Essential Properties Realty Trust (EPRT) 10-Q 24 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 (in shares)		175,306,386
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001728951
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Real estate investments, at cost:
Land and improvements		$ 1,635,673	$ 1,542,302
Building and improvements		3,045,579	2,938,012
Lease incentives		17,892	17,890
Construction in progress		121,633	96,524
Intangible lease assets		88,320	89,209
Total real estate investments, at cost		4,909,097	4,683,937
Less: accumulated depreciation and amortization		(393,784)	(367,133)
Total real estate investments, net		4,515,313	4,316,804
Loans and direct financing lease receivables, net		235,905	223,854
Real estate investments held for sale, net		1,235	7,455
Net investments		4,752,453	4,548,113
Cash and cash equivalents		79,161	39,807
Restricted cash		3	9,156
Straight-line rent receivable, net		117,130	107,545
Derivative assets		37,207	30,980
Rent receivables, prepaid expenses and other assets, net		27,491	32,660
Total assets	[1]	5,013,445	4,768,261
LIABILITIES AND EQUITY
Unsecured term loans, net of deferred financing costs		1,273,365	1,272,772
Senior unsecured notes, net		395,985	395,846
Revolving credit facility		0	0
Intangible lease liabilities, net		10,936	11,206
Intangible lease liabilities held for sale, net		76	0
Dividend payable		50,236	47,182
Derivative liabilities		9,490	23,005
Accrued liabilities and other payables		25,798	31,248
Total liabilities	[1]	1,765,886	1,781,259
Commitments and contingencies (see Note 11)		0	0
Stockholders' equity:
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of March 31, 2024 and December 31, 2023		0	0
Common stock, $0.01 par value; 500,000,000 authorized; 175,306,386 and 164,635,150 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		1,753	1,646
Additional paid-in capital		3,325,668	3,078,459
Distributions in excess of cumulative earnings		(111,926)	(105,545)
Accumulated other comprehensive income		23,594	4,019
Total stockholders' equity		3,239,089	2,978,579
Non-controlling interests		8,470	8,423
Total equity		3,247,559	2,987,002
Total liabilities and equity		$ 5,013,445	$ 4,768,261
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 2 — Summary of Significant Accounting Policies. As of March 31, 2024 and December 31, 2023, 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 $50.1 million and $47.0 million, respectively, of dividends payable.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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)	175,306,386	164,635,150
Common shares, outstanding shares (in shares)	175,306,386	164,635,150
Dividend payable	$ 50,236	$ 47,182
Consolidated entity, excluding VIE
Dividend payable	$ 50,100	$ 47,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Rental revenue	$ 98,510	$ 78,172
Interest on loans and direct financing lease receivables	4,740	4,446
Other revenue, net	251	1,069
Total revenues	103,501	83,687
Expenses:
General and administrative	9,358	8,583
Property expenses	993	843
Depreciation and amortization	28,525	23,824
Provision for impairment of real estate	3,752	677
Change in provision for credit losses	2	(30)
Total expenses	42,630	33,897
Other operating income:
Gain on dispositions of real estate, net	1,512	4,914
Income from operations	62,383	54,704
Other (expense)/income:
Interest expense	(15,597)	(12,133)
Interest income	493	638
Income before income tax expense	47,279	43,209
Income tax expense	156	153
Net income	47,123	43,056
Net income attributable to non-controlling interests	(148)	(160)
Net income attributable to stockholders	$ 46,975	$ 42,896
Basic weighted average shares outstanding (in shares)	167,290,702	144,406,044
Basic net income per share (in USD per share)	$ 0.28	$ 0.30
Diluted weighted average shares outstanding (in shares)	168,854,601	146,000,007
Diluted net income per share (in USD per share)	$ 0.28	$ 0.29

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 47,123	$ 43,056
Other comprehensive income (loss):
Unrealized gain (loss) on cash flow hedges	27,831	(9,485)
Cash flow hedge gain reclassified to interest expense	(8,200)	(5,343)
Total other comprehensive income (loss)	19,631	(14,828)
Comprehensive income	66,754	28,228
Net income attributable to non-controlling interests	(148)	(160)
Adjustment for cash flow hedge losses attributable to non-controlling interests	56	91
Comprehensive income attributable to stockholders and members	$ 66,662	$ 28,159

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid In Capital	Distributions in Excess of Cumulative Earnings	Accumulated Other Comprehensive Income	Non-controlling Interests
Balance at beginning of period (in shares) at Dec. 31, 2022			142,379,655
Balance at beginning of period at Dec. 31, 2022	$ 2,496,771	$ 2,488,261	$ 1,424	$ 2,563,305	$ (117,187)	$ 40,719	$ 8,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance (in shares)			6,248,695
Common stock issuance	147,279	147,279	$ 62	147,217
Common stock withheld related to net share settlement of equity awards	(2,745)	(2,745)			(2,745)
Costs related to issuance of common stock	(444)	(444)		(444)
Other comprehensive income (loss)	(14,828)	(14,737)				(14,737)	(91)
Equity based compensation expense (in shares)			209,767
Equity based compensation expense	2,721	2,721	$ 2	2,719
Dividends declared on common stock and OP Units	(41,183)	(41,030)			(41,030)		(153)
Net income	43,056	42,896			42,896		160
Balance at end of period (in shares) at Mar. 31, 2023			148,838,117
Balance at end of period at Mar. 31, 2023	$ 2,630,627	2,622,201	$ 1,488	2,712,797	(118,066)	25,982	8,426
Balance at beginning of period (in shares) at Dec. 31, 2023	164,635,150		164,635,150
Balance at beginning of period at Dec. 31, 2023	$ 2,987,002	2,978,579	$ 1,646	3,078,459	(105,545)	4,019	8,423
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance (in shares)			10,508,096
Common stock issuance	244,735	244,735	$ 105	244,630
Common stock withheld related to net share settlement of equity awards	(3,277)	(3,277)			(3,277)
Costs related to issuance of common stock	(366)	(366)		(366)
Other comprehensive income (loss)	19,631	19,575				19,575	56
Equity based compensation expense (in shares)			163,140
Equity based compensation expense	2,947	2,947	$ 2	2,945
Dividends declared on common stock and OP Units	(50,236)	(50,079)			(50,079)		(157)
Net income	$ 47,123	46,975			46,975		148
Balance at end of period (in shares) at Mar. 31, 2024	175,306,386		175,306,386
Balance at end of period at Mar. 31, 2024	$ 3,247,559	$ 3,239,089	$ 1,753	$ 3,325,668	$ (111,926)	$ 23,594	$ 8,470

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Cash flows from operating activities:
Net income	$ 47,123	$ 43,056
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,525	23,824
Amortization of lease incentives	306	366
Amortization of above/below market leases and right of use assets, net	(87)	(85)
Amortization of deferred financing costs and other non-cash interest expense	1,159	1,534
Provision for impairment of real estate	3,752	677
Change in provision for credit losses	2	(30)
Gain on dispositions of real estate, net	(1,512)	(4,914)
Straight-line rent receivable, net	(9,980)	(6,838)
Equity based compensation expense	2,945	2,721
Adjustment to rental revenue for tenant credit	1	(160)
Changes in other assets and liabilities:
Rent receivables, prepaid expenses and other assets, net	411	(2,111)
Accrued liabilities and other payables	(5,893)	(4,354)
Net cash provided by operating activities	66,752	53,686
Cash flows from investing activities:
Proceeds from sales of investments, net	16,469	36,636
Principal collections on loans and direct financing lease receivables	2,841	11,734
Investments in loans receivable	(14,894)	(3,400)
Deposits for prospective real estate investments	(675)	(649)
Investment in real estate, including capital expenditures	(196,495)	(188,998)
Investment in construction in progress	(37,944)	(14,520)
Lease incentives paid	(25)	0
Net cash used in investing activities	(230,723)	(159,197)
Cash flows from financing activities:
Payments for taxes related to net settlement of equity awards	(3,277)	(2,746)
Proceeds from issuance of common stock, net	244,735	147,241
Offering costs	(104)	(128)
Dividends paid	(47,182)	(39,398)
Net cash provided by financing activities	194,172	104,969
Net increase (decrease) in cash and cash equivalents and restricted cash	30,201	(542)
Cash and cash equivalents and restricted cash, beginning of period	48,963	71,500
Cash and cash equivalents and restricted cash, end of period	79,164	70,958
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	79,161	70,958
Restricted cash	3	0
Cash and cash equivalents and restricted cash, end of period	79,164	70,958
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	17,411	11,833
Cash paid for income taxes	179	504
Non-cash investing and financing activities:
Reclassification from construction in progress upon project completion	12,640	6,712
Unrealized gain (loss) on cash flow hedges	27,831	(9,485)
Payable and accrued offering costs	262	277
Discounts and fees on capital raised through issuance of common stock	0	38
Dividends declared	$ 50,236	$ 41,183

Organization

Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business Essential Properties Realty Trust, Inc. (the “Company”) is an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. The Company generally 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 directly and indirectly through its operating partnership, Essential Properties, L.P. (the “Operating Partnership”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for the full year. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as filed with the SEC in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation. As of March 31, 2024 and December 31, 2023, the Company, directly and indirectly, held a 99.7% 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 8—Non-controlling Interests 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. 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 or real estate that secures the Company's investment in loans and direct financing lease receivables. Therefore, the Company aggregates these investments for reporting purposes and operates in one reportable segment. 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 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. 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 Company allocates the purchase price of acquired properties accounted for as asset acquisitions to tangible assets and liabilities and identifiable intangible assets or liabilities, if any, 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 fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases based on the specific characteristics of each tenant’s lease. The Company estimates the cost to execute leases with terms similar to the remaining lease terms of the in-place leases, including leasing commissions, legal and other related expenses. Factors the Company considers in this analysis include an estimate of the carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from six 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 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. The Company recorded the following amounts of depreciation expense on its real estate investments during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Depreciation on real estate investments $ 26,866 $ 22,129 Lease incentives are amortized on a straight-line basis as a reduction of rental revenue 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 intangibles 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 intangibles 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. 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, less the Company's estimated allowance for credit losses. 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. Allowance for Credit Losses Under ASC Topic 326, Financial Instruments – Credit Losses, the Company uses 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 credit losses. The RELEM allows the Company to refine (on an ongoing basis) the expected loss estimate by incorporating asset-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 or direct financing lease receivable. The model also incorporates assumptions related to underlying collateral values, various loss scenarios, and predicted losses to estimate expected losses. The Company's specific asset-level inputs include loan-to-stabilized-value (“LTV”), principal balance, property type, location, coupon, origination year, term, subordination, expected repayment date and future funding. 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. 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 receivable. The Company's allowance for credit losses is adjusted to reflect its estimation of the current and future economic conditions that impact the performance of the real estate assets securing its loans. These estimations include various macroeconomic factors impacting the likelihood and magnitude of potential credit losses for the Company's loans and direct financing lease receivables during their anticipated term. Changes in the Company's allowance for credit losses are presented within change in provision for credit losses in its consolidated statements of operations. 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 losses, if any, are recorded directly within our consolidated statements of operations. The Company recorded the following provisions for impairment of long lived assets during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Provision for impairment of real estate $ 3,752 $ 677 Cash and Cash Equivalents Cash and cash equivalents includes cash in the Company’s bank accounts. The Company considers all cash balances and highly liquid investments with original maturities of three months or less to be cash and cash equivalents. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to an insurance limit. As of March 31, 2024 and December 31, 2023, the Company had cash and cash equivalents of $79.2 million and $39.8 million, respectively, of which $78.9 million and $39.6 million, respectively, were not insured by the FDIC. Although the Company bears risk with respect to amounts not insured by the FDIC, it has not experienced and does not anticipate any losses as a result due to the high quality of the financial institutions where balances are held. Restricted Cash Restricted cash primarily consists of cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"). Forward Equity Sales The Company has and may continue to enter into forward sale agreements relating to shares of its common stock, either through its 2022 ATM Program (as defined herein) or through underwritten public offerings. These agreements may be physically settled in stock, settled in cash or net share settled at the Company’s election. The Company evaluated its forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Company’s common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Company’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Company’s common stock that could be purchased by the Company in the market (based on the average market price during the reporting period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Company’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Company elects to physically settle or net share settle such forward sale agreement, delivery of the Company’s shares will result in dilution to the Company’s earnings per share. Deferred Financing Costs Financing costs related to establishing the Company’s Revolving Credit Facility (as defined below) were deferred and are being amortized as an increase to interest expense in the consolidated statements of operations 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 incurrence of borrowings under the Company’s unsecured term loans and the issuance of senior unsecured notes 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 such derivative instruments would be recognized immediately as a gain or loss on derivative instruments in the consolidated statements of operations. Fair Value Measurement The Company estimates the 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 considers whether the collectability of rents is reasonably assured in determining the amount of straight-line rent to record. Generally, the Company’s leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. If economic incentives make it reasonably certain that an option period to extend the lease will be exercised, the Company will include these options in determining the non-cancelable term of the lease. The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within accrued liabilities and other payables on the Company’s consolidated balance sheets. Certain properties in the Company’s investment portfolio are subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales. For these leases, the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Contingent rent $ 238 $ 176 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. 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. The Company recorded the following adjustments as increases or decreases to rental revenue for tenant credit during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Adjustment to (decrease) increase rental revenue for tenant credit $ (1) $ 160 Offering Costs In connection with the completion of equity offerings, the Company incurs legal, accounting and other offering-related costs. Such costs are deducted from the gross proceeds of each equity offering when the offering is completed. As of March 31, 2024 and December 31, 2023, the Company capitalized a total of $91.6 million and $91.3 million, respectively, of such costs, which are presented as a reduction of additional paid-in capital in the Company’s consolidated balance sheets. Income Taxes The Company elected and qualified to be taxed as a REIT under sections 856 through 860 of the Code, 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 March 31, 2024 and December 31, 2023, the Company had no accruals recorded 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 March 31, 2024 and 2023, the Company recorded de minimis interest or penalties relating to taxes, and there were no interest or penalties with respect to taxes accrued as of March 31, 2024 or December 31, 2023. The 2022, 2021 and 2020 taxable years remain open to examination by federal and/or state taxing jurisdictions to which the Company is subject. Equity-Based Compensation The Company grants shares of restricted common stock ("RSAs") and restricted stock 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 grants performance-based RSUs to executive officers, the final number of which is determined based on objective and, with respect to performance-based RSUs issued prior to 2024, subjective performance conditions which vest over a multi-year period, subject to the recipient’s continued service. The Company accounts for RSAs 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 fair value of the award on the grant date. Forfeitures of equity-based compensation awards, if any, are recognized when they occur. Variable Interest Entities The Financial Accounting Standards Board (“FASB”) provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance; and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. 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

