Essential Properties Realty Trust (EPRT) 10-K 12 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 12, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 4.8
Entity Common Stock, Shares Outstanding (in shares)		187,691,457
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement for the registrant's 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. The registrant expects to file such proxy statement within 120 days after the end of its fiscal year.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001728951

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	248	248	248
Auditor Name	GRANT THORNTON LLP	GRANT THORNTON LLP	GRANT THORNTON LLP
Auditor Location	New York, New York	New York, New York	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Real estate investments, at cost:
Land and improvements		$ 1,865,610	$ 1,542,302
Building and improvements		3,536,000	2,938,012
Lease incentives		17,903	17,890
Construction in progress		153,789	96,524
Intangible lease assets		94,047	89,209
Total real estate investments, at cost		5,667,349	4,683,937
Less: accumulated depreciation and amortization		(476,827)	(367,133)
Total real estate investments, net		5,190,522	4,316,804
Loans and direct financing lease receivables, net		352,066	223,854
Real estate investments held for sale, net		10,018	7,455
Net investments		5,552,606	4,548,113
Cash and cash equivalents		40,713	39,807
Restricted cash		4,265	9,156
Straight-line rent receivable, net		143,435	107,545
Derivative assets		27,714	30,980
Rent receivables, prepaid expenses and other assets, net		29,949	32,660
Total assets	[1]	5,798,682	4,768,261
LIABILITIES AND EQUITY
Unsecured term loans, net of deferred financing costs		1,721,114	1,272,772
Senior unsecured notes, net		396,403	395,846
Revolving credit facility		0	0
Intangible lease liabilities, net		10,700	11,206
Dividend payable		55,608	47,182
Derivative liabilities		7,585	23,005
Accrued liabilities and other payables		35,145	31,248
Total liabilities	[1]	2,226,555	1,781,259
Commitments and contingencies (see Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of December 31, 2024 and 2023		0	0
Common stock, $0.01 par value; 500,000,000 authorized; 187,537,592 and 164,635,150 issued and outstanding as of December 31, 2024 and 2023, respectively		1,875	1,646
Additional paid-in capital		3,658,219	3,078,459
Distributions in excess of cumulative earnings		(113,302)	(105,545)
Accumulated other comprehensive income		16,886	4,019
Total stockholders' equity		3,563,678	2,978,579
Non-controlling interests		8,449	8,423
Total equity		3,572,127	2,987,002
Total liabilities and equity		$ 5,798,682	$ 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 December 31, 2024 and 2023, all of the assets and liabilities of the Company were held by its operating partnership, a consolidated VIE, with the exception of $55.4 million and $47.0 million, respectively, of dividends payable.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 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)	187,537,592	164,635,150
Common shares, outstanding shares (in shares)	187,537,592	164,635,150
Dividend payable	$ 55,608	$ 47,182
Consolidated entity, excluding VIE
Dividend payable	$ 55,400	$ 47,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental revenue	$ 425,749	$ 339,897	$ 269,827
Interest on loans and direct financing lease receivables	23,409	18,128	15,499
Other revenue, net	452	1,570	1,180
Total revenues	449,610	359,595	286,506
Expenses:
General and administrative	35,161	30,678	29,464
Property expenses	4,997	4,663	3,452
Depreciation and amortization	122,161	102,219	88,562
Provision for impairment of real estate	14,845	3,548	20,164
Change in provision for credit losses	230	(99)	88
Total expenses	177,394	141,009	141,730
Other operating income:
Gain on dispositions of real estate, net	5,977	24,167	30,647
Income from operations	278,193	242,753	175,423
Other (expense)/income:
Loss on debt extinguishment	0	(116)	(2,138)
Interest expense	(78,544)	(52,597)	(40,370)
Interest income	3,069	2,011	2,825
Other income	1,548	0	0
Income before income tax expense	204,266	192,051	135,740
Income tax expense	628	636	998
Net income	203,638	191,415	134,742
Net income attributable to non-controlling interests	(634)	(708)	(612)
Net income attributable to stockholders	$ 203,004	$ 190,707	$ 134,130
Basic weighted average shares outstanding (in shares)	173,855,427	152,140,735	134,941,188
Basic net income per share (in USD per share)	$ 1.16	$ 1.25	$ 0.99
Diluted weighted average shares outstanding (in shares)	177,115,170	153,521,854	135,855,916
Diluted net income per share (in USD per share)	$ 1.15	$ 1.24	$ 0.99

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 203,638	$ 191,415	$ 134,742
Other comprehensive income:
Unrealized gain (loss) on cash flow hedges	42,210	(9,187)	56,736
Cash flow hedge (loss) gain reclassified to interest expense	(29,310)	(27,687)	26
Total other comprehensive income (loss)	12,900	(36,874)	56,762
Comprehensive income	216,538	154,541	191,504
Net income attributable to non-controlling interests	(634)	(708)	(612)
Adjustment for other comprehensive (loss) income attributable to non-controlling interests	(33)	174	(1,257)
Comprehensive income attributable to stockholders	$ 215,871	$ 154,007	$ 189,635

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 (Loss)	Non- Controlling Interests
Balance at beginning of period (in shares) at Dec. 31, 2021			124,649,053
Balance at beginning of period at Dec. 31, 2021	$ 2,043,803	$ 2,036,566	$ 1,246	$ 2,151,088	$ (100,982)	$ (14,786)	$ 7,237
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance (in shares)			17,576,684
Common stock issuance	413,845	413,845	$ 178	413,667
Common stock withheld related to net share settlement of equity awards	(2,452)	(2,452)			(2,452)
Costs related to issuance of common stock	(10,939)	(10,939)		(10,939)
Other comprehensive income (loss)	56,762	55,505				55,505	1,257
Equity based compensation expense (in shares)			153,918
Equity based compensation expense	9,489	9,489		9,489
Dividends declared on common stock and OP Units	(148,479)	(147,883)			(147,883)		(596)
Net income	134,742	134,130			134,130		612
Balance at end of period (in shares) at Dec. 31, 2022			142,379,655
Balance at end 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)			21,971,744
Common stock issuance	507,380	507,380	$ 219	507,161
Common stock withheld related to net share settlement of equity awards	(3,671)	(3,671)			(3,671)
Costs related to issuance of common stock	(1,010)	(1,010)		(1,010)
Other comprehensive income (loss)	(36,874)	(36,700)				(36,700)	(174)
Equity based compensation expense (in shares)			283,751
Equity based compensation expense	9,006	9,006	$ 3	9,003
Dividends declared on common stock and OP Units	(176,015)	(175,394)			(175,394)		(621)
Net income	$ 191,415	190,707			190,707		708
Balance at end of period (in shares) at Dec. 31, 2023	164,635,150		164,635,150
Balance at end 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)			22,713,852
Common stock issuance	570,243	570,243	$ 227	570,016
Common stock withheld related to net share settlement of equity awards	(3,313)	(3,313)			(3,313)
Costs related to issuance of common stock	(1,083)	(1,083)		(1,083)
Other comprehensive income (loss)	12,900	12,867				12,867	33
Equity based compensation expense (in shares)			188,590
Equity based compensation expense	10,829	10,829	$ 2	10,827
Dividends declared on common stock and OP Units	(208,089)	(207,448)			(207,448)		(641)
Net income	$ 203,638	203,004			203,004		634
Balance at end of period (in shares) at Dec. 31, 2024	187,537,592		187,537,592
Balance at end of period at Dec. 31, 2024	$ 3,572,127	$ 3,563,678	$ 1,875	$ 3,658,219	$ (113,302)	$ 16,886	$ 8,449

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 203,638	$ 191,415	$ 134,742
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	122,161	102,219	88,562
Amortization of lease incentives	2,040	1,782	3,480
Amortization of above/below market leases and right of use assets, net	(238)	(275)	(217)
Amortization of deferred financing costs and other non-cash interest expense	5,374	3,863	3,099
Loss on debt extinguishment	0	116	2,138
Provision for impairment of real estate	14,845	3,548	20,164
Change in provision for credit losses	230	(99)	88
Gain on dispositions of real estate, net	(5,977)	(24,167)	(30,647)
Straight-line rent receivable, net	(38,882)	(28,285)	(20,811)
Equity based compensation expense	10,829	9,006	9,489
Adjustment to rental revenue for tenant credit	635	640	371
Changes in other assets and liabilities:
Rent receivables, prepaid expenses and other assets, net	(7,258)	(5,956)	4,507
Accrued liabilities and other payables	1,087	767	(3,943)
Net cash provided by operating activities	308,484	254,574	211,022
Cash flows from investing activities:
Proceeds from sales of investments, net	96,928	128,598	126,610
Principal collections on loans and direct financing lease receivables	10,022	27,908	70,439
Investments in loans receivable	(136,264)	(13,091)	(115,016)
Deposits for prospective real estate investments	(3,880)	189	(26)
Investment in real estate, including capital expenditures	(825,751)	(894,550)	(728,727)
Investment in construction in progress	(263,232)	(105,075)	(51,870)
Lease incentives paid	(991)	(1,104)	(7,488)
Net cash used in investing activities	(1,123,168)	(857,125)	(706,078)
Cash flows from financing activities:
Borrowings under term loans	174,569	247,972	397,523
Borrowings under revolving credit facility	490,000	70,000	299,000
Repayments under revolving credit facility	(220,000)	(70,000)	(443,000)
Payments for taxes related to net settlement of equity awards	(3,313)	(3,671)	(2,452)
Payment of debt extinguishment costs	0	0	(467)
Deferred financing costs	(115)	(2,426)	(4,991)
Proceeds from issuance of common stock, net	570,243	507,318	403,884
Offering costs	(1,022)	(948)	(1,008)
Dividends paid	(199,663)	(168,231)	(141,691)
Net cash provided by financing activities	810,699	580,014	506,798
Net (decrease) increase in cash and cash equivalents and restricted cash	(3,985)	(22,537)	11,742
Cash and cash equivalents and restricted cash, beginning of period	48,963	71,500	59,758
Cash and cash equivalents and restricted cash, end of period	44,978	48,963	71,500
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	40,713	39,807	62,345
Restricted cash	4,265	9,156	9,155
Cash and cash equivalents and restricted cash, end of period	44,978	48,963	71,500
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	73,703	49,587	36,832
Cash paid for income taxes	902	1,486	1,214
Non-cash investing and financing activities:
Reclassification from construction in progress upon project completion	200,566	45,518	26,948
Net settlement of proceeds on the sale of investments	(2,200)	(4,625)	(28,938)
Non-cash investments in real estate and loan receivable activity	2,200	0	22,679
Unrealized gain (loss) on cash flow hedges	42,210	(9,187)	(56,615)
Non-cash debt issuance costs	4,647	2,028	0
Non-cash repayment of term loan facility	270,000	200,000	0
Non-cash borrowing under term loan facility	(270,000)	(202,028)	0
Payable and accrued offering costs	115	24	30
Discounts and fees on capital raised through issuance of common stock	0	38	9,931
Discounts and fees on issuance of debt	0	0	2,477
Dividends declared and unpaid	$ 55,608	$ 47,182	$ 39,398

Organization

Organization	12 Months Ended
	Dec. 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	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). 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 December 31, 2024 and 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. The chief operating decision maker ("CODM"), which is the Company's Chief Executive Officer, determines resource allocations based on characteristics of potential future investments (e.g., return on investment, tenant credit quality, industry type, geographic location) and assesses the performance of the Company's existing portfolio based on consolidated net income as presented in the accompanying consolidated statements of operations. 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 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: Year ended December 31, (in thousands) 2024 2023 2022 Depreciation on real estate investments $ 115,371 $ 95,527 $ 80,647 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 on loans and direct financing lease receivables 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: Year ended December 31, (in thousands) 2024 2023 2022 Provision for impairment of real estate $ 14,845 $ 3,548 $ 20,164 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 December 31, 2024 and 2023, the Company had cash and cash equivalents of $40.7 million and $39.8 million, respectively, of which $40.2 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 ATM Programs (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 net income 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 net income 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 net income 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 net income 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 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: Year ended December 31, (in thousands) 2024 2023 2022 Contingent rent $ 863 $ 743 $ 682 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. Conversely, if the assessment of the collectability changes from not probable to probable, any difference is recognized as a current period increase 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: Year ended December 31, (in thousands) 2024 2023 2022 Adjustment to decrease rental revenue for tenant credit $ (635) $ (640) $ (371) 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 December 31, 2024 and 2023, the Company capitalized a total of $92.3 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 December 31, 2024 and 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 years ended December 31, 2024, 2023 and 2022, 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 December 31, 2024 or 2023. The 2023, 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 of December 31, 2024 and 2023. Additionally, the Company has concluded that certain entities to which it has provided mortgage loans are VIEs because the entities' equity was not sufficient to finance their activities without additional subordinated financial support. The following table presents information about the Company’s mortgage loan-related VIEs as of the dates presented: December 31, (Dollars in thousands) 2024 2023 Number of VIEs 49 21 Aggregate carrying value $ 327,423 $ 219,449 The Company was not the primary beneficiary of any of these entities, because the Company did not have the power to direct the activities that most significantly impact the entities’ economic performance as of December 31, 2024 and 2023. The Company’s maximum exposure to loss in these entities is limited to the carrying amount of its investment. The Company had

