Essential Properties Realty Trust (EPRT) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38530
Entity Registrant Name	Essential Properties Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
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
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	EPRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		93,027,028
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001728951
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Real estate investments, at cost:
Land and improvements		$ 646,445	$ 588,279
Building and improvements		1,341,421	1,224,682
Lease incentives		11,807	4,908
Construction in progress		10,965	12,128
Intangible lease assets		79,177	78,922
Total real estate investments, at cost		2,089,815	1,908,919
Less: accumulated depreciation and amortization		(113,235)	(90,071)
Total real estate investments, net		1,976,580	1,818,848
Loans and direct financing lease receivables, net		101,007	92,184
Real estate investments held for sale, net		1,792	1,211
Net investments		2,079,379	1,912,243
Cash and cash equivalents		100,839	8,304
Restricted cash		8,665	13,015
Straight-line rent receivable, net		31,287	25,926
Rent receivables, prepaid expenses and other assets, net		27,072	15,959
Total assets	[1]	2,247,242	1,975,447
LIABILITIES AND EQUITY
Secured borrowings, net of deferred financing costs		172,662	235,336
Unsecured term loans, net of deferred financing costs		625,941	445,586
Revolving credit facility		0	46,000
Intangible lease liabilities, net		9,129	9,564
Dividend payable		21,545	19,395
Derivative liabilities		46,443	4,082
Accrued liabilities and other payables		13,139	13,371
Total liabilities	[1]	888,859	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 June 30, 2020 and December 31, 2019		0	0
Common stock, $0.01 par value; 500,000,000 authorized; 93,024,022 and 83,761,151 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively		930	838
Additional paid-in capital		1,440,828	1,223,043
Distributions in excess of cumulative earnings		(45,915)	(27,482)
Accumulated other comprehensive loss		(44,758)	(1,949)
Total stockholders' equity		1,351,085	1,194,450
Non-controlling interests		7,298	7,663
Total equity		1,358,383	1,202,113
Total liabilities and equity		$ 2,247,242	$ 1,975,447
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 6. As of June 30, 2020 and December 31, 2019, all of the assets and liabilities of the Company were held by its operating partnership, Essential Properties, L.P., a consolidated VIE, with the exception of $21.5 million and $19.3 million, respectively, of dividends payable.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Preferred shares, par value per share (in USD per share)		$ 0.01	$ 0.01
Preferred shares, authorized shares (in shares)		150,000,000	150,000,000
Preferred shares, issued shares (in shares)		0	0
Preferred shares, outstanding shares (in shares)		0	0
Common shares, par value per share (in USD per share)		$ 0.01	$ 0.01
Common shares, authorized shares (in shares)		500,000,000	500,000,000
Common shares, issued shares (in shares)		93,024,022	83,761,151
Common shares, outstanding shares (in shares)		93,024,022	83,761,151
Assets	[1]	$ 2,247,242	$ 1,975,447
Liabilities	[1]	888,859	773,334
Dividend payable		21,545	19,395
Consolidated Entity, Excluding VIE
Dividend payable		$ 21,500	$ 19,300
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 6. As of June 30, 2020 and December 31, 2019, all of the assets and liabilities of the Company were held by its operating partnership, Essential Properties, L.P., a consolidated VIE, with the exception of $21.5 million and $19.3 million, respectively, of dividends payable.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental revenue	$ 36,465	$ 32,111	$ 76,007	$ 62,884
Interest on loans and direct financing lease receivables	2,037	403	3,976	729
Other revenue, net	1	241	8	248
Total revenues	38,503	32,755	79,991	63,861
Expenses:
Interest	7,403	5,779	14,236	12,867
General and administrative	6,253	4,737	13,789	8,925
Property expenses	572	645	945	1,892
Depreciation and amortization	13,464	10,105	26,476	19,225
Provision for impairment of real estate	1,486	481	1,859	1,921
Provision for loan losses	48	0	516	0
Total expenses	29,226	21,747	57,821	44,830
Other operating income:
Gain on dispositions of real estate, net	1,093	3,474	2,968	4,150
Income from operations	10,370	14,482	25,138	23,181
Other (loss)/income:
Loss on repayment and repurchase of secured borrowings	0	(4,353)	(924)	(4,353)
Interest income	144	518	375	609
Income before income tax expense	10,514	10,647	24,589	19,437
Income tax expense	70	76	101	143
Net income	10,444	10,571	24,488	19,294
Net income attributable to non-controlling interests	(63)	(2,620)	(147)	(5,214)
Net income attributable to stockholders	$ 10,381	$ 7,951	$ 24,341	$ 14,080
Basic weighted average shares outstanding (in shares)	91,604,397	57,103,676	90,963,400	51,204,733
Basic net income per share (in USD per share)	$ 0.11	$ 0.14	$ 0.27	$ 0.27
Diluted weighted average shares outstanding (in shares)	92,483,898	76,665,905	91,908,098	70,686,969
Diluted net income per share (in USD per share)	$ 0.11	$ 0.14	$ 0.26	$ 0.27

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 10,444	$ 10,571	$ 24,488	$ 19,294
Other comprehensive loss:
Unrealized loss on cash flow hedges	(6,459)	(3,774)	(44,891)	(3,774)
Cash flow hedge losses (gains) reclassified to interest expense	1,492	(99)	1,824	(99)
Total other comprehensive loss	(4,967)	(3,873)	(43,067)	(3,873)
Comprehensive (loss) income	5,477	6,698	(18,579)	15,421
Net income attributable to non-controlling interests	(63)	(2,620)	(147)	(5,214)
Adjustment for cash flow hedge losses attributable to non-controlling interests	29	960	258	960
Comprehensive (loss) income attributable to stockholders	$ 5,443	$ 5,038	$ (18,468)	$ 11,167

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Distributions in Excess of Cumulative Earnings	Distributions in Excess of Cumulative EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Total Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interests	Non-Controlling InterestsCumulative Effect, Period of Adoption, Adjustment
Balance at Dec. 31, 2018	$ 811,041		$ 431	$ 569,407	$ (7,659)		$ 0	$ 562,179		$ 248,862
Balance (in shares) at Dec. 31, 2018			43,749,092
Common stock issuance	245,525		$ 140	245,385				245,525
Common stock issuance (in 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 (in 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)		0	792,037		247,454
Balance (in shares) at Mar. 31, 2019			57,825,460
Balance at Dec. 31, 2018	811,041		$ 431	569,407	(7,659)		0	562,179		248,862
Balance (in shares) at Dec. 31, 2018			43,749,092
Net income	19,294
Balance at Jun. 30, 2019	1,030,516		$ 578	806,376	(18,447)		(2,913)	785,594		244,922
Balance (in shares) at Jun. 30, 2019			57,825,460
Balance at Dec. 31, 2018	811,041		$ 431	569,407	(7,659)		0	562,179		248,862
Balance (in shares) at Dec. 31, 2018			43,749,092
Balance at Dec. 31, 2019	$ 1,202,113	$ (188)	$ 838	1,223,043	(27,482)	$ (187)	(1,949)	1,194,450	$ (187)	7,663	$ (1)
Balance (in shares) at Dec. 31, 2019	83,761,151		83,761,151
Accounting standards update	us-gaap:AccountingStandardsUpdate201613Member
Balance at Mar. 31, 2019	$ 1,039,491		$ 571	805,139	(13,673)		0	792,037		247,454
Balance (in shares) at Mar. 31, 2019			57,825,460
Unrealized losses on cash flow hedges	(3,774)						(2,839)	(2,839)		(935)
Cash flow hedge losses (gains) reclassified to interest expense	(99)						(74)	(74)		(25)
Share-based compensation expense	1,028		$ 7	1,021				1,028
Unit-based compensation expense	216			216				216
Dividends declared on common stock and OP Units	(16,917)				(12,725)			(12,725)		(4,192)
Net income	10,571				7,951			7,951		2,620
Balance at Jun. 30, 2019	1,030,516		$ 578	806,376	(18,447)		(2,913)	785,594		244,922
Balance (in shares) at Jun. 30, 2019			57,825,460
Balance at Dec. 31, 2019	$ 1,202,113	(188)	$ 838	1,223,043	(27,482)	(187)	(1,949)	1,194,450	(187)	7,663	(1)
Balance (in shares) at Dec. 31, 2019	83,761,151		83,761,151
Common stock issuance	$ 206,238		$ 81	206,157				206,238
Common stock issuance (in 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 (gains) 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 (in shares) at Mar. 31, 2020			91,949,849
Balance at Dec. 31, 2019	$ 1,202,113	$ (188)	$ 838	1,223,043	(27,482)	$ (187)	(1,949)	1,194,450	$ (187)	7,663	$ (1)
Balance (in shares) at Dec. 31, 2019	83,761,151		83,761,151
Net income	$ 24,488
Balance at Jun. 30, 2020	$ 1,358,383		$ 930	1,440,828	(45,915)		(44,758)	1,351,085		7,298
Balance (in shares) at Jun. 30, 2020	93,024,022		93,024,022
Balance at Mar. 31, 2020	$ 1,355,780		$ 919	1,422,169	(34,878)		(39,820)	1,348,390		7,390
Balance (in shares) at Mar. 31, 2020			91,949,849
Common stock issuance	17,332		$ 11	17,321				17,332
Common stock issuance (in shares)			1,074,173
Costs related to issuance of common stock	(491)			(491)				(491)
Unrealized losses on cash flow hedges	(6,459)						(6,421)	(6,421)		(38)
Cash flow hedge losses (gains) reclassified to interest expense	1,492						1,483	1,483		9
Share-based compensation expense	1,829			1,829				1,829
Dividends declared on common stock and OP Units	(21,544)				(21,418)			(21,418)		(126)
Net income	10,444				10,381			10,381		63
Balance at Jun. 30, 2020	$ 1,358,383		$ 930	$ 1,440,828	$ (45,915)		$ (44,758)	$ 1,351,085		$ 7,298
Balance (in shares) at Jun. 30, 2020	93,024,022		93,024,022

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 10,444	$ 14,043	$ 10,571	$ 8,723	$ 24,488	$ 19,294
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization					26,476	19,225
Amortization of lease incentive					969	132
Amortization of above/below market leases and right of use assets, net					597	309
Amortization of deferred financing costs and other assets					1,282	1,527
Loss on repayment and repurchase of secured borrowings	0		4,353		924	4,353
Provision for impairment of real estate	1,486		481		1,859	1,921
Provision for loan losses	48		0		516	0
Gain on dispositions of investments, net					(2,968)	(4,150)
Straight-line rent receivable					(3,099)	(5,898)
Share and unit based compensation expense					3,348	2,473
Adjustment to rental revenue for tenant credit					(2,063)	25
Changes in other assets and liabilities:
Rent receivables, prepaid expenses and other assets					(11,816)	(3,035)
Accrued liabilities and other payables					(4,059)	(339)
Net cash provided by operating activities					36,454	35,837
Cash flows from investing activities:
Proceeds from sales of investments, net					22,964	32,227
Principal collections on loans and direct financing lease receivables					130	4,664
Investments in loans receivable					(9,656)	(23,566)
Deposits for prospective real estate investments					1,970	1,618
Investment in real estate, including capital expenditures					(190,365)	(272,364)
Investment in construction in progress					(9,706)	(5,754)
Lease incentives paid					(7,703)	(2,000)
Net cash used in investing activities					(192,366)	(265,175)
Cash flows from financing activities:
Repayments of secured borrowings					(63,943)	(3,954)
Repurchase of secured borrowings					0	(201,400)
Principal received on repurchased secured borrowings					0	564
Borrowings under term loan facilities					180,000	200,000
Borrowings under revolving credit facility					69,000	119,000
Repayments under revolving credit facility					(115,000)	(86,000)
Proceeds from issuance of common stock, net					215,275	235,704
Deferred financing costs					0	(2,471)
Offering costs					(545)	(1,066)
Dividends paid					(40,690)	(29,334)
Net cash provided by financing activities					244,097	231,043
Net increase in cash and cash equivalents and restricted cash					88,185	1,705
Cash and cash equivalents and restricted cash, beginning of period		21,319		16,239	21,319	16,239	$ 16,239
Cash and cash equivalents and restricted cash, end of period	109,504		17,944		109,504	17,944	21,319
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents								$ 100,839	$ 8,304	$ 7,816
Restricted cash								8,665	13,015	10,128
Cash and cash equivalents and restricted cash, end of period	$ 109,504	$ 21,319	$ 17,944	$ 16,239	109,504	17,944	$ 16,239	109,504	21,319	17,944
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized					12,772	14,266
Cash paid for income taxes					52	0
Non-cash operating, investing and financing activities:
Adjustment upon adoption of ASC 326					188	0
Reclassification from construction in progress upon project completion					10,869	4,960
Non-cash investments in real estate and loan receivable activity					0	5,748
Lease liabilities arising from the recognition of right of use assets					0	4,822
Unrealized losses on cash flow hedges					44,891	3,873
Payable and accrued offering costs					191	0
Discounts and fees on capital raised through issuance of common stock					8,468	9,821
Payable and accrued deferred financing costs					$ 0	$ 0
Dividend payable								$ 21,545	$ 19,395	$ 16,917