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Investments	70% 13,143 14,842 69,351 29,953 29,097 156,386 $ 13,143 $ 14,842 $ 92,351 $ 58,187 $ 58,050 $ 236,573 Real Estate Investments Held for Sale The Company continually evaluates its portfolio of real estate investments and may elect to dispose of investments considering criteria including, but not limited to, tenant concentration, tenant credit quality, tenant operation type (e.g., industry, sector or concept), unit-level financial performance, local market conditions and lease rates, associated indebtedness and asset location. Real estate investments held for sale are expected to be sold within twelve months. The following table shows the activity in real estate investments held for sale and intangible lease liabilities held for sale during the three months ended March 31, 2024 and 2023. (Dollar amounts in thousands) Number of Properties Real Estate Investments Intangible Lease Liabilities Net Carrying Value Held for sale balance, January 1, 2023 4 $ 4,780 $ — $ 4,780 Transfers to held for sale classification 3 3,701 — 3,701 Sales (3) (3,083) — (3,083) Transfers to held and used classification — — — — Held for sale balance, March 31, 2023 4 $ 5,398 $ — $ 5,398 Held for sale balance, January 1, 2024 4 $ 7,455 $ — $ 7,455 Transfers to held for sale classification 2 1,235 (76) 1,159 Sales (4) (7,455) — (7,455) Transfers to held and used classification — — — — Held for sale balance, March 31, 2024 2 $ 1,235 $ (76) $ 1,159 Significant Concentrations The Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose rental revenue for the three months ended March 31, 2024 or 2023 represented 10% or more of total rental revenue in the Company’s consolidated statements of operations. The following table lists the state where the rental revenue from the properties in that state during the periods presented represented 10% or more of total rental revenue in the Company’s consolidated statements of operations: Three months ended March 31, State 2024 2023 Texas 13.3% 13.2% Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of the dates presented: March 31, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 77,356 $ 36,783 $ 40,573 $ 78,080 $ 35,896 $ 42,184 Intangible market lease assets 10,964 5,460 5,504 11,129 5,456 5,673 Total intangible assets $ 88,320 $ 42,243 $ 46,077 $ 89,209 $ 41,352 $ 47,857 Intangible market lease liabilities $ 15,275 $ 4,339 $ 10,936 $ 15,505 $ 4,299 $ 11,206 The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of March 31, 2024, by category and in total, were as follows: Years Remaining In-place leases 8.2 Intangible market lease assets 10.2 Total intangible assets 8.5 Intangible market lease liabilities 8.7 The following table discloses amounts recognized within the consolidated statements of operations related to amortization of in-place leases, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Amortization of in-place leases (1) $ 1,579 $ 1,627 Amortization (accretion) of market lease intangibles, net (2) (25) (1) Amortization (accretion) of above- and below-market ground lease intangibles, net (3) (62) (84) _____________________________________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental revenue. (3) Reflected within property expenses. The following table provides the estimated amortization of in-place lease assets to be recognized as a component of depreciation and amortization expense for the next five years and thereafter: (in thousands) In-Place Lease Assets April 1 - December, 31, 2024 $ 4,265 2025 4,545 2026 4,241 2027 3,712 2028 3,173 Thereafter 20,637 Total $ 40,573 The following table provides the estimated net amortization of above- and below-market lease intangibles to be recognized as a component of rental revenue for the next five years and thereafter: (in thousands) Above Market Lease Asset Below Market Lease Liabilities Net Adjustment to Rental Revenue April 1 - December, 31, 2024 $ (498) $ 525 $ 27 2025 (659) 701 42 2026 (649) 705 56 2027 (627) 729 102 2028 (385) 684 299 Thereafter (2,686) 7,592 4,906 Total $ (5,504) $ 10,936 $ 5,432 " id="sjs-B4" xml:space="preserve">Investments The following table presents information about the number of investments in the Company’s real estate investment portfolio as of each date presented: March 31, 2024 December 31, 2023 Owned properties (1) 1,793 1,726 Properties securing investments in mortgage loans (2) 135 136 Ground lease interests 9 11 Total number of investments 1,937 1,873 _____________________________________ (1) Includes six properties which are subject to leases accounted for as direct financing leases or loans as of March 31, 2024 and December 31, 2023. (2) Properties secure 20 mortgage loans receivable as of March 31, 2024 and December 31, 2023. The following table presents information about the gross investment value of the Company’s real estate investment portfolio as of each date presented: (in thousands) March 31, 2024 December 31, 2023 Real estate investments, at cost $ 4,909,097 $ 4,683,937 Loans and direct financing lease receivables, net 235,905 223,854 Real estate investments held for sale, net 1,235 7,455 Total gross investments $ 5,146,237 $ 4,915,246 Investments in 2024 and 2023 The following table presents information about the Company’s acquisition activity during the three months ended March 31, 2024 and 2023: Three months ended March 31, (Dollar amounts in thousands) 2024 2023 Ownership type Fee Interest (1) Number of properties 74 56 Purchase price allocation Land and improvements $ 95,254 $ 58,464 Building and improvements 101,822 128,805 Construction in progress (2) 37,944 14,520 Intangible lease assets — 570 Total purchase price 235,020 202,359 Intangible lease liabilities — — Purchase price (including acquisition costs) $ 235,020 $ 202,359 _____________________________________ (1) During the three months ended March 31, 2023, the Company acquired fee interests in 55 properties and acquired one property subject to a ground lease. (2) Represents amounts incurred at and subsequent to acquisition and includes $0.9 million and $0.4 million of capitalized interest expense during the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company did not make any new investments that individually represented more than 5% of the Company’s total real estate investment portfolio. Gross Investment Activity During the three months ended March 31, 2024 and 2023, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Dollar Gross investments, January 1, 2023 1,653 $ 4,055,385 Acquisitions of and additions to real estate investments 56 203,518 Sales of investments in real estate (16) (33,641) Relinquishment of properties at end of ground lease term (1) (837) Provision for impairment of real estate (1) (677) Investments in loans receivable 1 3,400 Principal collections on and settlements of loans and direct financing lease receivables (5) (11,734) Other (929) Gross investments, March 31, 2023 4,214,485 Less: Accumulated depreciation and amortization (2) (297,362) Net investments, March 31, 2023 1,688 $ 3,917,123 Gross investments, January 1, 2024 1,873 $ 4,915,246 Acquisitions of and additions to real estate investments 74 235,046 Sales of investments in real estate (7) (10,750) Relinquishment of property at end of ground lease term (2) (1,330) Provision for impairment of real estate (3) (3,752) Investments in loans and direct financing lease receivables 5 14,894 Principal collections on and settlements of loans and direct financing lease receivables (6) (2,841) Other (276) Gross investments, March 31, 2024 5,146,237 Less: Accumulated depreciation and amortization (2) (393,784) Net investments, March 31, 2024 1,937 $ 4,752,453 _____________________________________ (1) During the three months ended March 31, 2023, the Company identified and recorded provisions for impairment at one tenanted property and two vacant properties. (2) Includes $347.4 million and $260.7 million of accumulated depreciation as of March 31, 2024 and 2023, respectively. (3) During the three months ended March 31, 2024, the Company identified and recorded provisions for impairment at three tenanted properties and one vacant property. Loans and Direct Financing Lease Receivables As of March 31, 2024 and December 31, 2023, the Company had 20 loans receivable outstanding, and two leases accounted for as loans, with an aggregate carrying amount of $235.2 million and $223.1 million, respectively. The maximum amount of loss due to credit risk is the Company's current principal balance of $235.2 million as of March 31, 2024. The Company’s loans receivable portfolio as of March 31, 2024 and December 31, 2023 is summarized below (dollars in thousands): Principal Balance Outstanding Loan Type Monthly Payment (1) Number of Secured Properties Effective Interest Rate Stated Interest Rate Maturity Date March 31, 2024 December 31, 2023 Mortgage (2)(3) I/O 2 8.80% 8.00% 2039 $ 12,000 $ 12,000 Mortgage (2) I/O 2 8.53% 7.75% 2039 7,300 7,300 Mortgage (2) I/O 69 7.79% 7.33% 2034 51,000 51,000 Mortgage (2) I/O 1 8.42% 7.65% 2040 5,300 5,300 Mortgage (2) I/O 2 8.54% 8.50% 2024 1,785 1,785 Mortgage (2) I/O — 7.00% 7.00% 2024 — 500 Mortgage (2) I/O 2 8.30% 8.25% 2024 994 994 Mortgage (2) I/O 2 6.87% 6.40% 2036 2,520 2,520 Mortgage (2) I/O 2 8.29% 8.25% 2024 2,389 2,389 Mortgage (2) I/O 1 8.96% 8.06% 2051 24,100 24,100 Mortgage (2) I/O 7 7.30% 6.80% 2036 35,474 35,474 Mortgage (2) I/O 1 7.73% 7.20% 2036 2,470 2,470 Mortgage (2) I/O 1 8.00% 8.00% 2024 1,754 1,754 Mortgage (2) I/O 21 7.00% 7.00% 2027 15,234 17,494 Mortgage (2) I/O 1 7.73% 7.20% 2037 3,600 3,600 Mortgage (2) I/O 1 8.30% 8.25% 2024 760 760 Mortgage (2) I/O 4 8.64% 8.05% 2037 12,250 12,250 Mortgage (2) I/O 9 8.85% 8.25% 2037 25,993 25,993 Mortgage (2) I/O 1 8.84% 8.25% 2038 10,200 10,200 Mortgage (2) I/O 1 8.10% 8.10% 2025 4,642 2,891 Mortgage (2) I/O 5 10.19% 9.50% 2039 13,144 — Leasehold interest P+I 1 2.25% (4) 2034 913 929 Leasehold interest P+I 1 2.41% (4) 2034 1,356 1,382 Net investment $ 235,178 $ 223,085 _____________________________________ (1) I/O: Interest Only; P+I: Principal and Interest (2) Loan requires monthly payments of interest only with a balloon payment due at maturity. (3) Loan allows for prepayments in whole or in part without penalty. (4) These leasehold interests are accounted for as loans receivable, as the lease for each property contains an option for the lessee to repurchase the leased property in the future. Scheduled principal payments due to be received under the Company’s loans receivable as of March 31, 2024 were as follows: (in thousands) Future Principal Payments Due April 1 - December 31, 2024 $ 7,806 2025 4,814 2026 181 2027 15,424 2028 199 Thereafter 206,754 Total $ 235,178 As of March 31, 2024 and December 31, 2023, the Company had $1.4 million of net investments accounted for as direct financing lease receivables. The components of the investments accounted for as direct financing lease receivables were as follows: (in thousands) March 31, 2024 December 31, 2023 Minimum lease payments receivable $ 1,645 $ 1,709 Estimated unguaranteed residual value of leased assets 251 251 Unearned income from leased assets (501) (525) Net investment $ 1,395 $ 1,435 Scheduled future minimum non-cancelable base rental payments due to be received under the direct financing lease receivables as of March 31, 2024 were as follows: (in thousands) Future Minimum April 1 - December 31, 2024 $ 146 2025 178 2026 167 2027 143 2028 145 Thereafter 866 Total $ 1,645 Allowance for Credit Losses The Company utilizes a real estate loss estimate model (i.e., a RELEM model) which estimates losses on loans and direct financing lease receivables for purposes of calculating an allowance for credit losses. As of March 31, 2024 and December 31, 2023, the Company recorded an allowance for credit losses of $0.7 million. Changes in the Company’s allowance for credit losses are presented within change in provision for credit losses in the Company’s consolidated statements of operations. For the three months ended March 31, 2024 and 2023, the changes to the Company's allowance for credit losses were as follows: (in thousands) Allowance for Credit Losses Balance at January 1, 2023 $ 765 Current period provision for expected credit losses (1) (30) Write-offs charged — Recoveries — Balance at March 31, 2023 $ 735 Balance at January 1, 2024 $ 666 Current period provision for expected credit losses (1) 2 Write-offs charged — Recoveries — Balance at March 31, 2024 $ 668 _____________________________________ (1) The change in expected credit loss was primarily due to overall changes in the size of our loans and direct financing lease receivables portfolio. The Company considers the ratio of loan to value ("LTV") to be a significant credit quality indicator for its loans and direct financing lease portfolio. The following table presents information about the LTV of the Company's loans and direct financing lease receivables measured at amortized cost as of March 31, 2024: Amortized Cost Basis by Origination Year Total Amortized Cost Basis (in thousands) 2024 2023 2022 2021 Prior LTV <60% $ — $ — $ 23,000 $ — $ 28,953 $ 51,953 LTV 60%-70% — — — 28,234 — 28,234 LTV >70% 13,143 14,842 69,351 29,953 29,097 156,386 $ 13,143 $ 14,842 $ 92,351 $ 58,187 $ 58,050 $ 236,573 Real Estate Investments Held for Sale The Company continually evaluates its portfolio of real estate investments and may elect to dispose of investments considering criteria including, but not limited to, tenant concentration, tenant credit quality, tenant operation type (e.g., industry, sector or concept), unit-level financial performance, local market conditions and lease rates, associated indebtedness and asset location. Real estate investments held for sale are expected to be sold within twelve months. The following table shows the activity in real estate investments held for sale and intangible lease liabilities held for sale during the three months ended March 31, 2024 and 2023. (Dollar amounts in thousands) Number of Properties Real Estate Investments Intangible Lease Liabilities Net Carrying Value Held for sale balance, January 1, 2023 4 $ 4,780 $ — $ 4,780 Transfers to held for sale classification 3 3,701 — 3,701 Sales (3) (3,083) — (3,083) Transfers to held and used classification — — — — Held for sale balance, March 31, 2023 4 $ 5,398 $ — $ 5,398 Held for sale balance, January 1, 2024 4 $ 7,455 $ — $ 7,455 Transfers to held for sale classification 2 1,235 (76) 1,159 Sales (4) (7,455) — (7,455) Transfers to held and used classification — — — — Held for sale balance, March 31, 2024 2 $ 1,235 $ (76) $ 1,159 Significant Concentrations The Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose rental revenue for the three months ended March 31, 2024 or 2023 represented 10% or more of total rental revenue in the Company’s consolidated statements of operations. The following table lists the state where the rental revenue from the properties in that state during the periods presented represented 10% or more of total rental revenue in the Company’s consolidated statements of operations: Three months ended March 31, State 2024 2023 Texas 13.3% 13.2% Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of the dates presented: March 31, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 77,356 $ 36,783 $ 40,573 $ 78,080 $ 35,896 $ 42,184 Intangible market lease assets 10,964 5,460 5,504 11,129 5,456 5,673 Total intangible assets $ 88,320 $ 42,243 $ 46,077 $ 89,209 $ 41,352 $ 47,857 Intangible market lease liabilities $ 15,275 $ 4,339 $ 10,936 $ 15,505 $ 4,299 $ 11,206 The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of March 31, 2024, by category and in total, were as follows: Years Remaining In-place leases 8.2 Intangible market lease assets 10.2 Total intangible assets 8.5 Intangible market lease liabilities 8.7 The following table discloses amounts recognized within the consolidated statements of operations related to amortization of in-place leases, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Amortization of in-place leases (1) $ 1,579 $ 1,627 Amortization (accretion) of market lease intangibles, net (2) (25) (1) Amortization (accretion) of above- and below-market ground lease intangibles, net (3) (62) (84) _____________________________________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental revenue. (3) Reflected within property expenses. The following table provides the estimated amortization of in-place lease assets to be recognized as a component of depreciation and amortization expense for the next five years and thereafter: (in thousands) In-Place Lease Assets April 1 - December, 31, 2024 $ 4,265 2025 4,545 2026 4,241 2027 3,712 2028 3,173 Thereafter 20,637 Total $ 40,573 The following table provides the estimated net amortization of above- and below-market lease intangibles to be recognized as a component of rental revenue for the next five years and thereafter: (in thousands) Above Market Lease Asset Below Market Lease Liabilities Net Adjustment to Rental Revenue April 1 - December, 31, 2024 $ (498) $ 525 $ 27 2025 (659) 701 42 2026 (649) 705 56 2027 (627) 729 102 2028 (385) 684 299 Thereafter (2,686) 7,592 4,906 Total $ (5,504) $ 10,936 $ 5,432

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 tenant 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 the lessees are responsible for paying 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 March 31, 2024 were as follows: (in thousands) Future Minimum Base Rental Receipts April 1 - December 31, 2024 $ 290,627 2025 392,008 2026 396,173 2027 398,744 2028 400,225 Thereafter 4,366,989 Total $ 6,244,766 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 months ended March 31, 2024 and 2023 were as follows: Three months ended March 31, (in thousands) 2024 2023 Fixed lease revenues $ 98,006 $ 77,465 Variable lease revenues (1) 786 730 Total lease revenues (2) $ 98,792 $ 78,195 _____________________________________ (1) Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants. (2) Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit. As Lessee The Company has a number of ground leases, office leases and other equipment leases which are classified as operating leases. As of March 31, 2024, the Company’s right of use ("ROU") assets and lease liabilities were $8.4 million and $9.2 million, respectively. As of December 31, 2023, the Company’s ROU assets and lease liabilities were $8.9 million and $9.8 million, respectively. These amounts are included in rent receivables, prepaid expenses and other assets, net accrued liabilities and other payables 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 the dates presented: March 31, 2024 December 31, 2023 Weighted average remaining lease term (in years) 24.0 22.8 Weighted average discount rate 6.82% 6.75% The following table sets forth the details of rent expense for the three months ended March 31, 2024 and 2023: Three months ended March 31, (in thousands) 2024 2023 Fixed rent expense - ground leases $ 245 $ 247 Fixed rent expense - office and equipment leases 135 128 Variable rent expense — — Total rent expense $ 380 $ 375 As of March 31, 2024, future lease payments under ground, office and equipment operating leases to be paid by the Company directly and future lease payments under ground 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 Equipment Leases Ground Leases to be Paid by the Company Ground Leases to be Paid Directly by the Company’s Tenants Total Future Minimum Base Rental Payments April 1 - December 31, 2024 $ 519 $ 12 $ 678 $ 1,209 2025 733 — 834 1,567 2026 217 — 840 1,057 2027 219 — 854 1,073 2028 224 — 738 962 Thereafter 57 — 18,002 18,059 Total $ 1,969 $ 12 $ 21,946 23,927 Present value discount (14,725) Lease liabilities $ 9,202 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 tenant 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 the lessees are responsible for paying 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 March 31, 2024 were as follows: (in thousands) Future Minimum Base Rental Receipts April 1 - December 31, 2024 $ 290,627 2025 392,008 2026 396,173 2027 398,744 2028 400,225 Thereafter 4,366,989 Total $ 6,244,766 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 months ended March 31, 2024 and 2023 were as follows: Three months ended March 31, (in thousands) 2024 2023 Fixed lease revenues $ 98,006 $ 77,465 Variable lease revenues (1) 786 730 Total lease revenues (2) $ 98,792 $ 78,195 _____________________________________ (1) Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants. (2) Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit. As Lessee The Company has a number of ground leases, office leases and other equipment leases which are classified as operating leases. As of March 31, 2024, the Company’s right of use ("ROU") assets and lease liabilities were $8.4 million and $9.2 million, respectively. As of December 31, 2023, the Company’s ROU assets and lease liabilities were $8.9 million and $9.8 million, respectively. These amounts are included in rent receivables, prepaid expenses and other assets, net accrued liabilities and other payables 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 the dates presented: March 31, 2024 December 31, 2023 Weighted average remaining lease term (in years) 24.0 22.8 Weighted average discount rate 6.82% 6.75% The following table sets forth the details of rent expense for the three months ended March 31, 2024 and 2023: Three months ended March 31, (in thousands) 2024 2023 Fixed rent expense - ground leases $ 245 $ 247 Fixed rent expense - office and equipment leases 135 128 Variable rent expense — — Total rent expense $ 380 $ 375 As of March 31, 2024, future lease payments under ground, office and equipment operating leases to be paid by the Company directly and future lease payments under ground 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 Equipment Leases Ground Leases to be Paid by the Company Ground Leases to be Paid Directly by the Company’s Tenants Total Future Minimum Base Rental Payments April 1 - December 31, 2024 $ 519 $ 12 $ 678 $ 1,209 2025 733 — 834 1,567 2026 217 — 840 1,057 2027 219 — 854 1,073 2028 224 — 738 962 Thereafter 57 — 18,002 18,059 Total $ 1,969 $ 12 $ 21,946 23,927 Present value discount (14,725) Lease liabilities $ 9,202 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.