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Investments	70% 118,589 18,854 64,187 34,953 28,695 265,278 $ 126,149 $ 18,854 $ 87,187 $ 63,187 $ 57,584 $ 352,961 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 years ended December 31, 2024 and 2023: (Dollar amounts in thousands) Number of Real Estate Intangible Lease Net Carrying Held for sale balance, December 31, 2022 4 $ 4,780 $ — $ 4,780 Transfers to held for sale classification 10 19,311 — 19,311 Sales (9) (16,067) — (16,067) Transfers to held and used classification (1) (569) — (569) Held for sale balance, December 31, 2023 4 7,455 — 7,455 Transfers to held for sale classification 16 25,854 (76) 25,778 Sales (15) (23,291) 76 (23,215) Transfers to held and used classification — — — — Held for sale balance, December 31, 2024 5 $ 10,018 $ — $ 10,018 Significant Concentrations The Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose rental revenue for the years ended December 31, 2024, 2023 or 2022 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: Year ended December 31, State 2024 2023 2022 Texas 13.4% 13.3% 13.5% Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of the dates presented: December 31, 2024 December 31, 2023 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets: In-place leases $ 82,926 $ 40,499 $ 42,427 $ 78,080 $ 35,896 $ 42,184 Intangible market lease assets 11,121 5,955 5,166 11,129 5,456 5,673 Total intangible assets $ 94,047 $ 46,454 $ 47,593 $ 89,209 $ 41,352 $ 47,857 Intangible market lease liabilities $ 15,523 $ 4,823 $ 10,700 $ 15,505 $ 4,299 $ 11,206 The remaining weighted average amortization period for the Company's intangible assets and liabilities as of December 31, 2024, by category and in total, were as follows: Years Remaining In-place leases 8.8 Intangible market lease assets 9.6 Total intangible assets 8.9 Intangible market lease liabilities 7.9 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: Year ended December 31, (in thousands) 2024 2023 2022 Amortization of in-place leases (1) $ 6,377 $ 6,408 $ 7,575 Amortization (accretion) of market lease intangibles, net (2) (60) 11 (217) Amortization (accretion) of above- and below-market ground lease intangibles, net (3) (178) (286) (350) ______________________________________________________ (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 2025 $ 5,106 2026 4,730 2027 4,201 2028 3,662 2029 3,567 Thereafter 21,161 Total $ 42,427 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 2025 $ (670) $ 731 $ 61 2026 (661) 735 74 2027 (639) 759 120 2028 (397) 712 315 2029 (385) 673 288 Thereafter (2,414) 7,090 4,676 Total $ (5,166) $ 10,700 $ 5,534 " 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: December 31, 2024 2023 Owned properties (1) 1,946 1,726 Properties securing investments in mortgage loans (2) 150 136 Ground lease interests 8 11 Total number of investments 2,104 1,873 _____________________________________ (1) Includes seven and six properties which are subject to leases accounted for as direct financing leases or loans as of December 31, 2024 and 2023, respectively. (2) Properties secure 25 and 20 mortgage loans receivable as of December 31, 2024 and 2023, respectively. The following table presents information about the gross investment value of the Company's real estate investment portfolio as of each date presented: December 31, (in thousands) 2024 2023 Real estate investments, at cost $ 5,667,349 $ 4,683,937 Loans and direct financing lease receivables, net 352,066 223,854 Real estate investments held for sale, net 10,018 7,455 Total gross investments $ 6,029,433 $ 4,915,246 Investments in 2024 and 2023 The following table presents information about the Company’s investment activity during the years ended December 31, 2024 and 2023: Year ended December 31, (Dollars amounts in thousands) 2024 2023 Ownership type Fee Interest (1) Number of properties 264 291 Investment allocation: Land and improvements $ 333,983 $ 354,331 Building and improvements 484,417 539,062 Intangible lease assets 7,319 2,553 Intangible lease liabilities (312) (181) Construction in progress (2) 263,232 105,075 Total investments (including acquisition costs) $ 1,088,639 $ 1,000,840 _____________________________________ (1) During the year ended December 31, 2023, the Company acquired fee interests in 289 properties and acquired two properties subject to a ground lease. (2) Represents amounts incurred at and subsequent to initial investment and includes $5.8 million and $2.4 million, respectively, of capitalized interest expense during the years ended December 31, 2024 and 2023. During the years ended December 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 years ended December 31, 2024, 2023 and 2022, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Dollar Gross investments, December 31, 2021 1,451 $ 3,355,561 Acquisitions of and additions to real estate investments 224 810,661 Sales of investments in real estate (54) (138,515) Provisions for impairment of real estate (1) — (20,164) Investments in loans receivable 75 143,954 Principal collections on and settlements of loans and direct financing lease receivables (43) (93,118) Other — (2,994) Gross investments, December 31, 2022 1,653 4,055,385 Acquisitions of and additions to real estate investments 291 1,004,075 Sales of investments in real estate (51) (120,809) Relinquishment of properties at end of ground lease term (2) (1,543) Provisions for impairment of real estate (2) — (3,548) Investments in loans receivable 2 13,091 Principal collections on and settlements of loans and direct financing lease receivables (20) (27,908) Other — (3,497) Gross investments, December 31, 2023 1,873 4,915,246 Acquisitions of and additions to real estate investments 264 1,100,712 Sales of investments in real estate (46) (96,774) Relinquishment of properties at end of ground lease term (3) (1,471) Provisions for impairment of real estate (3) — (14,845) Investments in loans receivable 33 138,464 Principal collections on and settlements of loans and direct financing lease receivables (17) (10,022) Other — (1,877) Gross investments, December 31, 2024 2,104 6,029,433 Less: Accumulated depreciation and amortization (4) — (476,827) Net investments, December 31, 2024 2,104 $ 5,552,606 _____________________________________________ (1) During the year ended December 31, 2022, the Company identified and recorded provisions for impairment at nine tenanted properties and four vacant properties . (2) During the year ended December 31, 2023, the Company identified and recorded provisions for impairment at six tenanted properties and two vacant properties. (3) During the year ended December 31, 2024, the Company identified and recorded provisions for impairment at 17 tenanted properties and five vacant properties. (4) Includes $425.3 million of accumulated depreciation as of December 31, 2024. Loans and Direct Financing Lease Receivables As of December 31, 2024 and 2023, the Company had 25 and 20 mortgage loans receivable outstanding, respectively, and three and two leases accounted for as loans, respectively, with an aggregate carrying amount of $351.6 million and $223.1 million, respectively. The maximum amount of loss due to credit risk is the Company's current principal balance of $351.6 million as of December 31, 2024. The Company's loans receivable portfolio as of December 31, 2024 and 2023 is summarized below (dollars in thousands): Loan Type Monthly Payment (1) Number of Secured Properties Effective Interest Rate Stated Interest Rate Maturity Date Principal Balance Outstanding December 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)(3) 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)(3) I/O 1 8.54% 8.50% 2026 1,525 1,785 Mortgage I/O — 7.00% 7.00% 2024 — 500 Mortgage (2)(3) I/O 2 8.33% 8.33% 2026 994 994 Mortgage (2) I/O 2 6.87% 6.40% 2036 2,520 2,520 Mortgage (2) I/O 2 8.33% 8.33% 2026 2,389 2,389 Mortgage (2) I/O 1 8.99% 8.09% 2051 29,100 24,100 Mortgage (2) I/O 7 7.39% 6.80% 2036 35,474 35,474 Mortgage (2) I/O 1 7.73% 7.20% 2036 2,470 2,470 Mortgage (2)(3) I/O 1 8.00% 8.00% 2040 1,754 1,754 Mortgage (2) I/O 13 7.00% 7.00% 2027 10,070 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% 2026 760 760 Mortgage (2)(3) I/O 4 8.64% 8.05% 2037 12,250 12,250 Mortgage (2)(3) 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 8,654 2,891 Mortgage (2) I/O 5 10.19% 9.50% 2039 16,059 — Mortgage (2) I/O 14 10.00% 8.65% 2044 57,454 — Mortgage (2)(3) I/O 1 10.20% 9.75% 2034 7,560 — Mortgage (2)(3) I/O 6 10.19% 9.50% 2039 17,451 — Mortgage (2) I/O 1 8.00% 8.00% 2027 900 — Mortgage (2) I/O 2 9.54% 8.25% 2044 6,400 — Leasehold interest P+I 1 2.25% (4) 2034 862 929 Leasehold interest P+I 1 2.41% (4) 2034 1,283 1,382 Leasehold interest P+I 2 4.41% (4) 2039 20,327 — Net investment $ 351,649 $ 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 December 31, 2024 were as follows: (in thousands) Loans Receivable 2025 $ 9,585 2026 6,680 2027 12,066 2028 1,186 2029 1,280 Thereafter 320,852 Total $ 351,649 As of December 31, 2024 and 2023, the Company had $1.3 million and $1.4 million, respectively, of net investments accounted for as direct financing lease receivables. The components of the investments accounted for as direct financing lease receivables were as follows: December 31, (in thousands) 2024 2023 Minimum lease payments receivable $ 1,499 $ 1,709 Estimated unguaranteed residual value of leased assets 250 251 Unearned income from leased assets (436) (525) Net investment $ 1,313 $ 1,435 Scheduled future minimum non-cancelable base rental payments due to be received under the direct financing lease receivables as of December 31, 2024 were as follows: (in thousands) Future Minimum Base Rental Payments 2025 $ 178 2026 167 2027 143 2028 145 2029 148 Thereafter 718 Total $ 1,499 Allowance for Credit Losses The Company utilizes a real estate loss estimate model (i.e. a RELEM) which estimates losses on loans and direct financing lease receivables for purposes of calculating an allowance for credit losses. As of December 31, 2024 and 2023, the Company recorded an allowance for credit losses of $0.9 million and $0.7 million, respectively, which is recorded within loans and direct financing receivables on the Company's consolidated balance sheets. 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 years ended December 31, 2024, 2023 and 2022, the changes to the Company's allowance for credit losses were as follows: (in thousands) Allowance for Credit Losses Balance at December 31, 2021 $ 814 Current period provision for expected credit losses (1) 88 Write-offs charged (137) Recoveries — Balance at December 31, 2022 765 Current period provision for expected credit losses (1) (99) Write-offs charged — Recoveries — Balance at December 31, 2023 666 Current period provision for expected credit losses (1) 230 Write-offs charged — Recoveries — Balance at December 31, 2024 $ 896 _____________________________________ (1) Changes in expected credit loss were 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 as of December 31, 2024: Amortized Cost Basis by Origination Year Total Amortized Cost Basis (in thousands) 2024 2023 2022 2021 Prior to 2021 LTV <60% $ — $ — $ 23,000 $ — $ 28,889 $ 51,889 LTV 60%-70% 7,560 — — 28,234 — 35,794 LTV >70% 118,589 18,854 64,187 34,953 28,695 265,278 $ 126,149 $ 18,854 $ 87,187 $ 63,187 $ 57,584 $ 352,961 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 years ended December 31, 2024 and 2023: (Dollar amounts in thousands) Number of Real Estate Intangible Lease Net Carrying Held for sale balance, December 31, 2022 4 $ 4,780 $ — $ 4,780 Transfers to held for sale classification 10 19,311 — 19,311 Sales (9) (16,067) — (16,067) Transfers to held and used classification (1) (569) — (569) Held for sale balance, December 31, 2023 4 7,455 — 7,455 Transfers to held for sale classification 16 25,854 (76) 25,778 Sales (15) (23,291) 76 (23,215) Transfers to held and used classification — — — — Held for sale balance, December 31, 2024 5 $ 10,018 $ — $ 10,018 Significant Concentrations The Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose rental revenue for the years ended December 31, 2024, 2023 or 2022 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: Year ended December 31, State 2024 2023 2022 Texas 13.4% 13.3% 13.5% Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of the dates presented: December 31, 2024 December 31, 2023 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets: In-place leases $ 82,926 $ 40,499 $ 42,427 $ 78,080 $ 35,896 $ 42,184 Intangible market lease assets 11,121 5,955 5,166 11,129 5,456 5,673 Total intangible assets $ 94,047 $ 46,454 $ 47,593 $ 89,209 $ 41,352 $ 47,857 Intangible market lease liabilities $ 15,523 $ 4,823 $ 10,700 $ 15,505 $ 4,299 $ 11,206 The remaining weighted average amortization period for the Company's intangible assets and liabilities as of December 31, 2024, by category and in total, were as follows: Years Remaining In-place leases 8.8 Intangible market lease assets 9.6 Total intangible assets 8.9 Intangible market lease liabilities 7.9 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: Year ended December 31, (in thousands) 2024 2023 2022 Amortization of in-place leases (1) $ 6,377 $ 6,408 $ 7,575 Amortization (accretion) of market lease intangibles, net (2) (60) 11 (217) Amortization (accretion) of above- and below-market ground lease intangibles, net (3) (178) (286) (350) ______________________________________________________ (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 2025 $ 5,106 2026 4,730 2027 4,201 2028 3,662 2029 3,567 Thereafter 21,161 Total $ 42,427 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 2025 $ (670) $ 731 $ 61 2026 (661) 735 74 2027 (639) 759 120 2028 (397) 712 315 2029 (385) 673 288 Thereafter (2,414) 7,090 4,676 Total $ (5,166) $ 10,700 $ 5,534

Leases

Leases	12 Months Ended
	Dec. 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 and interest payments due to be received under the remaining non-cancelable term of operating leases and direct financing lease receivables in place as of December 31, 2024, and to be received under loans receivable through their scheduled maturity dates as of December 31, 2024 were as follows: (in thousands) Future Minimum Base 2025 $ 464,249 2026 469,399 2027 472,419 2028 475,313 2029 478,204 Thereafter 5,126,612 Total $ 7,486,196 _____________________________________ (1) Includes interest payments from loans receivable and base rental payments from direct financing lease receivables of $29.2 million for 2025, $28.8 million for 2026, $28.0 million for 2027, $28.1 million for 2028, $28.5 million for 2029 and $289.4 million for years thereafter. 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 years ended December 31, 2024, 2023, and 2022 were as follows: Year ended December 31, (in thousands) 2024 2023 2022 Fixed lease revenues $ 424,313 $ 338,720 $ 270,694 Variable lease revenues (1) 4,051 3,610 1,632 Total lease revenues (2) $ 428,364 $ 342,330 $ 272,326 _____________________________________ (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 December 31, 2024, the Company's right of use ("ROU") assets and lease liabilities were $8.8 million and $9.5 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: December 31, 2024 December 31, 2023 Weighted average remaining lease term (in years) 23.3 22.8 Weighted average discount rate 6.83% 6.75% The following table sets forth the details of rent expense for the years ended December 31, 2024, 2023 and 2022: Year ended December 31, (in thousands) 2024 2023 2022 Fixed rent expense - Ground Rent $ 761 $ 970 $ 981 Fixed rent expense - Office Rent 670 606 511 Variable rent expense — — — Total rent expense $ 1,431 $ 1,576 $ 1,492 As of December 31, 2024, future lease payments under 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 Total Future 2025 $ 735 $ 685 $ 1,420 2026 219 686 905 2027 221 695 916 2028 227 718 945 2029 59 732 791 Thereafter — 17,457 17,457 Total $ 1,461 $ 20,973 22,434 Present value discount (12,959) Lease liabilities $ 9,475 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 and interest payments due to be received under the remaining non-cancelable term of operating leases and direct financing lease receivables in place as of December 31, 2024, and to be received under loans receivable through their scheduled maturity dates as of December 31, 2024 were as follows: (in thousands) Future Minimum Base 2025 $ 464,249 2026 469,399 2027 472,419 2028 475,313 2029 478,204 Thereafter 5,126,612 Total $ 7,486,196 _____________________________________ (1) Includes interest payments from loans receivable and base rental payments from direct financing lease receivables of $29.2 million for 2025, $28.8 million for 2026, $28.0 million for 2027, $28.1 million for 2028, $28.5 million for 2029 and $289.4 million for years thereafter. 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 years ended December 31, 2024, 2023, and 2022 were as follows: Year ended December 31, (in thousands) 2024 2023 2022 Fixed lease revenues $ 424,313 $ 338,720 $ 270,694 Variable lease revenues (1) 4,051 3,610 1,632 Total lease revenues (2) $ 428,364 $ 342,330 $ 272,326 _____________________________________ (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 December 31, 2024, the Company's right of use ("ROU") assets and lease liabilities were $8.8 million and $9.5 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: December 31, 2024 December 31, 2023 Weighted average remaining lease term (in years) 23.3 22.8 Weighted average discount rate 6.83% 6.75% The following table sets forth the details of rent expense for the years ended December 31, 2024, 2023 and 2022: Year ended December 31, (in thousands) 2024 2023 2022 Fixed rent expense - Ground Rent $ 761 $ 970 $ 981 Fixed rent expense - Office Rent 670 606 511 Variable rent expense — — — Total rent expense $ 1,431 $ 1,576 $ 1,492 As of December 31, 2024, future lease payments under 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 Total Future 2025 $ 735 $ 685 $ 1,420 2026 219 686 905 2027 221 695 916 2028 227 718 945 2029 59 732 791 Thereafter — 17,457 17,457 Total $ 1,461 $ 20,973 22,434 Present value discount (12,959) Lease liabilities $ 9,475 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	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long Term Debt	Long Term Debt The following table summarizes the Company's outstanding indebtedness as of December 31, 2024 and 2023: Principal Outstanding Weighted Average Interest Rate (1) (in thousands) Maturity Date December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Unsecured term loans: 2027 Term Loan February 2027 $ 430,000 $ 430,000 5.6% 6.3% 2028 Term Loan January 2028 400,000 400,000 5.6% 6.3% 2029 Term Loan February 2029 (2) 450,000 450,000 5.6% 6.4% 2030 Term Loan January 2030 (2) 450,000 — 5.6% —% Senior unsecured notes July 2031 400,000 400,000 3.0% 3.0% Revolving Credit Facility February 2026 — — —% —% Total principal outstanding $ 2,130,000 $ 1,680,000 5.1% 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 December 31, 2024: (in thousands) 2027 Term Loan 2028 Term Loan 2029 Term Loan (1) 2030 Term Loan (1) Senior Unsecured Notes Revolving Credit Facility (2) Total 2025 $ — $ — $ — $ — $ — $ — $ — 2026 — — — — — — — 2027 430,000 — — — — — 430,000 2028 — 400,000 — — — — 400,000 2029 — — 450,000 — — — 450,000 Thereafter — — — 450,000 400,000 — 850,000 Total $ 430,000 $ 400,000 $ 450,000 $ 450,000 $ 400,000 $ — $ 2,130,000 ______________________ (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 December 31, 2024 or 2023. Revolving Credit Facility and Credit Facility Term Loans 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. During the year ended December 31, 2022, in connection with this amendment, the Company recorded a $0.1 million loss on debt extinguishment related to the write-off of certain deferred financing costs on the Revolving Credit Facility. 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 months each, exercisable by the Operating Partnership subject to the satisfaction of certain conditions. The loans under each of the Revolving Credit Facility and the 2024 Term Loan initially bear interest at an annual rate of applicable Adjusted Term SOFR (as defined in the Credit Agreement) plus an applicable margin (which applicable margin varies between the Revolving Credit Facility and the 2024 Term Loan). The Adjusted Term SOFR is a rate with a term equivalent to the interest period applicable to the relevant borrowing. In addition, the Operating Partnership is required to pay a revolving facility fee throughout the term of the Revolving Credit Facility. The applicable margin and the revolving facility fee rate are initially a spread and rate, as applicable, set according to a leverage-based pricing grid. At the Operating Partnership's election, on and after receipt of an investment grade corporate credit rating from S&P, Moody's or Fitch, the applicable margin and the revolving facility fee rate will be a spread and rate, as applicable, set according to the credit ratings provided by S&P, Moody's and/or Fitch. 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 $150.0 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 (and, specific to borrowings under the Revolving Credit Facility and 2028 Term Loan only, 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). 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. 2030 Term Loan . In July 2024, the Credit Agreement was further amended to provide for an additional $450.0 million of term loans (the "2030 Term Loan") and reset the accordion feature to $500.0 million. Concurrently with the closing of such amendment, loans under the 2030 Term Loan in an aggregate principal amount of $320.0 million were drawn, a portion of which was used to pay off the outstanding balance on the Revolving Credit Facility. Additional loans under the 2030 Term Loan were drawn in an aggregate principal amount of $130.0 million in August 2024, pursuant to a delayed funding feature. The 2030 Term Loan has an original maturity of three years, which may be extended, at the Operating Partnership's election, to January 2030 by exercising two one-year extension options and a six-month extension option. The 2030 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, the 2029 Term Loan and the 2030 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, 2029 Term Loan and 2030 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 December 31, 2024 and 2023. The following table presents information about borrowings and repayments under the Revolving Credit Facility for the periods presented: (in thousands) 2024 2023 2022 Balance on January 1, $ — $ — $ 144,000 Borrowings 490,000 70,000 299,000 Repayments (490,000) (70,000) (443,000) Balance on December 31, $ — $ — $ — The following table presents information about interest expense related to the Revolving Credit Facility for the periods presented: Year ended December 31, (in thousands) 2024 2023 2022 Interest expense and fees $ 4,558 $ 1,038 $ 2,807 Amortization of deferred financing costs 1,228 1,203 1,217 Total $ 5,786 $ 2,241 $ 4,024 Total deferred financing costs, net, of $1.3 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 December 31, 2024 and 2023, respectively. As of December 31, 2024 and 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 an initial 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. During the year ended December 31, 2022, in connection with this amendment, the Company recorded a $2.1 million loss on debt extinguishment related to fees and the write-off of certain deferred financing costs on 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 December 31, 2024 and 2023. The following table presents information about aggregate interest expense related to the 2024 Term Loan, 2027 Term Loan, 2028 Term Loan, 2029 Term Loan and 2030 Term Loan: Year ended December 31, (in thousands) 2024 2023 2022 Interest expense $ 92,451 $ 66,582 $ 23,967 Amortization of deferred financing costs 3,104 1,617 836 Total $ 95,555 $ 68,199 $ 24,803 As of December 31, 2024 and 2023, total deferred financing costs, net, of $8.9 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 December 31, 2024 and 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: Year ended December 31, (in thousands) 2024 2023 2022 Interest expense $ 11,716 $ 11,713 $ 11,711 Amortization of deferred financing costs and original issue discount 557 560 562 Total $ 12,273 $ 12,273 $ 12,273 Total deferred financing costs, net, of $3.1 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 sheets as of December 31, 2024 and 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 December 31, 2024 and 2023.

Derivative and Hedging Activiti

Derivative and Hedging Activities	12 Months Ended
	Dec. 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. 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 $15.2 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 December 31, 2024 and 2023, 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 consolidated balance sheets, all of which are interest rates swaps designated as hedges, as of December 31, 2024 and 2023 (dollar amounts in thousands): Fair Value of Asset/(Liability) (2) Number of Swap Agreements Associated Debt Instrument Fixed Rate Paid by Company Maturity Date Aggregate Notional Value (1) December 31, 2024 December 31, 2023 5 2027 Term Loan 1.41% November 2026 430,000 20,759 27,489 11 2028 Term Loan 3.66% January 2028 400,000 3,805 (1,622) 8 2029 Term Loan 4.40% February 2029 450,000 (7,407) (17,892) 15 2030 Term Loan 3.82% December 2029 450,000 2,972 $ 1,730,000 $ 20,129 $ 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. 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: Year ended December 31, (in thousands) 2024 2023 2022 Other comprehensive (loss) income $ 12,900 $ (36,874) $ 56,762 As of December 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 $27.8 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 $7.7 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 an adjustment for nonperformance risk related to these agreements, was $23.4 million. During the years ended December 31, 2024 and 2023, the Company realized a gain on the change in fair value of its interest rate swaps of $29.3 million and $27.7 million, respectively, which are included as a reduction of interest expense in the Company's consolidated statements of operations. During the year ended December 31, 2022, the Company realized a loss on the change in fair value of its interest rate swaps of approximately $26,000, which was included in interest expense in the Company's consolidated statements of operations. As of December 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 $20.1 million net asset and a $7.7 million net asset as of December 31, 2024 and 2023, respectively.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	Equity Stockholders' Equity In August 2022, the Company completed a follow-on primary offering of 8,740,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,140,000 additional shares of common stock, at a public offering price of $23.00 per share. Net proceeds from this follow-on offering, after deducting underwriting discounts and commissions and other expenses, were $192.6 million. 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 up to 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 of these forward sale agreements 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 of these forward sale agreements 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. All of these forward sale agreements were physically settled as of December 2024 and the Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses, of $245.0 million. At the Market Program In May 2022, the Company established a new at the market common equity offering program, pursuant to which it could 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 permitted the Company to enter into separate forward sale agreements with the identified forward purchasers. In June 2024, the Company established a new at the market common equity offering program, pursuant to which it could 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 "June 2024 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 June 2024 ATM Program also permitted the Company to enter into separate forward sale agreements with the identified forward purchasers. In connection with establishing the June 2024 ATM Program, the Company terminated the 2022 ATM Program and no additional stock can be sold thereunder. In October 2024, the Company established a new at the market common equity offering program, pursuant to which it could publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $750 million (the "October 2024 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 October 2024 ATM Program also permitted the Company to enter into separate forward sale agreements with the identified forward purchasers. In connection with establishing the October 2024 ATM Program, the Company terminated the June 2024 ATM Program and no additional stock can be sold thereunder. As context requires, the October 2024 ATM Program, the June 2024 ATM Program, the 2022 ATM Program and prior ATM programs are referred herein as the "ATM Programs." The following table presents information about the ATM Programs (dollar amounts in thousands): Program Name Date Established Date Terminated Maximum Sales Authorization Gross Sales through December 31, 2024 2021 ATM Program July 2021 May 2022 $ 350,000 $ 348,140 2022 ATM Program (1) May 2022 June 2024 $ 500,000 $ 383,426 June 2024 ATM Program (1) June 2024 October 2024 $ 500,000 $ 339,992 October 2024 ATM Program (1) October 2024 $ 750,000 $ 78,915 _____________________________________ (1) Includes 4,027,834 shares from the 2022 ATM Program, 6,704,172 shares from the June 2024 ATM Program and 2,387,104 shares from the October 2024 ATM Program that the Company sold on a forward basis and were not physically settled as of December 31, 2024. The following table details information related to activity under the ATM Program for each period presented: Year ended December 31, (in thousands, except share and per share data) 2024 2023 2022 Shares of common stock sold (1)(2) 19,704,599 5,931,654 9,794,137 Weighted average sale price per share $ 29.52 $ 24.48 $ 24.00 Gross proceeds $ 581,689 $ 145,224 $ 235,060 Net proceeds $ 573,343 $ 142,922 $ 232,478 _____________________________________ (1) Includes 13,119,110 shares that the Company sold on a forward basis during the year ended December 31, 2024 and were not physically settled as of December 31, 2024. (2) During the year ended December 31, 2024, the Company issued an additional 1,937,450 shares of common stock which were previously sold on a forward basis under the ATM Program and were unsettled as of December 31, 2023. Dividends on Common Stock During the years ended December 31, 2024, 2023 and 2022, 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 Total Dividend (dollars in thousands) December 6, 2024 December 31, 2024 January 14, 2025 $ 0.295 $ 55,444 September 5, 2024 September 30, 2024 October 11, 2024 $ 0.29 $ 50,964 May 31, 2024 June 28, 2024 July 12, 2024 $ 0.29 $ 50,965 March 7, 2024 March 29, 2024 April 12, 2024 $ 0.285 $ 50,079 December 1, 2023 December 29, 2023 January 12, 2024 $ 0.285 $ 47,024 September 7, 2023 September 29, 2023 October 13, 2023 $ 0.28 $ 43,788 June 9, 2023 June 30, 2023 July 14, 2023 $ 0.28 $ 43,551 March 7, 2023 March 31, 2023 April 14, 2023 $ 0.275 $ 41,031 November 30, 2022 December 30, 2022 January 13, 2023 $ 0.275 $ 39,246 September 2, 2022 September 30, 2022 October 14, 2022 $ 0.27 $ 38,533 June 2, 2022 June 30, 2022 July 14, 2022 $ 0.27 $ 35,916 March 14, 2022 March 31, 2022 April 13, 2022 $ 0.26 $ 34,188 The Company has determined that, during the years ended December 31, 2024, 2023 and 2022, approximately 92.7%, 86.0% and 79.7%, respectively, of the distributions it paid represented taxable income and 7.3%, 14.0% and 20.3%, respectively, of the distributions it paid represented return of capital for federal income tax purposes.