Organization

Organization	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Essential Properties Realty Trust, Inc. (the “Company”) is an internally managed real estate company that invests in, 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 invests in 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 7—Equity for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 of such financial statements have been included. The results of operations for the three and six months ended June 30, 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 Company’s audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 that has been filed with the SEC. Reclassification Certain amounts previously reported in the consolidated balance sheets have been reclassified to conform with the current period by presenting derivative liabilities separate from accrued liabilities and other payables. 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 June 30, 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”) 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business , an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part 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 Company does not engage in speculative real estate development. The Company does, however, opportunistically agree to reimburse certain of its tenants for development costs at its properties in exchange for contractually specified rent that generally increases proportionally with its funding. 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 6 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 June 30, 2020 and 2019, the Company recorded $11.6 million and $8.5 million, respectively, of depreciation on its real estate investments. During the six months ended June 30, 2020 and 2019, the Company recorded $22.9 million and $16.3 million, respectively, of depreciation on its real estate investments. Lease incentives are amortized on a straight-line basis as a reduction of rental income over the remaining non-cancellable terms of the respective leases. If a tenant terminates its lease, the unamortized portion of the lease incentive is charged to rental revenue. Construction in progress is not depreciated until the development has reached substantial completion. Tenant improvements are depreciated over the non-cancellable term of the related lease or their estimated useful life, whichever is shorter. Capitalized above-market lease values are amortized on a straight-line basis as a reduction of rental revenue over the remaining non-cancellable terms of the respective leases. Capitalized below-market lease values are accreted on a straight-line basis as an increase to rental revenue over the remaining non-cancellable terms of the respective leases including any below-market fixed rate renewal option periods. Capitalized above-market ground lease values are accreted as a reduction of property expenses over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property expenses over the remaining terms of the respective leases and any expected below-market renewal option periods where renewal is considered probable. The value of in-place leases, exclusive of the value of above-market and below-market lease intangibles, is amortized to depreciation and amortization expense on a straight-line basis over the remaining periods of the respective leases. If a tenant terminates its lease, the unamortized portion of each intangible, including in-place lease values, is charged to depreciation and amortization expense, while above- and below-market lease adjustments are recorded within rental revenue in the consolidated statements of operations and comprehensive income. Loans Receivable The Company holds its loans receivable for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective-interest method. 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 (“ASC 842”), existing direct financing lease receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. 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 (“ASC 310”) (prior to January 1, 2020 and ASC 840, Leases (“ASC 840”) (prior to January 1, 2019) and ASC 842. Under ASC 310, the lease receivable portion of the net investment in a direct financing lease receivable is evaluated for impairment when it becomes probable that the Company, as the lessor, will be unable to collect all rental payments associated with the Company’s investment in the direct financing lease receivable. Under ASC 326, the impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current condition. Under ASC 840 and ASC 842, the Company reviews the estimated non-guaranteed residual value of a property subject to a direct financing lease 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 June 30, 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 (“ASC 326”), the Company periodically evaluated the collectability of its loans receivable, including accrued interest, by analyzing the underlying property level economics and trends, collateral value and quality and other relevant factors in determining the adequacy of its allowance for loan losses. A loan was determined to be impaired when, in management’s judgment based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses were provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeded the estimated fair value of the underlying collateral less disposition costs. As of December 31, 2019, the Company had no allowance for loan losses recorded in its consolidated financial statements. On January 1, 2020, the Company adopted ASC 326 on a prospective basis. ASC 326 changed 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 loss” model with an “expected loss” model that requires consideration of a broader range of information than used under the incurred losses model. Upon adoption of ASC 326, the Company recorded an initial allowance for loan losses of $0.2 million as of January 1, 2020, netted against loans and direct financing receivables on the Company’s Consolidated balance sheet. Under ASC 326, the Company is required to re-evaluate the expected loss of its loans and direct financing lease receivable portfolio at each balance sheet date. During the three and six months ended June 30, 2020, the Company recorded an allowance for loan losses of approximately $48,000 and $0.7 million, respectively. Changes in the Company’s allowance for loan losses are presented within provision for loan losses in the Company’s consolidated statements of operations. 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 loan and direct financing lease receivable portfolio. The forecasting model used is the probability weighted expected cash flow method, depending on the type of asset and global assumptions. The Company used a real estate loss estimate model (“RELEM”) which estimates losses on its 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. The Company's allowance for loan losses is adjusted to reflect the Company's 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 the Company's 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 June 30, 2020 and 2019, the Company recorded $1.5 million and $0.5 million provisions for impairment of real estate, respectively. During the six months ended June 30, 2020 and 2019, the Company recorded $1.9 million and $1.9 million provisions 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 June 30, 2020 and December 31, 2019, the Company had deposits of $100.8 million and $8.3 million, respectively, of which $100.6 million and $8.1 million, respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk with respect 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 invest in 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 reduction of rental revenue in the consolidated statements of operations. During the three months ended June 30, 2020 and 2019, the Company recognized $4.8 million and $0.1 million reductions of rental revenue for tenant credit, respectively. During the six months ended June 30, 2020 and 2019, the Company recognized $5.5 million and $0.1 million reductions of rental revenue for tenant credit, 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 rent receivables, 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 (each 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, to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows on a portion of the Company’s floating-rate debt. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. 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 accounting 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, derivatives 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 June 30, 2020 and 2019, the Company recorded contingent rent of $0.1 million and $0.2 million. During the six months ended June 30, 2020 and 2019, the Company recorded contingent rent of $0.3 million and $0.6 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 June 30, 2020 and December 31, 2019, the Company had capitalized a total of $58.0 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 June 30, 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 REIT 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

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Investments	Investments As of June 30, 2020, the Company had investments in 1,060 properties, including six developments in progress and one undeveloped land parcel. Of these 1,060 properties, 960 represented owned properties (of which 11 were subject to leases accounted for as direct financing leases or loans), 8 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 nine mortgage loans receivable. The Company’s gross investment portfolio totaled $2.2 billion as of June 30, 2020 and consisted of gross acquisition cost of real estate investments (including transaction costs) totaling $2.1 billion, and loans and direct financing lease receivables, net, with an aggregate carrying amount of $101.0 million. As of June 30, 2020, 255 of these investments, comprising $364.8 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), 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 six months ended June 30, 2020, the Company did not have any acquisitions that individually represented more than 5% of the Company’s total investment activity as of June 30, 2020. The following table presents information about the Company’s acquisition activity during the six months ended June 30, 2020: (Dollar amounts in thousands) Total Ownership type Fee Interest Number of properties acquired 73 Allocation of Purchase Price: Land and improvements $ 63,100 Building and improvements 114,469 Construction in progress (1) 9,641 Intangible lease assets 3,094 Assets acquired 190,304 Intangible lease liabilities — Liabilities assumed — Purchase price (including acquisition costs) $ 190,304 _____________________________________ (1) Represents amounts incurred at and subsequent to acquisition and includes $0.2 million of capitalized interest expense. Acquisitions in 2019 During the six months ended June 30, 2019, the Company did not complete any acquisitions that individually represented more than 5% of the Company’s total investment activity as of June 30, 2019. The following table presents information about the Company’s acquisition activity during the six months ended June 30, 2019: (Dollar amounts in thousands) Total Ownership type Fee Interest Number of properties acquired 137 Allocation of Purchase Price: Land and improvements $ 96,418 Building and improvements 175,074 Construction in progress (1) 5,754 Intangible lease assets 10,338 Assets acquired 287,584 Intangible lease liabilities (117) Liabilities assumed (117) Purchase price (including acquisition costs) $ 287,467 _____________________________________ (1) Represents amounts incurred at and subsequent to acquisition and includes $0.1 million of capitalized interest. Gross Investment Activity During the six months ended June 30, 2020 and 2019, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Dollar Gross investments, January 1, 2019 677 $ 1,394,549 Acquisitions of and additions to real estate investments (1) 137 290,943 Sales of investments in real estate (18) (35,383) Relinquishment of properties at end of ground lease term (1) (241) Provisions for impairment of real estate (2) (1,921) Investments in loans receivable 5 23,566 Principal collections on direct financing lease receivables (11) (10,412) Other (866) Gross investments, June 30, 2019 1,660,235 Less: Accumulated depreciation and amortization (3) (69,010) Net investments, June 30, 2019 789 $ 1,591,225 Gross investments, January 1, 2020 1,000 $ 2,002,314 Acquisitions of and additions to real estate investments 73 207,774 Sales of investments in real estate (13) (21,882) Relinquishment of properties at end of ground lease term (3) (1,931) Provisions for impairment of real estate (4) (1,859) Investments in loans receivable 3 9,656 Principal collections on loans and direct financing lease receivables (130) Other (1,328) Gross investments, June 30, 2020 2,192,614 Less: Accumulated depreciation and amortization (3) (113,235) Net investments, June 30, 2020 1,060 $ 2,079,379 _____________________________________ (1) During the six months ended June 30, 2019, the Company acquired nine properties that had secured one of its loans receivable for an aggregate purchase price of $8.2 million. This loan receivable had a carrying value of $5.7 million prior to our acquisition of the mortgaged properties. (2) During the six months ended June 30, 2019, the Company identified and recorded provisions for impairment at 1 vacant and 5 tenanted properties. (3) Includes $92.9 million and $53.0 million of accumulated depreciation as of June 30, 2020 and 2019, respectively. (4) During the six months ended June 30, 2020, the Company identified and recorded provisions for impairment at 4 vacant properties and 1 tenanted property. 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 June 30, 2020 and December 31, 2019, the Company had ten and seven loans receivable with an aggregate carrying amount of $99.2 million and $89.6 million, respectively. During the three and six months ended June 30, 2020, the borrowers partially repaid $0.1 million in principal on loans receivable. The Company entered into three arrangements accounted for as loans receivable during the six months ended June 30, 2020 with an aggregate carrying value of $8.6 million as of June 30, 2020. The maximum amount of loss due to credit risk is our current principal balance of $99.2 million. During the six months ended June 30, 2019, the Company entered into three loan receivable arrangements. The Company’s loans receivable as of June 30, 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 June 30, December 31, 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 (3) Principal + Interest 2 10.69% 2039 1,435 1,435 Leasehold interest (4) Principal + Interest 1 2.25% 2034 1,137 1,164 Leasehold interest (4) Principal + Interest 1 2.41% 2034 1,685 — Leasehold interest (4) Principal + Interest 1 4.97% 2038 $ 1,625 — Net investment $ 99,211 $ 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) This leasehold interest is accounted for as a loan receivable, as the lease for two land parcels contains an option for the lessee to repurchase the leased parcels in 2024 or 2025. (4) These leasehold interests are accounted for as loans receivable, as the leases for each property contain an option for the relevant lessee to repurchase the leased property in the future. Scheduled principal payments due under the Company’s loans receivable as of June 30, 2020 were as follows: (in thousands) Loans Receivable July 1 - December 31, 2020 $ 98 2021 207 2022 220 2023 236 2024 252 Thereafter 98,198 Total $ 99,211 As of June 30, 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) June 30, December 31, Minimum lease payments receivable $ 3,698 $ 3,866 Estimated unguaranteed residual value of leased assets 270 270 Unearned income from leased assets (1,467) (1,581) Net investment $ 2,501 $ 2,555 Scheduled future minimum non-cancelable base rental payments due to be received under the direct financing lease receivables as of June 30, 2020 were as follows: (in thousands) Future Minimum July 1 - December 31, 2020 $ 169 2021 340 2022 345 2023 347 2024 289 Thereafter 2,208 Total $ 3,698 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 June 30, 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 six months ended June 30, 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) 516 Write-offs charged — Recoveries — Balance at June 30, 2020 $ 704 _____________________________________ (1) The increase in expected credit losses is due to the changes in assumptions regarding 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 June 30, 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% — 34,604 — — 1,100 35,704 LTV >70% 8,611 27,997 — — 883 37,491 $ 8,611 $ 90,601 $ — $ — $ 2,815 $ 102,027 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 six months ended June 30, 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, June 30, 2019 2 $ 3,765 $ — $ 3,765 Held for sale balance, December 31, 2019 1 $ 1,211 $ — $ 1,211 Transfers to held for sale classification 2 1,792 — 1,792 Sales (1) $ (1,211) $ — $ (1,211) Transfers to held and used classification — — — — Held for sale balance, June 30, 2020 2 $ 1,792 $ — $ 1,792 Significant Concentrations The Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose rental revenue for the three and six months ended June 30, 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 June 30, Six months ended June 30, State 2020 2019 2020 2019 Texas 12.9% 12.2% 12.6% 12.4% Georgia 10.5% 11.3% 10.7% 11.2% Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of the dates presented: June 30, 2020 December 31, 2019 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets: In-place leases $ 66,533 $ 16,659 $ 49,874 $ 64,828 $ 14,195 $ 50,633 Intangible market lease assets 12,644 3,944 8,700 14,094 4,228 9,866 Total intangible assets $ 79,177 $ 20,603 $ 58,574 $ 78,922 $ 18,423 $ 60,499 Intangible market lease liabilities $ 11,866 $ 2,737 $ 9,129 $ 12,054 $ 2,490 $ 9,564 The remaining weighted average amortization periods for the Company’s intangible assets and liabilities as of June 30, 2020, by category and in total, were as follows: Years Remaining In-place leases 10.1 Intangible market lease assets 15.4 Total intangible assets 10.8 Intangible market lease liabilities 15.4 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 June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Amortization of in-place leases (1) $ 1,846 $ 1,551 $ 3,525 $ 2,883 Amortization (accretion) of market lease intangibles, net (2) 517 200 597 444 Amortization (accretion) of above- and below-market ground lease intangibles, net (3) 91 — 213 — _____________________________________ (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) July 1 - December 31, 2020 2021 2022 2023 2024 In-place lease assets $ 1,661 $ 3,197 $ 3,095 $ 2,987 $ 2,736 Adjustment to amortization expense $ 1,661 $ 3,197 $ 3,095 $ 2,987 $ 2,736 Above-market lease assets $ (402) $ (796) $ (795) $ (764) $ (731) Below-market lease liabilities 264 530 531 485 483 Net adjustment to rental revenue $ (138) $ (266) $ (264) $ (279) $ (248)