Long Term Debt

Long Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long Term Debt	Long-Term Debt The following table summarizes the Company's outstanding indebtedness as of March 31, 2024 and December 31, 2023: Principal Outstanding Weighted Average Interest Rate (1) (in thousands) Maturity Date March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Unsecured term loans: 2027 Term Loan February 2027 $ 430,000 $ 430,000 6.3% 6.3% 2028 Term Loan January 2028 400,000 400,000 6.3% 6.3% 2029 Term Loan February 2029 (2) 450,000 450,000 6.4% 6.4% Senior unsecured notes July 2031 400,000 400,000 3.0% 3.0% Revolving Credit Facility February 2026 — — —% —% Total principal outstanding $ 1,680,000 $ 1,680,000 5.5% 5.5% ______________________ (1) Interest rates are presented as stated in debt agreements and do not reflect the impact of the Company's interest rate swap and lock agreements, where applicable (see Note 6—Derivative and Hedging Activities). (2) After giving effect to extension options exercisable at the Operating Partnership's election. The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of March 31, 2024: (in thousands) 2027 Term Loan 2028 Term Loan 2029 Term Loan (1) Senior Unsecured Notes Revolving Credit Facility (2) Total April 1 - December 31, 2024 $ — $ — $ — $ — $ — $ — 2025 — — — — — — 2026 — — — — — — 2027 430,000 — — — — 430,000 2028 — 400,000 — — — 400,000 Thereafter — — 450,000 400,000 — 850,000 Total $ 430,000 $ 400,000 $ 450,000 $ 400,000 $ — $ 1,680,000 ______________________ (1) After giving effect to extension options exercisable at the Operating Partnership's election. (2) Any amounts drawn will be due in February 2026. The Company was not in default of any provisions under any of its outstanding indebtedness as of March 31, 2024 or December 31, 2023. Revolving Credit Facility, 2024 Term Loan, 2028 Term Loan and 2029 Term Loan Revolving Credit Facility and 2024 Term Loan. In April 2019, the Company, through the Operating Partnership, entered into an amended and restated credit agreement (the “Amended Credit Agreement”) with a group of lenders, amending and restating the terms of the Company’s previous $300.0 million revolving credit facility to increase the maximum aggregate initial original principal amount of the 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 “2024 Term Loan”). The full amount available under the 2024 Term Loan was borrowed in May 2019. In February 2022, the Company entered into an amendment to the Amended Credit Agreement (as so amended, the "Credit Agreement") and, pursuant to such amendment, among other things, the availability of extensions of credit under the Revolving Credit Facility was increased to $600.0 million, the accordion feature was increased to $600.0 million, the borrowing base limitation on borrowings thereunder was removed, the leverage-based margin applicable to borrowings under the Revolving Credit Facility was reduced, the LIBOR reference rate was replaced with reference to the Adjusted Term SOFR rate, consistent with market practice, and the composition and extent of lender participation under the Revolving Credit Facility was changed. Prior to the February 2022 amendment, the Revolving Credit Facility had a term of four years beginning on April 12, 2019, with an extension option of up to six months exercisable by the Operating Partnership, subject to certain conditions, and the 2024 Term Loan was set to mature on April 12, 2024. The loans under each of the Revolving Credit Facility and the 2024 Term Loan initially bore interest at an annual rate of applicable LIBOR plus the applicable margin (which applicable margin varied between the Revolving Credit Facility and the 2024 Term Loan). The applicable LIBOR was the rate with a term equivalent to the interest period applicable to the relevant borrowing. The applicable margin was initially a spread set according to a leverage-based pricing grid. The Revolving Credit Facility matures on February 10, 2026, with two extension options of six 2028 Term Loan. In July 2022, the Credit Agreement was further amended to provide for an additional $400.0 million of second tranche term loans (the “2028 Term Loan”). Loans under the 2028 Term Loan in an aggregate principal amount of $250.0 million were drawn in July 2022, concurrently with the closing of such amendment, and the remaining $150 million was drawn in October 2022. Such amendment also amended the applicable margin grid such that the applicable pricing for all borrowings under the Credit Agreement is based on the credit rating of the Company’s long-term senior unsecured non-credit enhanced debt for borrowed money (subject to a single step-down in the applicable pricing if the Company achieves a consolidated leverage ratio that is less than 0.35 to 1:00 while maintaining a credit rating of BBB/Baa2 from S&P, Moody's and/or Fitch), and reset the accordion feature to maintain the $600.0 million availability thereunder. 2029 Term Loan. In August 2023, the Credit Agreement was further amended to provide for an additional $450.0 million of term loans (the "2029 Term Loan"). Concurrently with the closing of such amendment, loans under the 2029 Term Loan in an aggregate principal amount of $250.0 million were drawn, a portion of which was used to pay off the 2024 Term Loan in full. Amounts previously borrowed and repaid under the 2024 Term Loan cannot be reborrowed. The Company accounted for the repayment of the 2024 Term Loan as a debt extinguishment and recorded a $0.1 million loss on debt extinguishment during the year ended December 31, 2023. Additional loans under the 2029 Term Loan were drawn in an aggregate principal amount of $125.0 million in September 2023 and $75.0 million in October 2023, pursuant to a delayed funding feature. The 2029 Term Loan has an original maturity of three years, which may be extended, at the Operating Partnership's election, to February 2029 by exercising two one-year extension options and a six-month extension option. The 2029 Term Loan bears interest at an annual rate of applicable Adjusted Term SOFR plus an applicable margin. Each of the Revolving Credit Facility, the 2028 Term Loan and the 2029 Term Loan is freely pre-payable at any time. Outstanding credit extensions under the Revolving Credit Facility are mandatorily payable if the amount of such credit extensions exceeds the revolving facility limit. The Operating Partnership may re-borrow amounts paid down on the Revolving Credit Facility prior to its maturity. Loans repaid under the 2028 Term Loan and 2029 Term Loan cannot be reborrowed. The Operating Partnership is the borrower under the Credit Agreement, and the Company and certain of its subsidiaries that own direct or indirect interests in an eligible real property assets are guarantors under the Credit Agreement. Under the terms of the 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 and secured borrowing ratios. The Company was in compliance with all financial covenants and was not in default on any provisions under the Credit Agreement as of March 31, 2024 and December 31, 2023. The Company had no borrowings or repayments under the Revolving Credit Facility during the three months ended March 31, 2024 and 2023. The following table presents information about interest expense related to the Revolving Credit Facility for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Interest expense $ 228 $ 225 Amortization of deferred financing costs 307 295 Total $ 535 $ 520 Total deferred financing costs, net, of $2.2 million and $2.5 million related to the Revolving Credit Facility are included within rent receivables, prepaid expenses and other assets, net on the Company’s consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, the Company had $600.0 million of unused borrowing capacity under the Revolving Credit Facility. 2027 Term Loan On November 26, 2019, the Company, through the Operating Partnership, entered into a $430 million term loan (the “2027 Term Loan”) with a group of lenders. The 2027 Term Loan provides for term loans to be drawn up to an aggregate amount of $430 million with maturity of November 26, 2026. The Company borrowed the entire $430.0 million available under the 2027 Term Loan in separate draws in December 2019 and March 2020. In February 2022, the Company entered into an amendment to the 2027 Term Loan to, among other things, reduce the leverage-based margin applicable to borrowings, extend the maturity date of the 2027 Term Loan to February 18, 2027, replace the LIBOR reference rate with reference to the Adjusted Term SOFR rate, consistent with market practice, and change the composition and extent of lender participation under the 2027 Term Loan. In August 2022, the Company entered into an amendment to the 2027 Term Loan to make certain changes to provisions relating to the rates and other matters to reflect changes in market standards. Prior to its amendment in February 2022, borrowings under the 2027 Term Loan bore interest at an annual rate of applicable LIBOR plus the applicable margin. Following this amendment, the 2027 Term Loan bears interest at an annual rate of applicable Adjusted Term SOFR plus the applicable margin. The applicable LIBOR/Adjusted Term SOFR is the rate with a term equivalent to the interest period applicable to the relevant borrowing. The applicable margin was initially a spread set according to a leverage-based pricing grid. In May 2022, the Operating Partnership made an irrevocable election to have the applicable margin be a spread set according to the Company’s corporate credit ratings provided by S&P, Moody’s and/or Fitch. The 2027 Term Loan is pre-payable at any time by the Operating Partnership without penalty. The Operating Partnership may not re-borrow amounts paid down on the 2027 Term Loan. The 2027 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 2027 Term Loan, and the Company and certain of its subsidiaries that own direct or indirect interests in eligible real property assets are guarantors under the facility. Under the terms of the 2027 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 and secured borrowing ratios and a minimum level of tangible net worth. The Company was in compliance with all financial covenants and was not in default of any provisions under the 2027 Term Loan as of March 31, 2024 and December 31, 2023. The following table presents information about aggregate interest expense related to the 2024 Term Loan, 2027 Term Loan, 2028 Term Loan and 2029 Term Loan: Three months ended March 31, (in thousands) 2024 2023 Interest expense $ 20,460 $ 14,040 Amortization of deferred financing costs 593 281 Total $ 21,053 $ 14,321 As of March 31, 2024 and December 31, 2023, total deferred financing costs, net, of $6.6 million and $7.2 million, respectively, related to the term loan facilities are included as a component of unsecured term loans, net of deferred financing costs on the Company’s consolidated balance sheets. The Company fixed the interest rates on its variable-rate term loan debt through the use of interest rate swap agreements. See Note 6—Derivative and Hedging Activities for additional information. Senior Unsecured Notes In June 2021, through its Operating Partnership, the Company completed a public offering of $400.0 million aggregate principal amount of 2.950% Senior Notes due 2031 (the "2031 Notes"), resulting in net proceeds of $396.6 million. The 2031 Notes were issued by the Operating Partnership, and the obligations of the Operating Partnership under the 2031 Notes are fully and unconditionally guaranteed on a senior basis by the Company. The 2031 Notes were issued at 99.8% of their principal amount. In connection with the offering of the 2031 Notes, the Operating Partnership incurred $4.7 million in deferred financing costs and an offering discount of $0.8 million. The following is a summary of the senior unsecured notes outstanding as of March 31, 2024 and December 31, 2023: (dollars in thousands) Maturity Date Interest Payment Dates Stated Interest Rate Principal Outstanding 2031 Notes July 15, 2031 January 15 and July 15 2.95% $ 400,000 The Company's senior unsecured notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership's option, at a redemption price equal to the sum of: • 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest, if any, up to, but not including, the redemption date; and • a make-whole premium calculated in accordance with the indenture governing the notes. In addition, if any of the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the stated maturity date of such notes), the redemption price will equal 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest, if any, up to, but not including, the redemption date, without any make-whole premium. The following table presents information about interest expense related to the Company's senior unsecured notes for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Interest expense $ 2,929 $ 2,928 Amortization of deferred financing costs and original issue discount 140 140 Total $ 3,069 $ 3,068 Total deferred financing costs, net, of $3.5 million and $3.6 million related to the Company's senior unsecured notes were included within senior unsecured notes, net on the Company’s consolidated balance sheet as of March 31, 2024 and December 31, 2023, respectively. The Company was in compliance with all financial covenants and was not in default of any provisions under the 2031 Notes as of March 31, 2024 and December 31, 2023.

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2024
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 considered 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 is reflected as derivative changes in fair value in the supplemental disclosures of non-cash financing activities in the consolidated statements 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 $24.4 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense. The Company does not have netting arrangements related to its derivatives. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. As of March 31, 2024, there were no events of default related to the Company's derivative financial instruments. The following table summarizes the notional amount at inception and fair value of these instruments on the Company's balance sheet as of March 31, 2024 and December 31, 2023 (dollar amounts in thousands): Derivatives Designated as Hedging Instruments Fixed Rate Paid by Company Effective Date Maturity Date Notional Value (1) Fair value of Asset/(Liability) (2) March 31, 2024 December 31, 2023 Interest Rate Swap 1.96% 5/14/2019 4/12/2024 $ 100,000 $ 403 $ 981 Interest Rate Swap 1.95% 5/14/2019 4/12/2024 50,000 66 492 Interest Rate Swap 1.94% 5/14/2019 4/12/2024 50,000 66 492 Interest Rate Swap 1.52% 12/9/2019 11/26/2026 175,000 12,183 10,654 Interest Rate Swap 1.51% 12/9/2019 11/26/2026 50,000 3,501 3,077 Interest Rate Swap 1.49% 12/9/2019 11/26/2026 25,000 1,754 1,542 Interest Rate Swap 1.26% 7/9/2020 11/26/2026 100,000 7,604 6,810 Interest Rate Swap 1.28% 7/9/2020 11/26/2026 80,000 6,061 5,406 Interest Rate Swap 3.19% 9/26/2022 1/25/2028 50,000 1,522 688 Interest Rate Swap 3.35% 9/26/2022 1/25/2028 50,000 1,236 383 Interest Rate Swap 3.36% 9/26/2022 1/25/2028 25,000 607 180 Interest Rate Swap 3.43% 9/26/2022 1/25/2028 50,000 1,089 226 Interest Rate Swap 3.71% 9/26/2022 1/25/2028 50,000 605 (290) Interest Rate Swap 3.70% 9/26/2022 1/25/2028 25,000 306 (144) Interest Rate Swap 4.00% 10/26/2022 1/25/2028 50,000 81 (851) Interest Rate Swap 3.95% 11/28/2022 1/25/2028 25,000 86 (378) Interest Rate Swap 4.03% 11/28/2022 1/25/2028 25,000 11 (459) Interest Rate Swap 4.06% 11/28/2022 1/25/2028 25,000 (13) (485) Interest Rate Swap 4.07% 11/28/2022 1/25/2028 25,000 (23) (492) Interest Rate Swap 4.15% 8/24/2023 2/28/2029 50,000 (470) (1,550) Interest Rate Swap 4.38% 9/29/2023 2/28/2029 75,000 (1,515) (3,193) Interest Rate Swap 4.39% 9/29/2023 2/28/2029 50,000 (1,005) (2,114) Interest Rate Swap 4.32% 10/11/2023 2/28/2029 25,000 (431) (981) Interest Rate Swap 4.32% 10/11/2023 2/28/2029 25,000 (429) (980) Interest Rate Swap 4.51% 10/31/2023 2/28/2029 25,000 (645) (1,207) Interest Rate Swap (3) 4.48% 4/12/2024 2/28/2029 100,000 (2,459) (4,919) Interest Rate Swap (3) 4.48% 4/12/2024 2/28/2029 100,000 (2,473) (4,913) $ 1,480,000 $ 27,718 $ 7,975 _____________________________________ (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 an asset position are included within derivative assets and derivatives in a liability position are included within derivative liabilities in the Company's consolidated balance sheets. (3) The Company entered into two forward swap contracts in October 2023. 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. The following table presents amounts recorded to accumulated other comprehensive income (loss) related to derivative and hedging activities for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Other comprehensive income (loss) $ 19,631 $ (14,828) As of March 31, 2024, 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 $37.3 million and 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 $9.7 million. As of December 31, 2023, 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 $31.1 million and 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 $23.4 million. During the three months ended March 31, 2024, the Company realized a gain on the change in fair value of its interest rate swaps of $8.2 million, which was included as a reduction of interest expense in the Company's consolidated statements of operations. During the three months ended March 31, 2023, the Company realized a gain on the change in fair value of its interest rate swaps of $5.3 million, which was included in interest expense in the Company's consolidated statements of operations. As of March 31, 2024 and December 31, 2023, 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, which were a $27.6 million net asset and a $7.7 million net asset as of March 31, 2024 and December 31, 2023, respectively.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Equity Stockholders’ Equity In February 2023, the Company completed a follow-on primary offering of 8,855,000 shares of its common stock, including the full exercise of the underwriters' option to purchase 1,155,000 additional shares of common stock, at a public offering price of $24.60 per share, and entered into forward sale agreements relating to all such shares. All shares were physically settled as of May 2023 and the Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses, of $209.3 million. In September 2023, the Company completed a follow-on primary offering of 12,006,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,566,000 additional shares of common stock, at a public offering price of $23.00 per share, and entered into forward sale agreements relating to all such shares. All shares were physically settled as of March 2024 and the Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses, of $263.4 million. In March 2024, the Company completed a follow-on primary offering of 10,350,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,350,000 additional shares of common stock, at a public offering price of $24.75 per share, and entered into forward sale agreements relating to all such shares. Through March 31, 2024, the Company physically settled 2,521,148 shares under the forward sale agreements relating to this offering, realizing net proceeds of $60.0 million. Including shares physically settled to date and assuming full physical settlement of the remaining forward sale agreements, net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses and making certain other adjustments as provided in the forward sale agreements, are expected to be $244.2 million. The Company is required to settle the balance of these forward sale agreements by March 2025. At the Market Program In May 2022, 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 $500 million (the "2022 ATM Program") through the identified sales agents, as its sales agents or, if applicable, as forward sellers, or directly to such agents as principals. In addition to the issuance and sale by the Company of shares to or through the agents, the 2022 ATM Program also permits the Company to enter into separate forward sale agreements with the identified forward purchasers. References to the Company's "ATM Program" are to the 2022 ATM Program or the 2022 ATM Program and its prior ATM programs as the context requires. The following table presents information about the 2022 ATM Program: Program Name Date Established Date Terminated Maximum Sales Authorization Gross Sales through March 31, 2024 2022 ATM Program May 2022 $ 500,000 $ 274,025 The following table details information related to activity under the ATM Program for each period presented: (in thousands, except share and per share data) Three months ended March 31, 2024 2023 Shares of common stock sold (1) 2,208,585 857,643 Weighted average sale price per share $ 24.17 $ 24.12 Gross proceeds $ 53,382 $ 20,689 Net proceeds $ 53,017 $ 20,651 _____________________________________ (1) During the three months ended March 31, 2024 and 2023, the Company issued an additional 1,937,450 and 957,453 shares of common stock, respectively, which were previously sold on a forward basis under the ATM Program and were unsettled as of December 31, 2023 and 2022, respectively. Dividends on Common Stock During the three months ended March 31, 2024 and 2023, the Company’s board of directors declared the following quarterly cash dividends on common stock: Date Declared Record Date Date Paid Dividend per Share of Common Stock Total Dividend March 7, 2024 March 29, 2024 April 12, 2024 $ 0.285 $ 50,079 March 7, 2023 March 31, 2023 April 14, 2023 $ 0.275 $ 41,031