Non-controlling Interests

Non-controlling Interests	12 Months Ended
	Dec. 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 December 31, 2024, the Company held 187,537,592 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. A holder of OP Units has the right to distributions per unit equal to dividends per share paid on the Company's common stock and has the right to redeem OP Units for cash or, at the Company's election, shares of the Company's common stock on a one-for-one basis, provided, however, that such OP Units must have been outstanding for at least one year. Distributions to OP Unit holders are declared and paid concurrently with the Company's cash dividends to common stockholders. See Note 7—Equity for details.

Equity Based Compensation

Equity Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Based Compensation	Equity Based Compensation Equity Incentive Plan 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 years ended December 31, 2024, 2023 and 2022: Restricted Stock Awards Restricted Stock Units Shares Wtd. Avg. Grant Date Fair Value Units Wtd. Avg. Grant Date Fair Value Unvested, January 1, 2022 18,904 $ 14.12 454,692 $ 29.39 Granted — — 607,347 29.08 Vested (9,865) 14.12 (243,640) 25.70 Forfeited — — (1,019) 27.25 Unvested, December 31, 2022 9,039 $ 14.12 817,380 $ 30.26 Unvested, January 1, 2023 9,039 $ 14.12 817,380 $ 30.26 Granted — — 457,859 31.39 Vested (9,039) 14.12 (436,967) 26.98 Forfeited — — (94,419) 32.79 Unvested, December 31, 2023 — $ — 743,853 $ 32.56 Unvested, January 1, 2024 — $ — 743,853 $ 32.56 Granted — — 532,311 33.05 Vested — — (322,372) 32.46 Forfeited — — (391) 24.86 Unvested, December 31, 2024 — $ — 953,401 $ 32.87 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: Year ended December 31, (in thousands) 2024 2023 2022 Compensation cost recognized in general and administrative expense $ — $ 2 $ 128 Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings — — 8 Fair value of shares vested during the period — 128 139 Restricted Stock Units In 2019, 2020, 2021, 2022, 2023 and 2024, the Company issued grants of 119,085, 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 2019, 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 2022 Volatility 24% 37% 54% Risk free rate 4.46% 4.36% 1.68% The remaining 25% of these performance-based RSUs issued in 2019, 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 January 2022, February 2023 and February 2024, the Compensation Committee identified specific performance targets and completed its subjective evaluation in relation to the performance-based RSUs issued in 2019, 2020 and 2021 and concluded that 78,801, 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 2019, 2020 and 2021 after the completion of the Compensation Committee's subjective evaluation. In April 2023, the Compensation Committee evaluated and awarded 11,334 subjective performance-based RSUs to a former member of the Company's senior management team, which vested immediately. During the year ended December 31, 2023, the Company recorded $0.3 million of compensation expense related to the subjective RSUs awarded to this former employee. As of December 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 this portion of these performance-based RSUs during the years ended December 31, 2024, 2023 and 2022. In 2020, 2021, 2022, 2023 and 2024, the Company issued an aggregate of 184,760, 135,686, 199,793, 210,406 and 179,187 RSUs, respectively, to the Company’s executive officers, other employees and directors under the Equity Incentive Plan. 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 December 31, 2024 and 2023, based on its AFFO CAGR forecasts, the Company believed it was probable that the maximum performance level will be achieved and recorded compensation expense based off of this estimate during the years ended December 31, 2024 and 2023. A portion of the RSUs that vested in 2024, 2023, and 2022 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: Year ended December 31, (in thousands) 2024 2023 2022 Compensation cost recognized in general and administrative expense $ 10,829 $ 9,002 $ 9,361 Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings 472 407 366 Fair value of units vested during the period 10,465 11,791 6,262 The following table presents information about the Company's RSUs as of the dates presented: December 31, (Dollars in thousands) 2024 2023 Total unrecognized compensation cost $ 13,955 $ 13,131 Weighted average period over which compensation cost will be recognized (in years) 2.1 2.2

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 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): Year ended December 31, (dollar amounts in thousands) 2024 2023 2022 Numerator for basic and diluted earnings per share: Net income $ 203,638 $ 191,415 $ 134,742 Less: net income attributable to non-controlling interests (634) (708) (612) Less: net income allocated to unvested RSAs and RSUs (472) (407) (374) Net income available for common stockholders: basic 202,532 190,300 133,756 Net income attributable to non-controlling interests 634 708 612 Net income available for common stockholders: diluted $ 203,166 $ 191,008 $ 134,368 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 173,855,427 152,140,896 134,950,418 Less: weighted average number of shares of unvested RSAs — (161) (9,230) Weighted average shares outstanding used in basic net income per share 173,855,427 152,140,735 134,941,188 Effects of dilutive securities: (1) OP Units 553,847 553,847 553,847 Unvested RSAs and RSUs 859,785 421,292 356,044 Forward sales 1,846,111 405,980 4,837 Weighted average shares outstanding used in diluted net income per share 177,115,170 153,521,854 135,855,916 _____________________________________ (1) Excludes the impact of 7,051, 179,807 and 171,059 unvested RSUs and unsettled forward equity sales for the years ended December 31, 2024, 2023 and 2022, respectively, as the effect would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2024, the Company had remaining future commitments, under mortgage notes, reimbursement obligations or similar arrangements, to fund $154.8 million to its tenants for development, construction and renovation costs related to properties leased from the Company. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. As of December 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 December 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 years ended December 31, 2024, 2023 and 2022: Year ended December 31, (in thousands) 2024 2023 2022 401(k) matching contributions $ 480 $ 331 $ 318 Employment Agreements The Company has employment agreements with certain of its executive officers. These employment agreements have an initial term of approximately 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	12 Months Ended
	Dec. 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 at December 31, 2024 and 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 December 31, 2024 and 2023. The estimated fair values of the Company’s borrowings under the Revolving Credit Facility, the 2027 Term Loan, the 2028 Term Loan, the 2029 Term Loan and the 2030 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 December 31, 2024 and 2023, and the carrying value of its borrowings under the 2030 Term Loan as of December 31, 2024, 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 (in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2024 Financial (liabilities) assets: Senior unsecured notes (1) $ (396,403) $ (340,420) $ (340,420) $ — $ — Interest rate swaps 20,129 20,129 — 20,129 — 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 $3.1 million and $3.6 million of net deferred financing costs and $0.5 million and $0.6 million of net discount as of December 31, 2024 and 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 (in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2024 Non-financial assets: Long-lived assets $ 6,612 $ 6,612 $ — $ — $ 6,612 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 December 31, 2024 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Non-financial assets: Long-lived assets Quick Service $ 1,870 Sales comparison approach Binding sales agreement $ 1,870 Casual Dining 2,100 Sales comparison approach Non-binding sales agreement 2,100 Pet Care Services 267 sales comparison approach Non-binding sales agreement 267 Family Dining 1,295 Discounted cash flow approach Terminal Value: 8.0% Discount Rate: 8.5% 1,295 Family Dining 1,080 Discounted cash flow approach Terminal Value: 8.0% Discount Rate: 8.5% 1,080