Credit Facilities

Credit Facilities	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Credit Facilities	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 $300 million 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 June 30, 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 Company had outstanding borrowings of $430.0 million at June 30, 2020 and $250.0 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 was required to pay a ticking fee on any undrawn portion of the November 2019 Term Loan for the period from November 26, 2019 through March 26, 2020, the date that the November 2019 Term Loan Was fully drawn.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 June 30, 2020 and December 31, 2019. Revolving Credit Facility The following table presents information about the Revolving Credit Facility and the 2018 Credit Facility in effect for the six months ended June 30, 2020 and 2019: (in thousands) 2020 2019 Balance on January 1, $ 46,000 $ 34,000 Borrowings 69,000 119,000 Repayments (115,000) (86,000) Balance on June 30, $ — $ 67,000 Total deferred financing costs, net, of $3.1 million and $3.5 million related to the Revolving Credit Facility were included within rent receivables, prepaid expenses and other assets, net on the Company’s consolidated balance sheets as of June 30, 2020 and December 31, 2019, respectively. The Company recorded $0.3 million to interest expense during the three months ended June 30, 2020 and 2019 related to amortization of these deferred financing costs. The Company recorded $0.6 million and $0.5 million to interest expense during the six months ended June 30, 2020 and 2019, respectively, related to amortization of these deferred financing costs. Additionally, the Company recorded $0.5 million and $0.3 million of interest expense on borrowings and unused facility fees during the three months ended June 30, 2020 and 2019, respectively, related to the Revolving Credit Facility and the 2018 Credit Facility. The Company recorded $0.9 million and $1.0 million of interest expense on borrowings and unused facility fees during the six months ended June 30, 2020 and 2019, respectively, related to the Revolving Credit Facility and the 2018 Credit Facility. The weighted average interest rate in effect on the Company’s borrowings under the Revolving Credit Facility as of December 31, 2019 was 3.06%. As of June 30, 2020 and December 31, 2019, the Company had $400.0 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 $4.1 million and $4.4 million as of June 30, 2020 and December 31, 2019, 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 June 30, 2020. The Company recorded $0.2 million and approximately $41,000 to interest expense during the three months ended June 30, 2020 and 2019 related to the amortization of these fees and direct costs of its term loan facilities. The Company recorded $0.4 million and approximately $41,000 to interest expense during the six months ended June 30, 2020 and 2019 related to the amortization of these fees and direct costs of its term loan facilities. During the three months ended June 30, 2020, and 2019, the Company recorded $3.1 million of interest expense, including delayed draw ticking fees, related to its term loan facilities. During the six months ended June 30, 2020 and 2019, the Company recorded $6.5 million and $1.0 million of interest expense, respectively, including delayed draw ticking fees, related to its term loan facilities. The variable interest rates in effect on the Company’s borrowings under the April 2019 Term Loan and November 2019 Term Loan as of June 30, 2020 were 1.43% and 1.68%, 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. See Note 5—Derivative and Hedging Activities for additional information.

Derivative and Hedging Activiti

Derivative and Hedging Activities	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	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 $9.7 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 June 30, 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 June 30, 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 June 30, 2020 (2) Fair Value of Asset/(Liability) as of December 31, 2019 (2) Interest Rate Swap 2.06% 1 month LIBOR 2019-05-14 2024-04-12 $ 100,000 $ (7,177) $ (1,996) Interest Rate Swap 2.06% 1 month LIBOR 2019-05-14 2024-04-12 50,000 (3,589) (999) Interest Rate Swap 2.07% 1 month LIBOR 2019-05-14 2024-04-12 50,000 (3,595) (1,005) Interest Rate Swap (3) 1.61% 1 month LIBOR 2019-12-09 2026-11-26 175,000 (14,001) 758 Interest Rate Swap (3) 1.61% 1 month LIBOR 2019-12-09 2026-11-26 50,000 (4,014) 210 Interest Rate Swap (3) 1.60% 1 month LIBOR 2019-12-09 2026-11-26 25,000 (1,982) 127 Interest Rate Swap (4) 1.36% 1 month LIBOR 2020-07-09 2026-11-26 100,000 (6,446) — Interest Rate Swap (4) 1.36% 1 month LIBOR 2020-07-09 2026-11-26 80,000 (5,167) — $ 630,000 $ (45,971) $ (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, derivatives and other payables in the Company’s consolidated balance sheets totaling to $46.0 million and $4.0 million at June 30, 2020 and December 31, 2019, respectively. (3) Derivatives in a net asset position are included within rent receivables, prepaid expenses and other assets in the Company’s consolidated balance sheets totaling to $1.1 million at December 31, 2019. (4) The Company entered into two forward swap contracts during the six months ended June 30, 2020 with an effective date of July 9, 2020 and total notional value of $180.0 million. 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. During the three months ended June 30, 2020 and June 30, 2019, the Company recorded $5.0 million and $3.9 million of accumulated other comprehensive loss. During the six months ended June 30, 2020 and June 30, 2019, the Company recorded $43.1 million and $3.9 million of accumulated other comprehensive loss. As of June 30, 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 $47.3 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 June 30, 2020, there were no derivatives in a net asset position. 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 June 30, 2020 and December 31, 2019, 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 $47.7 million and $3.1 million as of June 30, 2020 and December 31, 2019, respectively.

Secured Borrowings

Secured Borrowings	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Secured Borrowings	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 and have a weighted average interest rate of 4.19% as of June 30, 2020. However, the anticipated repayment date for the Series 2017-1 Notes is June 2024, and if the notes are not repaid in full on or before such anticipated repayment date, additional interest will begin to accrue on the notes 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 June 30, 2020 and December 31, 2019, the Company had notes with $175.2 million and $239.1 million, respectively, of combined principal outstanding through its Master Trust Funding Program. Total deferred financing costs, net, of $2.5 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 June 30, 2020 and December 31, 2019, respectively. The Company recorded $0.2 million and $0.4 million to interest expense during the three months ended June 30, 2020 and 2019, respectively, related to amortization of these deferred financing costs. The Company recorded $0.3 million and $1.0 million to interest expense during the six months ended June 30, 2020 and 2019, respectively, related to amortization of these deferred financing costs. In addition, the Company recorded an additional $0.9 million of loss on repayment of secured borrowings related to the amortization of deferred financing costs on the $62.3 million voluntary prepayment of the Class A Series 2017-1 Notes during the six months ended June 30, 2020. During the three and six months ended June 30, 2019, other than scheduled amortizing principal payments, the Company recorded a $4.3 million loss on the repurchase of a portion of the Class A Series 2016-1 Notes, which includes the write-off of unamortized deferred financing charges. During the three months ended June 30, 2020 and 2019, the Company recorded $1.8 million and $5.5 million, respectively, of interest expense on borrowings under the Master Trust Funding Program. During the six months ended June 30, 2020 and 2019, the Company recorded $3.9 million and $11.3 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 weighted average interest rates of 4.19% and 4.17% as of June 30, 2020 and December 31, 2019, respectively. The following table summarizes the scheduled principal payments on the Company’s secured borrowings under the Master Trust Funding Program as of June 30, 2020: (in thousands) Future Principal Payments July 1 - December 31, 2020 $ 1,967 2021 4,083 2022 4,292 2023 4,512 2024 160,305 Total $ 175,159 The Company was not in default of any provisions under the Master Trust Funding Program as of June 30, 2020 or December 31, 2019.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	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”). Net 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 not 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 June 2020, the Company established a new at the market common equity offering program, pursuant to which it can publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $250 million (the “2020 ATM Program”). In connection with establishing the 2020 ATM Program, the Company terminated its prior at the market program, which it established in August 2019 (the “2019 ATM Program”). Pursuant to the 2019 ATM Program, the Company could publicly offer and sell shares of its common stock with an aggregate gross sales price of up to $200 million and, prior to its termination, the Company issued common stock with an aggregate gross sales price of $184.4 million thereunder. As of June 30, 2020, the Company issued common stock with an aggregate gross sales price of $17.3 million under the 2020 ATM Program and could issue additional common stock with an aggregate gross sales price of up to $232.7 million under the 2020 ATM Program. The 2019 ATM Program has been terminated, and no additional stock can be issued thereunder. As the context requires, the 2020 ATM Program and the 2019 ATM Program are referred to herein as the “ATM Program.” During the three months ended June 30, 2020, the Company sold 1,027,857 shares of its common stock under the ATM Program, at a weighted average price per share of $16.86, raising $17.3 million in gross proceeds. During the six months ended June 30, 2020, the Company sold 1,281,555 shares of its common stock under the ATM Program, at a weighted average price per share of $18.42, raising $23.6 million in gross proceeds. Net proceeds from selling shares under the ATM Program during the three and six months ended June 30, 2020, after deducting sales agent fees and other expenses associated with establishing and maintaining the ATM Programs, were $16.6 million and $22.7 million. Dividends on Common Stock During the six months ended June 30, 2020 and 2019, 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 June 11, 2020 June 30, 2020 July 15, 2020 $ 0.23 $ 21,419 March 18, 2020 March 31, 2020 April 15, 2020 0.23 21,168 June 7, 2019 June 28, 2019 July 15, 2019 0.22 12,725 March 7, 2019 March 29, 2019 April 16, 2019 0.21 12,143

Non-controlling Interests

Non-controlling Interests	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Non-controlling Interests	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 June 30, 2020, the Company held 93,024,022 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 and six months ended June 30, 2020, the Company declared total cash dividends of $0.23 and $0.46 per share of common stock, respectively. During the three and six months ended June 30, 2019, the Company declared total cash dividends of $0.21 and $0.43 per share of common stock. 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	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Equity Based Payments [Abstract]
Equity Based Compensation	Equity Based Compensation Equity Incentive Plan In 2018, 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 year 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. In June 2020, an additional 3,658 RSAs were issued to certain members of the Company's board of directors which vested immediately upon grant. The Company estimates the grant date fair value of the unvested RSAs granted under the Equity Incentive Plan using the average market price of the Company’s common stock on the date of grant. The following table presents information about the Company’s RSAs for the periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Compensation cost recognized in general and administrative expense $ 993 $ 873 $ 1,887 $ 1,745 Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings 55 109 166 264 Fair value of shares vested during the period 3,360 3,293 3,512 3,293 The following table presents information about the Company’s RSAs as of the dates presented: (Dollars in thousands) June 30, December 31, Total unrecognized compensation cost $ 3,197 $ 5,026 Weighted average period over which compensation cost will be recognized (in years) 1.1 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 Company recorded expense on these TSR RSUs based on achieving the target. The grant date fair value of the TSR RSUs was measured using a Monte Carlo simulation model based on the following assumptions as of each grant date: January 2020 2019 Volatility 20 % 18 % Risk free rate 1.61 % 2.57 % The remaining 25% of the performance-based RSUs issued in January 2019 and 2020 vest based on a subjective evaluation by the Compensation Committee of the Company’s board of directors of the individual recipient’s achievement of certain strategic objectives. In May 2020, the Compensation Committee evaluated and subjectively awarded 7,596 of these RSUs to a former executive officer of the Company, which vested immediately. During the three and six months ended June 30, 2020, the Company recorded $0.1 million of compensation expense related to the subjective RSUs awarded to a former executive. As of June 30, 2020, the Compensation Committee had not identified specific performance targets relating to the individual recipients’ achievement of strategic objectives for the remainder of the subjective awards. As such, the remainder of 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 performance-based RSUs during the three and six months ended June 30, 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 June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Compensation cost recognized in general and administrative expense $ 840 $ 155 $ 1,454 $ 290 Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings 23 2 42 2 Fair value of units vested during the period 896 — 896 — The following table presents information about the Company’s RSUs as of the dates presented: (Dollars in thousands) June 30, December 31, Total unrecognized compensation cost $ 5,001 $ 1,584 Weighted average period over which compensation cost will be recognized (in years) 2.8 2.4 The following table presents information about the Company’s RSA and RSU activity during the six months ended June 30, 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 14.12 100,814 22.80 Vested (240,753) 13.68 — — Forfeited — — — — Unvested, June 30, 2019 496,905 $ 13.72 100,814 $ 22.80 Unvested, January 1, 2020 492,701 $ 13.72 100,814 $ 22.80 Granted 3,658 15.68 182,681 28.32 Vested (255,761) 13.73 (42,658) 21.00 Forfeited — — (5,571) — Unvested, June 30, 2020 240,598 $ 13.74 235,266 $ 27.95 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 June 30, 2020 and December 31, 2019. The following table presents information about the Class B and Class D unit activity during the six months ended June 30, 2019: Class B Units Class D Units Total Unvested, January 1, 2019 5,230 1,800 7,030 Granted — — — Vested (1,710) (600) (2,310) Forfeited — — — Unvested, June 30, 2019 3,520 1,200 4,720 The following table presents information about the Class B and Class D units for the periods presented: (in thousands) Three months ended June 30, 2019 Six months ended June 30, 2019 Compensation cost recognized in general and administrative expense $ 219 $ 438 Fair value of units vested during the period 128 718