Non-controlling Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2024
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. OP Units (“OP Units”) are limited partnership interests in the Operating Partnership. As of March 31, 2024, the Company held 175,306,386 OP Units, representing a 99.7% limited partner interest in the Operating Partnership. As of the same date, external parties (the "Non-controlling OP Unit Holders") held 553,847 OP Units in the aggregate, representing a 0.3% limited partner interest in the Operating Partnership. As of December 31, 2023, the Company held 164,635,150 OP Units, representing a 99.7% limited partner interest in the Operating Partnership and the Non-controlling OP Unit Holders held 553,847 OP Units in the aggregate, representing a 0.3% limited partner interest in the Operating Partnership. The OP Units held by the Non-controlling OP Unit Holders are presented as non-controlling interests in the Company’s consolidated financial statements.

Equity Based Compensation

Equity Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Based Compensation	Equity Based Compensation Equity Incentive Plans In May 2023, the Company’s stockholders approved the Essential Properties Realty Trust, Inc. 2023 Incentive Plan (the “2023 Equity Incentive Plan”), which replaced the Essential Properties Realty Trust, Inc. 2018 Incentive Plan (the “2018 Equity Incentive Plan” and, collectively with the 2023 Equity Incentive Plan, the “Equity Incentive Plans”). The 2023 Equity Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, RSAs, RSUs, other stock awards, performance awards and LTIP units up to an aggregate of 4,300,808 shares of the Company’s common stock, subject to certain conditions. 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. All subsequent awards of equity will be granted under the 2023 Equity Incentive Plan, and no further awards will be made under the 2018 Equity Incentive Plan. The following table presents information about the Company’s RSAs and RSUs during the three months ended March 31, 2024 and 2023: Restricted Stock Awards Restricted Stock Units Shares Wtd. Avg. Grant Date Fair Value Units Wtd. Avg. Grant Date Fair Value Unvested, January 1, 2023 9,039 $ 14.12 817,380 $ 30.26 Granted — — 351,663 32.85 Vested (9,039) 14.12 (324,360) 27.00 Forfeited — — (6,786) 24.65 Unvested, March 31, 2023 — $ — 837,897 $ 32.65 Unvested, January 1, 2024 — $ — 743,853 $ 32.56 Granted — — 504,237 33.32 Vested — — (295,810) 33.17 Forfeited — — — — Unvested, March 31, 2024 — $ — 952,281 $ 32.77 Restricted Stock Awards In January 2019, RSAs relating to an aggregate of 46,368 shares of unvested restricted common stock were granted to the Company’s executive officers, other employees and an external consultant under the Equity Incentive Plans. These RSAs vested 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. The Company estimates the grant date fair value of RSAs granted under the Equity Incentive Plans using the average market price of the Company’s common stock on the date of grant. The final vesting of these RSAs occurred in January 2023. The following table presents information about the Company’s RSAs for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Compensation cost recognized in general and administrative expense $ — $ 2 Fair value of shares vested during the period — 128 Restricted Stock Units In 2020, 2021, 2022, 2023 and 2024, the Company issued target grants of 84,684, 126,353, 149,699, 147,587 and 149,936 performance-based RSUs at target, respectively, to the Company’s senior management team under the Equity Incentive Plans. Of these awards, 75%, in the case of awards issued in 2020, 2021, 2022, and 2023, and 100%, in the case of awards issued in 2024, are non-vested RSUs for which vesting percentages and the ultimate number of units vesting is calculated based on the total stockholder return (“TSR”) of the Company’s common stock as compared to the TSR of peer companies identified in the grant agreements over the relevant performance period. The payout schedule can produce vesting percentages ranging from 0% to 250% of target. TSR is calculated over the performance period for each award based upon the average closing price for the 20-trading day period ending December 31st of the year prior to grant divided by the average closing price for the 20-trading day period ending December 31st of the third year following the grant. The target number of units is based on achieving a TSR equal to the 50th percentile of the peer group. The Company records 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: Grant Year 2024 2023 Volatility 24% 37% Risk free rate 4.46% 4.36% The remaining 25% of the performance-based RSUs issued in 2020, 2021, 2022, and 2023 vest based on the Compensation Committee's subjective evaluation of the individual recipient’s achievement of certain strategic objectives over the relevant performance period of the award. In February 2023 and 2024, the Compensation Committee identified specific performance targets and completed its subjective evaluation in relation to the performance-based RSUs issued in 2020 and 2021 and concluded that 50,598 and 63,448 RSUs, respectively, should be awarded. 50% of these RSUs vested immediately upon the Compensation Committee's certification and the remaining 50% vested or will vest on the December 31st following the Compensation Committee's certification, subject to the recipient's continued provision of service to the Company through such date. The Company began recording compensation expense with respect to these subjective performance-based RSUs granted in 2020 and 2021 after the completion of the Compensation Committee's subjective evaluation. As of March 31, 2024, 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 granted in 2022 and 2023. As such, these awards do not have either a service inception or a grant date for GAAP accounting purposes and the Company recorded no compensation expense with respect to these portions of the performance-based RSUs during the three months ended March 31, 2024 and 2023. In 2020, 2021, 2022, 2023 and 2024, the Company issued an aggregate of 184,760, 135,686, 199,793, 210,406 and 151,113 RSUs, respectively, to the Company’s executive officers, other employees and directors under the Equity Incentive Plans. These awards vest over a period of up to five 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 January 2022, the Company issued 69,372 performance-based RSUs (at target) to an executive officer under the Equity Incentive Plans. These RSUs vest based on the compound annual growth rate of the Company’s adjusted funds from operations ("AFFO CAGR") over a four year performance period, and the payout schedule can produce vesting percentages ranging from 0% to 200% of target. To the extent the performance goal is achieved, these performance-based RSUs will vest in 50% increments on each of the four-year and five-year anniversary of the grant date, subject to the recipient's continued provision of service to the Company through the applicable vesting dates. As of March 31, 2024 and 2023, based on its AFFO CAGR forecasts, the Company believes it is probable that the maximum performance level will be achieved and recorded compensation expense based off of this estimate during the three months ended March 31, 2024 and 2023. A portion of the RSUs that vested in 2024 and 2023 were net share settled such that the Company withheld shares with a value equal to the relevant employee's income and employment tax obligations with respect to the vesting and remitted a cash payment to the appropriate taxing authority. The following table presents information about the Company’s RSUs for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Compensation cost recognized in general and administrative expense $ 2,945 $ 2,719 Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings 116 101 Fair value of units vested during the period 9,813 8,759 The following table presents information about the Company’s RSUs as of the dates presented: (Dollars in thousands) March 31, 2024 December 31, 2023 Total unrecognized compensation cost $ 21,102 $ 13,131 Weighted average period over which compensation cost will be recognized (in years) 2.6 2.2

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The Company computes net income per share pursuant to the guidance in 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 RSUs with a market-based or service-based vesting condition, where dilutive. The OP Units held by non-controlling interests represent potentially dilutive securities as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis. The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands): Three months ended March 31, (dollar amounts in thousands) 2024 2023 Numerator for basic and diluted earnings per share: Net income $ 47,123 $ 43,056 Less: net income attributable to non-controlling interests (148) (160) Less: net income allocated to unvested RSAs and RSUs (116) (101) Net income available for common stockholders: basic 46,859 42,795 Net income attributable to non-controlling interests 148 160 Net income available for common stockholders: diluted $ 47,007 $ 42,955 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 167,290,702 144,406,747 Less: weighted average number of shares of unvested RSAs — (703) Weighted average shares outstanding used in basic net income per share 167,290,702 144,406,044 Effects of dilutive securities: (1) OP Units 553,847 553,847 Unvested RSAs and RSUs 545,285 482,013 Forward sales 464,767 558,103 Weighted average shares outstanding used in diluted net income per share 168,854,601 146,000,007 _____________________________________ (1) The three months ended March 31, 2024 and 2023, respectively, exclude the impact of 116,530 and 186,707 unvested RSUs and unsettled forward equity sales, as the effect would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2024, the Company had remaining future commitments under mortgage notes, reimbursement obligations or similar arrangements to fund $214.6 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. As of March 31, 2024, there are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties. Environmental Matters In connection with the ownership of real estate, the Company may be liable for costs and damages related to environmental matters. As of March 31, 2024, 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 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 6% of eligible compensation contributed by participants, which vests immediately. The following table presents the matching contributions made by the Company for the three months ended March 31, 2024 and 2023: Three months ended March 31, (in thousands) 2024 2023 401(k) matching contributions $ 148 $ 154 Employment Agreements The Company has employment agreements with certain of 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 annual performance bonus awarded for the year prior to termination, to the extent unpaid, continued payments equal to 12 months of base salary, monthly reimbursement for 12 months of COBRA premiums, and under certain situations, a pro rata bonus for the year of termination.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. 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, net, dividends payable and accrued liabilities and other payables. Generally, these assets and liabilities are short term in duration and their carrying value approximates fair value on the consolidated balance sheets. The estimated fair values of the Company’s fixed-rate loans receivable have been derived based on primarily unobservable market inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 3 within the fair value hierarchy. The Company believes the carrying value of its fixed-rate loans receivable approximates fair value as of March 31, 2024 and December 31, 2023. The estimated fair values of the Company’s borrowings under the Revolving Credit Facility, the 2024 Term Loan, the 2027 Term Loan, the 2028 Term Loan and the 2029 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 2027 Term Loan, the 2028 Term Loan, and the 2029 Term Loan as of March 31, 2024 and December 31, 2023 approximate fair value. The Company measures the fair value of its senior unsecured notes and derivative financial instruments on a recurring basis. The fair values of these financial assets and liabilities were determined using the following input levels as of the dates presented: Net Carrying Value Fair Value Measurements Using Fair Value Hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 March 31, 2024 Financial (liabilities) assets: Senior unsecured notes (1) $ (395,985) $ (323,716) $ (323,716) $ — $ — Interest rate swaps 27,717 27,717 — 27,717 — December 31, 2023 Financial (liabilities) assets: Senior unsecured notes (1) $ (395,846) $ (315,336) $ (315,336) $ — $ — Interest rate swaps 7,975 7,975 — 7,975 — _____________________________________ (1) Carrying value is net of $3.5 million and $3.6 million of net deferred financing costs and $0.6 million and $0.6 million of net discount as of March 31, 2024 and December 31, 2023, respectively. The Company measures its real estate investments at fair value on a nonrecurring basis. The fair values of real estate investments that were impaired as of the dates presented were determined using the following input levels. Net Carrying Value Fair Value Measurements Using Fair Value Hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 March 31, 2024 Non-financial assets: Long-lived assets $ 3,297 $ 3,297 $ — $ — $ 3,297 December 31, 2023 Non-financial assets: Long-lived assets $ 4,510 $ 4,510 $ — $ — $ 4,510 Long Lived Assets The Company reviews its investments in real estate when events or circumstances change indicating that the carrying amount of an asset may not be recoverable. In the evaluation of an investment in real estate for impairment, many factors are considered, including estimated current and expected operating cash flows from the asset during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Quantitative information about Level 3 fair value measurements as of March 31, 2024 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets Family dining restaurant $ 397 Sales comparison approach Binding sales agreement $ 397 Quick service restaurant 1,100 Sales comparison approach Non-binding sales agreement 1,100 Quick service restaurant 300 Sales comparison approach Non-binding sales agreement 300 Health & fitness 1,500 Sales comparison approach Non-binding sales agreement 1,500

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all events and transactions that occurred after March 31, 2024 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. Investment Activity Subsequent to March 31, 2024, the Company invested in 20 real estate properties for an aggregate investment amount (including acquisition-related costs) of $52.8 million and invested $7.4 million in new and ongoing construction in progress and reimbursements to tenants for development, construction and renovation costs related to properties leased from the Company. In addition, the Company invested $0.8 million in mortgage loans receivable subsequent to March 31, 2024. Subsequent to March 31, 2024, the Company sold its investment in two real estate properties for an aggregate gross sales price of $1.3 million and incurred approximately $50,000 of disposition costs related to this transaction.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 46,975	$ 42,896

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Peter M. Mavoides [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 14, 2024, Peter M. Mavoides, our President and Chief Executive Officer, adopted a 10b5-1 Stock Trading Plan (the "Trading Plan") that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Securities Exchange Act of 1934, as amended. The Trading Plan permits the sale of 166,912 shares of our common stock through its expiration on November 29, 2024.
Name	Peter M. Mavoides
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2024
Arrangement Duration	260 days
Aggregate Available	166,912