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all events and transactions that occurred after December 31, 2024 through the filing of this Annual Report on Form 10-K 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. Credit Facility Amendment In February 2025, the Company entered into an amendment to 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 $1.0 billion, the accordion feature was increased to $1.0 billion and the Revolving Credit Facility's termination date was extended to February 2030, after giving effect to extension options exercisable at the Operating Partnership's election. Subsequent Acquisition and Disposition Activity Subsequent to December 31, 2024, the Company invested in 9 real estate properties for an aggregate investment amount (including acquisition-related costs) of $122.0 million and invested $13.8 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 $2.3 million in mortgage loans receivable subsequent to December 31, 2024. Subsequent to December 31, 2024, the Company sold its investment in seven real estate properties for an aggregate gross sales price of $19.7 million and incurred $0.8 million of disposition costs related to these transactions.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	ESSENTIAL PROPERTIES REALTY TRUST, INC. Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2024 (Dollar amounts in thousands) Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Automotive Service Alabama 2 $ 770 $ 882 $ — $ — $ 770 $ 882 $ 1,652 $ (152) 1988-1991 2019 Arkansas 1 193 258 — — 193 258 451 (6) N/A 2024 Arizona 9 10,587 19,611 — — 10,587 19,611 30,198 (2,378) 1975-2018 2020-2021 California 4 4,502 8,499 — — 4,502 8,499 13,001 (868) 1953-1991 2021-2022 Colorado 7 6,027 11,544 — 170 6,027 11,714 17,741 (1,294) 1990-2008 2021-2022 Connecticut 4 3,962 9,332 — — 3,962 9,332 13,294 (276) 1958-1958 2023-2024 Florida 5 3,445 4,686 — 196 3,445 4,882 8,327 (375) 1974-2000 2017-2024 Georgia 25 12,757 27,387 — — 12,757 27,387 40,144 (2,059) 1983-2012 2017-2024 Iowa 2 747 1,462 — 245 747 1,707 2,454 (75) 1946 2023 Illinois 8 4,032 9,513 — 54 4,032 9,567 13,599 (964) 1927-1999 2019-2023 Indiana 12 4,600 11,106 555 302 5,155 11,408 16,563 (641) 1950-2024 2018-2024 Kansas 7 3,009 4,366 — — 3,009 4,366 7,375 (489) 1981-2018 2021 Kentucky 8 6,125 7,539 — — 6,125 7,539 13,664 (201) 1968-2006 2023-2024 Louisiana 1 663 1,365 — — 663 1,365 2,029 (14) 2005 2024 Massachusetts 1 512 1,804 — — 512 1,804 2,316 (69) N/A 2023-2023 Maryland 4 3,973 12,825 — — 3,973 12,825 16,798 (2,752) 1952-2016 2017-2018 Maine 3 1,633 4,920 — — 1,633 4,920 6,553 (215) 1985 2023-2024 Michigan 12 5,277 10,807 — — 5,277 10,807 16,084 (1,847) 1955-2014 2017-2023 Minnesota 6 4,177 7,910 201 70 4,378 7,980 12,358 (1,659) 1973-1999 2016-2021 Missouri 10 4,603 10,515 — 200 4,603 10,715 15,318 (910) 1960-2015 2021-2024 Mississippi 8 3,636 6,779 — — 3,636 6,779 10,415 (562) 1988-2002 2021-2024 North Carolina 10 4,004 3,624 — — 4,004 3,624 7,628 (787) 1990-2008 2018-2024 Nebraska 1 1,177 479 — — 1,177 479 1,656 (80) 1995 2021 New Jersey 16 18,996 22,047 — — 18,996 22,047 41,043 (3,313) 1928-1995 2020-2023 New Mexico 3 800 3,016 — 50 800 3,066 3,866 (315) 1989-1994 2021-2022 New York 9 4,025 10,443 — — 4,025 10,443 14,468 (1,584) 1978-2019 2016-2024 Ohio 9 3,754 6,732 — 742 3,754 7,474 11,228 (657) 1960-2004 2018-2024 Oklahoma 24 10,639 32,769 — — 10,639 32,769 43,408 (3,885) 1967-2019 2018-2024 Oregon 2 1,076 1,104 — — 1,076 1,104 2,180 (131) 1984-1984 2022 Pennsylvania 7 6,178 10,205 — — 6,178 10,205 16,383 (1,205) 1968-2012 2017-2024 Rhode Island 1 1,834 2,178 — — 1,834 2,178 4,012 (142) 2001 2023 South Carolina 7 3,468 4,290 — 580 3,468 4,870 8,338 (221) 2007-2024 2020-2024 Tennessee 4 2,328 3,388 — — 2,328 3,388 5,716 (436) 1990-2016 2017-2024 Texas 16 11,809 23,908 — 600 11,809 24,508 36,317 (4,128) 1970-2017 2016-2024 Virginia 2 837 1,192 — — 837 1,192 2,029 (123) 1983-2006 2020-2024 Wisconsin 9 3,175 7,554 — 74 3,175 7,627 10,802 (766) 1985-1997 2021-2022 West Virginia 6 1,985 4,519 — — 1,985 4,519 6,504 (569) 1983-2007 2020-2022 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Building Materials Alabama 2 $ 2,060 $ 3,640 $ — $ — $ 2,060 $ 3,640 $ 5,700 $ (977) 1975-2002 7/9/1905 Colorado 1 760 403 — — 760 403 1,163 (108) 1983-1983 2017 Florida 1 934 638 — — 934 638 1,572 (171) 2003 2017 Georgia 2 2,338 4,165 — — 2,338 4,165 6,503 (1,118) 2003-2004 2017 Indiana 2 1,072 1,619 — — 1,072 1,619 2,691 (351) 1979-1989 2020 Kentucky 1 414 200 — — 414 200 614 (54) 1984-1984 2017 Michigan 3 4,438 8,425 — — 4,438 8,425 12,863 (1,636) 1973-1995 2020 Ohio 6 3,011 4,573 — — 3,011 4,573 7,584 (1,228) 1953-1996 2017 South Carolina 1 1,097 172 — — 1,097 172 1,269 (46) 1983-1983 2017 Texas 4 5,228 3,746 — — 5,228 3,746 8,974 (1,006) 1972-1985 2017 Car Washes Alabama 4 $ 7,009 $ 11,318 $ — $ — $ 7,009 $ 11,318 $ 18,327 $ (829) 2019-2024 2020-2023 Arkansas 3 2,799 11,394 — — 2,799 11,394 14,193 (1,361) 1997-2024 2017-2022 Arizona 15 27,046 35,871 — — 27,046 35,871 62,917 (3,834) 1988-2024 2016-2024 California 6 17,261 16,498 — — 17,261 16,498 33,759 (625) 2004-2024 2023-2024 Colorado 5 11,343 9,801 — — 11,343 9,801 21,144 (1,538) 2008-2024 2017-2024 Florida 8 13,302 29,693 — 283 13,302 29,977 43,279 (2,875) 2017-2021 2019-2024 Georgia 21 29,096 64,371 — 2,055 29,096 66,426 95,522 (10,239) 1967-2024 2016-2023 Iowa 2 5,930 4,573 — — 5,930 4,573 10,503 (473) 2021-2021 2019-2022 Illinois 5 9,306 14,105 — — 9,306 14,105 23,411 (850) 2017-2019 2020-2024 Indiana 4 2,683 15,713 — — 2,683 15,713 18,396 (749) 1979-2024 2022 Kentucky 1 761 3,281 — — 761 3,281 4,042 (65) 2024 2024 Louisiana 8 9,948 19,284 — 425 9,948 19,709 29,657 (1,763) 2012-2024 2017-2024 Michigan 1 1,725 4,185 — — 1,725 4,185 5,910 — 2024 2022 Minnesota 1 1,430 3,253 — — 1,430 3,253 4,683 (161) 2022 2023 Missouri 2 4,216 8,117 — — 4,216 8,117 12,333 (93) 2024 2023 Mississippi 5 3,923 13,810 — 567 3,923 14,376 18,299 (1,057) 2008-2023 2020-2023 North Carolina 9 16,203 15,238 — — 16,203 15,238 31,441 (1,314) 2003-2022 2019-2024 Nebraska 1 597 2,569 — — 597 2,569 3,166 (342) 2021-2021 2019 New Mexico 4 2,461 12,216 — — 2,461 12,216 14,677 (2,884) 1982-2013 2017 Nevada 5 11,776 10,385 — — 11,776 10,385 22,161 (452) 2022 2023-2024 New York 8 6,538 24,076 — — 6,538 24,076 30,614 (1,912) 1985-2022 2022-2023 Ohio 6 6,911 18,490 — — 6,911 18,490 25,401 (2,157) 1990-2024 2021-2022 Oklahoma 2 2,921 5,517 — — 2,921 5,517 8,438 (434) 2016-2024 2021-2022 South Carolina 4 5,894 9,796 — — 5,894 9,796 15,690 (1,048) 2008-2021 2017-2024 South Dakota 6 5,890 14,859 — 1,225 5,890 16,084 21,974 (2,524) 1987-2017 2019 Tennessee 2 2,618 2,724 — — 2,618 2,724 5,342 (159) 2023-2024 2022-2023 Texas 13 22,808 43,623 — 425 22,808 44,048 66,856 (2,481) 1970-2024 2020-2024 Virginia 15 23,330 42,604 298 259 23,628 42,863 66,491 (2,563) 1981-2024 2022-2024 Wisconsin 7 9,653 21,352 220 — 9,873 21,352 31,225 (707) 1966-2024 2023-2024 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Convenience Stores Arkansas 7 $ 4,275 $ 6,867 $ — $ 50 $ 4,275 $ 6,917 $ 11,192 $ (1,955) 1979-2012 7/11/1905 Arizona 2 2,085 2,791 — 34 2,085 2,825 4,910 (859) 1985-2002 2018 Colorado 1 272 1,047 — — 272 1,047 1,319 (260) 1983-1983 2017 Iowa 3 1,362 2,380 — — 1,362 2,380 3,742 (276) 1927-1996 2022 Illinois 4 3,786 3,067 — — 3,786 3,067 6,853 (305) 1977-1999 2019-2024 Indiana 1 840 838 — — 840 838 1,678 (322) 1999 2019 Kentucky 13 14,005 9,211 — — 14,005 9,211 23,216 (2,492) 1990-1999 2018-2024 Minnesota 8 5,929 9,811 14 104 5,944 9,915 15,859 (3,255) 1967-2013 2017-2019 Missouri 2 1,327 1,654 — — 1,327 1,654 2,981 (599) 1999-2003 2019-2019 North Carolina 4 3,206 2,637 — — 3,206 2,637 5,843 (195) 1986-1991 2023-2024 New Mexico 18 16,284 17,873 — — 16,284 17,873 34,157 (2,600) 1966-2024 2017-2024 New York 16 5,881 20,342 — — 5,881 20,342 26,223 (6,741) 1970-2010 2016 Ohio 21 15,191 13,382 — — 15,191 13,382 28,573 (5,021) 1996-2001 2019 Oklahoma 2 5,344 10,943 — — 5,344 10,943 16,287 (101) 2024 2024 Pennsylvania 1 467 383 — — 467 383 850 (172) 1996-1996 2019 South Carolina 14 18,096 16,656 — — 18,096 16,656 34,752 (1,112) 1970-2011 2023-2024 Texas 8 12,411 21,629 — 506 12,411 22,135 34,546 (901) 1965-2024 2017-2024 Washington 1 568 508 — — 568 508 1,076 (177) 1976 2018 Wisconsin 34 39,200 40,557 — — 39,200 40,557 79,757 (9,725) 1950-2018 2017-2024 Early Childhood Education Arizona 17 $ 11,256 $ 16,171 $ — $ 21 $ 11,256 $ 16,192 $ 27,448 $ (2,533) 1932-2021 2018-2024 Colorado 2 2,867 5,617 — 98 2,867 5,714 8,581 (424) 1988-1988 2019-2023 Connecticut 7 4,659 9,506 — 2,404 4,659 11,910 16,569 (2,440) 1957-2018 2018-2024 Florida 10 11,540 24,460 — — 11,540 24,460 36,000 (4,118) 1973-2016 2017-2024 Georgia 11 11,490 28,094 — — 11,490 28,094 39,584 (4,106) 1988-2016 2016-2024 Iowa 1 636 2,199 — — 636 2,199 2,835 (248) 2005 2021-2021 Illinois 13 8,986 32,499 — 391 8,986 32,890 41,876 (3,004) 1972-2021 2019-2024 Indiana 1 1,229 3,084 — — 1,229 3,084 4,313 (16) N/A 2024 Kansas 2 2,056 4,914 — — 2,056 4,914 6,970 (1,099) 2007-2017 2017-2019 Kentucky 3 1,545 3,916 — — 1,545 3,916 5,461 (379) 2002-2003 2019-2024 Massachusetts 2 3,677 2,911 — — 3,677 2,911 6,588 (405) 1990 2020-2024 Michigan 5 1,850 5,450 — — 1,850 5,450 7,301 (837) 1987-2012 2018-2022 Minnesota 5 5,157 7,591 — — 5,157 7,591 12,748 (499) 1984-2017 2021-2023 Missouri 8 4,239 14,583 19 81 4,258 14,664 18,922 (1,323) 1986-2009 2021-2022 Mississippi 2 2,085 2,547 — 124 2,085 2,671 4,756 (710) 2002-2008 2017-2018 North Carolina 22 20,463 35,245 — 100 20,463 35,345 55,808 (4,020) 1954-2018 2020-2023 Nebraska 1 224 813 — — 224 813 1,037 (53) 2006 2022 New Hampshire 1 711 1,733 — — 711 1,733 2,444 (64) N/A 2023 New Jersey 3 1,734 4,867 — — 1,734 4,867 6,601 (748) 1986-2002 2018-2024 Nevada 2 2,480 3,451 — — 2,480 3,451 5,931 (457) 1998-2006 2021 New York 7 2,868 9,196 — — 2,868 9,196 12,064 (370) 1986-2007 2023-2024 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Ohio 30 23,197 61,829 31 9,321 23,228 71,150 94,378 (8,315) 1956-2023 2018-2023 Oklahoma 3 1,327 3,860 — — 1,327 3,860 5,187 (335) N/A 2022 Pennsylvania 12 10,670 28,267 — — 10,670 28,267 38,937 (5,964) 1930-2010 2018-2023 South Carolina 1 1,323 5,218 — — 1,323 5,218 6,541 (177) 2007 2023 Tennessee 3 2,356 4,420 — — 2,356 4,420 6,776 (668) 1982-1996 2019-2024 Texas 19 16,499 38,912 — 529 16,499 39,441 55,940 (3,468) 1989-2024 2017-2024 Virginia 2 3,799 6,385 — — 3,799 6,385 10,184 (992) 2006 2017-2021 Washington 5 2,235 5,154 — — 2,235 5,154 7,389 (918) 1924-2002 2019 Wisconsin 9 6,979 25,474 — — 6,979 25,474 32,453 (3,290) 1992-2007 2020-2024 Entertainment Alabama 2 $ 5,806 $ 8,631 $ — $ — $ 5,806 $ 8,631 $ 14,437 $ (1,750) 2002-2017 2017-2019 Arizona 5 4,903 21,304 — — 4,903 21,304 26,207 (1,073) 1954-1981 2022-2023 California 1 1,320 2,320 — — 1,320 2,320 3,640 (606) 1977 2017 Connecticut 3 4,681 15,584 — — 4,681 15,584 20,265 (1,538) 1960-2019 2021-2023 Florida 2 6,456 6,815 — 4,500 6,456 11,315 17,771 (2,036) 2007 2017-2022 Iowa 1 2,560 6,120 — — 2,560 6,120 8,680 (684) N/A 2021 Idaho 1 886 2,768 — — 886 2,768 3,654 (484) 2008 2019 Illinois 3 3,031 — — — 3,031 — 3,031 — N/A 2024 Indiana 1 414 3,988 — — 414 3,988 4,402 (89) N/A 2024 Kansas 2 5,886 21,128 — — 5,886 21,128 27,014 (1,751) 2018-2020 2022 Louisiana 2 3,403 3,115 — — 3,403 3,115 6,518 (817) 2016 2018-2022 Maine 1 2,052 4,924 — — 2,052 4,924 6,974 (488) 1989-1989 2021-2021 Michigan 1 693 4,593 — 2,908 693 7,501 8,194 (1,472) 1995 2017 Minnesota 10 10,877 20,806 — — 10,877 20,806 31,683 (4,108) 1950-2009 2018-2023 Missouri 5 20,925 13,731 — — 20,925 13,731 34,656 (3,502) 1990-2016 2022 North Carolina 3 11,014 21,176 — — 11,014 21,176 32,190 (3,940) 1988-1996 2019-2022 Ohio 1 2,046 — — — 2,046 — 2,046 — N/A 2024 Oklahoma 2 3,937 9,673 — — 3,937 9,673 13,610 (865) 2020 2022-2024 Pennsylvania 1 823 2,028 — — 823 2,028 2,851 (458) 2016 2019 Tennessee 2 18,026 1,873 — — 18,026 1,873 19,899 (693) 1940-2013 2022 Texas 7 22,488 44,160 — — 22,488 44,160 66,648 (3,264) 1981-2022 2022-2023 Utah 2 6,178 26,923 — — 6,178 26,923 33,101 (66) 2023 2024 Virginia 1 4,821 7,264 — — 4,821 7,264 12,085 (513) 1997 2023 Equipment Rental and Sales Alabama 4 $ 5,499 $ 6,985 $ 12 $ 864 $ 5,510 $ 7,849 $ 13,359 $ (790) 1974-2023 2020-2023 Arkansas 3 4,276 1,547 246 2,334 4,523 3,882 8,405 (338) 1982-1992 2019-2024 California 1 2,467 2,429 — — 2,467 2,429 4,896 (137) 1992-1992 2023 Colorado 2 6,120 3,825 5 1,021 6,124 4,846 10,970 (1,005) 1990-2021 2020-2022 Connecticut 3 3,642 8,140 — — 3,642 8,140 11,782 (322) 2002-2024 2020-2021 Delaware 1 3,542 720 — 1,127 3,542 1,847 5,389 (37) 1977-1977 2024 Florida 8 14,510 8,957 — 4,327 14,510 13,284 27,794 (940) 1964-2024 2019-2024 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Georgia 3 6,704 4,891 236 3,176 6,940 8,067 15,007 (1,269) 1964-2019 2019-2023 Idaho 1 1,796 1,265 — — 1,796 1,265 3,061 (143) 1992-1992 2023 Louisiana 1 1,006 227 16 1,164 1,022 1,390 2,412 (317) 2012-2012 2020 Massachusetts 2 1,756 2,904 161 282 1,917 3,186 5,103 (423) 1971-2024 2020 Michigan 3 8,721 10,804 — 1,753 8,721 12,557 21,278 (1,835) 1987-2020 2017-2024 Minnesota 1 2,630 2,882 — 690 2,630 3,572 6,202 (142) 2023 2024 Missouri 5 5,538 6,703 21 1,536 5,558 8,238 13,796 (1,224) 1995-2015 2019-2022 North Carolina 1 1,488 649 — 1,451 1,488 2,100 3,588 (84) 1955 2023 North Dakota 2 2,278 2,124 — 2,127 2,278 4,251 6,529 (269) 2012 2022-2024 New Hampshire 5 6,186 7,901 — 982 6,186 8,882 15,068 (319) 1982-2024 2020-2024 New Mexico 1 1,686 286 25 1,862 1,711 2,148 3,859 (426) 1970 2020 New York 8 10,739 13,956 — 971 10,739 14,927 25,666 (778) 1965-2024 2020-2024 Oklahoma 3 2,819 5,127 — — 2,819 5,127 7,946 (350) 1997-2024 2021-2023 Pennsylvania 1 751 1,678 — — 751 1,678 2,429 (356) 1987 2020 South Carolina 1 1,777 582 — 616 1,777 1,198 2,975 (109) 1974-1974 2023 Tennessee 2 3,511 3,713 816 1,734 4,327 5,448 9,775 (942) 1985-2018 2019-2022 Texas 15 20,637 20,711 — 7,318 20,637 28,029 48,666 (2,265) 1970-2024 2020-2024 Utah 2 6,262 5,937 — 2,746 6,262 8,682 14,944 (773) 1979 2019-2024 Virginia 1 2,076 199 — 581 2,076 780 2,856 (74) 1986 2023 Vermont 2 2,072 461 — — 2,072 461 2,533 (8) 2024 2022-2024 Washington 3 7,456 2,786 492 4,659 7,948 7,445 15,393 (735) 1959-2022 2019-2024 West Virginia 1 992 3,313 — 1,075 992 4,388 5,380 (78) 1962 2024 Grocery Arkansas 6 $ 5,704 $ 12,942 $ — $ 1,425 $ 5,704 $ 14,367 $ 20,071 $ (2,061) 1986-2020 2020-2021 Colorado 3 1,524 8,059 — — 1,524 8,059 9,583 (402) 2001-2011 2023 Michigan 2 4,638 12,813 — — 4,638 12,813 17,451 (1,045) 1969 2021-2024 Missouri 10 5,661 16,938 — — 5,661 16,938 22,599 (2,851) 1970-2013 2020-2021 North Carolina 1 762 1,300 — — 762 1,300 2,062 (309) 1992 2018 Oklahoma 3 1,606 8,726 — — 1,606 8,726 10,332 (1,428) 1987-1993 2019-2020 Vermont 6 3,008 6,264 — — 3,008 6,264 9,272 (23) 1960-2008 2024 Wisconsin 9 21,526 83,676 250 — 21,776 83,676 105,452 (7,539) 1982-2017 2021-2024 Health and Fitness Alabama 1 $ 1,102 $ 2,412 $ — $ — $ 1,102 $ 2,412 $ 3,514 $ (604) 2007 2017 Arizona 1 4,109 4,264 — — 4,109 4,264 8,373 (587) 2021 2018 Colorado 1 1,484 4,491 — — 1,484 4,491 5,975 (968) 1989 2017 Florida 2 5,291 5,975 — 2,572 5,291 8,546 13,837 (967) 1983-2000 2019-2021 Georgia 2 5,848 7,093 — — 5,848 7,093 12,941 (866) 2005-2019 2017-2023 Iowa 1 2,505 4,294 — — 2,505 4,294 6,799 — 2024 2023 Illinois 1 1,133 2,226 — 2,150 1,133 4,376 5,509 (674) 1986 2019 Indiana 2 3,732 6,298 — — 3,732 6,298 10,030 (192) 2024 2023-2024 Kansas 2 3,601 4,909 — — 3,601 4,909 8,510 — 2024 2023-2024 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Kentucky 1 868 2,186 — — 868 2,186 3,054 (507) 1994 2017 Massachusetts 3 10,541 29,129 316 3,766 10,857 32,896 43,753 (5,289) 2004-2009 2018 Michigan 1 2,509 — — — 2,509 — 2,509 — 1983 2024 Minnesota 1 886 4,746 — — 886 4,746 5,632 (86) 2024 2024 North Carolina 1 912 883 761 1,875 1,674 2,759 4,433 (401) 1972 2018 Nebraska 1 781 — — — 781 — 781 — 1970 2024 New Mexico 1 938 1,503 — — 938 1,503 2,441 (401) 2016 2017 Nevada 1 491 2,543 — — 491 2,543 3,034 (428) 1970 2019 Oklahoma 6 10,489 28,786 — 559 10,489 29,346 39,835 (1,879) 1979-2024 2018-2024 Oregon 1 2,024 2,468 — 2,300 2,024 4,768 6,792 (643) 1999 2018 South Carolina 5 4,516 9,463 — 330 4,516 9,793 14,309 (1,867) 1993-2010 2018-2019 Texas 9 18,987 29,960 — 440 18,987 30,401 49,388 (1,750) 1974-2024 2019-2024 Utah 1 1,937 4,209 — — 1,937 4,209 6,146 (965) 1984 2016 Home Furnishings Michigan 2 $ 3,369 $ 24,427 $ 69 $ 3,119 $ 3,438 $ 27,545 $ 30,983 $ (5,858) 1987-1992 7/9/1905 Missouri 1 273 4,683 — — 273 4,683 4,956 (768) 2007 2018 Industrial Connecticut 4 $ 6,173 $ 19,694 $ — $ — $ 6,173 $ 19,694 $ 25,867 $ (1,265) N/A 7/15/1905 Florida 5 10,576 5,299 — — 10,576 5,299 15,875 (548) 1960-2003 2020-2023 Iowa 2 734 3,261 — — 734 3,261 3,995 (217) 1991-1993 2022 Illinois 2 3,958 1,744 — — 3,958 1,744 5,702 (204) 1951-1987 2022 Indiana 5 1,789 6,261 — — 1,789 6,261 8,050 (474) 2000-2022 2022 Louisiana 1 490 761 — 1,783 490 2,544 3,034 (154) N/A 2022 Massachusetts 1 272 998 — — 272 998 1,270 (57) N/A 2023 Mississippi 1 2,198 3,351 — — 2,198 3,351 5,549 (306) N/A 2022 North Carolina 1 909 746 — — 909 746 1,655 (163) N/A 2022 North Dakota 3 1,354 2,860 — — 1,354 2,860 4,214 (130) 1954-1965 2023 New Mexico 1 695 6,332 — — 695 6,332 7,027 (13) 2024 2024 Ohio 1 902 2,330 — — 902 2,330 3,232 (197) 2000 2022 Oklahoma 1 922 5,548 — — 922 5,548 6,470 (276) N/A 2023 Pennsylvania 1 678 2,922 — — 678 2,922 3,600 (258) 1989 2022 South Dakota 1 1,250 2,950 — — 1,250 2,950 4,200 (299) 1992 2021 Tennessee 2 861 2,139 — — 861 2,139 3,000 (133) 1997-2008 2022 Texas 2 6,234 10,297 — — 6,234 10,297 16,531 (1,537) 2004-2008 2021-2024 Virginia 1 679 3,839 — — 679 3,839 4,518 (415) 1964 2021-2021 Washington 1 4,383 110 — — 4,383 110 4,493 (73) 2019 2023 Wisconsin 1 556 3,634 — — 556 3,634 4,190 (18) N/A 2024 Medical / Dental Alabama 6 $ 1,713 $ 9,755 $ — $ — $ 1,713 $ 9,755 $ 11,468 $ (1,528) 1990-2012 2016-2024 Arkansas 16 4,013 12,692 — 497 4,013 13,189 17,202 (2,372) 1950-2017 2018-2021 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Arizona 4 5,606 6,790 — 1,913 5,606 8,703 14,309 (538) 1951-1967 2016-2024 California 2 1,260 2,863 — — 1,260 2,863 4,123 (242) 1989 2021-2024 Connecticut 2 1,889 1,675 — — 1,889 1,675 3,564 (327) 1840-2009 2021 Florida 16 17,314 57,776 — 200 17,314 57,976 75,290 (3,862) 1934-2019 2016-2024 Georgia 10 14,278 38,544 — — 14,278 38,544 52,822 (1,914) 1960-2024 2016-2024 Iowa 3 1,252 2,085 — — 1,252 2,085 3,337 (142) 1963-1990 2022 Illinois 11 4,816 14,474 — — 4,816 14,474 19,290 (1,778) 1967-2008 2016-2023 Indiana 6 7,320 15,391 — — 7,320 15,391 22,711 (1,519) 1976-2021 2016-2024 Kentucky 1 199 474 — — 199 474 673 (128) 2000 2017 Massachusetts 4 853 2,784 — — 853 2,784 3,637 (412) 1850-2005 2016-2020 Michigan 4 2,401 9,443 — — 2,401 9,443 11,844 (913) 2007 2019-2021 Missouri 11 3,543 9,169 — 775 3,543 9,944 13,487 (1,319) 1979-2015 2016-2022 Mississippi 4 1,302 13,437 — — 1,302 13,437 14,739 (1,797) 1970-2006 2016-2021 North Carolina 8 4,066 12,764 — — 4,066 12,764 16,830 (855) 1996-2019 2021-2024 New Hampshire 7 5,304 18,868 — — 5,304 18,868 24,172 (1,399) 1890-1984 2016-2023 New Jersey 1 1,731 6,560 — — 1,731 6,560 8,291 (227) 2010 2023 New York 6 1,032 3,736 — — 1,032 3,736 4,768 (488) 1940-2010 2016-2023 Ohio 25 13,672 34,052 — 189 13,672 34,241 47,913 (3,514) 1907-2017 2017-2024 Oklahoma 7 1,472 6,767 — — 1,472 6,767 8,239 (773) 1964-2018 2021-2022 Oregon 3 5,256 5,408 — — 5,256 5,408 10,664 (258) 2000-2024 2020-2024 Pennsylvania 2 505 3,641 — — 505 3,641 4,146 (318) N/A 2022 South Carolina 7 4,836 10,564 — — 4,836 10,564 15,400 (1,542) 1936-1998 2016-2021 Texas 51 33,787 129,359 — 1,680 33,787 131,039 164,826 (18,413) 1940-2019 2016-2024 Virginia 1 1,172 3,965 — — 1,172 3,965 5,137 (41) 2017 2024 Vermont 1 357 916 — — 357 916 1,273 (99) N/A 2021 Wyoming 1 620 2,550 — — 620 2,550 3,170 (604) 2001 2017 Movie Theatres Alabama 2 $ 3,011 $ 10,643 $ 218 $ — $ 3,229 $ 10,643 $ 13,872 $ (2,710) 2001-2013 2016-2018 North Carolina 1 1,826 2,798 — — 1,826 2,798 4,624 (673) 2004 2018-2018 Ohio 1 2,126 10,097 — — 2,126 10,097 12,223 (2,026) 1989 2017 South Carolina 1 1,465 7,081 — — 1,465 7,081 8,546 (1,483) 2006 2017 Wisconsin 1 3,159 3,755 212 — 3,371 3,755 7,126 (1,083) 1997 2017 Other Services Alabama 1 $ 312 $ 176 $ — $ — $ 312 $ 176 $ 488 $ (86) 1978 2016 Colorado 2 2,706 3,861 — — 2,706 3,861 6,567 (199) 2002 2016-2024 Georgia 5 2,293 7,204 — — 2,293 7,204 9,497 (1,172) 1895-1998 2018-2023 Indiana 9 5,228 22,374 — — 5,228 22,374 27,602 (176) N/A 2024 Kentucky 2 1,503 4,613 — — 1,503 4,613 6,116 (701) 1882-1999 2018-2022 North Carolina 5 6,390 7,954 — — 6,390 7,954 14,344 (625) 1973 2018-2024 Ohio 3 246 1,056 — — 246 1,056 1,302 (44) 1855-1863 2023 Oklahoma 1 2,257 2,073 — — 2,257 2,073 4,330 (383) 2006 2021 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Pennsylvania 2 3,771 625 — — 3,771 625 4,396 (25) 2024 2023-2024 South Carolina 5 3,056 5,810 — — 3,056 5,810 8,866 (468) 1937-2006 2016-2023 Tennessee 14 10,757 19,485 — — 10,757 19,485 30,242 (3,001) 1870-2010 2016-2022 Texas 6 15,090 17,940 729 — 15,819 17,940 33,759 (2,757) 2006-2021 2021-2022 Virginia 1 1,259 1,786 — — 1,259 1,786 3,045 (461) 1991 2018 Wisconsin 3 1,028 1,781 — — 1,028 1,781 2,809 (69) 1997-2011 2023 Pet Care Services Alabama 1 $ 2,359 $ 4,730 $ — $ — $ 2,359 $ 4,730 $ 7,089 $ (292) 2023 2021 Arkansas 3 2,741 10,657 — — 2,741 10,657 13,398 (793) 1979-2023 2017-2023 Arizona 2 2,386 2,589 13 1,575 2,399 4,164 6,563 (691) 1990-2008 2018 California 1 4,598 2,504 — — 4,598 2,504 7,102 (38) N/A 2024 Florida 4 2,933 4,718 — — 2,933 4,718 7,651 (1,074) 2003-2023 2018-2021 Georgia 4 2,544 2,639 — — 2,544 2,639 5,183 (394) 1950-2007 2019-2021 Illinois 3 1,475 1,504 — — 1,475 1,504 2,979 (441) 1976-1995 2019 Indiana 6 2,672 6,648 — — 2,672 6,648 9,320 (1,039) 1952-2024 2017-2019 Louisiana 1 485 701 — 183 485 884 1,369 (157) 2007 2019 Maryland 1 586 1,881 16 34 602 1,915 2,517 (255) 1988 2020 Missouri 1 537 752 — — 537 752 1,289 (153) 1986-1986 2019 North Carolina 3 1,561 5,909 — — 1,561 5,909 7,470 (712) 2014 2019-2021 Nebraska 1 381 332 — — 381 332 713 (123) 1967 2019 New York 1 327 697 — — 327 697 1,024 (47) N/A 2023 Oklahoma 1 225 283 — — 225 283 508 (104) 1993 2019 Oregon 1 192 324 — — 192 324 516 (57) 1990-1990 2019 South Carolina 2 1,808 1,017 — — 1,808 1,017 2,825 (199) 1994 2019-2023 Texas 2 2,923 7,667 — — 2,923 7,667 10,590 (462) 2023 2021 Restaurants - Casual Dining Alabama 5 $ 2,954 $ 7,305 $ — $ — $ 2,954 $ 7,305 $ 10,259 $ (1,889) 1977-2007 2016-2017 Arkansas 1 1,392 1,929 — — 1,392 1,929 3,321 (97) 2005 2023 Arizona 4 4,534 6,028 — — 4,534 6,028 10,562 (283) 2002 2023-2024 California 1 1,044 1,386 — — 1,044 1,386 2,430 (39) N/A 2024 Colorado 5 6,278 9,228 — — 6,278 9,228 15,506 (987) 1993 2016-2024 Florida 10 9,467 17,052 55 279 9,522 17,332 26,854 (3,193) 1988-2023 2016-2024 Georgia 6 5,991 8,193 — 600 5,991 8,793 14,784 (2,025) 1982-2005 2016-2023 Iowa 4 2,078 6,311 — — 2,078 6,311 8,389 (984) 1950-2005 2018-2022 Illinois 4 4,947 11,178 50 18 4,997 11,195 16,192 (253) 1993-2019 2018-2024 Indiana 2 2,387 1,827 — — 2,387 1,827 4,214 (100) 1999-2006 2020-2023 Kansas 2 3,045 1,382 — — 3,045 1,382 4,427 (255) 2005 2021-2022 Kentucky 3 1,798 3,643 — — 1,798 3,643 5,441 (465) 2001-2010 2019-2022 Louisiana 8 9,528 7,723 — — 9,528 7,723 17,251 (427) 1984-2015 2016-2024 Massachusetts 10 12,982 14,943 — — 12,982 14,943 27,925 (2,102) 1985-2008 2021-2021 Maryland 3 4,440 4,991 — — 4,440 4,991 9,431 (772) 2003-2005 2017-2023 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Michigan 10 6,569 14,905 — — 6,569 14,905 21,474 (2,587) 1906-2003 2019-2022 Minnesota 2 7,921 14,090 — — 7,921 14,090 22,011 (882) 1905-1947 2022 Missouri 6 11,010 13,268 — — 11,010 13,268 24,278 (1,124) 2001-2023 2017-2024 Mississippi 4 5,540 3,043 — — 5,540 3,043 8,583 (191) 1978-2014 2017-2024 North Carolina 1 594 2,391 — — 594 2,391 2,985 (103) 2020 2023 Nebraska 1 545 1,905 — — 545 1,905 2,450 (138) N/A 2023 New Hampshire 1 1,978 2,127 — — 1,978 2,127 4,105 (210) 1974 2021 New Jersey 8 9,625 28,327 — — 9,625 28,327 37,952 (2,084) 1941-2005 2022 Ohio 7 11,701 19,833 — — 11,701 19,833 31,534 (1,400) 1988-2004 2019-2024 Oklahoma 1 2,039 — — — 2,039 — 2,039 — 2024 2023 Pennsylvania 5 6,632 11,046 — — 6,632 11,046 17,678 (825) 1880-2003 2022-2023 Rhode Island 1 830 1,171 — — 830 1,171 2,001 (166) 1996 2021 South Carolina 2 2,603 1,768 — 29 2,603 1,797 4,400 (163) 2002-2003 2017-2023 South Dakota 2 3,049 4,190 — — 3,049 4,190 7,239 (434) 2000 2021-2023 Tennessee 1 683 737 — — 683 737 1,420 (189) 2003 2017 Texas 8 12,182 14,057 — — 12,182 14,057 26,239 (1,174) 1999-2018 2016-2024 Virginia 4 5,421 7,302 — — 5,421 7,302 12,722 (588) 2000-2005 2019-2024 Wisconsin 8 6,711 14,511 — — 6,711 14,511 21,222 (48) 2000-2001 2024 West Virginia 2 953 3,180 — — 953 3,180 4,134 (309) 1997-2006 2022 Restaurants - Family Dining Florida 1 $ 467 $ 421 $ — $ 150 $ 467 $ 571 $ 1,038 $ (408) 1997 2016 Georgia 11 9,107 21,518 — 1,312 9,107 22,830 31,937 (1,876) 1968-2019 2017-2023 Iowa 1 804 563 — — 804 563 1,367 (194) 1994 2016 Illinois 2 3,209 7,414 — — 3,209 7,414 10,623 (226) 1978 2016-2024 Michigan 3 2,148 2,847 — — 2,148 2,847 4,995 (514) 1973-2000 2019 Minnesota 4 2,433 2,451 — — 2,433 2,451 4,884 (882) 1975-1991 2016 Missouri 2 1,038 1,153 — — 1,038 1,153 2,191 (393) 1978-1979 2016 Pennsylvania 1 784 756 6 61 790 817 1,607 (273) 1995 2017 South Carolina 2 1,930 2,111 — — 1,930 2,111 4,041 (385) 1978-2008 2020 Wisconsin 2 1,967 2,955 — — 1,967 2,955 4,922 (715) 1976-2018 2016-2019 Restaurants - Quick Service Alaska 1 $ 428 $ 1,524 $ — $ 350 $ 428 $ 1,874 $ 2,302 $ (364) 1972-1972 7/10/1905 Alabama 27 7,864 16,276 — 153 7,864 16,429 24,293 (3,630) 1972-2024 2016-2023 Arkansas 17 9,379 16,059 — 15 9,379 16,074 25,453 (2,601) 1977-2019 2016-2024 California 1 467 533 — — 467 533 1,000 (169) 1993 2016 Colorado 1 698 1,036 — — 698 1,036 1,734 (246) 1999 2018 Florida 18 14,341 20,085 — — 14,341 20,085 34,426 (2,454) 1976-2024 2016-2024 Georgia 49 23,088 35,566 — — 23,088 35,566 58,654 (6,868) 1975-2024 2016-2024 Iowa 7 2,268 6,367 — 75 2,268 6,442 8,710 (1,819) 1950-2004 2016-2019 Illinois 4 2,133 7,361 — — 2,133 7,361 9,494 (462) 1950-2013 2016-2024 Indiana 12 8,647 12,622 — — 8,647 12,622 21,269 (1,040) 2003-2023 2019-2023 Description (a) Initial Cost to Company Cost Capitalized Subsequent Gross Amount at December 31, 2024 (c)(d) Accumulated Depreciation Year Constructed (Range) Year Acquired (Range) Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Kansas 1 194 777 — — 194 777 971 (186) 1971 2017 Kentucky 12 5,408 8,327 — 402 5,408 8,730 14,138 (1,555) 1969-2020 2016-2022 Louisiana 6 4,808 4,697 — — 4,808 4,697 9,505 (767) 1983-2023 2019-2023 Massachusetts 9 5,251 5,131 — — 5,251 5,131 10,382 (1,009) 1965-1987 2020 Maryland 1 338 624 — — 338 624 962 (123) 2002-2002 2019 Michigan 11 3,579 8,554 — — 3,579 8,554 12,133 (1,900) 1969-2015 2016-2024 Missouri 5 3,067 4,650 — — 3,067 4,650 7,717 (542) 1987-2004 2016-2023 Mississippi 35 15,545 23,124 — 390 15,545 23,515 39,060 (4,064) 1968-2023 2016-2023 Montana 1 806 735 — — 806 735 1,541 (83) 2023 2022 North Carolina 11 11,121 10,700 — 411 11,121 11,111 22,232 (507) 1986-2024 2016-2024 Nebraska 1 304 1,301 — — 304 1,301 1,605 (384) 1998-1998 2016 New York 3 3,765 3,405 — 400 3,765 3,805 7,570 (1,127) 1968-2000 2016-2019 Ohio 9 3,710 10,833 — — 3,710 10,833 14,543 (1,510) 1964-2024 2016-2022 Oklahoma 13 12,422 13,653 — — 12,422 13,653 26,075 (1,417) 1965-2024 2020-2024 Oregon 1 252 131 — — 252 131 383 (54) 2015 2016 Pennsylvania 3 1,369 1,710 — — 1,369 1,710 3,079 (543) 1963-1994 2016-2019 South Carolina 8 5,453 8,515 — — 5,453 8,515 13,968 (661) 1977-2009 2016-2024 Tennessee 20 11,922 16,126 — 354 11,922 16,480 28,402 (3,361) 1974-2023 2016-2023 Texas 43 32,873 35,803 — 1,501 32,873 37,304 70,177 (5,416) 1970-2020 2016-2024 Wisconsin 5 1,260 3,849 — 85 1,260 3,934 5,194 (306) 1981-2006 2016-2024 West Virginia 6 1,293 3,137 — — 1,293 3,137 4,430 (892) 1976-1994 2016 Vacant Properties Georgia 1 $ 256 $ 362 $ — $ 83 $ 256 $ 445 $ 701 $ (137) 1978 2017 Illinois 1 472 1,376 — — 472 1,376 1,848 (309) 1991 2019 Louisiana 1 634 1,556 — — 634 1,556 2,190 (537) 1993 2017 South Carolina 1 167 394 — 17 167 411 578 (104) 2014 2020 Washington 2 1,176 2,542 — — 1,176 2,542 3,718 (762) 1982-1999 2019 Wyoming 1 424 930 — — 424 930 1,354 (274) 1982-1982 2019 Grand Total 1,942 $ 1,859,547 $ 3,427,861 $ 6,063 $ 108,139 $ 1,865,610 $ 3,536,000 $ 5,401,610 $ (425,190) (a) As of December 31, 2024, the Company had investments in 2,104 single-tenant real estate property locations including 1,946 owned properties, 8 ground lease interests and 150 properties securing mortgage notes receivable. Three of the Company’s owned properties are subject to leases accounted for as direct financing leases and are excluded from the table above. Additionally, the table above excludes four owned properties which are accounted for as loans receivable, as the leases contain purchase options, and five owned properties which are held for sale as of December 31, 2024. Initial costs exclude intangible lease assets totaling $82.9 million. (b) Amounts shown as reductions to cost capitalized subsequent to acquisition represent provisions recorded for impairment of real estate or partial land dispositions. (c) The aggregate cost for federal income tax purposes is $5.0 billion. (d) The following is a reconciliation of carrying value for land and improvements and building and improvements for the periods presented: Year ended December 31, (in thousands) 2024 2023 2022 Balance, beginning of period $ 4,480,314 $ 3,669,317 $ 3,040,073 Additions Acquisitions 818,088 887,407 751,610 Improvements 217,314 51,323 27,609 Deductions Provisions for impairment of real estate (14,845) (3,548) (20,164) Real estate investments held for sale (10,018) (7,455) (4,780) Cost of real estate sold (89,319) (116,029) (123,081) Other 76 (701) (1,949) Balance, end of period $ 5,401,610 $ 4,480,314 $ 3,669,317 (e) The following is a reconciliation of accumulated depreciation for the periods presented: Year ended December 31, (in thousands) 2024 2023 2022 Balance, beginning of period $ 321,944 $ 238,022 $ 169,126 Additions Depreciation expense 115,371 95,527 80,647 Deductions Accumulated depreciation associated with real estate investments sold and held for sale (12,125) (11,605) (11,751) Balance, end of period $ 425,190 $ 321,944 $ 238,022 (f) Depreciation is calculated using the straight-line method over the estimated useful lives of the properties, which is up to 40 years for buildings and improvements and 15 years for land improvements.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	ESSENTIAL PROPERTIES REALTY TRUST, INC. Schedule IV - Mortgage Loans on Real Estate As of December 31, 2024 (Dollar amounts in thousands) Description # of Properties Interest Final Periodic Final Prior Face Carrying Principal Amount First mortgage loans: Early Childhood Education Centers located in Florida 2 8.80% 5/9/2039 Interest only Balloon - $12,000 None $ 12,000 $ 11,864 None Early Childhood Education Centers located in Florida 2 8.53% 7/17/2039 Interest only Balloon - $7,300 None 7,300 7,213 None Quick Service Restaurants located in fifteen states 69 7.79% 8/31/2034 Interest only Balloon - $51,000 None 51,000 50,995 None Early Childhood Education Center located in Florida 1 8.42% 2/29/2040 Interest only Balloon - $5,300 None 5,300 5,243 None Convenience Store located in Minnesota 1 8.54% 12/31/2026 Interest only Balloon - $1,525 None 1,525 1,501 None Convenience Stores located in Wisconsin and Iowa 2 8.33% 12/31/2026 Interest only Balloon - $994 None 994 974 None Casual Dining Restaurants located in Kentucky and Ohio 2 6.87% 5/31/2036 Interest only Balloon - $2,520 None 2,520 2,520 None Convenience Stores located in Iowa 2 8.33% 12/31/2026 Interest only Balloon - $2,389 None 2,389 2,332 None Entertainment Center located in New Jersey 1 8.99% 9/30/2051 Principal + Interest Fully amortizing None 29,100 29,088 None Car Washes located in Nevada 5 7.30% 12/31/2036 Interest only Balloon - $25,714 None 25,714 25,711 None Car Wash located in Florida 1 7.73% 12/29/2036 Interest only Balloon - $2,470 None 2,470 2,464 None Casual Dining Restaurant located in Michigan 1 9.63% 1/31/2040 Interest only Balloon - $1,754 None 1,754 1,740 None Quick Service Restaurants located in three states 13 7.00% 2/28/2027 Interest only Balloon - $10,070 None 10,070 10,016 None Car Wash located in New Jersey 1 7.73% 3/31/2037 Interest only Balloon - $3,600 None 3,600 3,591 None Convenience Store located in Minnesota 1 8.29% 12/31/2026 Interest only Balloon - $760 None 760 738 None Car Wash located in Nevada 1 7.33% 12/31/2036 Interest only Balloon - $4,960 None 4,960 4,946 None Car Wash located in Nevada 1 7.43% 12/31/2036 Interest only Balloon - $4,800 None 4,800 4,787 None Car Washes located in three states 4 8.64% 12/31/2037 Interest only Balloon - $12,250 None 12,250 12,246 None Car Washes located in five states 9 8.85% 12/31/2037 Interest only Balloon - $25,993 None 25,993 25,938 None Entertainment Center located in Missouri 1 8.84% 1/13/2038 Interest only Balloon - $10,200 None 10,200 10,189 None Fitness Center located in Florida 1 8.10% 11/30/2025 Interest only Balloon - $8,654 None 8,654 8,632 None Medical / Dental Facilities located in five states 5 10.19% 1/31/2039 Interest only Balloon - $16,059 None 16,059 16,057 None Description # of Properties Interest Final Periodic Final Prior Face Carrying Principal Amount Early Childhood Education Centers located in four states 14 10.00% 6/30/2044 Interest only Balloon - $57,454 None 57,454 57,450 None Entertainment Center Located in New Jersey 1 10.20% 7/31/2034 Interest only Balloon - $7,560 None 7,560 7,559 None Convenience Store located in Texas 1 8.00% 8/13/2027 Interest only Balloon - $900 None 900 886 None Medical / Dental Facilities located in six states 6 10.18% 10/1/2039 Interest only Balloon - $17,450 None 17,450 17,441 None Early Childhood Education Centers located in Arizona 2 8.25% 9/30/2044 Interest only Balloon - $6,400 None 6,400 6,392 None $ 329,176 $ 328,513 The following table shows changes in carrying amounts of mortgage loans receivable during the years ended December 31, 2024, 2023 and 2022 (in thousands): Year ended December 31, 2024 2023 2022 Balance, beginning of period $ 220,121 $ 233,978 $ 181,419 Additions: New mortgage loans 100,427 13,091 126,784 Subsequent funding on existing mortgage loans 17,459 — 17,236 Deductions: Collections of principal (9,485) (27,029) (91,488) Provision for credit losses (9) 81 27 Balance, end of period $ 328,513 $ 220,121 $ 233,978 See accompanying report of independent registered public accounting firm.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 203,004	$ 190,707	$ 134,130