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases As Lessor The Company’s investment properties are leased to tenants under long-term operating leases that typically include one or more renewal options. The Company’s leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for increases in rent based on fixed contractual terms or as a result of increases in the Consumer Price Index. Substantially all of the leases are triple-net, which means that they provide that the lessees are responsible for the payment of all property operating expenses, including maintenance, insurance, utilities, property taxes and, if applicable, ground rent expense; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect and, at the end of the lease term, the lessees are responsible for returning the property to the Company in a substantially similar condition as when they took possession. Some of the Company’s leases provide that in the event the Company wishes to sell the property subject to that lease, it first must offer the lessee the right to purchase the property on the same terms and conditions as any offer which it intends to accept for the sale of the property. Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of June 30, 2020 were as follows: (in thousands) Future Minimum Base Rental Receipts July 1 - December 31, 2020 $ 77,296 2021 157,464 2022 159,630 2023 161,776 2024 162,556 Thereafter 1,864,027 Total $ 2,582,749 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 of lease revenues for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Fixed lease revenues $ 41,828 $ 31,968 $ 82,231 $ 61,929 Variable lease revenues (1) 402 423 768 1,516 Total lease revenues (2) $ 42,230 $ 32,391 $ 82,999 $ 63,445 _____________________________________ (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. During the three months ended June 30, 2020, the Company entered into deferral agreements with its tenants with respect to $9.8 million of contractual base rent for the period. These rent deferrals were negotiated on a tenant-by-tenant basis, and, in general, allow a tenant to defer all or a portion of its April, May and June rent, with all of the deferred rent to be paid to the Company pursuant to a schedule that generally 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, or delays in the supply of products or services to the Company's tenants from vendors that they need to operate their businesses, caused by the COVID-19 pandemic or otherwise, will cause the Company's tenants to be unable or unwilling to meet their contractual obligations to us, including the payment of rent (including deferred rent) or to request further rent deferrals or other concessions. The likelihood of this would increase if the COVID-19 pandemic intensifies or persists for a prolonged period, or if the recession in the United States continues for a prolonged period or if there is an economic slowdown that reduces consumer confidence and economic activity. To the extent the pandemic causes a secular change in consumer behavior that reduces patronage of service-based and/or experience-based businesses, many of the Company's tenants would be adversely affected and their ability to meet their obligations to us could be further impaired. These deferrals reduce the Company's cash flow from operations, reduce its cash available for distribution and adversely affect its ability to make cash distributions to common stockholders. Furthermore, if tenants are unable to pay their deferred rent, the Company will not receive cash in the future in accordance with its expectations. 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, derivatives 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 June 30, 2020, the Company’s ROU assets and lease liabilities were $4.5 million and $7.1 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 June 30, 2020: June 30, December 31, 2019 Weighted average remaining lease term (in years) 22.7 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 and six months ended June 30, 2020 and 2019. The following table sets forth the details of rent expense for the three and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30 (in thousands) 2020 2019 2020 2019 Fixed rent expense $ 337 $ 358 $ 719 $ 721 Variable rent expense — — — — Total rent expense $ 337 $ 358 $ 719 $ 721 As of June 30, 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 Total Future July 1 - December 31, 2020 $ 330 $ 323 $ 653 2021 662 650 1,312 2022 669 652 1,321 2023 656 318 974 2024 556 265 821 Thereafter 538 12,167 12,705 Total $ 3,411 $ 14,375 $ 17,786 Present value discount (10,715) Lease liabilities $ 7,071 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.
Leases	Leases As Lessor The Company’s investment properties are leased to tenants under long-term operating leases that typically include one or more renewal options. The Company’s leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for increases in rent based on fixed contractual terms or as a result of increases in the Consumer Price Index. Substantially all of the leases are triple-net, which means that they provide that the lessees are responsible for the payment of all property operating expenses, including maintenance, insurance, utilities, property taxes and, if applicable, ground rent expense; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect and, at the end of the lease term, the lessees are responsible for returning the property to the Company in a substantially similar condition as when they took possession. Some of the Company’s leases provide that in the event the Company wishes to sell the property subject to that lease, it first must offer the lessee the right to purchase the property on the same terms and conditions as any offer which it intends to accept for the sale of the property. Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of June 30, 2020 were as follows: (in thousands) Future Minimum Base Rental Receipts July 1 - December 31, 2020 $ 77,296 2021 157,464 2022 159,630 2023 161,776 2024 162,556 Thereafter 1,864,027 Total $ 2,582,749 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 of lease revenues for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Fixed lease revenues $ 41,828 $ 31,968 $ 82,231 $ 61,929 Variable lease revenues (1) 402 423 768 1,516 Total lease revenues (2) $ 42,230 $ 32,391 $ 82,999 $ 63,445 _____________________________________ (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. During the three months ended June 30, 2020, the Company entered into deferral agreements with its tenants with respect to $9.8 million of contractual base rent for the period. These rent deferrals were negotiated on a tenant-by-tenant basis, and, in general, allow a tenant to defer all or a portion of its April, May and June rent, with all of the deferred rent to be paid to the Company pursuant to a schedule that generally 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, or delays in the supply of products or services to the Company's tenants from vendors that they need to operate their businesses, caused by the COVID-19 pandemic or otherwise, will cause the Company's tenants to be unable or unwilling to meet their contractual obligations to us, including the payment of rent (including deferred rent) or to request further rent deferrals or other concessions. The likelihood of this would increase if the COVID-19 pandemic intensifies or persists for a prolonged period, or if the recession in the United States continues for a prolonged period or if there is an economic slowdown that reduces consumer confidence and economic activity. To the extent the pandemic causes a secular change in consumer behavior that reduces patronage of service-based and/or experience-based businesses, many of the Company's tenants would be adversely affected and their ability to meet their obligations to us could be further impaired. These deferrals reduce the Company's cash flow from operations, reduce its cash available for distribution and adversely affect its ability to make cash distributions to common stockholders. Furthermore, if tenants are unable to pay their deferred rent, the Company will not receive cash in the future in accordance with its expectations. 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, derivatives 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 June 30, 2020, the Company’s ROU assets and lease liabilities were $4.5 million and $7.1 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 June 30, 2020: June 30, December 31, 2019 Weighted average remaining lease term (in years) 22.7 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 and six months ended June 30, 2020 and 2019. The following table sets forth the details of rent expense for the three and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30 (in thousands) 2020 2019 2020 2019 Fixed rent expense $ 337 $ 358 $ 719 $ 721 Variable rent expense — — — — Total rent expense $ 337 $ 358 $ 719 $ 721 As of June 30, 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 Total Future July 1 - December 31, 2020 $ 330 $ 323 $ 653 2021 662 650 1,312 2022 669 652 1,321 2023 656 318 974 2024 556 265 821 Thereafter 538 12,167 12,705 Total $ 3,411 $ 14,375 $ 17,786 Present value discount (10,715) Lease liabilities $ 7,071 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	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2020, the Company has remaining future commitments, under mortgage notes, reimbursement obligations or similar arrangements, to fund $23.8 million to its tenants for development, construction and renovation costs related to properties leased from the Company. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties. Environmental Matters In connection with the ownership of real estate, the Company may be liable for costs and damages related to environmental matters. As of June 30, 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 June 30, 2020 and 2019, the Company made matching contributions of approximately $19,000 and $17,000, respectively. For both the six months ended June 30, 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 extensions unless notice of non-renewal is provided by either party. These agreements provide for initial annual base salaries and an annual performance bonus. If an executive officer’s employment terminates under certain circumstances, the Company would be liable for any

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 June 30, 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 rent receivables, prepaid expenses and other assets, dividends payable and accrued liabilities, derivatives 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 June 30, 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 June 30, 2020, the Company’s secured borrowings had an aggregate carrying value of $175.2 million (excluding net deferred financing costs of $2.5 million and an estimated fair value of $167.6 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 June 30, 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 June 30, 2020 and December 31, 2019, the Company estimated the fair value of its interest rate swap contracts to be a $46.0 million liability and 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 Value Fair Value Measurements Using Fair Value Hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 June 30, 2020 Non-financial assets: Long-lived assets $ 1,445 $ — $ — $ — $ 1,445 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 June 30, 2020 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets: Vacant - Sylacauga, AL $ 187 Sales comparison Binding sales contract $ 187 Vacant - Waterloo, IA 550 Sales comparison Non-binding listing agreement 550 Family Dining - Jacksonville, FL 709 Discounted cash flow approach Terminal Value: 8.0% Discount Rate: 8.5% 709