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for the full year. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as filed with the SEC in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Principles of Consolidation	Principles of Consolidation
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.
Reportable Segments	Reportable Segments
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 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. 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 Company allocates the purchase price of acquired properties accounted for as asset acquisitions to tangible assets and liabilities and identifiable intangible assets or liabilities, if any, 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 fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases based on the specific characteristics of each tenant’s lease. The Company estimates the cost to execute leases with terms similar to the remaining lease terms of the in-place leases, including leasing commissions, legal and other related expenses. Factors the Company considers in this analysis include an estimate of the carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from six 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 for all applicable periods.
Depreciation and Amortization	Depreciation and Amortization Lease incentives are amortized on a straight-line basis as a reduction of rental revenue 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 intangibles 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 intangibles 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.
Loans Receivable	Loans Receivable The Company holds its loans receivable for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any, less the Company's estimated allowance for credit losses. 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 and Adjustment to Rental Revenue for Tenant Credit	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. 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. 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.
Allowance for Credit Losses	Allowance for Credit Losses Under ASC Topic 326, Financial Instruments – Credit Losses, the Company uses 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 credit losses. The RELEM allows the Company to refine (on an ongoing basis) the expected loss estimate by incorporating asset-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 or direct financing lease receivable. The model also incorporates assumptions related to underlying collateral values, various loss scenarios, and predicted losses to estimate expected losses. The Company's specific asset-level inputs include loan-to-stabilized-value (“LTV”), principal balance, property type, location, coupon, origination year, term, subordination, expected repayment date and future funding. 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. 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 receivable. The Company's allowance for credit losses is adjusted to reflect its estimation of the current and future economic conditions that impact the performance of the real estate assets securing its loans. These estimations include various macroeconomic factors impacting the likelihood and magnitude of potential credit losses for the Company's loans and direct financing lease receivables during their anticipated term. Changes in the Company's allowance for credit losses are presented within change in provision for credit losses in its consolidated statements of operations.
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 losses, if any, are recorded directly within our consolidated statements of operations.
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.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code").
Forward Equity Sales	Forward Equity Sales The Company has and may continue to enter into forward sale agreements relating to shares of its common stock, either through its 2022 ATM Program (as defined herein) or through underwritten public offerings. These agreements may be physically settled in stock, settled in cash or net share settled at the Company’s election. The Company evaluated its forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Company’s common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Company’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Company’s common stock that could be purchased by the Company in the market (based on the average market price during the reporting period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Company’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Company elects to physically settle or net share settle such forward sale agreement, delivery of the Company’s shares will result in dilution to the Company’s earnings per share.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to establishing the Company’s Revolving Credit Facility (as defined below) were deferred and are being amortized as an increase to interest expense in the consolidated statements of operations 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 incurrence of borrowings under the Company’s unsecured term loans and the issuance of senior unsecured notes 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 such derivative instruments would be recognized immediately as a gain or loss on derivative instruments in the consolidated statements of operations.
Fair Value Measurement	Fair Value Measurement The Company estimates the 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 considers whether the collectability of rents is reasonably assured in determining the amount of straight-line rent to record. Generally, the Company’s leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. If economic incentives make it reasonably certain that an option period to extend the lease will be exercised, the Company will include these options in determining the non-cancelable term of the lease. The Company defers rental revenue related to lease payments received from tenants in advance of their due dates. These amounts are presented within accrued liabilities and other payables on the Company’s consolidated balance sheets. Certain properties in the Company’s investment portfolio are subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales. For these leases, the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached.
Offering Costs	Offering Costs
Income Taxes	Income Taxes The Company elected and qualified to be taxed as a REIT under sections 856 through 860 of the Code, 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.
Equity-Based Compensation	Equity-Based Compensation The Company grants shares of restricted common stock ("RSAs") and restricted stock 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 grants performance-based RSUs to executive officers, the final number of which is determined based on objective and, with respect to performance-based RSUs issued prior to 2024, subjective performance conditions which vest over a multi-year period, subject to the recipient’s continued service. The Company accounts for RSAs 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 fair value of the award on the grant date. Forfeitures of equity-based compensation awards, if any, are recognized when they occur.
Variable Interest Entities	Variable Interest Entities The Financial Accounting Standards Board (“FASB”) provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance; and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company has concluded that the Operating Partnership is a VIE of which the Company is the primary beneficiary, as the Company has the power to direct the activities that most significantly impact the economic performance of the Operating Partnership. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership. The assets and liabilities of the Operating Partnership are consolidated and reported as assets and liabilities on the Company’s consolidated balance sheets as of March 31, 2024 and December 31, 2023.
Recent Accounting Developments	Recent Accounting Developments In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The guidance in ASU 2023-07 improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 includes requirements to disclose the title and position of the Chief Operating Decision Maker ("CODM") along with disclosure of the significant segment expenses regularly provided to the CODM, the extension of certain annual disclosures to interim periods, requirements that entities that have a single reportable segment must apply ASC 280 in its entirety, and requirements that permit more than one measure of segment profit or loss to be reported under certain conditions. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosure of specific categories in the rate reconciliation and the provision of additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, ASU 2023-09 requires annual disclosure of income taxes paid disaggregated by federal, state and foreign jurisdictions as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, however early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Depreciation Expense and Impairment on Real Estate Investments	The Company recorded the following amounts of depreciation expense on its real estate investments during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Depreciation on real estate investments $ 26,866 $ 22,129
Schedule of Details of Impairment of Long-Lived Assets	The Company recorded the following provisions for impairment of long lived assets during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Provision for impairment of real estate $ 3,752 $ 677
Schedule of Adjustments to Rental Revenue and Contingent Rent	The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Contingent rent $ 238 $ 176 The Company recorded the following adjustments as increases or decreases to rental revenue for tenant credit during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Adjustment to (decrease) increase rental revenue for tenant credit $ (1) $ 160 The fixed and variable components of lease revenues for the three months ended March 31, 2024 and 2023 were as follows: Three months ended March 31, (in thousands) 2024 2023 Fixed lease revenues $ 98,006 $ 77,465 Variable lease revenues (1) 786 730 Total lease revenues (2) $ 98,792 $ 78,195 _____________________________________ (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.
Schedule of Mortgage Loan-Related VIEs	The following table presents information about the Company’s mortgage loan-related VIEs as of the dates presented: (dollars in thousands) March 31, 2024 December 31, 2023 Number of VIEs 26 21 Aggregate carrying value $ 232,068 $ 219,449

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Schedule of Real Estate Investment Portfolio	The following table presents information about the number of investments in the Company’s real estate investment portfolio as of each date presented: March 31, 2024 December 31, 2023 Owned properties (1) 1,793 1,726 Properties securing investments in mortgage loans (2) 135 136 Ground lease interests 9 11 Total number of investments 1,937 1,873 _____________________________________ (1) Includes six properties which are subject to leases accounted for as direct financing leases or loans as of March 31, 2024 and December 31, 2023. (2) Properties secure 20 mortgage loans receivable as of March 31, 2024 and December 31, 2023.
Schedule of Real Estate Investment Property, at Cost	The following table presents information about the gross investment value of the Company’s real estate investment portfolio as of each date presented: (in thousands) March 31, 2024 December 31, 2023 Real estate investments, at cost $ 4,909,097 $ 4,683,937 Loans and direct financing lease receivables, net 235,905 223,854 Real estate investments held for sale, net 1,235 7,455 Total gross investments $ 5,146,237 $ 4,915,246
Schedule of Information about Investment Activity	The following table presents information about the Company’s acquisition activity during the three months ended March 31, 2024 and 2023: Three months ended March 31, (Dollar amounts in thousands) 2024 2023 Ownership type Fee Interest (1) Number of properties 74 56 Purchase price allocation Land and improvements $ 95,254 $ 58,464 Building and improvements 101,822 128,805 Construction in progress (2) 37,944 14,520 Intangible lease assets — 570 Total purchase price 235,020 202,359 Intangible lease liabilities — — Purchase price (including acquisition costs) $ 235,020 $ 202,359 _____________________________________ (1) During the three months ended March 31, 2023, the Company acquired fee interests in 55 properties and acquired one property subject to a ground lease. (2) Represents amounts incurred at and subsequent to acquisition and includes $0.9 million and $0.4 million of capitalized interest expense during the three months ended March 31, 2024 and 2023, respectively.
Schedule of Gross Investment Activity	During the three months ended March 31, 2024 and 2023, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Dollar Gross investments, January 1, 2023 1,653 $ 4,055,385 Acquisitions of and additions to real estate investments 56 203,518 Sales of investments in real estate (16) (33,641) Relinquishment of properties at end of ground lease term (1) (837) Provision for impairment of real estate (1) (677) Investments in loans receivable 1 3,400 Principal collections on and settlements of loans and direct financing lease receivables (5) (11,734) Other (929) Gross investments, March 31, 2023 4,214,485 Less: Accumulated depreciation and amortization (2) (297,362) Net investments, March 31, 2023 1,688 $ 3,917,123 Gross investments, January 1, 2024 1,873 $ 4,915,246 Acquisitions of and additions to real estate investments 74 235,046 Sales of investments in real estate (7) (10,750) Relinquishment of property at end of ground lease term (2) (1,330) Provision for impairment of real estate (3) (3,752) Investments in loans and direct financing lease receivables 5 14,894 Principal collections on and settlements of loans and direct financing lease receivables (6) (2,841) Other (276) Gross investments, March 31, 2024 5,146,237 Less: Accumulated depreciation and amortization (2) (393,784) Net investments, March 31, 2024 1,937 $ 4,752,453 _____________________________________ (1) During the three months ended March 31, 2023, the Company identified and recorded provisions for impairment at one tenanted property and two vacant properties. (2) Includes $347.4 million and $260.7 million of accumulated depreciation as of March 31, 2024 and 2023, respectively. (3)
Schedule of Loans Receivable	The Company’s loans receivable portfolio as of March 31, 2024 and December 31, 2023 is summarized below (dollars in thousands): Principal Balance Outstanding Loan Type Monthly Payment (1) Number of Secured Properties Effective Interest Rate Stated Interest Rate Maturity Date March 31, 2024 December 31, 2023 Mortgage (2)(3) I/O 2 8.80% 8.00% 2039 $ 12,000 $ 12,000 Mortgage (2) I/O 2 8.53% 7.75% 2039 7,300 7,300 Mortgage (2) I/O 69 7.79% 7.33% 2034 51,000 51,000 Mortgage (2) I/O 1 8.42% 7.65% 2040 5,300 5,300 Mortgage (2) I/O 2 8.54% 8.50% 2024 1,785 1,785 Mortgage (2) I/O — 7.00% 7.00% 2024 — 500 Mortgage (2) I/O 2 8.30% 8.25% 2024 994 994 Mortgage (2) I/O 2 6.87% 6.40% 2036 2,520 2,520 Mortgage (2) I/O 2 8.29% 8.25% 2024 2,389 2,389 Mortgage (2) I/O 1 8.96% 8.06% 2051 24,100 24,100 Mortgage (2) I/O 7 7.30% 6.80% 2036 35,474 35,474 Mortgage (2) I/O 1 7.73% 7.20% 2036 2,470 2,470 Mortgage (2) I/O 1 8.00% 8.00% 2024 1,754 1,754 Mortgage (2) I/O 21 7.00% 7.00% 2027 15,234 17,494 Mortgage (2) I/O 1 7.73% 7.20% 2037 3,600 3,600 Mortgage (2) I/O 1 8.30% 8.25% 2024 760 760 Mortgage (2) I/O 4 8.64% 8.05% 2037 12,250 12,250 Mortgage (2) I/O 9 8.85% 8.25% 2037 25,993 25,993 Mortgage (2) I/O 1 8.84% 8.25% 2038 10,200 10,200 Mortgage (2) I/O 1 8.10% 8.10% 2025 4,642 2,891 Mortgage (2) I/O 5 10.19% 9.50% 2039 13,144 — Leasehold interest P+I 1 2.25% (4) 2034 913 929 Leasehold interest P+I 1 2.41% (4) 2034 1,356 1,382 Net investment $ 235,178 $ 223,085 _____________________________________ (1) I/O: Interest Only; P+I: Principal and Interest (2) Loan requires monthly payments of interest only with a balloon payment due at maturity. (3) Loan allows for prepayments in whole or in part without penalty. (4) These leasehold interests are accounted for as loans receivable, as the lease for each property contains an option for the lessee to repurchase the leased property in the future.
Scheduled Principal Payments Due under Loans Receivable	Scheduled principal payments due to be received under the Company’s loans receivable as of March 31, 2024 were as follows: (in thousands) Future Principal Payments Due April 1 - December 31, 2024 $ 7,806 2025 4,814 2026 181 2027 15,424 2028 199 Thereafter 206,754 Total $ 235,178
Schedule of Direct Financing Lease Receivables	The components of the investments accounted for as direct financing lease receivables were as follows: (in thousands) March 31, 2024 December 31, 2023 Minimum lease payments receivable $ 1,645 $ 1,709 Estimated unguaranteed residual value of leased assets 251 251 Unearned income from leased assets (501) (525) Net investment $ 1,395 $ 1,435
Scheduled Future Minimum Non-cancelable Base Rental Payments Under Direct Financing Lease Receivables	Scheduled future minimum non-cancelable base rental payments due to be received under the direct financing lease receivables as of March 31, 2024 were as follows: (in thousands) Future Minimum April 1 - December 31, 2024 $ 146 2025 178 2026 167 2027 143 2028 145 Thereafter 866 Total $ 1,645
Schedule of Changes to Allowance for Loan Losses	For the three months ended March 31, 2024 and 2023, the changes to the Company's allowance for credit losses were as follows: (in thousands) Allowance for Credit Losses Balance at January 1, 2023 $ 765 Current period provision for expected credit losses (1) (30) Write-offs charged — Recoveries — Balance at March 31, 2023 $ 735 Balance at January 1, 2024 $ 666 Current period provision for expected credit losses (1) 2 Write-offs charged — Recoveries — Balance at March 31, 2024 $ 668 _____________________________________ (1) The change in expected credit loss was primarily due to overall changes in the size of our loans and direct financing lease receivables portfolio.
Schedule of Significant Credit Quality Indicators Measured at Amortized Cost	70% 13,143 14,842 69,351 29,953 29,097 156,386 $ 13,143 $ 14,842 $ 92,351 $ 58,187 $ 58,050 $ 236,573 " id="sjs-B13" xml:space="preserve">The Company considers the ratio of loan to value ("LTV") to be a significant credit quality indicator for its loans and direct financing lease portfolio. The following table presents information about the LTV of the Company's loans and direct financing lease receivables measured at amortized cost as of March 31, 2024: Amortized Cost Basis by Origination Year Total Amortized Cost Basis (in thousands) 2024 2023 2022 2021 Prior LTV <60% $ — $ — $ 23,000 $ — $ 28,953 $ 51,953 LTV 60%-70% — — — 28,234 — 28,234 LTV >70% 13,143 14,842 69,351 29,953 29,097 156,386 $ 13,143 $ 14,842 $ 92,351 $ 58,187 $ 58,050 $ 236,573
Schedule of Activity in Real Estate Investments and Intangible Lease Liabilities Held for Sale	The following table shows the activity in real estate investments held for sale and intangible lease liabilities held for sale during the three months ended March 31, 2024 and 2023. (Dollar amounts in thousands) Number of Properties Real Estate Investments Intangible Lease Liabilities Net Carrying Value Held for sale balance, January 1, 2023 4 $ 4,780 $ — $ 4,780 Transfers to held for sale classification 3 3,701 — 3,701 Sales (3) (3,083) — (3,083) Transfers to held and used classification — — — — Held for sale balance, March 31, 2023 4 $ 5,398 $ — $ 5,398 Held for sale balance, January 1, 2024 4 $ 7,455 $ — $ 7,455 Transfers to held for sale classification 2 1,235 (76) 1,159 Sales (4) (7,455) — (7,455) Transfers to held and used classification — — — — Held for sale balance, March 31, 2024 2 $ 1,235 $ (76) $ 1,159
Schedule of External Customers by Geographic Areas	The following table lists the state where the rental revenue from the properties in that state during the periods presented represented 10% or more of total rental revenue in the Company’s consolidated statements of operations: Three months ended March 31, State 2024 2023 Texas 13.3% 13.2%
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following as of the dates presented: March 31, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 77,356 $ 36,783 $ 40,573 $ 78,080 $ 35,896 $ 42,184 Intangible market lease assets 10,964 5,460 5,504 11,129 5,456 5,673 Total intangible assets $ 88,320 $ 42,243 $ 46,077 $ 89,209 $ 41,352 $ 47,857 Intangible market lease liabilities $ 15,275 $ 4,339 $ 10,936 $ 15,505 $ 4,299 $ 11,206
Schedule of Remaining Weighted Average Amortization Periods for Intangible Assets and Liabilities	The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of March 31, 2024, by category and in total, were as follows: Years Remaining In-place leases 8.2 Intangible market lease assets 10.2 Total intangible assets 8.5 Intangible market lease liabilities 8.7
Schedule of Amortization and Accretion Recognized	The following table discloses amounts recognized within the consolidated statements of operations related to amortization of in-place leases, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Amortization of in-place leases (1) $ 1,579 $ 1,627 Amortization (accretion) of market lease intangibles, net (2) (25) (1) Amortization (accretion) of above- and below-market ground lease intangibles, net (3) (62) (84) _____________________________________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental revenue. (3) Reflected within property expenses.
Schedule of Projected Amortization Expenses for Next Five Years	The following table provides the estimated amortization of in-place lease assets to be recognized as a component of depreciation and amortization expense for the next five years and thereafter: (in thousands) In-Place Lease Assets April 1 - December, 31, 2024 $ 4,265 2025 4,545 2026 4,241 2027 3,712 2028 3,173 Thereafter 20,637 Total $ 40,573 The following table provides the estimated net amortization of above- and below-market lease intangibles to be recognized as a component of rental revenue for the next five years and thereafter: (in thousands) Above Market Lease Asset Below Market Lease Liabilities Net Adjustment to Rental Revenue April 1 - December, 31, 2024 $ (498) $ 525 $ 27 2025 (659) 701 42 2026 (649) 705 56 2027 (627) 729 102 2028 (385) 684 299 Thereafter (2,686) 7,592 4,906 Total $ (5,504) $ 10,936 $ 5,432

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases	Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of March 31, 2024 were as follows: (in thousands) Future Minimum Base Rental Receipts April 1 - December 31, 2024 $ 290,627 2025 392,008 2026 396,173 2027 398,744 2028 400,225 Thereafter 4,366,989 Total $ 6,244,766
Schedule of Components of Fixed and Variable Lease Revenues	The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Contingent rent $ 238 $ 176 The Company recorded the following adjustments as increases or decreases to rental revenue for tenant credit during the periods presented: Three months ended March 31, (in thousands) 2024 2023 Adjustment to (decrease) increase rental revenue for tenant credit $ (1) $ 160 The fixed and variable components of lease revenues for the three months ended March 31, 2024 and 2023 were as follows: Three months ended March 31, (in thousands) 2024 2023 Fixed lease revenues $ 98,006 $ 77,465 Variable lease revenues (1) 786 730 Total lease revenues (2) $ 98,792 $ 78,195 _____________________________________ (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.
Schedule of 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 the dates presented: March 31, 2024 December 31, 2023 Weighted average remaining lease term (in years) 24.0 22.8 Weighted average discount rate 6.82% 6.75%
Schedule of Rent Expense	The following table sets forth the details of rent expense for the three months ended March 31, 2024 and 2023: Three months ended March 31, (in thousands) 2024 2023 Fixed rent expense - ground leases $ 245 $ 247 Fixed rent expense - office and equipment leases 135 128 Variable rent expense — — Total rent expense $ 380 $ 375
Schedule of Future Lease Payments Due from Company Under Ground, Office and Equipment Operating Leases (ASC 842)	As of March 31, 2024, future lease payments under ground, office and equipment operating leases to be paid by the Company directly and future lease payments under ground 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 Equipment Leases Ground Leases to be Paid by the Company Ground Leases to be Paid Directly by the Company’s Tenants Total Future Minimum Base Rental Payments April 1 - December 31, 2024 $ 519 $ 12 $ 678 $ 1,209 2025 733 — 834 1,567 2026 217 — 840 1,057 2027 219 — 854 1,073 2028 224 — 738 962 Thereafter 57 — 18,002 18,059 Total $ 1,969 $ 12 $ 21,946 23,927 Present value discount (14,725) Lease liabilities $ 9,202