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cyber criminals are becoming more sophisticated and effective every day, and all companies utilizing technology are subject to threats of breaches of their cybersecurity programs. To mitigate the threat to our business, we take a comprehensive approach to cybersecurity risk management and make securing our systems and data a top priority. Our Board and our management are actively involved in our overall enterprise risk management program, of which cybersecurity represents an important component. As described in more detail below, we have established policies, procedures and processes for assessing, identifying, and managing material risks from cybersecurity threats. There can be no guarantee that our policies, procedures and processes will be properly followed in every instance or that those policies, procedures and processes will be effective. We are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, we can provide no assurance that there will not be incidents in the future or that they will not materially affect us. For more information about risks relating to cybersecurity matters see “Item 1A. Risk-Factors—General Risk Factors—We may be vulnerable to security breaches or cyber attacks which could disrupt our operations and have a material adverse effect on our financial condition and operating results.” Risk Management and Strategy Our policies, procedures and processes for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall enterprise risk management program. Our cybersecurity program in particular focuses on the following key areas: Collaboration Our cybersecurity risks are identified and addressed through a comprehensive, cross-functional approach. Personnel primarily responsible for security, risk and compliance matters meet periodically to develop strategies for preserving the confidentiality, integrity and availability of Company and tenant information, identifying, preventing and mitigating cybersecurity threats, and responding to any cybersecurity incidents. We maintain controls and procedures that are designed to ensure prompt escalation of material cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management and the Board in a timely manner. Risk Assessment At least annually, we, with the assistance of an external cybersecurity consultant, conduct a cybersecurity risk assessment that takes into account information from internal personnel, known potential information security vulnerabilities and information from external sources (e.g., reported security incidents that have impacted other companies, industry trends, and evaluations by third parties and consultants). The results of the assessment are used to drive alignment on, and prioritization of, initiatives to enhance our security controls, make recommendations to improve processes, and inform a broader enterprise-level risk assessment that is presented to our Board, its Nominating and Corporate Governance Committee, and members of management. Technical Safeguards We periodically assess and deploy technical safeguards designed to protect our information systems from cybersecurity threats. Such safeguards are periodically evaluated and improved based on vulnerability assessments, cybersecurity threat intelligence and incident response experience. Incident Response and Recovery Planning We have established comprehensive incident response and recovery plans and continue to periodically test and evaluate the effectiveness of those plans. Our incident response and recovery plans address—and guide our employees, management and the Board on—our response to a cybersecurity incident. Third-Party Risk Management We have implemented controls designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Such providers are subject to security risk assessments at the time of engagement, contract renewal and upon detection of an increase in risk profile. We use a variety of inputs in such risk assessments, including information supplied by providers and third parties, and investigate security incidents that have impacted our third-party providers, as appropriate. Education and Awareness Each of our employees is required to comply with our cybersecurity policies. We regularly remind employees of the importance of handling and protecting our data, including through annual privacy and security training to enhance employee awareness of how to detect and respond to cybersecurity threats. External Assessments Our cybersecurity policies and procedures are periodically assessed by our external cybersecurity consultant. These assessments include a variety of activities including information security maturity assessments, penetration tests, and independent reviews of our information security control environment and operating effectiveness. The results of significant assessments are reported to management, the Board and its Nominating and Corporate Governance Committee. Cybersecurity processes are adjusted based on the information provided from these assessments.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our policies, procedures and processes for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall enterprise risk management program. Our cybersecurity program in particular focuses on the following key areas: Collaboration Our cybersecurity risks are identified and addressed through a comprehensive, cross-functional approach. Personnel primarily responsible for security, risk and compliance matters meet periodically to develop strategies for preserving the confidentiality, integrity and availability of Company and tenant information, identifying, preventing and mitigating cybersecurity threats, and responding to any cybersecurity incidents. We maintain controls and procedures that are designed to ensure prompt escalation of material cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management and the Board in a timely manner. Risk Assessment At least annually, we, with the assistance of an external cybersecurity consultant, conduct a cybersecurity risk assessment that takes into account information from internal personnel, known potential information security vulnerabilities and information from external sources (e.g., reported security incidents that have impacted other companies, industry trends, and evaluations by third parties and consultants). The results of the assessment are used to drive alignment on, and prioritization of, initiatives to enhance our security controls, make recommendations to improve processes, and inform a broader enterprise-level risk assessment that is presented to our Board, its Nominating and Corporate Governance Committee, and members of management. Technical Safeguards We periodically assess and deploy technical safeguards designed to protect our information systems from cybersecurity threats. Such safeguards are periodically evaluated and improved based on vulnerability assessments, cybersecurity threat intelligence and incident response experience. Incident Response and Recovery Planning We have established comprehensive incident response and recovery plans and continue to periodically test and evaluate the effectiveness of those plans. Our incident response and recovery plans address—and guide our employees, management and the Board on—our response to a cybersecurity incident. Third-Party Risk Management We have implemented controls designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Such providers are subject to security risk assessments at the time of engagement, contract renewal and upon detection of an increase in risk profile. We use a variety of inputs in such risk assessments, including information supplied by providers and third parties, and investigate security incidents that have impacted our third-party providers, as appropriate. Education and Awareness Each of our employees is required to comply with our cybersecurity policies. We regularly remind employees of the importance of handling and protecting our data, including through annual privacy and security training to enhance employee awareness of how to detect and respond to cybersecurity threats. External Assessments Our cybersecurity policies and procedures are periodically assessed by our external cybersecurity consultant. These assessments include a variety of activities including information security maturity assessments, penetration tests, and independent reviews of our information security control environment and operating effectiveness. The results of significant assessments are reported to management, the Board and its Nominating and Corporate Governance Committee. Cybersecurity processes are adjusted based on the information provided from these assessments.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board, in coordination with its Nominating and Corporate Governance Committee, oversees our management of cybersecurity risk. They receive periodic reports from management and our external cybersecurity consultant about the identification, prevention, detection, mitigation and remediation of cybersecurity incidents, including material security risks and information security vulnerabilities. Our Nominating and Corporate Governance Committee oversees risks arising from our cybersecurity program. The Nominating and Corporate Governance Committee receives periodic updates from management and our external cybersecurity consultant on cybersecurity risk resulting from risk assessments, progress of risk reduction initiatives, external auditor feedback, control maturity assessments, and relevant internal and industry cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board, in coordination with its Nominating and Corporate Governance Committee, oversees our management of cybersecurity risk.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	They receive periodic reports from management and our external cybersecurity consultant about the identification, prevention, detection, mitigation and remediation of cybersecurity incidents, including material security risks and information security vulnerabilities. Our Nominating and Corporate Governance Committee oversees risks arising from our cybersecurity program. The Nominating and Corporate Governance Committee receives periodic updates from management and our external cybersecurity consultant on cybersecurity risk resulting from risk assessments, progress of risk reduction initiatives, external auditor feedback, control maturity assessments, and relevant internal and industry cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Financial Officer has primary responsibility for assessing and managing material risks from cybersecurity threats. The Chief Financial Officer meets periodically with our external cybersecurity consultant to review security performance metrics and identify security risks. The Chief Financial Officer and our external cybersecurity consultant also consider and make recommendations on security policies and procedures, security service requirements and risk mitigation strategies to the Nominating and Corporate Governance Committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Financial Officer has primary responsibility for assessing and managing material risks from cybersecurity threats. The Chief Financial Officer meets periodically with our external cybersecurity consultant to review security performance metrics and identify security risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Chief Financial Officer meets periodically with our external cybersecurity consultant to review security performance metrics and identify security risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Chief Financial Officer and our external cybersecurity consultant also consider and make recommendations on security policies and procedures, security service requirements and risk mitigation strategies to the Nominating and Corporate Governance Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
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.
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. The chief operating decision maker ("CODM"), which is the Company's Chief Executive Officer, determines resource allocations based on characteristics of potential future investments (e.g., return on investment, tenant credit quality, industry type, geographic location) and assesses the performance of the Company's existing portfolio based on consolidated net income as presented in the accompanying consolidated statements of operations.
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 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. 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 on loans and direct financing lease receivables 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	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. 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.
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.
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 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 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 ATM Programs (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 net income 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 net income 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 net income 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 net income 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 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	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.
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	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 of December 31, 2024 and 2023.
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 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 Company has adopted this guidance effective January 1, 2024 for annual reporting and the amendments are reflected within these consolidated financial statements. The amendments for interim periods will be adopted for the Company's fiscal year beginning on January 1, 2025. 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. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-09"). ASU 2024-03 requires additional disclosures about a public company’s expenses and addresses requests from investors for more detailed information about the types of expenses (e.g., purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (e.g., cost of sales; selling, general, and administrative (SG&A); and research and development (R&D)). All publicly traded REITs will be impacted by the ASU, as it applies to all public companies. ASU 2024-09 is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. 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)	12 Months Ended
	Dec. 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: Year ended December 31, (in thousands) 2024 2023 2022 Depreciation on real estate investments $ 115,371 $ 95,527 $ 80,647
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: Year ended December 31, (in thousands) 2024 2023 2022 Provision for impairment of real estate $ 14,845 $ 3,548 $ 20,164
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: Year ended December 31, (in thousands) 2024 2023 2022 Contingent rent $ 863 $ 743 $ 682 The Company recorded the following adjustments as increases or decreases to rental revenue for tenant credit during the periods presented: Year ended December 31, (in thousands) 2024 2023 2022 Adjustment to decrease rental revenue for tenant credit $ (635) $ (640) $ (371) The fixed and variable components of lease revenues for the years ended December 31, 2024, 2023, and 2022 were as follows: Year ended December 31, (in thousands) 2024 2023 2022 Fixed lease revenues $ 424,313 $ 338,720 $ 270,694 Variable lease revenues (1) 4,051 3,610 1,632 Total lease revenues (2) $ 428,364 $ 342,330 $ 272,326 _____________________________________ (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: December 31, (Dollars in thousands) 2024 2023 Number of VIEs 49 21 Aggregate carrying value $ 327,423 $ 219,449