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions During the three and six months ended June 30, 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 and six months ended June 30, 2019, which is included in general and administrative expense in the Company’s consolidated statements of operations. No services were provided to the Company during the three and six months ended June 30, 2020. 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. See Note 6—Secured Borrowings for additional information.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all events and transactions that occurred after June 30, 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 June 30, 2020, the Company invested in 6 real estate properties for an aggregate purchase price (including acquisition-related costs) of $23.3 million and invested $2.9 million through new and ongoing construction in progress and reimbursements to tenants for development, construction and renovation costs. Subsequent to June 30, 2020, the Company sold its investment in 3 real estate properties for an aggregate gross sales price of $2.9 million and incurred $0.1 million of disposition costs related to these transactions. Appointment of Executive Officer In July 2020, the Company announced the appointment of Mark E. Patten as an Executive Vice President of the Company and its Chief Financial Officer and Treasurer, effective as of August 10, 2020. In association with his appointment, the Company entered into an employment agreement Mr. Patten with similar terms and conditions as employment agreements the Company has with other executive officers. See Note 11—Commitments and Contingencies for additional information. In recognition of his appointment, Mr. Patten will receive a one-time grant of $1,050,000 of restricted stock units which will vest in equal installments on each of the first, second and third anniversaries of the effective date of his appointment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 of such financial statements have been included. The results of operations for the three and six months ended June 30, 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 Company’s audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 that has been filed with the SEC.
Reclassification	ReclassificationCertain amounts previously reported in the consolidated balance sheets have been reclassified to conform with the current period by presenting derivative liabilities separate from accrued liabilities and other payables.
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 June 30, 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”) 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business , an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part 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 Company does not engage in speculative real estate development. The Company does, however, opportunistically agree to reimburse certain of its tenants for development costs at its properties in exchange for contractually specified rent that generally increases proportionally with its funding. 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 6 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.
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 June 30, 2020 and 2019, the Company recorded $11.6 million and $8.5 million, respectively, of depreciation on its real estate investments. During the six months ended June 30, 2020 and 2019, the Company recorded $22.9 million and $16.3 million, respectively, of depreciation on its real estate investments. Lease incentives are amortized on a straight-line basis as a reduction of rental income over the remaining non-cancellable terms of the respective leases. If a tenant terminates its lease, the unamortized portion of the lease incentive is charged to rental revenue. Construction in progress is not depreciated until the development has reached substantial completion. Tenant improvements are depreciated over the non-cancellable term of the related lease or their estimated useful life, whichever is shorter. Capitalized above-market lease values are amortized on a straight-line basis as a reduction of rental revenue over the remaining non-cancellable terms of the respective leases. Capitalized below-market lease values are accreted on a straight-line basis as an increase to rental revenue over the remaining non-cancellable terms of the respective leases including any below-market fixed rate renewal option periods. Capitalized above-market ground lease values are accreted as a reduction of property expenses over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property expenses over the remaining terms of the respective leases and any expected below-market renewal option periods where renewal is considered probable. The value of in-place leases, exclusive of the value of above-market and below-market lease intangibles, is amortized to depreciation and amortization expense on a straight-line basis over the remaining periods of the respective leases. If a tenant terminates its lease, the unamortized portion of each intangible, including in-place lease values, is charged to depreciation and amortization expense, while above- and below-market lease adjustments are recorded within rental revenue in the consolidated statements of operations and comprehensive income.
Loans Receivable	Loans ReceivableThe 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 (“ASC 842”), existing direct financing lease receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. 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 (“ASC 310”) (prior to January 1, 2020 and ASC 840, Leases (“ASC 840”) (prior to January 1, 2019) and ASC 842. Under ASC 310, the lease receivable portion of the net investment in a direct financing lease receivable is evaluated for impairment when it becomes probable that the Company, as the lessor, will be unable to collect all rental payments associated with the Company’s investment in the direct financing lease receivable. Under ASC 326, the impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current condition. Under ASC 840 and ASC 842, the Company reviews the estimated non-guaranteed residual value of a property subject to a direct financing lease 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 June 30, 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 (“ASC 326”), the Company periodically evaluated the collectability of its loans receivable, including accrued interest, by analyzing the underlying property level economics and trends, collateral value and quality and other relevant factors in determining the adequacy of its allowance for loan losses. A loan was determined to be impaired when, in management’s judgment based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses were provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeded the estimated fair value of the underlying collateral less disposition costs. As of December 31, 2019, the Company had no allowance for loan losses recorded in its consolidated financial statements. On January 1, 2020, the Company adopted ASC 326 on a prospective basis. ASC 326 changed 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 loss” model with an “expected loss” model that requires consideration of a broader range of information than used under the incurred losses model. Upon adoption of ASC 326, the Company recorded an initial allowance for loan losses of $0.2 million as of January 1, 2020, netted against loans and direct financing receivables on the Company’s Consolidated balance sheet. Under ASC 326, the Company is required to re-evaluate the expected loss of its loans and direct financing lease receivable portfolio at each balance sheet date. During the three and six months ended June 30, 2020, the Company recorded an allowance for loan losses of approximately $48,000 and $0.7 million, respectively. Changes in the Company’s allowance for loan losses are presented within provision for loan losses in the Company’s consolidated statements of operations. 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 loan and direct financing lease receivable portfolio. The forecasting model used is the probability weighted expected cash flow method, depending on the type of asset and global assumptions. The Company used a real estate loss estimate model (“RELEM”) which estimates losses on its 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. The Company's allowance for loan losses is adjusted to reflect the Company's 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 the Company's 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 June 30, 2020 and 2019, the Company recorded $1.5 million and $0.5 million provisions for impairment of real estate, respectively. During the six months ended June 30, 2020 and 2019, the Company recorded $1.9 million and $1.9 million provisions 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 June 30, 2020 and December 31, 2019, the Company had deposits of $100.8 million and $8.3 million, respectively, of which $100.6 million and $8.1 million, respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk with respect 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 invest in 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 reduction of rental revenue in the consolidated statements of operations.
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 rent receivables, 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 (each 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, to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows on a portion of the Company’s floating-rate debt. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. 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 accounting 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, derivatives and other payables on the Company’s consolidated balance sheets.
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 June 30, 2020 and December 31, 2019, the Company had capitalized a total of $58.0 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 June 30, 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 REIT 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 June 30, 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 relating to taxes in general and administrative expense in the consolidated statements of operations. During the three months ended June 30, 2020 and 2019, the Company recorded de minimis interest or penalties relating to taxes, and there were no interest or penalties with respect to taxes accrued at June 30, 2020 or December 31, 2019. The 2019, 2018, 2017 and 2016 taxable years remain open to examination by federal and/or 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 specified time 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 objective 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 applicable 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 Financial Accounting Standards Board (“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 June 30, 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 million and the Company’s maximum exposure to loss in these entities is limited to the carrying amount of its investment. The Company had no liabilities associated with these VIEs as of December 31, 2019. As of June 30, 2020, the Company concluded that eight 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 June 30, 2020, the carrying amount of the Company’s loans receivable with these entities was $66.8 million and the Company’s maximum exposure to loss in these entities is limited to the carrying amount of its investment. The Company had no liabilities associated with these VIEs as of June 30, 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, loans and direct financing leases. Therefore, the Company aggregates these investments for reporting purposes and operates in one reportable segment.
Net Income Per 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 . The guidance requires the classification of the Company’s unvested restricted common stock and units, which contain rights to receive non-forfeitable dividends or dividend equivalents, as participating securities requiring the two-class method of computing net income 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 Operating Partnership Units ("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 June 30, Six months ended June 30, (dollar amounts in thousands) 2020 2019 2020 2019 Numerator for basic and diluted earnings per share: Net income $ 10,444 $ 10,571 $ 24,488 $ 19,294 Less: net income attributable to non-controlling interests (63) (2,620) (147) (5,214) Less: net income allocated to unvested restricted common stock and RSUs (77) (112) (207) (267) Net income available for common stockholders: basic 10,304 7,839 24,134 13,813 Net income attributable to non-controlling interests 63 2,620 147 5,214 Net income available for common stockholders: diluted $ 10,367 $ 10,459 $ 24,281 $ 19,027 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 92,054,919 57,825,460 91,430,110 51,932,547 Less: weighted average number of shares of unvested restricted common stock (450,522) (721,784) (466,710) (727,814) Weighted average shares outstanding used in basic net income per share 91,604,397 57,103,676 90,963,400 51,204,733 Effects of dilutive securities: (1) OP Units 553,847 19,056,552 553,847 19,056,552 Unvested restricted common stock and RSUs 325,654 505,677 390,851 425,684 Weighted average shares outstanding used in diluted net income per share 92,483,898 76,665,905 91,908,098 70,686,969 _____________________________________ (1) For the three and six months ended June 30, 2020, excludes the impact of 73,080 and 69,196 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 (“ASU 2016-13”) establishing ASC 326, as amended by subsequent ASUs on the topic. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. The Company adopted this guidance on January 1, 2020 and recorded estimates of expected loss on its loans and direct financing lease receivable portfolio beginning on that date, as discussed above. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The Company adopted ASU 2017-12 while accounting for its interest rate swaps (see Note 5—Derivatives). As the Company did not have other derivatives outstanding at time of adoption, no prior period adjustments were required. Pursuant to the provisions of ASU 2017-12, the Company is no longer required to separately measure and recognize hedge ineffectiveness. Instead, the Company recognizes the entire change in the fair value of cash flow hedges included in the assessment of hedge effectiveness in other comprehensive (loss) income. The amounts recorded in other comprehensive (loss) income will subsequently be reclassified to earnings when the hedged item affects earnings. The adoption of ASU 2017-12 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which changes the disclosure requirements for fair value measurements by removing, adding and modifying certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance on January 1, 2020 and the adoption of ASU 2018-13 did not have a material impact on the Company’s related disclosures. In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848) (“ASU 2020-4”). ASU 2020-4 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-4 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. In April 2020, the 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 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 or less than the cash flows in the original lease. The Company made this election and accounts for rent deferrals by increasing its rent receivables as receivables accrue and continuing to recognize income during the deferral period, resulting in $9.8 million of deferrals being recognized in rental revenues for the three and six months ended June 30, 2020. Lease concessions or amendments other than rent deferrals are evaluated to determine if a substantive change to the consideration in the original lease contract has occurred and should be accounted for as a lease modification. The Company continues to evaluate any amounts recognized for collectability, regardless of whether accounted for as a lease modification or not, and records an adjustment to rental income for tenant credit for amounts that are not probable of collection. For lease concessions granted in conjunction with the COVID-19 pandemic, the Company reviewed all amounts recognized on a tenant-by-tenant basis for collectability.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, (dollar amounts in thousands) 2020 2019 2020 2019 Numerator for basic and diluted earnings per share: Net income $ 10,444 $ 10,571 $ 24,488 $ 19,294 Less: net income attributable to non-controlling interests (63) (2,620) (147) (5,214) Less: net income allocated to unvested restricted common stock and RSUs (77) (112) (207) (267) Net income available for common stockholders: basic 10,304 7,839 24,134 13,813 Net income attributable to non-controlling interests 63 2,620 147 5,214 Net income available for common stockholders: diluted $ 10,367 $ 10,459 $ 24,281 $ 19,027 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 92,054,919 57,825,460 91,430,110 51,932,547 Less: weighted average number of shares of unvested restricted common stock (450,522) (721,784) (466,710) (727,814) Weighted average shares outstanding used in basic net income per share 91,604,397 57,103,676 90,963,400 51,204,733 Effects of dilutive securities: (1) OP Units 553,847 19,056,552 553,847 19,056,552 Unvested restricted common stock and RSUs 325,654 505,677 390,851 425,684 Weighted average shares outstanding used in diluted net income per share 92,483,898 76,665,905 91,908,098 70,686,969 _____________________________________ (1) For the three and six months ended June 30, 2020, excludes the impact of 73,080 and 69,196 unvested restricted stock units as the effect would have been antidilutive.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Schedule of Information about Acquisition Activity	The following table presents information about the Company’s acquisition activity during the six months ended June 30, 2020: (Dollar amounts in thousands) Total Ownership type Fee Interest Number of properties acquired 73 Allocation of Purchase Price: Land and improvements $ 63,100 Building and improvements 114,469 Construction in progress (1) 9,641 Intangible lease assets 3,094 Assets acquired 190,304 Intangible lease liabilities — Liabilities assumed — Purchase price (including acquisition costs) $ 190,304 _____________________________________ (1) Represents amounts incurred at and subsequent to acquisition and includes $0.2 million of capitalized interest expense. (Dollar amounts in thousands) Total Ownership type Fee Interest Number of properties acquired 137 Allocation of Purchase Price: Land and improvements $ 96,418 Building and improvements 175,074 Construction in progress (1) 5,754 Intangible lease assets 10,338 Assets acquired 287,584 Intangible lease liabilities (117) Liabilities assumed (117) Purchase price (including acquisition costs) $ 287,467 _____________________________________ (1) Represents amounts incurred at and subsequent to acquisition and includes $0.1 million of capitalized interest.
Schedule of Gross Investment Activity	During the six months ended June 30, 2020 and 2019, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Dollar Gross investments, January 1, 2019 677 $ 1,394,549 Acquisitions of and additions to real estate investments (1) 137 290,943 Sales of investments in real estate (18) (35,383) Relinquishment of properties at end of ground lease term (1) (241) Provisions for impairment of real estate (2) (1,921) Investments in loans receivable 5 23,566 Principal collections on direct financing lease receivables (11) (10,412) Other (866) Gross investments, June 30, 2019 1,660,235 Less: Accumulated depreciation and amortization (3) (69,010) Net investments, June 30, 2019 789 $ 1,591,225 Gross investments, January 1, 2020 1,000 $ 2,002,314 Acquisitions of and additions to real estate investments 73 207,774 Sales of investments in real estate (13) (21,882) Relinquishment of properties at end of ground lease term (3) (1,931) Provisions for impairment of real estate (4) (1,859) Investments in loans receivable 3 9,656 Principal collections on loans and direct financing lease receivables (130) Other (1,328) Gross investments, June 30, 2020 2,192,614 Less: Accumulated depreciation and amortization (3) (113,235) Net investments, June 30, 2020 1,060 $ 2,079,379 _____________________________________ (1) During the six months ended June 30, 2019, the Company acquired nine properties that had secured one of its loans receivable for an aggregate purchase price of $8.2 million. This loan receivable had a carrying value of $5.7 million prior to our acquisition of the mortgaged properties. (2) During the six months ended June 30, 2019, the Company identified and recorded provisions for impairment at 1 vacant and 5 tenanted properties. (3) Includes $92.9 million and $53.0 million of accumulated depreciation as of June 30, 2020 and 2019, respectively.
Schedule of Loans Receivable	The Company’s loans receivable as of June 30, 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 June 30, December 31, 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 (3) Principal + Interest 2 10.69% 2039 1,435 1,435 Leasehold interest (4) Principal + Interest 1 2.25% 2034 1,137 1,164 Leasehold interest (4) Principal + Interest 1 2.41% 2034 1,685 — Leasehold interest (4) Principal + Interest 1 4.97% 2038 $ 1,625 — Net investment $ 99,211 $ 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) This leasehold interest is accounted for as a loan receivable, as the lease for two land parcels contains an option for the lessee to repurchase the leased parcels in 2024 or 2025. (4) These leasehold interests are accounted for as loans receivable, as the leases for each property contain an option for the relevant lessee to repurchase the leased property in the future.
Scheduled Principal Payments Due under Loans Receivable	Scheduled principal payments due under the Company’s loans receivable as of June 30, 2020 were as follows: (in thousands) Loans Receivable July 1 - December 31, 2020 $ 98 2021 207 2022 220 2023 236 2024 252 Thereafter 98,198 Total $ 99,211
Schedule of Direct Financing Lease Receivables	The components of the investments accounted for as direct financing lease receivables were as follows: (in thousands) June 30, December 31, Minimum lease payments receivable $ 3,698 $ 3,866 Estimated unguaranteed residual value of leased assets 270 270 Unearned income from leased assets (1,467) (1,581) Net investment $ 2,501 $ 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 June 30, 2020 were as follows: (in thousands) Future Minimum July 1 - December 31, 2020 $ 169 2021 340 2022 345 2023 347 2024 289 Thereafter 2,208 Total $ 3,698
Summary of Changes to Allowance for Loan Losses	For the six months ended June 30, 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) 516 Write-offs charged — Recoveries — Balance at June 30, 2020 $ 704 _____________________________________
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 June 30, 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% — 34,604 — — 1,100 35,704 LTV >70% 8,611 27,997 — — 883 37,491 $ 8,611 $ 90,601 $ — $ — $ 2,815 $ 102,027
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 six months ended June 30, 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, June 30, 2019 2 $ 3,765 $ — $ 3,765 Held for sale balance, December 31, 2019 1 $ 1,211 $ — $ 1,211 Transfers to held for sale classification 2 1,792 — 1,792 Sales (1) $ (1,211) $ — $ (1,211) Transfers to held and used classification — — — — Held for sale balance, June 30, 2020 2 $ 1,792 $ — $ 1,792
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 June 30, Six months ended June 30, State 2020 2019 2020 2019 Texas 12.9% 12.2% 12.6% 12.4% Georgia 10.5% 11.3% 10.7% 11.2%
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following as of the dates presented: June 30, 2020 December 31, 2019 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets: In-place leases $ 66,533 $ 16,659 $ 49,874 $ 64,828 $ 14,195 $ 50,633 Intangible market lease assets 12,644 3,944 8,700 14,094 4,228 9,866 Total intangible assets $ 79,177 $ 20,603 $ 58,574 $ 78,922 $ 18,423 $ 60,499 Intangible market lease liabilities $ 11,866 $ 2,737 $ 9,129 $ 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 June 30, 2020, by category and in total, were as follows: Years Remaining In-place leases 10.1 Intangible market lease assets 15.4 Total intangible assets 10.8 Intangible market lease liabilities 15.4
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 June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Amortization of in-place leases (1) $ 1,846 $ 1,551 $ 3,525 $ 2,883 Amortization (accretion) of market lease intangibles, net (2) 517 200 597 444 Amortization (accretion) of above- and below-market ground lease intangibles, net (3) 91 — 213 — _____________________________________ (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) July 1 - December 31, 2020 2021 2022 2023 2024 In-place lease assets $ 1,661 $ 3,197 $ 3,095 $ 2,987 $ 2,736 Adjustment to amortization expense $ 1,661 $ 3,197 $ 3,095 $ 2,987 $ 2,736 Above-market lease assets $ (402) $ (796) $ (795) $ (764) $ (731) Below-market lease liabilities 264 530 531 485 483 Net adjustment to rental revenue $ (138) $ (266) $ (264) $ (279) $ (248)

Credit Facilities (Tables)

Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
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 six months ended June 30, 2020 and 2019: (in thousands) 2020 2019 Balance on January 1, $ 46,000 $ 34,000 Borrowings 69,000 119,000 Repayments (115,000) (86,000) Balance on June 30, $ — $ 67,000

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2020 (2) Fair Value of Asset/(Liability) as of December 31, 2019 (2) Interest Rate Swap 2.06% 1 month LIBOR 2019-05-14 2024-04-12 $ 100,000 $ (7,177) $ (1,996) Interest Rate Swap 2.06% 1 month LIBOR 2019-05-14 2024-04-12 50,000 (3,589) (999) Interest Rate Swap 2.07% 1 month LIBOR 2019-05-14 2024-04-12 50,000 (3,595) (1,005) Interest Rate Swap (3) 1.61% 1 month LIBOR 2019-12-09 2026-11-26 175,000 (14,001) 758 Interest Rate Swap (3) 1.61% 1 month LIBOR 2019-12-09 2026-11-26 50,000 (4,014) 210 Interest Rate Swap (3) 1.60% 1 month LIBOR 2019-12-09 2026-11-26 25,000 (1,982) 127 Interest Rate Swap (4) 1.36% 1 month LIBOR 2020-07-09 2026-11-26 100,000 (6,446) — Interest Rate Swap (4) 1.36% 1 month LIBOR 2020-07-09 2026-11-26 80,000 (5,167) — $ 630,000 $ (45,971) $ (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, derivatives and other payables in the Company’s consolidated balance sheets totaling to $46.0 million and $4.0 million at June 30, 2020 and December 31, 2019, respectively. (3) Derivatives in a net asset position are included within rent receivables, prepaid expenses and other assets in the Company’s consolidated balance sheets totaling to $1.1 million at December 31, 2019. (4) The Company entered into two forward swap contracts during the six months ended June 30, 2020 with an effective date of July 9, 2020 and total notional value of $180.0 million.

