. 01, 2020USD ($)Property
Subsequent Event
Number of real estate investment properties acquired | Property		6
Aggregate investment (including acquisition-related costs)		$ 11.2
Investment in new and ongoing construction in progress		$ 5.3
Number of investment properties sold or transferred | Property		3
Investment, aggregate gross sales price		$ 3.6
Investment, disposition costs		$ 0.3
Percentage of contractual base rent collected	60.90%
Percentage of additional contractual base rent	32.70%
Maximum
Subsequent Event
Deferred rent payment extension period	24 months