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 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: December 31, 2024 2023 Owned properties (1) 1,946 1,726 Properties securing investments in mortgage loans (2) 150 136 Ground lease interests 8 11 Total number of investments 2,104 1,873 _____________________________________ (1) Includes seven and six properties which are subject to leases accounted for as direct financing leases or loans as of December 31, 2024 and 2023, respectively. (2) Properties secure 25 and 20 mortgage loans receivable as of December 31, 2024 and 2023, respectively.
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: December 31, (in thousands) 2024 2023 Real estate investments, at cost $ 5,667,349 $ 4,683,937 Loans and direct financing lease receivables, net 352,066 223,854 Real estate investments held for sale, net 10,018 7,455 Total gross investments $ 6,029,433 $ 4,915,246
Schedule of Information about Investment Activity	The following table presents information about the Company’s investment activity during the years ended December 31, 2024 and 2023: Year ended December 31, (Dollars amounts in thousands) 2024 2023 Ownership type Fee Interest (1) Number of properties 264 291 Investment allocation: Land and improvements $ 333,983 $ 354,331 Building and improvements 484,417 539,062 Intangible lease assets 7,319 2,553 Intangible lease liabilities (312) (181) Construction in progress (2) 263,232 105,075 Total investments (including acquisition costs) $ 1,088,639 $ 1,000,840 _____________________________________ (1) During the year ended December 31, 2023, the Company acquired fee interests in 289 properties and acquired two properties subject to a ground lease. (2)
Schedule of Gross Investment Activity	During the years ended December 31, 2024, 2023 and 2022, the Company had the following gross investment activity: (Dollar amounts in thousands) Number of Dollar Gross investments, December 31, 2021 1,451 $ 3,355,561 Acquisitions of and additions to real estate investments 224 810,661 Sales of investments in real estate (54) (138,515) Provisions for impairment of real estate (1) — (20,164) Investments in loans receivable 75 143,954 Principal collections on and settlements of loans and direct financing lease receivables (43) (93,118) Other — (2,994) Gross investments, December 31, 2022 1,653 4,055,385 Acquisitions of and additions to real estate investments 291 1,004,075 Sales of investments in real estate (51) (120,809) Relinquishment of properties at end of ground lease term (2) (1,543) Provisions for impairment of real estate (2) — (3,548) Investments in loans receivable 2 13,091 Principal collections on and settlements of loans and direct financing lease receivables (20) (27,908) Other — (3,497) Gross investments, December 31, 2023 1,873 4,915,246 Acquisitions of and additions to real estate investments 264 1,100,712 Sales of investments in real estate (46) (96,774) Relinquishment of properties at end of ground lease term (3) (1,471) Provisions for impairment of real estate (3) — (14,845) Investments in loans receivable 33 138,464 Principal collections on and settlements of loans and direct financing lease receivables (17) (10,022) Other — (1,877) Gross investments, December 31, 2024 2,104 6,029,433 Less: Accumulated depreciation and amortization (4) — (476,827) Net investments, December 31, 2024 2,104 $ 5,552,606 _____________________________________________ (1) During the year ended December 31, 2022, the Company identified and recorded provisions for impairment at nine tenanted properties and four vacant properties . (2) During the year ended December 31, 2023, the Company identified and recorded provisions for impairment at six tenanted properties and two vacant properties. (3) During the year ended December 31, 2024, the Company identified and recorded provisions for impairment at 17 tenanted properties and five vacant properties. (4) Includes $425.3 million of accumulated depreciation as of December 31, 2024.
Schedule of Loans Receivable	The Company's loans receivable portfolio as of December 31, 2024 and 2023 is summarized below (dollars in thousands): Loan Type Monthly Payment (1) Number of Secured Properties Effective Interest Rate Stated Interest Rate Maturity Date Principal Balance Outstanding December 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)(3) 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)(3) I/O 1 8.54% 8.50% 2026 1,525 1,785 Mortgage I/O — 7.00% 7.00% 2024 — 500 Mortgage (2)(3) I/O 2 8.33% 8.33% 2026 994 994 Mortgage (2) I/O 2 6.87% 6.40% 2036 2,520 2,520 Mortgage (2) I/O 2 8.33% 8.33% 2026 2,389 2,389 Mortgage (2) I/O 1 8.99% 8.09% 2051 29,100 24,100 Mortgage (2) I/O 7 7.39% 6.80% 2036 35,474 35,474 Mortgage (2) I/O 1 7.73% 7.20% 2036 2,470 2,470 Mortgage (2)(3) I/O 1 8.00% 8.00% 2040 1,754 1,754 Mortgage (2) I/O 13 7.00% 7.00% 2027 10,070 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% 2026 760 760 Mortgage (2)(3) I/O 4 8.64% 8.05% 2037 12,250 12,250 Mortgage (2)(3) 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 8,654 2,891 Mortgage (2) I/O 5 10.19% 9.50% 2039 16,059 — Mortgage (2) I/O 14 10.00% 8.65% 2044 57,454 — Mortgage (2)(3) I/O 1 10.20% 9.75% 2034 7,560 — Mortgage (2)(3) I/O 6 10.19% 9.50% 2039 17,451 — Mortgage (2) I/O 1 8.00% 8.00% 2027 900 — Mortgage (2) I/O 2 9.54% 8.25% 2044 6,400 — Leasehold interest P+I 1 2.25% (4) 2034 862 929 Leasehold interest P+I 1 2.41% (4) 2034 1,283 1,382 Leasehold interest P+I 2 4.41% (4) 2039 20,327 — Net investment $ 351,649 $ 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 December 31, 2024 were as follows: (in thousands) Loans Receivable 2025 $ 9,585 2026 6,680 2027 12,066 2028 1,186 2029 1,280 Thereafter 320,852 Total $ 351,649
Schedule of Direct Financing Lease Receivables	The components of the investments accounted for as direct financing lease receivables were as follows: December 31, (in thousands) 2024 2023 Minimum lease payments receivable $ 1,499 $ 1,709 Estimated unguaranteed residual value of leased assets 250 251 Unearned income from leased assets (436) (525) Net investment $ 1,313 $ 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 December 31, 2024 were as follows: (in thousands) Future Minimum Base Rental Payments 2025 $ 178 2026 167 2027 143 2028 145 2029 148 Thereafter 718 Total $ 1,499
Schedule of Changes to Allowance for Loan Losses	For the years ended December 31, 2024, 2023 and 2022, the changes to the Company's allowance for credit losses were as follows: (in thousands) Allowance for Credit Losses Balance at December 31, 2021 $ 814 Current period provision for expected credit losses (1) 88 Write-offs charged (137) Recoveries — Balance at December 31, 2022 765 Current period provision for expected credit losses (1) (99) Write-offs charged — Recoveries — Balance at December 31, 2023 666 Current period provision for expected credit losses (1) 230 Write-offs charged — Recoveries — Balance at December 31, 2024 $ 896 _____________________________________ (1) Changes in expected credit loss were 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% 118,589 18,854 64,187 34,953 28,695 265,278 $ 126,149 $ 18,854 $ 87,187 $ 63,187 $ 57,584 $ 352,961 " 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 as of December 31, 2024: Amortized Cost Basis by Origination Year Total Amortized Cost Basis (in thousands) 2024 2023 2022 2021 Prior to 2021 LTV <60% $ — $ — $ 23,000 $ — $ 28,889 $ 51,889 LTV 60%-70% 7,560 — — 28,234 — 35,794 LTV >70% 118,589 18,854 64,187 34,953 28,695 265,278 $ 126,149 $ 18,854 $ 87,187 $ 63,187 $ 57,584 $ 352,961
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 years ended December 31, 2024 and 2023: (Dollar amounts in thousands) Number of Real Estate Intangible Lease Net Carrying Held for sale balance, December 31, 2022 4 $ 4,780 $ — $ 4,780 Transfers to held for sale classification 10 19,311 — 19,311 Sales (9) (16,067) — (16,067) Transfers to held and used classification (1) (569) — (569) Held for sale balance, December 31, 2023 4 7,455 — 7,455 Transfers to held for sale classification 16 25,854 (76) 25,778 Sales (15) (23,291) 76 (23,215) Transfers to held and used classification — — — — Held for sale balance, December 31, 2024 5 $ 10,018 $ — $ 10,018
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: Year ended December 31, State 2024 2023 2022 Texas 13.4% 13.3% 13.5%
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following as of the dates presented: December 31, 2024 December 31, 2023 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets: In-place leases $ 82,926 $ 40,499 $ 42,427 $ 78,080 $ 35,896 $ 42,184 Intangible market lease assets 11,121 5,955 5,166 11,129 5,456 5,673 Total intangible assets $ 94,047 $ 46,454 $ 47,593 $ 89,209 $ 41,352 $ 47,857 Intangible market lease liabilities $ 15,523 $ 4,823 $ 10,700 $ 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 December 31, 2024, by category and in total, were as follows: Years Remaining In-place leases 8.8 Intangible market lease assets 9.6 Total intangible assets 8.9 Intangible market lease liabilities 7.9
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: Year ended December 31, (in thousands) 2024 2023 2022 Amortization of in-place leases (1) $ 6,377 $ 6,408 $ 7,575 Amortization (accretion) of market lease intangibles, net (2) (60) 11 (217) Amortization (accretion) of above- and below-market ground lease intangibles, net (3) (178) (286) (350) ______________________________________________________ (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 2025 $ 5,106 2026 4,730 2027 4,201 2028 3,662 2029 3,567 Thereafter 21,161 Total $ 42,427 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 2025 $ (670) $ 731 $ 61 2026 (661) 735 74 2027 (639) 759 120 2028 (397) 712 315 2029 (385) 673 288 Thereafter (2,414) 7,090 4,676 Total $ (5,166) $ 10,700 $ 5,534