Secured Borrowings (Tables)

Secured Borrowings (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020: (in thousands) Future Principal Payments July 1 - December 31, 2020 $ 1,967 2021 4,083 2022 4,292 2023 4,512 2024 160,305 Total $ 175,159

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Summary of Quarterly Cash Dividends	During the six months ended June 30, 2020 and 2019, 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 June 11, 2020 June 30, 2020 July 15, 2020 $ 0.23 $ 21,419 March 18, 2020 March 31, 2020 April 15, 2020 0.23 21,168 June 7, 2019 June 28, 2019 July 15, 2019 0.22 12,725 March 7, 2019 March 29, 2019 April 16, 2019 0.21 12,143

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Equity Based Payments [Abstract]
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 June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Compensation cost recognized in general and administrative expense $ 993 $ 873 $ 1,887 $ 1,745 Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings 55 109 166 264 Fair value of shares vested during the period 3,360 3,293 3,512 3,293 The following table presents information about the Company’s RSUs for the periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Compensation cost recognized in general and administrative expense $ 840 $ 155 $ 1,454 $ 290 Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings 23 2 42 2 Fair value of units vested during the period 896 — 896 — The following table presents information about the Class B and Class D units for the periods presented: (in thousands) Three months ended June 30, 2019 Six months ended June 30, 2019 Compensation cost recognized in general and administrative expense $ 219 $ 438 Fair value of units vested during the period 128 718
Schedule of Unrecognized Compensation Cost	The following table presents information about the Company’s RSAs as of the dates presented: (Dollars in thousands) June 30, December 31, Total unrecognized compensation cost $ 3,197 $ 5,026 Weighted average period over which compensation cost will be recognized (in years) 1.1 1.6 The following table presents information about the Company’s RSUs as of the dates presented: (Dollars in thousands) June 30, December 31, Total unrecognized compensation cost $ 5,001 $ 1,584 Weighted average period over which compensation cost will be recognized (in years) 2.8 2.4
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 six months ended June 30, 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 14.12 100,814 22.80 Vested (240,753) 13.68 — — Forfeited — — — — Unvested, June 30, 2019 496,905 $ 13.72 100,814 $ 22.80 Unvested, January 1, 2020 492,701 $ 13.72 100,814 $ 22.80 Granted 3,658 15.68 182,681 28.32 Vested (255,761) 13.73 (42,658) 21.00 Forfeited — — (5,571) — Unvested, June 30, 2020 240,598 $ 13.74 235,266 $ 27.95
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 six months ended June 30, 2019: Class B Units Class D Units Total Unvested, January 1, 2019 5,230 1,800 7,030 Granted — — — Vested (1,710) (600) (2,310) Forfeited — — — Unvested, June 30, 2019 3,520 1,200 4,720

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 were as follows: (in thousands) Future Minimum Base Rental Receipts July 1 - December 31, 2020 $ 77,296 2021 157,464 2022 159,630 2023 161,776 2024 162,556 Thereafter 1,864,027 Total $ 2,582,749
Components of Fixed and Variable Lease Revenues	The fixed and variable components of lease revenues for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2020 2019 2020 2019 Fixed lease revenues $ 41,828 $ 31,968 $ 82,231 $ 61,929 Variable lease revenues (1) 402 423 768 1,516 Total lease revenues (2) $ 42,230 $ 32,391 $ 82,999 $ 63,445 _____________________________________ (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 June 30, 2020: June 30, December 31, 2019 Weighted average remaining lease term (in years) 22.7 21.9 Weighted average discount rate 7.00% 7.00%
Details of Rent Expense	The following table sets forth the details of rent expense for the three and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30 (in thousands) 2020 2019 2020 2019 Fixed rent expense $ 337 $ 358 $ 719 $ 721 Variable rent expense — — — — Total rent expense $ 337 $ 358 $ 719 $ 721
Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (ASC 842)	As of June 30, 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 Total Future July 1 - December 31, 2020 $ 330 $ 323 $ 653 2021 662 650 1,312 2022 669 652 1,321 2023 656 318 974 2024 556 265 821 Thereafter 538 12,167 12,705 Total $ 3,411 $ 14,375 $ 17,786 Present value discount (10,715) Lease liabilities $ 7,071

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 Value Fair Value Measurements Using Fair Value Hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 June 30, 2020 Non-financial assets: Long-lived assets $ 1,445 $ — $ — $ — $ 1,445 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 June 30, 2020 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets: Vacant - Sylacauga, AL $ 187 Sales comparison Binding sales contract $ 187 Vacant - Waterloo, IA 550 Sales comparison Non-binding listing agreement 550 Family Dining - Jacksonville, FL 709 Discounted cash flow approach Terminal Value: 8.0% Discount Rate: 8.5% 709

Summary of Significant Accoun_4

Summary of Significant Accounting Principles - Additional Information (Details)		3 Months Ended		6 Months Ended
		Jun. 30, 2020USD ($)Entity	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)EntitySegment	Jun. 30, 2019USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)Entity
Summary Of Significant Accounting Policies [Line Items]
Percentage of ownership interests in operating partnership		99.40%		99.40%			99.30%
Allowance for loan losses		$ 704,000		$ 704,000		$ 200,000	$ 0
Allowance for loan losses during period		48,000		700,000
Provision for impairment		1,486,000	$ 481,000	1,859,000	$ 1,921,000
Deposits		100,839,000	7,816,000	100,839,000	7,816,000		8,304,000
Deposits in excess of amount insured by FDIC		100,600,000		100,600,000			8,100,000
Adjustment to rental revenue		4,800,000	100,000	5,500,000	100,000
Contingent rent		100,000	200,000	300,000	600,000
Capitalized offering costs		58,000,000		58,000,000			49,000,000
Provision for income tax		0		0
Uncertain tax position, interest or penalties accrued		0		0			0
Liabilities	[1]	888,859,000		888,859,000			773,334,000
Loans and direct financing lease receivables, net		$ 101,007,000		$ 101,007,000			$ 92,184,000
Number of reportable segments | Segment				1
Minimum
Summary Of Significant Accounting Policies [Line Items]
Lease-up period				6 months
Maximum
Summary Of Significant Accounting Policies [Line Items]
Lease-up period				12 months
Operating Partnership Unit
Summary Of Significant Accounting Policies [Line Items]
Award exchange ratio		1		1
Variable Interest Entity Not Primary Beneficiary ("VIEs") | Mortgage Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of variable interest entities | Entity		8		8			7
Liabilities		$ 0		$ 0			$ 0
Loans and direct financing lease receivables, net		66,800,000		66,800,000			$ 60,500,000
Real Estate Investments
Summary Of Significant Accounting Policies [Line Items]
Depreciation		$ 11,600,000	$ 8,500,000	$ 22,900,000	$ 16,300,000
Buildings
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
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 6. As of June 30, 2020 and December 31, 2019, all of the assets and liabilities of the Company were held by its operating partnership, Essential Properties, L.P., a consolidated VIE, with the exception of $21.5 million and $19.3 million, respectively, of dividends payable.

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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator for basic and diluted earnings per share:
Net income	$ 10,444	$ 14,043	$ 10,571	$ 8,723	$ 24,488	$ 19,294
Net income attributable to non-controlling interests	(63)		(2,620)		(147)	(5,214)
Less: net income allocated to unvested restricted common stock and RSUs	(77)		(112)		(207)	(267)
Net income available for common stockholders: basic	10,304		7,839		24,134	13,813
Less: net income attributable to non-controlling interests	63		2,620		147	5,214
Net income available for common stockholders: diluted	$ 10,367		$ 10,459		$ 24,281	$ 19,027
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding (in shares)	92,054,919		57,825,460		91,430,110	51,932,547
Less: weighted average number of shares of unvested restricted common stock (in shares)	(450,522)		(721,784)		(466,710)	(727,814)
Weighted average shares outstanding used in basic net income per share (in shares)	91,604,397		57,103,676		90,963,400	51,204,733
Effects of dilutive securities:
Weighted average shares outstanding used in diluted net income per share (in shares)	92,483,898		76,665,905		91,908,098	70,686,969
Operating Partnership Unit
Effects of dilutive securities:
Dilutive securities (in shares)	553,847		19,056,552		553,847	19,056,552
Unvested Restricted Common Stock and RSUs
Effects of dilutive securities:
Dilutive securities (in shares)	325,654		505,677		390,851	425,684

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, Footnote (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Unvested Restricted Stock Units
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	73,080	69,196

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)PropertyInvestmentLoan	Jun. 30, 2020USD ($)PropertyInvestmentLoan	Jun. 30, 2019USD ($)InvestmentProperty	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)PropertyLoanInvestment	Dec. 31, 2018USD ($)
Investments [Abstract]
Number of property locations of investments | Property	1,060	1,060			1,000
Number of property development in progress | Property	6	6			8
Number of real estate properties undeveloped land parcels | Property	1	1			1
Number of owned properties | Property	960	960			897
Number of properties owned as direct financing receivables | Property	11	11			8
Number of ground lease interests | Property	8	8			12
Number of real estate subject to direct financing leases | Property	1	1			1
Number of additional properties secured for mortgage loan receivable | Property	92	92			91
Number of mortgage loans receivable | Loan	9	9			6
Gross acquisition cost of real estate investments	$ 2,192,614	$ 2,192,614	$ 1,660,235		$ 2,002,314	$ 1,394,549
Real estate investments, at cost	2,089,815	2,089,815			1,908,919
Aggregate carrying amount of loans and direct financing lease receivable	$ 101,000	$ 101,000			$ 92,200
Number of investments | Investment	255	255			355
Investments	$ 364,800	$ 364,800			$ 601,300
Number of acquisitions individually represented more than five percentage of total investment activity | Investment		0	0
Number of loan receivable agreements secured | Loan	10	10			7
Aggregate carrying value of loans	$ 99,200	$ 99,200			$ 89,600
Partial repayment of loans	100	$ 100
Number of loan arrangements entered into | Property		3	3
Aggregate carrying value of loans entered into		$ 8,600
Credit risk, maximum exposure		99,200
Aggregate carrying amount of direct financing lease receivable	2,500	2,500			2,600
Allowance for loan losses	$ 704	$ 704		$ 200	$ 0

Investments - Schedule of Infor

Investments - Schedule of Information about Acquisition Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)Property	Jun. 30, 2019USD ($)Property
Investments [Abstract]
Number of properties acquired | Property	73	137
Allocation of Purchase Price:
Land and improvements	$ 63,100	$ 96,418
Building and improvements	114,469	175,074
Construction in progress	9,641	5,754
Intangible lease assets	3,094	10,338
Assets acquired	190,304	287,584
Intangible lease liabilities	0	(117)
Liabilities assumed	0	(117)
Purchase price (including acquisition costs)	$ 190,304	$ 287,467

Investments - Schedule of Inf_2

Investments - Schedule of Information about Acquisition Activity, Footnotes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Investments [Abstract]
Capitalized interest expense	$ 200	$ 100

Investments - Summary of Gross

Investments - Summary of Gross Investment Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)InvestmentLocation	Jun. 30, 2019USD ($)InvestmentLocation	Dec. 31, 2019USD ($)
Number of Investment Locations
Beginning balance | InvestmentLocation	1,000	677
Acquisitions of and additions to real estate investments | InvestmentLocation	73	137
Sales of investments in real estate | InvestmentLocation	(13)	(18)
Relinquishment of properties at end of ground lease term | InvestmentLocation	(3)	(1)
Investments in loans receivable | InvestmentLocation	3	5
Principal collections on direct financing lease receivables | InvestmentLocation		(11)
Ending balance | InvestmentLocation	1,060	789
Real Estate Investment Property, at Cost [Roll Forward]
Beginning balance	$ 2,002,314	$ 1,394,549
Acquisitions of and additions to real estate investments	207,774	290,943
Sales of investments in real estate	(21,882)	(35,383)
Relinquishment of properties at end of ground lease term	(1,931)	(241)
Provisions for impairment of real estate	(1,859)	(1,921)
Investments in loans receivable	9,656	23,566
Principal collections on direct financing lease receivables	(130)	(10,412)
Other	(1,328)	(866)
Ending balance	2,192,614	1,660,235
Less: accumulated depreciation and amortization	(113,235)	(69,010)	$ (90,071)
Net investments	$ 2,079,379	$ 1,591,225	$ 1,912,243

Investments - Summary of Gros_2

Investments - Summary of Gross Investment Activity, Footnotes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)Property	Jun. 30, 2020USD ($)Property	Dec. 31, 2019Property
Real Estate Properties [Line Items]
Number of real estate properties acquired	9
Loans receivable to purchaser of real estate property | $	$ 8.2
Loans receivable carrying value | $	5.7
Number of property locations of investments		1,060	1,000
Accumulated depreciation | $	$ 53	$ 92.9
Vacant Properties
Real Estate Properties [Line Items]
Number of property locations of investments	1	4
Tenanted Properties
Real Estate Properties [Line Items]
Number of property locations of investments	5	1

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable (Details) $ in Thousands	Jun. 30, 2020USD ($)Property	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Balance Outstanding	$ 99,211	$ 89,628
Mortgage Loan Receivable 8.80% Due at 2039
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	2
Interest Rate	8.80%
Principal Balance Outstanding	$ 12,000	12,000
Mortgage Loan Receivable 8.10% Due at 2059
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	2
Interest Rate	8.10%
Principal Balance Outstanding	$ 6,125	5,125
Mortgage Loan Receivable 8.53% Due at 2039
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	2
Interest Rate	8.53%
Principal Balance Outstanding	$ 7,300	7,300
Mortgage Loan Receivable 8.16% Due at 2034
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	69
Interest Rate	8.16%
Principal Balance Outstanding	$ 28,000	28,000
Mortgage Loan Receivable 8.05% Due at 2034
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	18
Interest Rate	8.05%
Principal Balance Outstanding	$ 34,604	34,604
Mortgage Loan Receivable 8.42% Due at 2040
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	1
Interest Rate	8.42%
Principal Balance Outstanding	$ 5,300	0
Leasehold Interest 10.69% Due 2039
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	2
Interest Rate	10.69%
Principal Balance Outstanding	$ 1,435	1,435
Leasehold Interest 2.25% Due 2034
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	1
Interest Rate	2.25%
Principal Balance Outstanding	$ 1,137	1,164
Leasehold Interest 2.41% Due 2034
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	1
Interest Rate	2.41%
Principal Balance Outstanding	$ 1,685	0
Leasehold Interest 4.97% Due 2038
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | Property	1
Interest Rate	4.97%
Principal Balance Outstanding	$ 1,625	$ 0