Long Term Debt (Tables)

Long Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	The following table summarizes the Company's outstanding indebtedness as of March 31, 2024 and December 31, 2023: Principal Outstanding Weighted Average Interest Rate (1) (in thousands) Maturity Date March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Unsecured term loans: 2027 Term Loan February 2027 $ 430,000 $ 430,000 6.3% 6.3% 2028 Term Loan January 2028 400,000 400,000 6.3% 6.3% 2029 Term Loan February 2029 (2) 450,000 450,000 6.4% 6.4% Senior unsecured notes July 2031 400,000 400,000 3.0% 3.0% Revolving Credit Facility February 2026 — — —% —% Total principal outstanding $ 1,680,000 $ 1,680,000 5.5% 5.5% ______________________ (1) Interest rates are presented as stated in debt agreements and do not reflect the impact of the Company's interest rate swap and lock agreements, where applicable (see Note 6—Derivative and Hedging Activities). (2) After giving effect to extension options exercisable at the Operating Partnership's election. The following table presents information about interest expense related to the Revolving Credit Facility for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Interest expense $ 228 $ 225 Amortization of deferred financing costs 307 295 Total $ 535 $ 520 The following table presents information about aggregate interest expense related to the 2024 Term Loan, 2027 Term Loan, 2028 Term Loan and 2029 Term Loan: Three months ended March 31, (in thousands) 2024 2023 Interest expense $ 20,460 $ 14,040 Amortization of deferred financing costs 593 281 Total $ 21,053 $ 14,321 The following is a summary of the senior unsecured notes outstanding as of March 31, 2024 and December 31, 2023: (dollars in thousands) Maturity Date Interest Payment Dates Stated Interest Rate Principal Outstanding 2031 Notes July 15, 2031 January 15 and July 15 2.95% $ 400,000 The following table presents information about interest expense related to the Company's senior unsecured notes for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Interest expense $ 2,929 $ 2,928 Amortization of deferred financing costs and original issue discount 140 140 Total $ 3,069 $ 3,068
Schedule of Scheduled Principal Payments	The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of March 31, 2024: (in thousands) 2027 Term Loan 2028 Term Loan 2029 Term Loan (1) Senior Unsecured Notes Revolving Credit Facility (2) Total April 1 - December 31, 2024 $ — $ — $ — $ — $ — $ — 2025 — — — — — — 2026 — — — — — — 2027 430,000 — — — — 430,000 2028 — 400,000 — — — 400,000 Thereafter — — 450,000 400,000 — 850,000 Total $ 430,000 $ 400,000 $ 450,000 $ 400,000 $ — $ 1,680,000 ______________________ (1) After giving effect to extension options exercisable at the Operating Partnership's election. (2) Any amounts drawn will be due in February 2026.

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amount and Fair Value of Instruments	The following table summarizes the notional amount at inception and fair value of these instruments on the Company's balance sheet as of March 31, 2024 and December 31, 2023 (dollar amounts in thousands): Derivatives Designated as Hedging Instruments Fixed Rate Paid by Company Effective Date Maturity Date Notional Value (1) Fair value of Asset/(Liability) (2) March 31, 2024 December 31, 2023 Interest Rate Swap 1.96% 5/14/2019 4/12/2024 $ 100,000 $ 403 $ 981 Interest Rate Swap 1.95% 5/14/2019 4/12/2024 50,000 66 492 Interest Rate Swap 1.94% 5/14/2019 4/12/2024 50,000 66 492 Interest Rate Swap 1.52% 12/9/2019 11/26/2026 175,000 12,183 10,654 Interest Rate Swap 1.51% 12/9/2019 11/26/2026 50,000 3,501 3,077 Interest Rate Swap 1.49% 12/9/2019 11/26/2026 25,000 1,754 1,542 Interest Rate Swap 1.26% 7/9/2020 11/26/2026 100,000 7,604 6,810 Interest Rate Swap 1.28% 7/9/2020 11/26/2026 80,000 6,061 5,406 Interest Rate Swap 3.19% 9/26/2022 1/25/2028 50,000 1,522 688 Interest Rate Swap 3.35% 9/26/2022 1/25/2028 50,000 1,236 383 Interest Rate Swap 3.36% 9/26/2022 1/25/2028 25,000 607 180 Interest Rate Swap 3.43% 9/26/2022 1/25/2028 50,000 1,089 226 Interest Rate Swap 3.71% 9/26/2022 1/25/2028 50,000 605 (290) Interest Rate Swap 3.70% 9/26/2022 1/25/2028 25,000 306 (144) Interest Rate Swap 4.00% 10/26/2022 1/25/2028 50,000 81 (851) Interest Rate Swap 3.95% 11/28/2022 1/25/2028 25,000 86 (378) Interest Rate Swap 4.03% 11/28/2022 1/25/2028 25,000 11 (459) Interest Rate Swap 4.06% 11/28/2022 1/25/2028 25,000 (13) (485) Interest Rate Swap 4.07% 11/28/2022 1/25/2028 25,000 (23) (492) Interest Rate Swap 4.15% 8/24/2023 2/28/2029 50,000 (470) (1,550) Interest Rate Swap 4.38% 9/29/2023 2/28/2029 75,000 (1,515) (3,193) Interest Rate Swap 4.39% 9/29/2023 2/28/2029 50,000 (1,005) (2,114) Interest Rate Swap 4.32% 10/11/2023 2/28/2029 25,000 (431) (981) Interest Rate Swap 4.32% 10/11/2023 2/28/2029 25,000 (429) (980) Interest Rate Swap 4.51% 10/31/2023 2/28/2029 25,000 (645) (1,207) Interest Rate Swap (3) 4.48% 4/12/2024 2/28/2029 100,000 (2,459) (4,919) Interest Rate Swap (3) 4.48% 4/12/2024 2/28/2029 100,000 (2,473) (4,913) $ 1,480,000 $ 27,718 $ 7,975 _____________________________________ (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 an asset position are included within derivative assets and derivatives in a liability position are included within derivative liabilities in the Company's consolidated balance sheets. (3) The Company entered into two forward swap contracts in October 2023.
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents amounts recorded to accumulated other comprehensive income (loss) related to derivative and hedging activities for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Other comprehensive income (loss) $ 19,631 $ (14,828)

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of At the Market Program	The following table presents information about the 2022 ATM Program: Program Name Date Established Date Terminated Maximum Sales Authorization Gross Sales through March 31, 2024 2022 ATM Program May 2022 $ 500,000 $ 274,025 The following table details information related to activity under the ATM Program for each period presented: (in thousands, except share and per share data) Three months ended March 31, 2024 2023 Shares of common stock sold (1) 2,208,585 857,643 Weighted average sale price per share $ 24.17 $ 24.12 Gross proceeds $ 53,382 $ 20,689 Net proceeds $ 53,017 $ 20,651 _____________________________________ (1) During the three months ended March 31, 2024 and 2023, the Company issued an additional 1,937,450 and 957,453 shares of common stock, respectively, which were previously sold on a forward basis under the ATM Program and were unsettled as of December 31, 2023 and 2022, respectively.
Schedule of Quarterly Cash Dividends	During the three months ended March 31, 2024 and 2023, the Company’s board of directors declared the following quarterly cash dividends on common stock: Date Declared Record Date Date Paid Dividend per Share of Common Stock Total Dividend March 7, 2024 March 29, 2024 April 12, 2024 $ 0.285 $ 50,079 March 7, 2023 March 31, 2023 April 14, 2023 $ 0.275 $ 41,031

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Information about RSAs and RSUs Units	The following table presents information about the Company’s RSAs and RSUs during the three months ended March 31, 2024 and 2023: Restricted Stock Awards Restricted Stock Units Shares Wtd. Avg. Grant Date Fair Value Units Wtd. Avg. Grant Date Fair Value Unvested, January 1, 2023 9,039 $ 14.12 817,380 $ 30.26 Granted — — 351,663 32.85 Vested (9,039) 14.12 (324,360) 27.00 Forfeited — — (6,786) 24.65 Unvested, March 31, 2023 — $ — 837,897 $ 32.65 Unvested, January 1, 2024 — $ — 743,853 $ 32.56 Granted — — 504,237 33.32 Vested — — (295,810) 33.17 Forfeited — — — — Unvested, March 31, 2024 — $ — 952,281 $ 32.77 The following table presents information about the Company’s RSAs for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Compensation cost recognized in general and administrative expense $ — $ 2 Fair value of shares vested during the period — 128 The following table presents information about the Company’s RSUs for the periods presented: Three months ended March 31, (in thousands) 2024 2023 Compensation cost recognized in general and administrative expense $ 2,945 $ 2,719 Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings 116 101 Fair value of units vested during the period 9,813 8,759
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: Grant Year 2024 2023 Volatility 24% 37% Risk free rate 4.46% 4.36%
Schedule of Unrecognized Compensation Cost	The following table presents information about the Company’s RSUs as of the dates presented: (Dollars in thousands) March 31, 2024 December 31, 2023 Total unrecognized compensation cost $ 21,102 $ 13,131 Weighted average period over which compensation cost will be recognized (in years) 2.6 2.2

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands): Three months ended March 31, (dollar amounts in thousands) 2024 2023 Numerator for basic and diluted earnings per share: Net income $ 47,123 $ 43,056 Less: net income attributable to non-controlling interests (148) (160) Less: net income allocated to unvested RSAs and RSUs (116) (101) Net income available for common stockholders: basic 46,859 42,795 Net income attributable to non-controlling interests 148 160 Net income available for common stockholders: diluted $ 47,007 $ 42,955 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 167,290,702 144,406,747 Less: weighted average number of shares of unvested RSAs — (703) Weighted average shares outstanding used in basic net income per share 167,290,702 144,406,044 Effects of dilutive securities: (1) OP Units 553,847 553,847 Unvested RSAs and RSUs 545,285 482,013 Forward sales 464,767 558,103 Weighted average shares outstanding used in diluted net income per share 168,854,601 146,000,007 _____________________________________ (1)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Matching Contributions for Defined Contribution Retirement Savings Plan	The following table presents the matching contributions made by the Company for the three months ended March 31, 2024 and 2023: Three months ended March 31, (in thousands) 2024 2023 401(k) matching contributions $ 148 $ 154

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The fair values of these financial assets and liabilities were determined using the following input levels as of the dates presented: Net Carrying Value Fair Value Measurements Using Fair Value Hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 March 31, 2024 Financial (liabilities) assets: Senior unsecured notes (1) $ (395,985) $ (323,716) $ (323,716) $ — $ — Interest rate swaps 27,717 27,717 — 27,717 — December 31, 2023 Financial (liabilities) assets: Senior unsecured notes (1) $ (395,846) $ (315,336) $ (315,336) $ — $ — Interest rate swaps 7,975 7,975 — 7,975 — _____________________________________ (1) Carrying value is net of $3.5 million and $3.6 million of net deferred financing costs and $0.6 million and $0.6 million of net discount as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Fair Values of Real Estate Investments Measured at Nonrecurring Basis	The fair values of real estate investments that were impaired as of the dates presented were determined using the following input levels. Net Carrying Value Fair Value Measurements Using Fair Value Hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 March 31, 2024 Non-financial assets: Long-lived assets $ 3,297 $ 3,297 $ — $ — $ 3,297 December 31, 2023 Non-financial assets: Long-lived assets $ 4,510 $ 4,510 $ — $ — $ 4,510
Schedule of Quantitative Information about Level 3 Fair Value Measurements	Quantitative information about Level 3 fair value measurements as of March 31, 2024 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Inputs Non-financial assets: Long-lived assets Family dining restaurant $ 397 Sales comparison approach Binding sales agreement $ 397 Quick service restaurant 1,100 Sales comparison approach Non-binding sales agreement 1,100 Quick service restaurant 300 Sales comparison approach Non-binding sales agreement 300 Health & fitness 1,500 Sales comparison approach Non-binding sales agreement 1,500

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended
		Mar. 31, 2024 USD ($) segment option	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | segment		1
Cash and cash equivalents		$ 79,161,000	$ 39,807,000	$ 70,958,000
Cash and cash equivalents in excess of amount insured by FDIC		78,900,000	39,600,000
Capitalized offering costs		91,600,000	91,300,000
Unrecognized tax positions		0	0
Unrecognized tax positions, interest and penalties		0	0
Liabilities	[1]	1,765,886,000	1,781,259,000
Variable Interest Entity Not Primary Beneficiary | Mortgage Receivable
Summary Of Significant Accounting Policies [Line Items]
Liabilities		$ 0	$ 0
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
Minimum
Summary Of Significant Accounting Policies [Line Items]
Lease-up period		6 months
Number of multi-year renewal options | option		1
Maximum
Summary Of Significant Accounting Policies [Line Items]
Lease-up period		12 months
Operating Partnership Unit
Summary Of Significant Accounting Policies [Line Items]
Percentage of ownership interests in operating partnership (as a percent)		99.70%	99.70%
[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 2 — Summary of Significant Accounting Policies. As of March 31, 2024 and December 31, 2023, 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 $50.1 million and $47.0 million, respectively, of dividends payable.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Depreciation on Real Estate Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Depreciation on real estate investments	$ 26,866	$ 22,129

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Provisions for Impairment of Long Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Provision for impairment of real estate	$ 3,752	$ 677

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Contingent Rent (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Contingent rent	$ 238	$ 176

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Adjustment to Rental Revenue for Tenant Credit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Adjustment to (decrease) increase rental revenue for tenant credit	$ (1)	$ 160

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Mortgage Loan-Related VIEs (Details) $ in Thousands	Mar. 31, 2024 USD ($) entity	Dec. 31, 2023 USD ($) entity
Variable Interest Entity [Line Items]
Aggregate carrying value	$ 235,905	$ 223,854
Mortgage Receivable | Variable Interest Entity Not Primary Beneficiary
Variable Interest Entity [Line Items]
Number of VIEs | entity	26	21
Aggregate carrying value	$ 232,068	$ 219,449

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment Portfolio (Details) - property	Mar. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Owned properties	1,793	1,726
Properties securing investments in mortgage loans	135	136
Ground lease interests	9	11
Total number of investments	1,937	1,873

Investments - Schedule of Rea_2

Investments - Schedule of Real Estate Investment Portfolio, Footnotes (Details)	Mar. 31, 2024 loan property	Dec. 31, 2023 property loan
Investments [Abstract]
Number of properties owned as direct financing receivables | property	6	6
Number of mortgage loans receivable | loan	20	20

Investments - Schedule of Gross

Investments - Schedule of Gross Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Real estate investments, at cost	$ 4,909,097	$ 4,683,937
Loans and direct financing lease receivables, net	235,905	223,854
Real estate investments held for sale, net	1,235	7,455	$ 5,398	$ 4,780
Total gross investments	$ 5,146,237	$ 4,915,246	$ 4,214,485	$ 4,055,385

Investments - Schedule of Infor

Investments - Schedule of Information about Investment Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property
Investments [Abstract]
Number of properties | property	74	56
Purchase price allocation
Land and improvements	$ 95,254	$ 58,464
Building and improvements	101,822	128,805
Construction in progress	37,944	14,520
Intangible lease assets	0	570
Total purchase price	235,020	202,359
Intangible lease liabilities	0	0
Purchase price (including acquisition costs)	$ 235,020	$ 202,359

Investments - Schedule of Inf_2

Investments - Schedule of Information about Investment Activity, Footnotes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) property
Investments [Abstract]
Number of properties acquired, fee interest		55
Number of properties acquired, subject to ground lease		1
Capitalized interest expense | $	$ 0.9	$ 0.4

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) option investment loan	Mar. 31, 2023 USD ($) investment	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Schedule of Investments [Line Items]
Number of acquisitions individually represented more than five percentage of total investment activity | investment	0	0
Number of loan receivable agreements secured | loan	20		20
Number of loan receivable agreements secured by lease | loan	2		2
Aggregate carrying value of loans	$ 235,200		$ 223,100
Credit risk, maximum exposure	235,200
Net investments accounted for as direct financing lease receivables	1,395		1,435
Allowance for loan losses	$ 668	$ 735	$ 666	$ 765
Minimum
Schedule of Investments [Line Items]
Number of renewal options | option	1