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 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 and interest payments due to be received under the remaining non-cancelable term of operating leases and direct financing lease receivables in place as of December 31, 2024, and to be received under loans receivable through their scheduled maturity dates as of December 31, 2024 were as follows: (in thousands) Future Minimum Base 2025 $ 464,249 2026 469,399 2027 472,419 2028 475,313 2029 478,204 Thereafter 5,126,612 Total $ 7,486,196 _____________________________________ (1)
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: Year ended December 31, (in thousands) 2024 2023 2022 Contingent rent $ 863 $ 743 $ 682 The Company recorded the following adjustments as increases or decreases to rental revenue for tenant credit during the periods presented: Year ended December 31, (in thousands) 2024 2023 2022 Adjustment to decrease rental revenue for tenant credit $ (635) $ (640) $ (371) The fixed and variable components of lease revenues for the years ended December 31, 2024, 2023, and 2022 were as follows: Year ended December 31, (in thousands) 2024 2023 2022 Fixed lease revenues $ 424,313 $ 338,720 $ 270,694 Variable lease revenues (1) 4,051 3,610 1,632 Total lease revenues (2) $ 428,364 $ 342,330 $ 272,326 _____________________________________ (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: December 31, 2024 December 31, 2023 Weighted average remaining lease term (in years) 23.3 22.8 Weighted average discount rate 6.83% 6.75%
Schedule of Rent Expense	The following table sets forth the details of rent expense for the years ended December 31, 2024, 2023 and 2022: Year ended December 31, (in thousands) 2024 2023 2022 Fixed rent expense - Ground Rent $ 761 $ 970 $ 981 Fixed rent expense - Office Rent 670 606 511 Variable rent expense — — — Total rent expense $ 1,431 $ 1,576 $ 1,492
Schedule of Future Lease Payments Due from Company Under Ground, Office and Equipment Operating Leases	As of December 31, 2024, future lease payments under 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 Total Future 2025 $ 735 $ 685 $ 1,420 2026 219 686 905 2027 221 695 916 2028 227 718 945 2029 59 732 791 Thereafter — 17,457 17,457 Total $ 1,461 $ 20,973 22,434 Present value discount (12,959) Lease liabilities $ 9,475

Long Term Debt (Tables)

Long Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	The following table summarizes the Company's outstanding indebtedness as of December 31, 2024 and 2023: Principal Outstanding Weighted Average Interest Rate (1) (in thousands) Maturity Date December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Unsecured term loans: 2027 Term Loan February 2027 $ 430,000 $ 430,000 5.6% 6.3% 2028 Term Loan January 2028 400,000 400,000 5.6% 6.3% 2029 Term Loan February 2029 (2) 450,000 450,000 5.6% 6.4% 2030 Term Loan January 2030 (2) 450,000 — 5.6% —% Senior unsecured notes July 2031 400,000 400,000 3.0% 3.0% Revolving Credit Facility February 2026 — — —% —% Total principal outstanding $ 2,130,000 $ 1,680,000 5.1% 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: Year ended December 31, (in thousands) 2024 2023 2022 Interest expense and fees $ 4,558 $ 1,038 $ 2,807 Amortization of deferred financing costs 1,228 1,203 1,217 Total $ 5,786 $ 2,241 $ 4,024 The following table presents information about aggregate interest expense related to the 2024 Term Loan, 2027 Term Loan, 2028 Term Loan, 2029 Term Loan and 2030 Term Loan: Year ended December 31, (in thousands) 2024 2023 2022 Interest expense $ 92,451 $ 66,582 $ 23,967 Amortization of deferred financing costs 3,104 1,617 836 Total $ 95,555 $ 68,199 $ 24,803 The following is a summary of the senior unsecured notes outstanding as of December 31, 2024 and 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: Year ended December 31, (in thousands) 2024 2023 2022 Interest expense $ 11,716 $ 11,713 $ 11,711 Amortization of deferred financing costs and original issue discount 557 560 562 Total $ 12,273 $ 12,273 $ 12,273
Schedule of Scheduled Principal Payments	The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of December 31, 2024: (in thousands) 2027 Term Loan 2028 Term Loan 2029 Term Loan (1) 2030 Term Loan (1) Senior Unsecured Notes Revolving Credit Facility (2) Total 2025 $ — $ — $ — $ — $ — $ — $ — 2026 — — — — — — — 2027 430,000 — — — — — 430,000 2028 — 400,000 — — — — 400,000 2029 — — 450,000 — — — 450,000 Thereafter — — — 450,000 400,000 — 850,000 Total $ 430,000 $ 400,000 $ 450,000 $ 450,000 $ 400,000 $ — $ 2,130,000 ______________________ (1) After giving effect to extension options exercisable at the Operating Partnership's election.
Schedule of Borrowing and Repayments of Credit Facilities	The following table presents information about borrowings and repayments under the Revolving Credit Facility for the periods presented: (in thousands) 2024 2023 2022 Balance on January 1, $ — $ — $ 144,000 Borrowings 490,000 70,000 299,000 Repayments (490,000) (70,000) (443,000) Balance on December 31, $ — $ — $ —

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	12 Months Ended
	Dec. 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 consolidated balance sheets, all of which are interest rates swaps designated as hedges, as of December 31, 2024 and 2023 (dollar amounts in thousands): Fair Value of Asset/(Liability) (2) Number of Swap Agreements Associated Debt Instrument Fixed Rate Paid by Company Maturity Date Aggregate Notional Value (1) December 31, 2024 December 31, 2023 5 2027 Term Loan 1.41% November 2026 430,000 20,759 27,489 11 2028 Term Loan 3.66% January 2028 400,000 3,805 (1,622) 8 2029 Term Loan 4.40% February 2029 450,000 (7,407) (17,892) 15 2030 Term Loan 3.82% December 2029 450,000 2,972 $ 1,730,000 $ 20,129 $ 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.
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: Year ended December 31, (in thousands) 2024 2023 2022 Other comprehensive (loss) income $ 12,900 $ (36,874) $ 56,762

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of At the Market Program	The following table presents information about the ATM Programs (dollar amounts in thousands): Program Name Date Established Date Terminated Maximum Sales Authorization Gross Sales through December 31, 2024 2021 ATM Program July 2021 May 2022 $ 350,000 $ 348,140 2022 ATM Program (1) May 2022 June 2024 $ 500,000 $ 383,426 June 2024 ATM Program (1) June 2024 October 2024 $ 500,000 $ 339,992 October 2024 ATM Program (1) October 2024 $ 750,000 $ 78,915 _____________________________________ (1) Includes 4,027,834 shares from the 2022 ATM Program, 6,704,172 shares from the June 2024 ATM Program and 2,387,104 shares from the October 2024 ATM Program that the Company sold on a forward basis and were not physically settled as of December 31, 2024. The following table details information related to activity under the ATM Program for each period presented: Year ended December 31, (in thousands, except share and per share data) 2024 2023 2022 Shares of common stock sold (1)(2) 19,704,599 5,931,654 9,794,137 Weighted average sale price per share $ 29.52 $ 24.48 $ 24.00 Gross proceeds $ 581,689 $ 145,224 $ 235,060 Net proceeds $ 573,343 $ 142,922 $ 232,478 _____________________________________ (1) Includes 13,119,110 shares that the Company sold on a forward basis during the year ended December 31, 2024 and were not physically settled as of December 31, 2024. (2)
Schedule of Quarterly Cash Dividends	During the years ended December 31, 2024, 2023 and 2022, 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 Total Dividend (dollars in thousands) December 6, 2024 December 31, 2024 January 14, 2025 $ 0.295 $ 55,444 September 5, 2024 September 30, 2024 October 11, 2024 $ 0.29 $ 50,964 May 31, 2024 June 28, 2024 July 12, 2024 $ 0.29 $ 50,965 March 7, 2024 March 29, 2024 April 12, 2024 $ 0.285 $ 50,079 December 1, 2023 December 29, 2023 January 12, 2024 $ 0.285 $ 47,024 September 7, 2023 September 29, 2023 October 13, 2023 $ 0.28 $ 43,788 June 9, 2023 June 30, 2023 July 14, 2023 $ 0.28 $ 43,551 March 7, 2023 March 31, 2023 April 14, 2023 $ 0.275 $ 41,031 November 30, 2022 December 30, 2022 January 13, 2023 $ 0.275 $ 39,246 September 2, 2022 September 30, 2022 October 14, 2022 $ 0.27 $ 38,533 June 2, 2022 June 30, 2022 July 14, 2022 $ 0.27 $ 35,916 March 14, 2022 March 31, 2022 April 13, 2022 $ 0.26 $ 34,188

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2024, 2023 and 2022: Restricted Stock Awards Restricted Stock Units Shares Wtd. Avg. Grant Date Fair Value Units Wtd. Avg. Grant Date Fair Value Unvested, January 1, 2022 18,904 $ 14.12 454,692 $ 29.39 Granted — — 607,347 29.08 Vested (9,865) 14.12 (243,640) 25.70 Forfeited — — (1,019) 27.25 Unvested, December 31, 2022 9,039 $ 14.12 817,380 $ 30.26 Unvested, January 1, 2023 9,039 $ 14.12 817,380 $ 30.26 Granted — — 457,859 31.39 Vested (9,039) 14.12 (436,967) 26.98 Forfeited — — (94,419) 32.79 Unvested, December 31, 2023 — $ — 743,853 $ 32.56 Unvested, January 1, 2024 — $ — 743,853 $ 32.56 Granted — — 532,311 33.05 Vested — — (322,372) 32.46 Forfeited — — (391) 24.86 Unvested, December 31, 2024 — $ — 953,401 $ 32.87 The following table presents information about the Company's RSAs for the periods presented: Year ended December 31, (in thousands) 2024 2023 2022 Compensation cost recognized in general and administrative expense $ — $ 2 $ 128 Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings — — 8 Fair value of shares vested during the period — 128 139 The following table presents information about the Company's RSUs for the periods presented: Year ended December 31, (in thousands) 2024 2023 2022 Compensation cost recognized in general and administrative expense $ 10,829 $ 9,002 $ 9,361 Dividend equivalents declared and charged directly to distributions in excess of cumulative earnings 472 407 366 Fair value of units vested during the period 10,465 11,791 6,262
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 2022 Volatility 24% 37% 54% Risk free rate 4.46% 4.36% 1.68%
Schedule of Unrecognized Compensation Cost	The following table presents information about the Company's RSUs as of the dates presented: December 31, (Dollars in thousands) 2024 2023 Total unrecognized compensation cost $ 13,955 $ 13,131 Weighted average period over which compensation cost will be recognized (in years) 2.1 2.2

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 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): Year ended December 31, (dollar amounts in thousands) 2024 2023 2022 Numerator for basic and diluted earnings per share: Net income $ 203,638 $ 191,415 $ 134,742 Less: net income attributable to non-controlling interests (634) (708) (612) Less: net income allocated to unvested RSAs and RSUs (472) (407) (374) Net income available for common stockholders: basic 202,532 190,300 133,756 Net income attributable to non-controlling interests 634 708 612 Net income available for common stockholders: diluted $ 203,166 $ 191,008 $ 134,368 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding 173,855,427 152,140,896 134,950,418 Less: weighted average number of shares of unvested RSAs — (161) (9,230) Weighted average shares outstanding used in basic net income per share 173,855,427 152,140,735 134,941,188 Effects of dilutive securities: (1) OP Units 553,847 553,847 553,847 Unvested RSAs and RSUs 859,785 421,292 356,044 Forward sales 1,846,111 405,980 4,837 Weighted average shares outstanding used in diluted net income per share 177,115,170 153,521,854 135,855,916 _____________________________________ (1) Excludes the impact of 7,051, 179,807 and 171,059 unvested RSUs and unsettled forward equity sales for the years ended December 31, 2024, 2023 and 2022, respectively, as the effect would have been antidilutive.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2024, 2023 and 2022: Year ended December 31, (in thousands) 2024 2023 2022 401(k) matching contributions $ 480 $ 331 $ 318

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Values of Financial Assets Measured at 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 (in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2024 Financial (liabilities) assets: Senior unsecured notes (1) $ (396,403) $ (340,420) $ (340,420) $ — $ — Interest rate swaps 20,129 20,129 — 20,129 — 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 $3.1 million and $3.6 million of net deferred financing costs and $0.5 million and $0.6 million of net discount as of December 31, 2024 and 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 (in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2024 Non-financial assets: Long-lived assets $ 6,612 $ 6,612 $ — $ — $ 6,612 December 31, 2023 Non-financial assets: Long-lived assets $ 4,510 $ 4,510 $ — $ — $ 4,510
Schedule of Fair Value Valuation Techniques	Quantitative information about Level 3 fair value measurements as of December 31, 2024 is as follows: (dollar amounts in thousands) Fair Value Valuation Techniques Significant Unobservable Non-financial assets: Long-lived assets Quick Service $ 1,870 Sales comparison approach Binding sales agreement $ 1,870 Casual Dining 2,100 Sales comparison approach Non-binding sales agreement 2,100 Pet Care Services 267 sales comparison approach Non-binding sales agreement 267 Family Dining 1,295 Discounted cash flow approach Terminal Value: 8.0% Discount Rate: 8.5% 1,295 Family Dining 1,080 Discounted cash flow approach Terminal Value: 8.0% Discount Rate: 8.5% 1,080

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) option segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | segment		1
Cash and cash equivalents		$ 40,713,000	$ 39,807,000	$ 62,345,000
Cash and cash equivalents in excess of amount insured by FDIC		$ 40,200,000	$ 39,600,000
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]		Rental revenue	Rental revenue	Rental revenue
Capitalized offering costs		$ 92,300,000	$ 91,300,000
Unrecognized tax positions		0	0
Unrecognized tax positions, interest and penalties		0	0
Liabilities	[1]	2,226,555,000	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		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 December 31, 2024 and 2023, all of the assets and liabilities of the Company were held by its operating partnership, a consolidated VIE, with the exception of $55.4 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Depreciation on real estate investments	$ 115,371	$ 95,527	$ 80,647

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Provisions for Impairment of Long Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Provision for impairment of real estate	$ 14,845	$ 3,548	$ 20,164

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Contingent Rent (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Contingent rent	$ 863	$ 743	$ 682

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Adjustment to Rental Revenue for Tenant Credit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Adjustment to decrease rental revenue for tenant credit	$ (635)	$ (640)	$ (371)

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Mortgage Loan-Related VIEs (Details) $ in Thousands	Dec. 31, 2024 USD ($) entity	Dec. 31, 2023 USD ($) entity
Variable Interest Entity [Line Items]
Aggregate carrying value	$ 352,066	$ 223,854
Mortgage Receivable | Variable Interest Entity Not Primary Beneficiary
Variable Interest Entity [Line Items]
Number of VIEs | entity	49	21
Aggregate carrying value	$ 327,423	$ 219,449

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment Portfolio (Details) - property	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Owned properties	1,946	1,726
Properties securing investments in mortgage loans	150	136
Ground lease interests	8	11
Total number of investments	2,104	1,873

Investments - Schedule of Rea_2

Investments - Schedule of Real Estate Investment Portfolio, Footnotes (Details)	Dec. 31, 2024 loan property	Dec. 31, 2023 property loan
Investments [Abstract]
Number of properties owned as direct financing receivables | property	7	6
Number of mortgage loans receivable | loan	25	20

Investments - Schedule of Gross

Investments - Schedule of Gross Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Real estate investments, at cost	$ 5,667,349	$ 4,683,937
Loans and direct financing lease receivables, net	352,066	223,854
Real estate investments held for sale, net	10,018	7,455	$ 4,780
Total gross investments	$ 6,029,433	$ 4,915,246	$ 4,055,385	$ 3,355,561

Investments - Schedule of Infor

Investments - Schedule of Information about Investment Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Investments [Abstract]
Number of properties | property	264	291
Investment allocation:
Land and improvements	$ 333,983	$ 354,331
Building and improvements	484,417	539,062
Intangible lease assets	7,319	2,553
Intangible lease liabilities	(312)	(181)
Construction in progress	263,232	105,075
Total investments (including acquisition costs)	$ 1,088,639	$ 1,000,840

Investments - Schedule of Inf_2

Investments - Schedule of Information about Investment Activity, Footnotes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property
Investments [Abstract]
Number of properties acquired, fee interest		289
Number of properties acquired, subject to ground lease		2
Capitalized interest expense | $	$ 5.8	$ 2.4

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan investment	Dec. 31, 2023 USD ($) loan investment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investments [Abstract]
Number of acquisitions individually represented more than five percentage of total investment activity | investment	0	0
Number of loan receivable agreements secured | loan	25	20
Number of loan receivable agreements secured by lease | loan	3	2
Aggregate carrying value of loans	$ 351,600	$ 223,100
Credit risk, maximum exposure	351,600
Net investments accounted for as direct financing lease receivables	1,313	1,435
Allowance for loan losses	$ 896	$ 666	$ 765	$ 814

Investments - Summary of Gross

Investments - Summary of Gross Investment Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) investmentLocation	Dec. 31, 2023 USD ($) investmentLocation	Dec. 31, 2022 USD ($) investmentLocation
Number of Investment Locations
Beginning balance | investmentLocation	1,873	1,653	1,451
Acquisitions of and additions to real estate investments | investmentLocation	264	291	224
Sales of investments in real estate | investmentLocation	(46)	(51)	(54)
Relinquishment of properties at end of ground lease term | investmentLocation	(3)	(2)
Investments in loans receivable | investmentLocation	33	2	75
Principal collections on and settlements of loans and direct financing lease receivables | investmentLocation	(17)	(20)	(43)
Ending balance | investmentLocation	2,104	1,873	1,653
Dollar Amount of Investments
Beginning balance	$ 4,915,246	$ 4,055,385	$ 3,355,561
Acquisitions of and additions to real estate investments	1,100,712	1,004,075	810,661
Sales of investments in real estate	(96,774)	(120,809)	(138,515)
Relinquishment of properties at end of ground lease term	(1,471)	(1,543)
Provisions for impairment of real estate	(14,845)	(3,548)	(20,164)
Investments in loans receivable	138,464	13,091	143,954
Principal collections on and settlements of loans and direct financing lease receivables	(10,022)	(27,908)	(93,118)
Other	(1,877)	(3,497)	(2,994)
Ending balance	6,029,433	4,915,246	$ 4,055,385
Less: accumulated depreciation and amortization	(476,827)	(367,133)
Net investments	$ 5,552,606	$ 4,548,113

Investments - Summary of Gros_2

Investments - Summary of Gross Investment Activity, Footnotes (Details) $ in Millions	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 property	Dec. 31, 2022 property
Real Estate Properties [Line Items]
Number of property locations of investments	2,104	1,873
Accumulated depreciation | $	$ 425.3
Tenanted Properties
Real Estate Properties [Line Items]
Number of property locations of investments	17	6	9
Vacant Properties
Real Estate Properties [Line Items]
Number of property locations of investments	5	2	4

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable (Details) $ in Thousands	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance outstanding	$ 351,649	$ 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 2026
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	8.54%
Stated Interest Rate	8.50%
Principal balance outstanding	$ 1,525	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 2026
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	8.33%
Stated Interest Rate	8.33%
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 2026
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	8.33%
Stated Interest Rate	8.33%
Principal balance outstanding	$ 2,389	2,389
Mortgage Receivables 8.09% Due 2051,
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	8.99%
Stated Interest Rate	8.09%
Principal balance outstanding	$ 29,100	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	7.39%
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 2040
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	13
Effective Interest Rate	7%
Stated Interest Rate	7%
Principal balance outstanding	$ 10,070	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 2026
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	$ 8,654	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	$ 16,059	0
Mortgage Receivables 8.65% Due 2044
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	14
Effective Interest Rate	10%
Stated Interest Rate	8.65%
Principal balance outstanding	$ 57,454	0
Mortgage Receivables 9.75% Due 2034
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	1
Effective Interest Rate	10.20%
Stated Interest Rate	9.75%
Principal balance outstanding	$ 7,560	0
Mortgage Receivables 9.50% Due 2039
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	6
Effective Interest Rate	10.19%
Stated Interest Rate	9.50%
Principal balance outstanding	$ 17,451	0
Mortgage Receivables 8.00% Due 2027
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	$ 900	0
Mortgage Receivables 8.25% Due 2044
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	9.54%
Stated Interest Rate	8.25%
Principal balance outstanding	$ 6,400	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	$ 862	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	$ 1,283	1,382
Leasehold Interest 4.41% Due 2039
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Secured Properties | property	2
Effective Interest Rate	4.41%
Principal balance outstanding	$ 20,327	$ 0