Investments - Schedule of Loa_2

Investments - Schedule of Loans Receivable, Footnotes (Details)	6 Months Ended
	Jun. 30, 2020Land
Investments [Abstract]
Number of land lease have option for lessee to purchase leased assets	2

Investments - Scheduled of Prin

Investments - Scheduled of Principal Payments Due under Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments [Abstract]
July 1 - December 31, 2020	$ 98
2021	207
2022	220
2023	236
2024	252
Thereafter	98,198
Total	$ 99,211	$ 89,628

Investments - Schedule of Direc

Investments - Schedule of Direct Financing Lease Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments [Abstract]
Minimum lease payments receivable	$ 3,698	$ 3,866
Estimated unguaranteed residual value of leased assets	270	270
Unearned income from leased assets	(1,467)	(1,581)
Net investment	$ 2,501	$ 2,555

Investments - Scheduled Future

Investments - Scheduled Future Minimum Non-cancelable Base Rental Payments Under Direct Financing Lease Receivables (Details) $ in Thousands	Jun. 30, 2020USD ($)
Investments [Abstract]
July 1 - December 31, 2020	$ 169
2021	340
2022	345
2023	347
2024	289
Thereafter	2,208
Total	$ 3,698

Investments - Summary of Change

Investments - Summary of Changes to Allowance for Loan Losses (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	$ 0
Current period provision for expected credit losses	516
Write-offs charged	0
Recoveries	0
Balance	704
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	$ 188

Investments - Summary of Signif

Investments - Summary of Significant Credit Quality Indicators Measured at Amortized Cost (Details) $ in Thousands	Jun. 30, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost Basis by Origination Year, 2020	$ 8,611
Amortized Cost Basis by Origination Year, 2019	90,601
Amortized Cost Basis by Origination Year, 2018	0
Amortized Cost Basis by Origination Year, 2017	0
Amortized Cost Basis by Origination Year, 2016	2,815
Total Amortized Costs Basis	102,027
LTV less than 60%
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost Basis by Origination Year, 2020	0
Amortized Cost Basis by Origination Year, 2019	28,000
Amortized Cost Basis by Origination Year, 2018	0
Amortized Cost Basis by Origination Year, 2017	0
Amortized Cost Basis by Origination Year, 2016	832
Total Amortized Costs Basis	28,832
LTV between 60% and 70%
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost Basis by Origination Year, 2020	0
Amortized Cost Basis by Origination Year, 2019	34,604
Amortized Cost Basis by Origination Year, 2018	0
Amortized Cost Basis by Origination Year, 2017	0
Amortized Cost Basis by Origination Year, 2016	1,100
Total Amortized Costs Basis	35,704
LTV greater than 70%
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized Cost Basis by Origination Year, 2020	8,611
Amortized Cost Basis by Origination Year, 2019	27,997
Amortized Cost Basis by Origination Year, 2018	0
Amortized Cost Basis by Origination Year, 2017	0
Amortized Cost Basis by Origination Year, 2016	883
Total Amortized Costs Basis	$ 37,491

Investments - Activity in Real

Investments - Activity in Real Estate Investments and Intangible Lease Liabilities Held for Sale (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)Property	Jun. 30, 2020USD ($)Property	Jun. 30, 2019USD ($)Property
Number of Properties
Beginning balance | Property		1	0
Transfers to held for sale classification | Property		2	2
Sales | Property		(1)	0
Transfers to held and used classification | Property		0	0
Ending balance | Property	2	2	2
Real Estate Investments
Beginning balance		$ 1,211	$ 0
Transfers to held for sale classification	$ 3,765	1,792
Sales		(1,211)	0
Transfers to held and used classification		0	0
Ending balance	3,765	1,792	3,765
Intangible Lease Liabilities
Beginning balance		0	0
Transfers to held for sale classification		0	0
Sales		0	0
Transfers to held and used classification		0	0
Ending balance	0	0	0
Net Carrying Value
Beginning balance		1,211	0
Transfers to held for sale classification	3,765	1,792
Sales		(1,211)	0
Transfers to held and used classification		0	0
Ending balance	$ 3,765	$ 1,792	$ 3,765

Investments - Schedule of Exter

Investments - Schedule of External Customers by Geographic Areas (Details) - Rental Revenue - Geographic Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Texas
Concentration Risk [Line Items]
Concentration risk percentage	12.90%	12.20%	12.60%	12.40%
Georgia
Concentration Risk [Line Items]
Concentration risk percentage	10.50%	11.30%	10.70%	11.20%

Investments - Schedule of Intan

Investments - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	$ 79,177	$ 78,922
Intangible assets, Accumulated Amortization	20,603	18,423
Intangible assets, Net Carrying Amount	58,574	60,499
Intangible market lease liabilities, Gross Carrying Amount	11,866	12,054
Intangible market lease liabilities, Accumulated Amortization	2,737	2,490
Intangible market lease liabilities, Net Carrying Amount	9,129	9,564
In-place leases
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	66,533	64,828
Intangible assets, Accumulated Amortization	16,659	14,195
Intangible assets, Net Carrying Amount	49,874	50,633
Intangible market lease assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross Carrying Amount	12,644	14,094
Intangible assets, Accumulated Amortization	3,944	4,228
Intangible assets, Net Carrying Amount	$ 8,700	$ 9,866

Investments - Summary of Remain

Investments - Summary of Remaining Weighted Average Amortization Periods for Intangible Assets and Liabilities (Details)	6 Months Ended
	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Years remaining, intangible assets	10 years 9 months 18 days
Years remaining, intangible market lease liabilities	15 years 4 months 24 days
In-place leases
Finite-Lived Intangible Assets [Line Items]
Years remaining, in-place leases	10 years 1 month 6 days
Intangible market lease assets
Finite-Lived Intangible Assets [Line Items]
Years remaining, intangible assets	15 years 4 months 24 days

Investments - Summary of Amorti

Investments - Summary of Amortization and Accretion Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 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	$ 1,846	$ 1,551	$ 3,525	$ 2,883
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	517	200	597	444
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	$ 91	$ 0	$ 213	$ 0

Investments - Summary of Projec

Investments - Summary of Projected Amortization Expenses for Next Five Years (Details) $ in Thousands	Jun. 30, 2020USD ($)
In-place leases | Amortization Expense
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
July 1 - December 31, 2020	$ 1,661
2021	3,197
2022	3,095
2023	2,987
2024	2,736
Adjustment to amortization expense | Amortization Expense
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
July 1 - December 31, 2020	1,661
2021	3,197
2022	3,095
2023	2,987
2024	2,736
Above-market lease assets | Rental Revenue
Rental Revenue Adjustment [Roll Forward]
July 1 - December 31, 2020	(402)
2021	(796)
2022	(795)
2023	(764)
2024	(731)
Below-market lease liabilities | Rental Revenue
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
July 1 - December 31, 2020	264
2021	530
2022	531
2023	485
2024	483
Net adjustment to rental revenue | Rental Revenue
Above Below Market Lease Assets Liabilities Net Adjustment To Rental Revenue [Roll Forward]
July 1 - December 31, 2020	(138)
2021	(266)
2022	(264)
2023	(279)
2024	$ (248)

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
Extension term	1 year

Credit Facilities - November 20

Credit Facilities - November 2019 Term Loan - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	May 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Nov. 26, 2019
Line of Credit Facility [Line Items]
Borrowings	$ 200,000,000	$ 69,000,000	$ 119,000,000
November 2019 Term Loan
Line of Credit Facility [Line Items]
Credit facility		430,000,000			$ 430,000,000
Aggregate revolving credit commitments					430,000,000
Borrowings		$ 430,000,000		$ 250,000,000
Maximum additional availability of the facility					$ 500,000,000
November 2019 Term Loan | Before November 26, 2020
Line of Credit Facility [Line Items]
Prepayment premium		2.00%
November 2019 Term Loan | After November 26, 2020 but Before November 26, 2021
Line of Credit Facility [Line Items]
Prepayment premium		1.00%

Credit Facilities - Summary of

Credit Facilities - Summary of Information about Revolving Credit Facility and 2018 Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	May 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Line of Credit Facility [Line Items]
Beginning balance		$ 46,000
Borrowings	$ 200,000	69,000	$ 119,000
Repayments		(115,000)	(86,000)
Ending balance		0		$ 46,000
Revolving Credit Facility and the 2018 Credit Facility
Line of Credit Facility [Line Items]
Beginning balance		46,000	34,000	34,000
Borrowings		69,000	119,000
Repayments		(115,000)	(86,000)
Ending balance		$ 0	$ 67,000	$ 46,000

Credit Facilities - Revolving C

Credit Facilities - Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Line of Credit Facility [Line Items]
Total deferred finance costs, net	$ 2.5		$ 2.5		$ 3.8
Interest expense recorded from amortization of deferred financing costs	0.2	$ 0.4	0.3	$ 1
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	0.3	0.6	0.5
Weighted-average interest rates					3.06%
Line of credit facility, unused borrowing capacity	400		400		$ 354
Revolving Credit Facility and the 2018 Credit Facility | Prepaid Expenses and Other Assets
Line of Credit Facility [Line Items]
Total deferred finance costs, net	3.1		3.1		$ 3.5
Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense on borrowings and unused facility fees	$ 0.5	$ 0.3	$ 0.9	$ 1

Credit Facilities - Term Loan F

Credit Facilities - Term Loan Facilities - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Nov. 26, 2019
Line of Credit Facility [Line Items]
Borrowings under revolving credit facility	$ 200,000,000			$ 69,000,000	$ 119,000,000
Total deferred finance costs, net		$ 2,500,000		2,500,000		$ 3,800,000
Interest expense recorded from amortization of deferred financing costs		200,000	$ 400,000	$ 300,000	1,000,000
Annual interest rate				1.43%		3.00%
Interest Rate Swaps
Line of Credit Facility [Line Items]
Annual interest rate				1.68%		3.22%
November 2019 Term Loan
Line of Credit Facility [Line Items]
Borrowings under revolving credit facility				$ 430,000,000		$ 250,000,000
Credit facility		430,000,000		430,000,000			$ 430,000,000
Term Loan Facility | Interest Expense
Line of Credit Facility [Line Items]
Interest expense including delayed draw ticking fees		3,100,000	3,100,000	6,500,000	1,000,000
Term Loan Facility | Unsecured Term Loan
Line of Credit Facility [Line Items]
Total deferred finance costs, net		4,100,000		4,100,000		$ 4,400,000
Interest expense recorded from amortization of deferred financing costs		$ 200,000	$ 41,000	$ 400,000	$ 41,000

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives reclassified from other comprehensive income			$ 9,700,000
Other comprehensive loss	$ 4,967,000	$ 3,873,000	43,067,000	$ 3,873,000
Derivative liability, including accrued interest	47,300,000		47,300,000		$ 4,100,000
Derivative asset, including accrued interest	0		0		1,000,000
Derivative instrument termination value	$ 47,700,000		$ 47,700,000		$ 3,100,000

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 ($)	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional value	$ 630,000,000
Fair value of Asset (Liability)	$ (45,971,000)	$ (2,905,000)
Interest Rate Swap One
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	2.06%
Notional value	$ 100,000,000
Fair value of Asset (Liability)	$ (7,177,000)	(1,996,000)
Interest Rate Swap Two
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	2.06%
Notional value	$ 50,000,000
Fair value of Asset (Liability)	$ (3,589,000)	(999,000)
Interest Rate Swap Three
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	2.07%
Notional value	$ 50,000,000
Fair value of Asset (Liability)	$ (3,595,000)	(1,005,000)
Interest Rate Swap Four
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.61%
Notional value	$ 175,000,000
Fair value of Asset (Liability)	$ (14,001,000)	758,000
Interest Rate Swap Five
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.61%
Notional value	$ 50,000,000
Fair value of Asset (Liability)	$ (4,014,000)	210,000
Interest Rate Swap Six
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.60%
Notional value	$ 25,000,000
Fair value of Asset (Liability)	$ (1,982,000)	127,000
Interest Rate Swap Seven
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.36%
Notional value	$ 100,000,000
Fair value of Asset (Liability)	$ (6,446,000)	0
Interest Rate Swap Eight
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.36%
Notional value	$ 80,000,000
Fair value of Asset (Liability)	$ (5,167,000)	$ 0

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Instruments, Footnotes (Details) $ in Millions	Jun. 30, 2020USD ($)Forwardswap	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 46	$ 4
Derivative asset		$ 1.1
Forward Swap Contracts
Derivatives, Fair Value [Line Items]
Number of forward swap contracts | Forwardswap	2
Notional value	$ 180