Investments - Summary of Gross

Investments - Summary of Gross Investment Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) investmentLocation	Mar. 31, 2023 USD ($) investmentLocation	Dec. 31, 2023 USD ($)
Number of Investment Locations
Beginning balance | investmentLocation	1,873	1,653
Acquisitions of and additions to real estate investments | investmentLocation	74	56
Sales of investments in real estate | investmentLocation	(7)	(16)
Relinquishment of properties at end of ground lease term | investmentLocation	(2)	(1)
Investments in loans receivable | investmentLocation	5	1
Principal collections on and settlements of loans and direct financing lease receivables | investmentLocation	(6)	(5)
Ending balance | investmentLocation	1,937	1,688
Dollar Amount of Investments
Beginning balance	$ 4,915,246	$ 4,055,385
Acquisitions of and additions to real estate investments	235,046	203,518
Sales of investments in real estate	(10,750)	(33,641)
Relinquishment of properties at end of ground lease term	(1,330)	(837)
Provisions for impairment of real estate	(3,752)	(677)
Investments in loans and direct financing lease receivables	14,894	3,400
Principal collections on and settlements of loans and direct financing lease receivables	(2,841)	(11,734)
Other	(276)	(929)
Ending balance	5,146,237	4,214,485
Less: accumulated depreciation and amortization	(393,784)	(297,362)	$ (367,133)
Net investments	$ 4,752,453	$ 3,917,123	$ 4,548,113

Investments - Summary of Gros_2

Investments - Summary of Gross Investment Activity, Footnotes (Details) $ in Millions	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 property	Mar. 31, 2023 USD ($) property
Real Estate Properties [Line Items]
Number of property locations of investments	1,937	1,873
Accumulated depreciation | $	$ 347.4		$ 260.7
Tenanted Properties
Real Estate Properties [Line Items]
Number of property locations of investments	3		1
Vacant Properties
Real Estate Properties [Line Items]
Number of property locations of investments	1		2

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable (Details) $ in Thousands	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Balance Outstanding	$ 235,178	$ 223,085
Mortgage Receivables 8.00% Due 2039
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	8.80%
Stated Interest Rate	8%
Principal Balance Outstanding	$ 12,000	12,000
Mortgage Receivables 7.75% Due 2039
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	8.53%
Stated Interest Rate	7.75%
Principal Balance Outstanding	$ 7,300	7,300
Mortgage Receivables 7.33% Due 2034
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	69
Effective Interest Rate	7.79%
Stated Interest Rate	7.33%
Principal Balance Outstanding	$ 51,000	51,000
Mortgage Receivables 7.65% Due 2040
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	8.42%
Stated Interest Rate	7.65%
Principal Balance Outstanding	$ 5,300	5,300
Mortgage Receivables 8.50% Due 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	8.54%
Stated Interest Rate	8.50%
Principal Balance Outstanding	$ 1,785	1,785
Mortgage Receivables 7.00% Due 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	0
Effective Interest Rate	7%
Stated Interest Rate	7%
Principal Balance Outstanding	$ 0	500
Mortgage Receivables 8.25% Due 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	8.30%
Stated Interest Rate	8.25%
Principal Balance Outstanding	$ 994	994
Mortgage Receivables 6.40% Due 2036
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	6.87%
Stated Interest Rate	6.40%
Principal Balance Outstanding	$ 2,520	2,520
Mortgage Receivables 8.25% Due 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	8.29%
Stated Interest Rate	8.25%
Principal Balance Outstanding	$ 2,389	2,389
Mortgage Receivables 8.06% Due 2051
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	8.96%
Stated Interest Rate	8.06%
Principal Balance Outstanding	$ 24,100	24,100
Mortgage Receivables 6.80% Due 2036
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	7
Effective Interest Rate	7.30%
Stated Interest Rate	6.80%
Principal Balance Outstanding	$ 35,474	35,474
Mortgage Receivables 7.20% Due 2036
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	7.73%
Stated Interest Rate	7.20%
Principal Balance Outstanding	$ 2,470	2,470
Mortgage Receivables 8.00% Due 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	8%
Stated Interest Rate	8%
Principal Balance Outstanding	$ 1,754	1,754
Mortgage Receivables 7.00% Due 2027
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	21
Effective Interest Rate	7%
Stated Interest Rate	7%
Principal Balance Outstanding	$ 15,234	17,494
Mortgage Receivables 7.20% Due 2037
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	7.73%
Stated Interest Rate	7.20%
Principal Balance Outstanding	$ 3,600	3,600
Mortgage Receivables 8.25% Due 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	8.30%
Stated Interest Rate	8.25%
Principal Balance Outstanding	$ 760	760
Mortgage Receivables 8.05% Due 2037
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	4
Effective Interest Rate	8.64%
Stated Interest Rate	8.05%
Principal Balance Outstanding	$ 12,250	12,250
Mortgage Receivables 8.25% Due 2037
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	9
Effective Interest Rate	8.85%
Stated Interest Rate	8.25%
Principal Balance Outstanding	$ 25,993	25,993
Mortgage Receivables 8.25% Due 2038
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	8.84%
Stated Interest Rate	8.25%
Principal Balance Outstanding	$ 10,200	10,200
Mortgage Receivables 8.10% Due 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	8.10%
Stated Interest Rate	8.10%
Principal Balance Outstanding	$ 4,642	2,891
Mortgage Receivables 9.50% Due 2039
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	5
Effective Interest Rate	10.19%
Stated Interest Rate	9.50%
Principal Balance Outstanding	$ 13,144	0
Leasehold Interest 2.25% Due 2034
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	2.25%
Principal Balance Outstanding	$ 913	929
Leasehold Interest 2.41% Due 2034
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	2.41%
Principal Balance Outstanding	$ 1,356	$ 1,382

Investments - Scheduled of Prin

Investments - Scheduled of Principal Payments Due under Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments [Abstract]
April 1 - December 31, 2024	$ 7,806
2025	4,814
2026	181
2027	15,424
2028	199
Thereafter	206,754
Total	$ 235,178	$ 223,085

Investments - Schedule of Direc

Investments - Schedule of Direct Financing Lease Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Minimum lease payments receivable	$ 1,645	$ 1,709
Estimated unguaranteed residual value of leased assets	251	251
Unearned income from leased assets	(501)	(525)
Net investment	$ 1,395	$ 1,435

Investments - Schedule of Futur

Investments - Schedule of Future Minimum Non-Cancelable Base Rental Payments Under Direct Financing Lease Receivables (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Investments [Abstract]
April 1 - December 31, 2024	$ 146
2025	178
2026	167
2027	143
2028	145
Thereafter	866
Total	$ 1,645

Investments - Summary of Change

Investments - Summary of Changes to Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 666	$ 765
Current period provision for expected credit losses	2	(30)
Write-offs charged	0	0
Recoveries	0	0
Balance at end of period	$ 668	$ 735

Investments - Summary of Signif

Investments - Summary of Significant Credit Quality Indicators Measured at Amortized Cost (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 13,143
2023	14,842
2022	92,351
2021	58,187
Prior	58,050
Total Amortized Cost Basis	236,573
LTV less than 60%
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	23,000
2021	0
Prior	28,953
Total Amortized Cost Basis	51,953
LTV 60%-70%
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	28,234
Prior	0
Total Amortized Cost Basis	28,234
LTV greater than 70%
Financing Receivable, Credit Quality Indicator [Line Items]
2024	13,143
2023	14,842
2022	69,351
2021	29,953
Prior	29,097
Total Amortized Cost Basis	$ 156,386

Investments - Activity in Real

Investments - Activity in Real Estate Investments and Intangible Lease Liabilities Held for Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property
Number of Properties
Beginning balance | property	4	4
Transfers to held for sale classification | property	2	3
Sales | property	(4)	(3)
Transfers to held and used classification | property	0	0
Ending balance | property	2	4
Real Estate Investments
Beginning balance	$ 7,455	$ 4,780
Transfers to held for sale classification	1,235	3,701
Sales	(7,455)	(3,083)
Transfers to held and used classification	0	0
Ending balance	1,235	5,398
Intangible Lease Liabilities
Beginning balance	0	0
Transfers to held for sale classification	(76)	0
Sales	0	0
Transfers to held and used classification	0	0
Ending balance	(76)	0
Net Carrying Value
Beginning balance	7,455	4,780
Transfers to held for sale classification	1,159	3,701
Sales	(7,455)	(3,083)
Transfers to held and used classification	0	0
Ending balance	$ 1,159	$ 5,398

Investments - Schedule of Exter

Investments - Schedule of External Customers by Geographic Areas (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Rental Revenue | Texas | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage (as a percent)	13.30%	13.20%

Investments - Schedule of Intan

Investments - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	$ 88,320	$ 89,209
Intangible assets, accumulated amortization	42,243	41,352
Intangible assets, net carrying amount	46,077	47,857
Intangible market lease liabilities, gross carrying amount	15,275	15,505
Intangible market lease liabilities, accumulated amortization	4,339	4,299
Intangible market lease liabilities, net carrying amount	10,936	11,206
In-place leases
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	77,356	78,080
Intangible assets, accumulated amortization	36,783	35,896
Intangible assets, net carrying amount	40,573	42,184
Intangible market lease assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	10,964	11,129
Intangible assets, accumulated amortization	5,460	5,456
Intangible assets, net carrying amount	$ 5,504	$ 5,673

Investments - Summary of Remain

Investments - Summary of Remaining Weighted Average Amortization Periods for Intangible Assets and Liabilities (Details)	3 Months Ended
	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Years remaining, intangible assets	8 years 6 months
Years remaining, intangible market lease liabilities	8 years 8 months 12 days
In-place leases
Finite-Lived Intangible Assets [Line Items]
Years remaining, in-place leases	8 years 2 months 12 days
Intangible market lease assets
Finite-Lived Intangible Assets [Line Items]
Years remaining, intangible assets	10 years 2 months 12 days

Investments - Summary of Amorti

Investments - Summary of Amortization and Accretion Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amortization of In-Place Leases, Amortization and Accretion of Above- and Below-Market Lease Assets and Liabilities [Line Items]
Amortization of in-place leases	$ 1,579	$ 1,627
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	(25)	(1)
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	$ (62)	$ (84)

Investments - Summary of Projec

Investments - Summary of Projected Amortization Expenses for Next Five Years (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Below Market Lease Liabilities
April 1 - December, 31, 2024	$ 525
2025	701
2026	705
2027	729
2028	684
Thereafter	7,592
Total	10,936
Net Adjustment to Rental Revenue
April 1 - December, 31, 2024	27
2025	42
2026	56
2027	102
2028	299
Thereafter	4,906
Total	5,432
In-place leases
Intangible Assets
April 1 - December, 31, 2024	4,265
2025	4,545
2026	4,241
2027	3,712
2028	3,173
Thereafter	20,637
Total	40,573
Above Market Lease Asset
Intangible Assets
April 1 - December, 31, 2024	498
2025	659
2026	649
2027	627
2028	385
Thereafter	2,686
Total	$ 5,504

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2024 USD ($) option	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
ROU assets	$ 8,400	$ 8,900
Lease liabilities	$ 9,202	$ 9,800
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Rent receivables, prepaid expenses and other assets, net	Rent receivables, prepaid expenses and other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities and other payables	Accrued liabilities and other payables
Minimum
Lessor, Lease, Description [Line Items]
Number of renewal options | option	1

Leases - Scheduled Future Minim

Leases - Scheduled Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
April 1 - December 31, 2024	$ 290,627
2025	392,008
2026	396,173
2027	398,744
2028	400,225
Thereafter	4,366,989
Total	$ 6,244,766

Leases - Components of Fixed an

Leases - Components of Fixed and Variable Lease Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed lease revenues	$ 98,006	$ 77,465
Variable lease revenues	786	730
Total lease revenues	$ 98,792	$ 78,195

Leases - Information Related to

Leases - Information Related to Measurement of Lease Liabilities (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	24 years	22 years 9 months 18 days
Weighted average discount rate	6.82%	6.75%

Leases - Details of Rent Expens

Leases - Details of Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Variable rent expense	$ 0	$ 0
Total rent expense	380	375
Fixed rent expense - ground leases
Lessee, Lease, Description [Line Items]
Fixed rent expense	245	247
Fixed rent expense - office and equipment leases
Lessee, Lease, Description [Line Items]
Fixed rent expense	$ 135	$ 128

Leases - Summary of Future Leas

Leases - Summary of Future Lease Payments due from Company Under Ground, Office and Equipment Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
April 1 - December 31, 2024	$ 1,209
2025	1,567
2026	1,057
2027	1,073
2028	962
Thereafter	18,059
Total	23,927
Present value discount	(14,725)
Lease liabilities	9,202	$ 9,800
Office and Equipment Leases
Lessee, Lease, Description [Line Items]
April 1 - December 31, 2024	519
2025	733
2026	217
2027	219
2028	224
Thereafter	57
Total	1,969
Ground Leases to be Paid by the Company
Lessee, Lease, Description [Line Items]
April 1 - December 31, 2024	12
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	12
Ground Leases to be Paid Directly by the Company’s Tenants
Lessee, Lease, Description [Line Items]
April 1 - December 31, 2024	678
2025	834
2026	840
2027	854
2028	738
Thereafter	18,002
Total	$ 21,946

Long Term Debt - Schedule of Lo

Long Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Outstanding	$ 1,680,000	$ 1,680,000
Weighted-average interest rate (as a percent)	5.50%	5.50%
Senior unsecured notes | Senior unsecured notes
Debt Instrument [Line Items]
Principal Outstanding	$ 400,000	$ 400,000
Weighted-average interest rate (as a percent)	3%	3%
Unsecured term loans | 2027 Term Loan | Line of Credit
Debt Instrument [Line Items]
Principal Outstanding	$ 430,000	$ 430,000
Weighted-average interest rate (as a percent)	6.30%	6.30%
Unsecured term loans | 2028 Term Loan | Line of Credit
Debt Instrument [Line Items]
Principal Outstanding	$ 400,000	$ 400,000
Weighted-average interest rate (as a percent)	6.30%	6.30%
Unsecured term loans | 2029 Term Loan | Line of Credit
Debt Instrument [Line Items]
Principal Outstanding	$ 450,000	$ 450,000
Weighted-average interest rate (as a percent)	6.40%	6.40%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Principal Outstanding	$ 0	$ 0
Weighted-average interest rate (as a percent)	0%	0%

Long Term Debt - Summary of Sch

Long Term Debt - Summary of Scheduled Principal Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
April 1 - December 31, 2024	$ 0
2025	0
2026	0
2027	430,000
2028	400,000
Thereafter	850,000
Total	1,680,000
Senior Unsecured Notes
Debt Instrument [Line Items]
April 1 - December 31, 2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	400,000
Total	400,000
Unsecured term loans | 2027 Term Loan | Line of Credit
Debt Instrument [Line Items]
April 1 - December 31, 2024	0
2025	0
2026	0
2027	430,000
2028	0
Thereafter	0
Total	430,000
Unsecured term loans | 2028 Term Loan | Line of Credit
Debt Instrument [Line Items]
April 1 - December 31, 2024	0
2025	0
2026	0
2027	0
2028	400,000
Thereafter	0
Total	400,000
Unsecured term loans | 2029 Term Loan | Line of Credit
Debt Instrument [Line Items]
April 1 - December 31, 2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	450,000
Total	450,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
April 1 - December 31, 2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	$ 0

Long Term Debt - Revolving Cred

Long Term Debt - Revolving Credit Facility, 2024 Term Loan, 2028 Term Loan And 2029 Term Loan - Additional Information (Details) - Line of Credit		1 Months Ended						12 Months Ended
	Apr. 12, 2019	Oct. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2023 USD ($) option	Oct. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Feb. 28, 2022 USD ($) option	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Apr. 30, 2019 USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate revolving credit commitments										$ 300,000,000
Total deferred finance costs, net								$ 2,500,000	$ 2,200,000
Unused borrowing capacity								600,000,000	$ 600,000,000
Revolving Credit Facility | Amended Credit Agreement
Line of Credit Facility [Line Items]
Aggregate revolving credit commitments										400,000,000
Credit facility term	4 years
Extension term	6 months
Revolving Credit Facility | Credit Agreement
Line of Credit Facility [Line Items]
Aggregate revolving credit commitments							$ 600,000,000
Accordion feature to revolving credit commitment							$ 600,000,000
Extension term							6 months
Number of extension options | option							2
Unsecured term loans | 2024 Term Loan
Line of Credit Facility [Line Items]
Maximum additional availability of the facility										$ 200,000,000
Loss on debt extinguishment								$ 100,000
Unsecured term loans | 2028 Term Loan
Line of Credit Facility [Line Items]
Aggregate revolving credit commitments						$ 600,000,000
Proceeds from debt					$ 150,000,000	$ 250,000,000
Consolidated leverage ratio, maximum						0.35
Unsecured term loans | 2028 Term Loan, Second Tranche
Line of Credit Facility [Line Items]
Aggregate revolving credit commitments						$ 400,000,000
Unsecured term loans | 2029 Term Loan
Line of Credit Facility [Line Items]
Aggregate revolving credit commitments				$ 450,000,000
Credit facility term				3 years
Number of extension options | option				2
Proceeds from debt		$ 75,000,000	$ 125,000,000	$ 250,000,000
Unsecured term loans | 2029 Term Loan | Line Of Credit, Extension Option One
Line of Credit Facility [Line Items]
Extension term				1 year
Unsecured term loans | 2029 Term Loan | Line Of Credit, Extension Option Two
Line of Credit Facility [Line Items]
Extension term				6 months