Secured Borrowings - Additional

Secured Borrowings - Additional Information (Details) $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Feb. 29, 2020USD ($)	Nov. 30, 2019USD ($)	Jul. 31, 2017USD ($)SpecialPurposeEntity	Dec. 31, 2016USD ($)SpecialPurposeEntity	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Nov. 12, 2019USD ($)	May 31, 2019USD ($)
Debt Instrument [Line Items]
Number of special purpose entities formed to hold assets and issue secured borrowings | SpecialPurposeEntity			3	2
Principal outstanding					$ 175,200		$ 175,200		$ 239,100
Total deferred finance costs, net					2,500		2,500		$ 3,800
Interest expense recorded from amortization of deferred financing costs					200	$ 400	300	$ 1,000
Loss on repayment of secured borrowings					0	4,353	924	4,353
Interest expense					$ 1,800	5,500	$ 3,900	11,300
Series 2016-1 Class A Notes
Debt Instrument [Line Items]
Prepayment of debt		$ 53,200
Loss on repayment of secured borrowings						$ 4,300		$ 4,300
Series 2016-1 Class A Notes | May 2019
Debt Instrument [Line Items]
Weighted-average interest rates					4.19%		4.19%		4.17%
Series 2016-1 Class A Notes | Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued				$ 263,500
Debt instrument repurchased, face amount											$ 200,000
Debt instrument repurchased, amount											201,400
Series 2016-1 Class B Notes
Debt Instrument [Line Items]
Prepayment of debt		17,200
Series 2016-1 Class B Notes | Eldridge Industries, LLC
Debt Instrument [Line Items]
Notes issued				$ 17,300
Series 2017-1 Class A Notes
Debt Instrument [Line Items]
Notes issued			$ 232,400
Prepayment of debt	$ 62,300						$ 62,300
Weighted-average interest rates					4.19%		4.19%
Series 2017-1 Class B Notes
Debt Instrument [Line Items]
Notes issued			$ 15,700
Series 2017-1 Notes
Debt Instrument [Line Items]
Maximum prepayment period			31 months
Series 2016-1 Notes
Debt Instrument [Line Items]
Debt instrument repurchased, face amount											200,000
Debt instrument repurchased, amount											$ 201,400
Debt instrument, cancel amount										$ 200,000
Prepayment of debt		$ 70,400

Secured Borrowings - Summary of

Secured Borrowings - Summary of Scheduled Principal Payments (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
July 1 - December 31, 2020	$ 1,967
2021	4,083
2022	4,292
2023	4,512
2024	160,305
Total	$ 175,159

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	Jan. 14, 2020	Jul. 22, 2019	Jul. 21, 2019	Mar. 18, 2019	Jun. 30, 2020	Aug. 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	May 31, 2020
Class of Stock [Line Items]
Proceeds from shares sold										$ 215,275,000	$ 235,704,000
Secondary Offering | Operating Partnership
Class of Stock [Line Items]
Operating partnership units converted (in shares)		18,502,705	18,502,705
2020 ATM Program
Class of Stock [Line Items]
Authorized equity distribution program					$ 250,000,000
Proceeds from shares sold, gross					17,300,000
Aggregate gross sales price of stock that can be issued					$ 232,700,000		$ 232,700,000			$ 232,700,000
2019 ATM Program
Class of Stock [Line Items]
Number of shares sold (in shares)												184,400,000
Authorized equity distribution program						$ 200,000,000
ATM Program
Class of Stock [Line Items]
Number of shares sold (in shares)							1,027,857			1,281,555
Proceeds from shares sold							$ 16,600,000			$ 22,700,000
Proceeds from shares sold, gross							$ 17,300,000			$ 23,600,000
Weighted average price of shares sold (in USD per share)							$ 16.86			$ 18.42
Common Stock
Class of Stock [Line Items]
Number of shares sold (in shares)							1,074,173	8,188,698	14,030,000
Common Stock | Follow-On Offering
Class of Stock [Line Items]
Number of shares sold (in shares)	7,935,000			14,030,000
Number of shares sold pursuant to underwriter's option (in shares)	1,035,000			1,830,000
Price of shares sold (in USD per share)	$ 25.20			$ 17.50
Proceeds from shares sold	$ 191,500,000			$ 234,600,000
Common Stock | Secondary Offering
Class of Stock [Line Items]
Number of shares sold (in shares)		26,288,316
Number of shares sold pursuant to underwriter's option to purchase additional shares (in shares)		3,428,910

Equity - Summary of Quarterly C

Equity - Summary of Quarterly Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 11, 2020	Mar. 18, 2020	Jun. 07, 2019	Mar. 07, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividends Payable [Line Items]
Dividend per Share of Common Stock (in USD per share)					$ 0.23	$ 0.21	$ 0.46	$ 0.43
Common Stock
Dividends Payable [Line Items]
Dividend per Share of Common Stock (in USD per share)	$ 0.23	$ 0.23	$ 0.22	$ 0.21
Total Dividend	$ 21,419	$ 21,168	$ 12,725	$ 12,143

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Details) - $ / shares	Jul. 22, 2019	Jul. 21, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Percentage of ownership interests in operating partnership			99.40%		99.40%		99.30%
Cash dividends (in USD per share)			$ 0.23	$ 0.21	$ 0.46	$ 0.43
Operating Partnership Unit
Noncontrolling Interest [Line Items]
Percentage of ownership interest, excluding general partner ownership interest			99.40%		99.40%
Award exchange ratio			1		1
Operating Partnership Unit | EPRT Holdings LLC
Noncontrolling Interest [Line Items]
Interest held in operating partnership (in shares)			553,847		553,847
Percentage of ownership interests in operating partnership			0.60%		0.60%
Eldridge Industries, LLC | Operating Partnership Unit
Noncontrolling Interest [Line Items]
Operating partnership units held (in shares)					93,024,022
Secondary Offering | Operating Partnership Unit
Noncontrolling Interest [Line Items]
Operating partnership units outstanding (in shares)		553,847
Secondary Offering | Operating Partnership
Noncontrolling Interest [Line Items]
Operating partnership units converted (in shares)	18,502,705	18,502,705
Essential Properties OP GP LLC
Noncontrolling 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)	Jun. 30, 2020shares
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares issuable under plan (in shares)	3,550,000

Equity Based Compensation - Res

Equity Based Compensation - Restricted Stock Awards - Additional Information (Details) - Equity Incentive Plan - Restricted Stock Awards - shares	1 Months Ended		6 Months Ended
	Jun. 30, 2020	Jan. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)			3,658	46,368
Directors, Executive Officers and Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)		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
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)	3,658

Equity Based Compensation - Sch

Equity Based Compensation - Schedule of Information about RSAs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 6,253	$ 4,737	$ 13,789	$ 8,925
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	993	873	1,887	1,745
Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings	55	109	166	264
Fair value of shares vested during the period	$ 3,360	$ 3,293	$ 3,512	$ 3,293

Equity Based Compensation - S_2

Equity Based Compensation - Schedule of Information about Unrecognized Compensation Cost RSAs (Details) - Restricted Stock Awards - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 3,197	$ 5,026
Weighted average period over which compensation cost will be recognized (in years)	1 year 1 month 6 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		6 Months Ended
	May 31, 2020	Jan. 31, 2020	Jun. 30, 2019	Jan. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share and unit based compensation expense							$ 3,348,000	$ 2,473,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested share awards percentage				75.00%
Performance period							20 days
TSR as percentage of peer group					50.00%		50.00%
Nonvested share awards remaining percentage issued							25.00%
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage payout				0.00%
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage payout				250.00%
Executive Officers | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)		84,684		119,085
Former Executive Officer | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)	7,596
Share and unit based compensation expense					$ 100,000		$ 100,000
Individuals Other than Former Executive Officer | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share and unit based compensation expense					$ 0	$ 0	$ 0	$ 0
Non-employee Directors | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)			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 (in shares)		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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense			$ 3,348	$ 2,473
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings	$ 23	$ 2	42	2
Fair value of units vested during the period	896	0	896	0
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	$ 840	$ 155	$ 1,454	$ 290

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	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 5,001	$ 1,584
Weighted average period over which compensation cost will be recognized (in years)	2 years 9 months 18 days	2 years 4 months 24 days

Equity Based Compensation - S_6

Equity Based Compensation - Schedule of Information about RSA and RSU Activity (Details) - Equity Incentive Plan - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Restricted Stock Awards
Shares
Beginning balance (in shares)	492,701	691,290
Granted (in shares)	3,658	46,368
Vested (in shares)	(255,761)	(240,753)
Forfeited (in shares)	0	0
Ending balance (in shares)	240,598	496,905
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 13.72	$ 13.68
Granted (in USD per share)	15.68	14.12
Vested (in USD per share)	13.73	13.68
Forfeited (in USD per share)	0	0
Ending balance (in USD per share)	$ 13.74	$ 13.72
Restricted Stock Units
Shares
Beginning balance (in shares)	100,814	0
Granted (in shares)	182,681	100,814
Vested (in shares)	(42,658)	0
Forfeited (in shares)	(5,571)	0
Ending balance (in shares)	235,266	100,814
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 22.80	$ 0
Granted (in USD per share)	28.32	22.80
Vested (in USD per share)	21	0
Forfeited (in USD per share)	0	0
Ending balance (in USD per share)	$ 27.95	$ 22.80

Equity Based Compensation - Uni

Equity Based Compensation - Unit Based Compensation - Additional Information - (Details) - shares	Jul. 22, 2019	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units vested (in shares)		2,310
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units vested (in shares)	3,520	1,710
Class D Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units vested (in shares)	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	Jun. 30, 2019
Unvested Units
Beginning balance (in shares)		7,030
Granted (in shares)		0
Vested (in shares)		(2,310)
Forfeited (in shares)		0
Ending balance (in shares)		4,720
Class B Units
Unvested Units
Beginning balance (in shares)		5,230
Granted (in shares)		0
Vested (in shares)	(3,520)	(1,710)
Forfeited (in shares)		0
Ending balance (in shares)		3,520
Class D Units
Unvested Units
Beginning balance (in shares)		1,800
Granted (in shares)		0
Vested (in shares)	(1,200)	(600)
Forfeited (in shares)		0
Ending balance (in shares)		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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense		$ 3,348	$ 2,473
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	$ 128		718
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		$ 438

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	Jun. 30, 2020USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
July 1 - December 31, 2020	$ 77,296
2021	157,464
2022	159,630
2023	161,776
2024	162,556
Thereafter	1,864,027
Total	$ 2,582,749

Leases - Components of Fixed an

Leases - Components of Fixed and Variable Lease Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Fixed lease revenues	$ 41,828	$ 31,968	$ 82,231	$ 61,929
Variable lease revenues	402	423	768	1,516
Total lease revenues	$ 42,230	$ 32,391	$ 82,999	$ 63,445

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
ROU assets	$ 4,500	$ 4,800
Lease liabilities	7,071	$ 7,500
Deferred rent	$ 9,800
Deferral term	24 months
ASU 2016-02
Lessee, Lease, Description [Line Items]
ROU assets			$ 4,800
Lease liabilities			4,800
Accrued Rent Expense Reclassified from Accrued Liabilities, Derivatives and Other Payables | ASU 2016-02
Lessee, Lease, Description [Line Items]
ROU assets			(100)
Acquired Above-Market Lease Liabilities, Net, Reclassified from Intangible Lease Liabilities, Net | ASU 2016-02
Lessee, Lease, Description [Line Items]
ROU assets			(1,200)
Acquired Below-Market Lease Assets, Net, Reclassified from Intangible Lease Assets, Net | ASU 2016-02
Lessee, Lease, Description [Line Items]
ROU assets			100
Prepaid Lease Payments | ASU 2016-02
Lessee, Lease, Description [Line Items]
ROU assets			$ 200

Leases - Information Related to

Leases - Information Related to Measurement of Lease Liabilities (Details)	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	22 years 8 months 12 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Fixed rent expense	$ 337	$ 358	$ 719	$ 721
Variable rent expense	0	0	0	0
Total rent expense	$ 337	$ 358	$ 719	$ 721

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	Jun. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
July 1 - December 31, 2020	$ 653
2021	1,312
2022	1,321
2023	974
2024	821
Thereafter	12,705
Total	17,786
Present value discount	(10,715)
Lease liabilities	7,071	$ 7,500
Office and Ground Leases to be Paid by the Company
Lessee, Lease, Description [Line Items]
July 1 - December 31, 2020	330
2021	662
2022	669
2023	656
2024	556
Thereafter	538
Total	3,411
Ground Leases to be Paid Directly by the Company’s Tenants
Lessee, Lease, Description [Line Items]
July 1 - December 31, 2020	323
2021	650
2022	652
2023	318
2024	265
Thereafter	12,167
Total	$ 14,375

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Commitments and Contingencies [Line Items]
Reimbursement to tenants			$ 23,800,000
Employer matching contribution	$ 19,000	$ 17,000	$ 100,000	$ 100,000
Executive Officers
Commitments and Contingencies [Line Items]
Employment agreement, initial term			4 years
Employment agreement, automatic extension period upon non-renewal notice not provided			1 year
Employment agreement, base salary term after termination			12 months
Employment agreement, COBRA term after termination			12 months
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	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net deferred financing costs	$ 2.5	$ 3.8
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured borrowings	175.2	239.1
Level 3 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured borrowings	167.6	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 derivative liability	$ 46	$ 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	Jun. 30, 2020	Dec. 31, 2019
Net Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 1,445,000	$ 3,864
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	0	0
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	0	0
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 1,445,000	$ 3,864

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Quantitative Information About Level 3 Fair Value Measurements (Details)	Jun. 30, 2020USD ($)
Family Dining Restaurant | Jacksonville, FL | Measurement Input, Terminal Value | Discounted cash flow approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	0.080
Family Dining Restaurant | Jacksonville, FL | Measurement Input, Discount Rate | Discounted cash flow approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	0.085
Level 3 | Vacant | Sylacauga, AL | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 187,000,000
Level 3 | Vacant | Waterloo, IA | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	550,000,000
Level 3 | Family Dining Restaurant | Jacksonville, FL | Discounted cash flow approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 709,000,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - Eldridge Industries, LLC - Series 2016-1 Class A Notes $ in Millions	May 31, 2019USD ($)
Related Party Transaction [Line Items]
Debt instrument repurchased, face amount	$ 200
Debt instrument repurchased, amount	$ 201.4

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event	1 Months Ended
	Aug. 05, 2020USD ($)Property	Jul. 31, 2020USD ($)
Subsequent Event
Number of real estate investment properties acquired | Property	6
Aggregate investment (including acquisition-related costs)	$ 23,300,000
Investment in new and ongoing construction in progress	$ 2,900,000
Number of investment properties sold or transferred | Property	3
Investment, aggregate gross sales price	$ 2,900,000
Investment, disposition costs	$ 100,000
Restricted Stock Units | Executive Officers
Subsequent Event
Unvested shares issued		$ 1,050,000