Long Term Debt - Information Ab

Long Term Debt - Information About Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Senior unsecured notes | Senior unsecured notes
Line of Credit Facility [Line Items]
Interest expense	$ 2,929	$ 2,928
Amortization of deferred financing costs and original issue discount	140	140
Total	3,069	3,068
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Interest expense	228	225
Amortization of deferred financing costs	307	295
Total	535	520
Unsecured term loans | Line of Credit | 2024 Term Loan, 2027 Term Loan, 2028 Term Loan and 2029 Term Loan
Line of Credit Facility [Line Items]
Interest expense	20,460	14,040
Amortization of deferred financing costs	593	281
Total	$ 21,053	$ 14,321

Long Term Debt - 2027 Term Loan

Long Term Debt - 2027 Term Loan - Additional Information (Details) - Unsecured term loans - Line of Credit - 2027 Term Loan - USD ($)	4 Months Ended
	Mar. 31, 2020	Mar. 31, 2024	Dec. 31, 2023	Nov. 26, 2019
Line of Credit Facility [Line Items]
Notes issued				$ 430,000,000
Aggregate revolving credit commitments				430,000,000
Proceeds from debt	$ 430,000,000
Maximum additional availability of the facility				$ 500,000,000
Total deferred finance costs, net		$ 6,600,000	$ 7,200,000

Long Term Debt - Senior Unsecur

Long Term Debt - Senior Unsecured Note - Additional Information (Details) - Senior unsecured notes - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Offering discount		$ 600,000	$ 600,000
Total deferred finance costs, net		3,500,000	3,600,000
2031 Senior Notes
Debt Instrument [Line Items]
Notes issued	$ 400,000,000	$ 400,000,000	$ 400,000,000
Stated interest rate (as a percent)	2.95%	2.95%	2.95%
Proceeds from issuance of senior unsecured notes	$ 396,600,000
Percent of principal note amount issued (as a percent)	99.80%
Deferred finance costs	$ 4,700,000
Offering discount	$ 800,000
Debt instrument, redemption price, percentage (as a percent)		100%

Long Term Debt - Senior Unsec_2

Long Term Debt - Senior Unsecured Note - Schedule of Interest Expense and Amounts Outstanding (Details) - 2031 Senior Notes - Senior unsecured notes - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2021
Debt Instrument [Line Items]
Stated Interest Rate	2.95%	2.95%	2.95%
Principal Outstanding	$ 400,000,000	$ 400,000,000	$ 400,000,000

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Derivatives reclassified from other comprehensive income	$ 24.4
Derivative asset, including accrued interest	37.3		$ 31.1
Derivative liability, including accrued interest	9.7		23.4
Derivative asset, termination value	27.6		$ 7.7
Cash Flow Hedging | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Gain on change in fair value	$ 8.2	$ 5.3

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Instruments (Details) - Derivatives Designated as Hedging Instruments $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 contract
Derivatives, Fair Value [Line Items]
Notional value	$ 1,480,000
Fair Value of Asset/(Liability)	$ 27,718	$ 7,975
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Contracts entered into | contract			2
Interest Rate Swap One
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.96%
Notional value	$ 100,000
Fair Value of Asset/(Liability)	$ 403	981
Interest Rate Swap Two
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.95%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ 66	492
Interest Rate Swap Three
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.94%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ 66	492
Interest Rate Swap Four
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.52%
Notional value	$ 175,000
Fair Value of Asset/(Liability)	$ 12,183	10,654
Interest Rate Swap Five
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.51%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ 3,501	3,077
Interest Rate Swap Six
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.49%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ 1,754	1,542
Interest Rate Swap Seven
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.26%
Notional value	$ 100,000
Fair Value of Asset/(Liability)	$ 7,604	6,810
Interest Rate Swap Eight
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	1.28%
Notional value	$ 80,000
Fair Value of Asset/(Liability)	$ 6,061	5,406
Interest Rate Swap Nine
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	3.19%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ 1,522	688
Interest Rate Swap Ten
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	3.35%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ 1,236	383
Interest Rate Swap Eleven
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	3.36%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ 607	180
Interest Rate Swap Twelve
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	3.43%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ 1,089	226
Interest Rate Swap Thirteen
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	3.71%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ 605	(290)
Interest Rate Swap Fourteen
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	3.70%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ 306	(144)
Interest Rate Swap Fifteen
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ 81	(851)
Interest Rate Swap Sixteen
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	3.95%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ 86	(378)
Interest Rate Swap Seventeen
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.03%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ 11	(459)
Interest Rate Swap Eighteen
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.06%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ (13)	(485)
Interest Rate Swap Nineteen
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.07%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ (23)	(492)
Interest Rate Swap Twenty
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.15%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ (470)	(1,550)
Interest Rate Swap tewnty one
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.38%
Notional value	$ 75,000
Fair Value of Asset/(Liability)	$ (1,515)	(3,193)
Interest Rate Swap Twenty Two
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.39%
Notional value	$ 50,000
Fair Value of Asset/(Liability)	$ (1,005)	(2,114)
Interest Rate Swap Twenty Three
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.32%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ (431)	(981)
Interest Rate Swap Twenty Four
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.32%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ (429)	(980)
Interest Rate Swap Twenty Five
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.51%
Notional value	$ 25,000
Fair Value of Asset/(Liability)	$ (645)	(1,207)
Interest Rate Swap Twenty Six
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.48%
Notional value	$ 100,000
Fair Value of Asset/(Liability)	$ (2,459)	(4,919)
Interest Rate Swap Twenty Seven
Derivatives, Fair Value [Line Items]
Fixed Rate Paid by Company	4.48%
Notional value	$ 100,000
Fair Value of Asset/(Liability)	$ (2,473)	$ (4,913)

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	$ 19,631	$ (14,828)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	$ 19,631	$ (14,828)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		4 Months Ended	7 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	May 31, 2023	Mar. 31, 2024	May 31, 2022
Class of Stock [Line Items]
Proceeds from issuance of common stock, net				$ 244,735,000	$ 147,241,000
2022 ATM Program
Class of Stock [Line Items]
Authorized equity distribution program	$ 500,000,000			$ 500,000,000			$ 500,000,000	$ 500,000,000
Common Stock
Class of Stock [Line Items]
Shares of common stock sold (in shares)				10,508,096	6,248,695
Common Stock | Follow-On Offering
Class of Stock [Line Items]
Shares of common stock sold (in shares)	10,350,000	12,006,000	8,855,000
Number of shares sold pursuant to underwriter's option (in shares)	1,350,000	1,566,000	1,155,000
Price of shares sold (in USD per share)	$ 24.75	$ 23	$ 24.60	$ 24.75			$ 24.75
Proceeds from shares sold	$ 244,200,000					$ 209,300,000	$ 263,400,000
Shares settled (in shares)	2,521,148
Proceeds from issuance of common stock, net	$ 60,000,000

Equity - Schedule of Informatio

Equity - Schedule of Information about 2022 ATM (Details) - 2022 ATM Program - USD ($)	3 Months Ended
	Mar. 31, 2024	May 31, 2022
Subsidiary, Sale of Stock [Line Items]
Maximum Sales Authorization	$ 500,000,000	$ 500,000,000
Gross proceeds	$ 274,025,000

Equity - Schedule of At the Mar

Equity - Schedule of At the Market Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Net proceeds	$ 244,735	$ 147,241
ATM Program
Subsidiary, Sale of Stock [Line Items]
Shares of common stock sold (in shares)	2,208,585	857,643
Weighted average sale price per share (in USD per share)	$ 24.17	$ 24.12
Gross proceeds	$ 53,382	$ 20,689
Net proceeds	$ 53,017	$ 20,651
Additional shares sold on a forward basis, not yet settled (in shares)	1,937,450	957,453

Equity - Summary of Quarterly C

Equity - Summary of Quarterly Cash Dividends (Details) - Common Stock - USD ($) $ / shares in Units, $ in Thousands	Mar. 07, 2024	Mar. 07, 2023
Dividends Payable [Line Items]
Dividend per Share of Common Stock (in USD per share)	$ 0.285	$ 0.275
Total Dividend (in thousands)	$ 50,079	$ 41,031

Non-controlling Interests (Deta

Non-controlling Interests (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Outstanding period for distribution	1 year
Operating Partnership Unit
Noncontrolling Interest [Line Items]
Percentage of ownership interests in operating partnership (as a percent)	99.70%	99.70%
Award exchange ratio	1
Operating Partnership Unit | EPRT Holdings LLC
Noncontrolling Interest [Line Items]
Percentage of ownership interests in operating partnership (as a percent)	0.30%	0.30%
Interest held in operating partnership (in shares)	553,847	553,847
Eldridge Industries, LLC | Operating Partnership Unit
Noncontrolling Interest [Line Items]
Operating partnership units held (in shares)	175,306,386	164,635,150
Essential Properties OP GP LLC
Noncontrolling Interest [Line Items]
Percentage of general partner partnership interest owned (as a percent)	1%

Equity Based Compensation - Equ

Equity Based Compensation - Equity Incentive Plan - Additional Information (Details)	Mar. 31, 2024 shares
Share-Based Payment Arrangement [Abstract]
Maximum number of shares issuable under plan (in shares)	4,300,808

Equity Based Compensation - Sch

Equity Based Compensation - Schedule of Information about RSAs and RSUs Units (Details) - $ / shares	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2019	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restricted Stock Awards
Restricted Stock Awards
Beginning balance (in shares)		0	9,039	9,039
Granted (in shares)	46,368	0	0
Vested (in shares)		0	(9,039)
Forfeited (in shares)		0	0
Ending balance (in shares)		0	0	0
Restricted Stock Units
Beginning balance (in USD per share)		$ 0	$ 14.12	$ 14.12
Granted (in USD per share)		0	0
Vested (in USD per share)		0	14.12
Forfeited (in USD per share)		0	0
Ending balance (in USD per share)		$ 0	$ 0	$ 0
Restricted Stock Units
Restricted Stock Awards
Beginning balance (in shares)		743,853	817,380	817,380
Granted (in shares)		504,237	351,663
Vested (in shares)		(295,810)	(324,360)
Forfeited (in shares)		0	(6,786)
Ending balance (in shares)		952,281	837,897	743,853
Restricted Stock Units
Beginning balance (in USD per share)		$ 32.56	$ 30.26	$ 30.26
Granted (in USD per share)		33.32	32.85
Vested (in USD per share)		33.17	27
Forfeited (in USD per share)		0	24.65
Ending balance (in USD per share)		$ 32.77	$ 32.65	$ 32.56

Equity Based Compensation - Res

Equity Based Compensation - Restricted Stock Awards - Additional Information (Details) - Restricted Stock Awards - shares	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)	46,368	0	0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

Equity Based Compensation - S_2

Equity Based Compensation - Schedule of Information about RSAs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 2,945	$ 2,721
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested during the period	0	128
Restricted Stock Awards | General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 0	$ 2

Equity Based Compensation - R_2

Equity Based Compensation - Restricted Stock Units - Additional Information (Details)	1 Months Ended			3 Months Ended		12 Months Ended				13 Months Ended
	Feb. 29, 2024 shares	Feb. 28, 2023 shares	Jan. 31, 2022 shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation expense | $				$ 2,945,000	$ 2,721,000
Performance Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)	63,448	50,598		149,936		147,587	149,699	126,353	84,684
Nonvested share awards percentage (as a percent)				100%		75%	75%	75%	75%
Performance period				20 days
TSR as percentage of peer group (as a percent)				50%
Nonvested share awards remaining percentage issued (as a percent)						25%	25%	25%	25%
Equity based compensation expense | $				$ 0	$ 0
Performance Based Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage payout (as a percent)										50%
Performance Based Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage payout (as a percent)										50%
Performance Based Restricted Stock Units (RSUs) | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)			69,372
Vesting performance period			4 years
Performance Based Restricted Stock Units (RSUs) | Executive officers | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage payout (as a percent)			50%
Vesting period			4 years
Performance Based Restricted Stock Units (RSUs) | Executive officers | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage payout (as a percent)			50%
Vesting period			5 years
Performance Based Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage payout (as a percent)				0%
Performance Based Restricted Stock Units (RSUs) | Minimum | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award payout based on adjusted funds from operations performance (as a percent)			0
Performance Based Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage payout (as a percent)				250%
Performance Based Restricted Stock Units (RSUs) | Maximum | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award payout based on adjusted funds from operations performance (as a percent)			2
Time Based Restricted Stock Based Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)				151,113		210,406	199,793	135,686	184,760
Vesting period				5 years		5 years	5 years	5 years	5 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) - Performance Based Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	24%	37%
Risk free rate	4.46%	4.36%

Equity Based Compensation - S_4

Equity Based Compensation - Schedule of Information about RSUs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 2,945	$ 2,721
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings	116	101
Fair value of units vested during the period	9,813	8,759
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	$ 2,945	$ 2,719

Equity Based Compensation - S_5

Equity Based Compensation - Schedule of Information about Unrecognized Compensation Cost Restricted Stock Units (Details) - Restricted Stock Units - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 21,102	$ 13,131
Weighted average period over which compensation cost will be recognized (in years)	2 years 7 months 6 days	2 years 2 months 12 days

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Details)	Mar. 31, 2024
Operating Partnership Unit
Earnings Per Share [Line Items]
Award exchange ratio	1

Net Income Per Share - Reconcil

Net Income Per Share - Reconciliation of Numerator and Denominator used in Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator for basic and diluted earnings per share:
Net income	$ 47,123	$ 43,056
Less: net income attributable to non-controlling interests	(148)	(160)
Less: net income allocated to unvested RSAs and RSUs	(116)	(101)
Net income available for common stockholders: basic	46,859	42,795
Net income attributable to non-controlling interests	148	160
Net income available for common stockholders: diluted	$ 47,007	$ 42,955
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding (in shares)	167,290,702	144,406,747
Less: weighted average number of shares of unvested RSAs (in shares)	0	(703)
Weighted average shares outstanding used in basic net income per share (in shares)	167,290,702	144,406,044
Effects of dilutive securities:
Forward sales (in shares)	464,767	558,103
Weighted average shares outstanding used in diluted net income per share (in shares)	168,854,601	146,000,007
Unvested RSAs and RSUs
Effects of dilutive securities:
Antidilutive securities excluded from computation of earnings per share (in shares)	116,530	186,707
Unvested RSAs and RSUs
Effects of dilutive securities:
Dilutive securities (in shares)	545,285	482,013
Operating Partnership Unit
Effects of dilutive securities:
Dilutive securities (in shares)	553,847	553,847

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Commitments and Contingencies [Line Items]
Reimbursement to tenants	$ 214.6
Employer matching contribution, percent of match (as a percent)	100%
Employer matching contribution, percent of eligible compensation (as a percent)	6%
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

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Matching Contributions for Defined Contribution Retirement Savings Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
401(k) matching contributions	$ 148	$ 154

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Values of Financial Assets (Liabilities) Measured at Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 3,500	$ 3,600
Discount	600	600
Fair Value Measurements, Recurring | Net Carrying Value | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	27,717	7,975
Fair Value Measurements, Recurring | Net Carrying Value | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	(395,985)	(395,846)
Fair Value Measurements, Recurring | Fair Value | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	27,717	7,975
Fair Value Measurements, Recurring | Fair Value | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	(323,716)	(315,336)
Fair Value Measurements, Recurring | Fair Value | Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Fair Value Measurements, Recurring | Fair Value | Level 1 | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	(323,716)	(315,336)
Fair Value Measurements, Recurring | Fair Value | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	27,717	7,975
Fair Value Measurements, Recurring | Fair Value | Level 2 | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	0	0
Fair Value Measurements, Recurring | Fair Value | Level 3 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Fair Value Measurements, Recurring | Fair Value | Level 3 | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	$ 0	$ 0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Fair Values of Real Estate Investments Measured at Nonrecurring Basis (Details) - Fair Value Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Net Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 3,297	$ 4,510
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	3,297	4,510
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	$ 3,297	$ 4,510

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Quantitative Information About Level 3 Fair Value Measurements (Details) - Level 3 $ in Thousands	Mar. 31, 2024 USD ($)
Family dining restaurant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 397
Family dining restaurant | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	397
Quick service restaurant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 1,100
Quick service restaurant | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	1,100
Quick service restaurant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 300
Quick service restaurant | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	300
Health & fitness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 1,500
Health & fitness | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	1,500

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended
	Apr. 24, 2024 USD ($) property	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event
Mortgage loans receivable		$ 235,905	$ 223,854
Subsequent Event
Subsequent Event
Number of real estate investment properties acquired | property	20
Aggregate investment (including acquisition-related costs)	$ 52,800
Investment in new and ongoing construction in progress	7,400
Mortgage loans receivable	$ 800
Number of investment properties sold or transferred | property	2
Investment, aggregate gross sales price	$ 1,300
Investment, disposition costs	$ 50