Investments - Scheduled of Prin

Investments - Scheduled of Principal Payments Due under Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
2025	$ 9,585
2026	6,680
2027	12,066
2028	1,186
2029	1,280
Thereafter	320,852
Total	$ 351,649	$ 223,085

Investments - Schedule of Direc

Investments - Schedule of Direct Financing Lease Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Minimum lease payments receivable	$ 1,499	$ 1,709
Estimated unguaranteed residual value of leased assets	250	251
Unearned income from leased assets	(436)	(525)
Net investment	$ 1,313	$ 1,435

Investments - Scheduled Future

Investments - Scheduled Future Minimum Non-Cancelable Base Rental Payments Under Direct Financing Lease Receivables (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Investments [Abstract]
2025	$ 178
2026	167
2027	143
2028	145
2029	148
Thereafter	718
Total	$ 1,499

Investments - Summary of Change

Investments - Summary of Changes to Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 666	$ 765	$ 814
Change in provision for credit losses	230	(99)	88
Write-offs charged	0	0	(137)
Recoveries	0	0	0
Balance at end of period	$ 896	$ 666	$ 765

Investments - Summary of Signif

Investments - Summary of Significant Credit Quality Indicators Measured at Amortized Cost (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 126,149
2023	18,854
2022	87,187
2021	63,187
Prior to 2021	57,584
Total Amortized Cost Basis	352,961
LTV less than 60%
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	23,000
2021	0
Prior to 2021	28,889
Total Amortized Cost Basis	51,889
LTV 60%-70%
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,560
2023	0
2022	0
2021	28,234
Prior to 2021	0
Total Amortized Cost Basis	35,794
LTV greater than 70%
Financing Receivable, Credit Quality Indicator [Line Items]
2024	118,589
2023	18,854
2022	64,187
2021	34,953
Prior to 2021	28,695
Total Amortized Cost Basis	$ 265,278

Investments - Activity in Real

Investments - Activity in Real Estate Investments and Intangible Lease Liabilities Held for Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Number of Properties
Beginning balance | property	4	4
Transfers to held for sale classification | property	16	10
Sales | property	(15)	(9)
Transfers to held and used classification | property	0	(1)
Ending balance | property	5	4
Real Estate Investments
Beginning balance	$ 7,455	$ 4,780
Transfers to held for sale classification	25,854	19,311
Sales	(23,291)	(16,067)
Transfers to held and used classification	0	(569)
Ending balance	10,018	7,455
Intangible Lease Liabilities
Beginning balance	0	0
Transfers to held for sale classification	(76)	0
Sales	76	0
Transfers to held and used classification	0	0
Ending balance	0	0
Net Carrying Value
Beginning balance	7,455	4,780
Transfers to held for sale classification	25,778	19,311
Sales	(23,215)	(16,067)
Transfers to held and used classification	0	(569)
Ending balance	$ 10,018	$ 7,455

Investments - Schedule of Exter

Investments - Schedule of External Customers by Geographic Areas (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rental Revenue | Texas | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	13.40%	13.30%	13.50%

Investments - Schedule of Intan

Investments - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	$ 94,047	$ 89,209
Intangible assets, accumulated amortization	46,454	41,352
Intangible assets, net carrying amount	47,593	47,857
Intangible market lease liabilities, gross carrying amount	15,523	15,505
Intangible market lease liabilities, accumulated amortization	4,823	4,299
Intangible market lease liabilities, net carrying amount	10,700	11,206
In-place leases
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	82,926	78,080
Intangible assets, accumulated amortization	40,499	35,896
Intangible assets, net carrying amount	42,427	42,184
Intangible market lease assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	11,121	11,129
Intangible assets, accumulated amortization	5,955	5,456
Intangible assets, net carrying amount	$ 5,166	$ 5,673

Investments - Summary of Remain

Investments - Summary of Remaining Weighted Average Amortization Periods for Intangible Assets and Liabilities (Details)	12 Months Ended
	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Years remaining, intangible assets	8 years 10 months 24 days
Years remaining, intangible market lease liabilities	7 years 10 months 24 days
In-place leases
Finite-Lived Intangible Assets [Line Items]
Years remaining, in-place leases	8 years 9 months 18 days
Intangible market lease assets
Finite-Lived Intangible Assets [Line Items]
Years remaining, intangible assets	9 years 7 months 6 days

Investments - Summary of Amorti

Investments - Summary of Amortization and Accretion Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amortization of In-Place Leases, Amortization and Accretion of Above- and Below-Market Lease Assets and Liabilities [Line Items]
Amortization of in-place leases	$ 6,377	$ 6,408	$ 7,575
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	(60)	11	(217)
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	$ (178)	$ (286)	$ (350)

Investments - Summary of Projec

Investments - Summary of Projected Amortization Expenses for Next Five Years (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Below Market Lease Liabilities
2025	$ 731
2026	735
2027	759
2028	712
2029	673
Thereafter	7,090
Total	10,700
Net Adjustment to Rental Revenue
2025	61
2026	74
2027	120
2028	315
2029	288
Thereafter	4,676
Total	5,534
In-place leases
Intangible Assets
2025	5,106
2026	4,730
2027	4,201
2028	3,662
2029	3,567
Thereafter	21,161
Total	42,427
Above Market Lease Asset
Intangible Assets
2025	670
2026	661
2027	639
2028	397
2029	385
Thereafter	2,414
Total	$ 5,166

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) option	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
ROU assets	$ 8,800	$ 8,900
Lease liabilities	$ 9,475	$ 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	Dec. 31, 2024 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2025	$ 464,249
2026	469,399
2027	472,419
2028	475,313
2029	478,204
Thereafter	5,126,612
Total	7,486,196
Lessor, Operating Lease, Payment to be Received, Interest Portion, Fiscal Year Maturity [Abstract]
2025	29,200
2026	28,800
2027	28,000
2028	28,100
2029	28,500
Thereafter	$ 289,400

Leases - Components of Fixed an

Leases - Components of Fixed and Variable Lease Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Fixed lease revenues	$ 424,313	$ 338,720	$ 270,694
Variable lease revenues	4,051	3,610	1,632
Total lease revenues	$ 428,364	$ 342,330	$ 272,326
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental revenue	Rental revenue	Rental revenue

Leases - Information Related to

Leases - Information Related to Measurement of Lease Liabilities (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	23 years 3 months 18 days	22 years 9 months 18 days
Weighted average discount rate	6.83%	6.75%

Leases - Details of Rent Expens

Leases - Details of Rent Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Variable rent expense	$ 0	$ 0	$ 0
Total rent expense	1,431	1,576	1,492
Ground Rent
Lessee, Lease, Description [Line Items]
Fixed rent expense	761	970	981
Office Rent
Lessee, Lease, Description [Line Items]
Fixed rent expense	$ 670	$ 606	$ 511

Leases - Summary of Future Leas

Leases - Summary of Future Lease Payments due from Company Ground Leases and Office and Equipment Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
2025	$ 1,420
2026	905
2027	916
2028	945
2029	791
Thereafter	17,457
Total	22,434
Present value discount	(12,959)
Lease liabilities	9,475	$ 9,800
Office and Equipment Leases
Lessee, Lease, Description [Line Items]
2025	735
2026	219
2027	221
2028	227
2029	59
Thereafter	0
Total	1,461
Ground Leases
Lessee, Lease, Description [Line Items]
2025	685
2026	686
2027	695
2028	718
2029	732
Thereafter	17,457
Total	$ 20,973

Long Term Debt - Schedule of Lo

Long Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Outstanding	$ 2,130,000	$ 1,680,000
Weighted Average Interest Rate	5.10%	5.50%
Senior unsecured notes | Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 400,000	$ 400,000
Weighted Average Interest Rate	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	5.60%	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	5.60%	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	5.60%	6.40%
Unsecured term loans | 2030 Term Loan | Line of Credit
Debt Instrument [Line Items]
Principal Outstanding	$ 450,000	$ 0
Weighted Average Interest Rate	5.60%	0%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Principal Outstanding	$ 0	$ 0
Weighted Average Interest Rate	0%	0%

Long Term Debt - Summary of Sch

Long Term Debt - Summary of Scheduled Principal Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 0
2026	0
2027	430,000
2028	400,000
2029	450,000
Thereafter	850,000
Total	2,130,000
Senior Unsecured Notes
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	400,000
Total	400,000
Unsecured term loans | 2027 Term Loan | Line of Credit
Debt Instrument [Line Items]
2025	0
2026	0
2027	430,000
2028	0
2029	0
Thereafter	0
Total	430,000
Unsecured term loans | 2028 Term Loan | Line of Credit
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	400,000
2029	0
Thereafter	0
Total	400,000
Unsecured term loans | 2029 Term Loan | Line of Credit
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	450,000
Thereafter	0
Total	450,000
Unsecured term loans | 2030 Term Loan | Line of Credit
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	450,000
Total	450,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total	$ 0

Long Term Debt - Revolving Cred

Long Term Debt - Revolving Credit Facility and Credit Facility Term Loans - Additional Information (Details)

1 Months Ended

12 Months Ended

Apr. 12, 2019

Aug. 31, 2024 USD ($)

Jul. 31, 2024 USD ($) option

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, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Apr. 30, 2019 USD ($)

Line of Credit Facility [Line Items]

Loss on debt extinguishment

$ 0

$ 116,000

$ 2,138,000

Revolving Credit Facility | Line of Credit

Line of Credit Facility [Line Items]

Aggregate revolving credit commitments

$ 300,000,000

Total deferred finance costs, net

1,300,000

2,500,000

Line of credit facility, unused borrowing capacity

$ 600,000,000

600,000,000

Revolving Credit Facility | Line of Credit | 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 | Line of Credit | Credit Agreement

Line of Credit Facility [Line Items]

Aggregate revolving credit commitments

$ 600,000,000

Accordion feature to revolving credit commitment

$ 600,000,000

Loss on debt extinguishment

$ 100,000

Extension term

6 months

Number of extension options | option

2

Unsecured term loans | Line of Credit | 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 | Line of Credit | 2028 Term Loan

Line of Credit Facility [Line Items]

Proceeds from debt

$ 150,000,000

$ 250,000,000

Consolidated leverage ratio, maximum

0.35

Unsecured term loans | Line of Credit | 2028 Term Loan, Second Tranche

Line of Credit Facility [Line Items]

Aggregate revolving credit commitments

$ 400,000,000

Unsecured term loans | Line of Credit | 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 | Line of Credit | 2029 Term Loan | Line Of Credit, Extension Option One

Line of Credit Facility [Line Items]

Extension term

1 year

Unsecured term loans | Line of Credit | 2029 Term Loan | Line Of Credit, Extension Option Two

Line of Credit Facility [Line Items]

Extension term

6 months

Unsecured term loans | Line of Credit | 2030 Term Loan

Line of Credit Facility [Line Items]

Aggregate revolving credit commitments

$ 450,000,000

Accordion feature to revolving credit commitment

$ 500,000,000

Credit facility term

3 years

Number of extension options | option

2

Proceeds from debt

$ 130,000,000

$ 320,000,000

Unsecured term loans | Line of Credit | 2030 Term Loan | Line Of Credit, Extension Option One

Line of Credit Facility [Line Items]

Extension term

1 year

Unsecured term loans | Line of Credit | 2030 Term Loan | Line Of Credit, Extension Option Two

Line of Credit Facility [Line Items]

Extension term

6 months

Long Term Debt - Summary of Inf

Long Term Debt - Summary of Information about Revolving Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility, Roll Forward [Roll Forward]
Beginning balance	$ 0
Borrowings	490,000	$ 70,000	$ 299,000
Repayments	(220,000)	(70,000)	(443,000)
Ending balance	0	0
Revolving Credit Facility | Line of Credit
Line of Credit Facility, Roll Forward [Roll Forward]
Beginning balance	0	0	144,000
Borrowings	490,000	70,000	299,000
Repayments	(490,000)	(70,000)	(443,000)
Ending balance	$ 0	$ 0	$ 0

Long Term Debt - Information Ab

Long Term Debt - Information About Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Senior Unsecured Notes | Senior unsecured notes
Line of Credit Facility [Line Items]
Interest expense and fees	$ 11,716	$ 11,713	$ 11,711
Amortization of deferred financing costs and original issue discount	557	560	562
Total	12,273	12,273	12,273
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Interest expense and fees	4,558	1,038,000	2,807
Amortization of deferred financing costs	1,228	1,203,000	1,217
Total	5,786	2,241,000	4,024
Unsecured term loans | Line of Credit | 2024 Term Loan, 2027 Term Loan, 2028 Term Loan, 2029 Term Loan, 2030 Term Loan
Line of Credit Facility [Line Items]
Interest expense and fees	92,451	66,582	23,967
Amortization of deferred financing costs	3,104	1,617	836
Total	$ 95,555	$ 68,199	$ 24,803

Long Term Debt - 2027 Term Loan

Long Term Debt - 2027 Term Loan - Additional Information (Details) - USD ($)	4 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 26, 2019
Line of Credit Facility [Line Items]
Loss on debt extinguishment		$ 0	$ 116,000	$ 2,138,000
Unsecured term loans | Line of Credit | 2027 Term Loan
Line of Credit Facility [Line Items]
Notes issued					$ 430,000,000
Aggregate revolving credit commitments					430,000,000
Proceeds from debt	$ 430,000,000
Loss on debt extinguishment				$ 2,100,000
Maximum additional availability of the facility					$ 500,000,000
Total deferred finance costs, net		$ 8,900,000	$ 7,200,000

Long Term Debt - Senior Unsecur

Long Term Debt - Senior Unsecured Note - Additional Information (Details) - 2031 Senior Notes - Senior Unsecured Notes - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes issued	$ 400,000,000	$ 400,000,000	$ 400,000,000
Stated interest rate	2.95%	2.95%	2.95%
Proceeds from issuance of senior unsecured notes	$ 396,600,000
Percent of principal note amount issued	99.80%
Deferred finance costs	$ 4,700,000
Offering discount	$ 800,000	$ 500,000	$ 600,000
Debt instrument, redemption price, percentage		100%
Total deferred finance costs, net		$ 3,100,000	$ 3,600,000

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 ($)	Dec. 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 Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivatives reclassified from other comprehensive income	$ 15,200
Derivative asset, including accrued interest	27,800	$ 31,100
Derivative liability, including accrued interest	7,700	23,400
Derivative asset, termination value	20,100	7,700
Cash Flow Hedging | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Gain (loss) on change in fair value	$ 29,300	$ 27,700	$ (26)

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	Dec. 31, 2024 USD ($) derivative	Dec. 31, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Notional value	$ 1,730,000
Fair Value of Asset/(Liability)	$ 20,129	$ 7,975
2027 Term Loan
Derivatives, Fair Value [Line Items]
Number of Swap Agreements | derivative	5
Fixed Rate Paid by Company	1.41%
Notional value	$ 430,000
Fair Value of Asset/(Liability)	$ 20,759	27,489
2028 Term Loan
Derivatives, Fair Value [Line Items]
Number of Swap Agreements | derivative	11
Fixed Rate Paid by Company	3.66%
Notional value	$ 400,000
Fair Value of Asset/(Liability)	$ 3,805	(1,622)
2029 Term Loan
Derivatives, Fair Value [Line Items]
Number of Swap Agreements | derivative	8
Fixed Rate Paid by Company	4.40%
Notional value	$ 450,000
Fair Value of Asset/(Liability)	$ (7,407)	(17,892)
2030 Term Loan
Derivatives, Fair Value [Line Items]
Number of Swap Agreements | derivative	15
Fixed Rate Paid by Company	3.82%
Notional value	$ 450,000
Fair Value of Asset/(Liability)	$ 2,972

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income	$ 12,900	$ (36,874)	$ 56,762
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income	$ 12,900	$ (36,874)	$ 56,762

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	1 Months Ended				4 Months Ended	7 Months Ended	10 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Feb. 28, 2023	Aug. 31, 2022	May 31, 2023	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2024	Jun. 30, 2024	May 31, 2022
Class of Stock [Line Items]
Percentage of cash distributions paid to stockholders that were considered taxable income								92.70%	86%	79.70%
Percentage of cash distributions paid to stockholders that were considered a return of capital								7.30%	14%	20.30%
2022 ATM Program
Class of Stock [Line Items]
Authorized equity distribution program							$ 500,000,000	$ 500,000,000					$ 500,000,000
June 2024 ATM Program
Class of Stock [Line Items]
Authorized equity distribution program							500,000,000	500,000,000				$ 500,000,000
October 2024 ATM Program
Class of Stock [Line Items]
Authorized equity distribution program							750,000,000	$ 750,000,000			$ 750,000,000
Common Stock
Class of Stock [Line Items]
Common stock issuance (in shares)								22,713,852	21,971,744	17,576,684
Common Stock | Follow-On Offering
Class of Stock [Line Items]
Common stock issuance (in shares)	10,350,000	12,006,000	8,855,000	8,740,000
Number of shares sold pursuant to underwriter's option (in shares)	1,350,000	1,566,000	1,155,000	1,140,000
Price of shares sold (in USD per share)	$ 24.75	$ 23	$ 24.60	$ 23		$ 24.75
Proceeds from shares sold				$ 192,600,000	$ 209,300,000	$ 263,400,000	$ 245,000,000

Equity - Schedule of Informatio

Equity - Schedule of Information about 2022 ATM and Prior Programs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Oct. 31, 2024	Jun. 30, 2024	May 31, 2022
2021 ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum Sales Authorization	$ 350,000,000
Gross proceeds	348,140,000
2022 ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum Sales Authorization	500,000,000			$ 500,000,000
Gross proceeds	$ 383,426,000
Shares sold on a forward basis, not yet settled (in shares)	4,027,834
June 2024 ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum Sales Authorization	$ 500,000,000		$ 500,000,000
Gross proceeds	$ 339,992,000
Shares sold on a forward basis, not yet settled (in shares)	6,704,172
October 2024 ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum Sales Authorization	$ 750,000,000	$ 750,000,000
Gross proceeds	$ 78,915,000
Shares sold on a forward basis, not yet settled (in shares)	2,387,104

Equity - Schedule of At the Mar

Equity - Schedule of At the Market Program (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Net proceeds	$ 570,243	$ 507,318	$ 403,884
ATM Program
Subsidiary, Sale of Stock [Line Items]
Shares of common stock sold (in shares)	19,704,599	5,931,654	9,794,137
Weighted average sale price per share (in USD per share)	$ 29.52	$ 24.48	$ 24
Gross proceeds	$ 581,689	$ 145,224	$ 235,060
Net proceeds	$ 573,343	$ 142,922	$ 232,478
Shares sold on a forward basis, not yet settled (in shares)	13,119,110
Additional shares sold on a forward basis, not yet settled (in shares)		1,937,450

Equity - Summary of Quarterly C

Equity - Summary of Quarterly Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Dividend per Share of Common Stock (in USD per share)	$ 0.295	$ 0.29	$ 0.29	$ 0.285	$ 0.285	$ 0.28	$ 0.28	$ 0.275	$ 0.275	$ 0.27	$ 0.27	$ 0.26
Total Dividend (dollars in thousands)	$ 55,444	$ 50,964	$ 50,965	$ 50,079	$ 47,024	$ 43,788	$ 43,551	$ 41,031	$ 39,246	$ 38,533	$ 35,916	$ 34,188

Non-controlling Interests (Deta

Non-controlling Interests (Details) - shares	12 Months Ended
	Dec. 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	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	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)	187,537,592	164,635,150
Essential Properties OP GP LLC
Noncontrolling Interest [Line Items]
Percentage of general partner partnership interest owned	1%

Equity Based Compensation - Equ

Equity Based Compensation - Equity Incentive Plan - Additional Information (Details)	Dec. 31, 2024 shares
2023 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares issuable under plan (in shares)	4,300,808
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining under plan (in shares)	0

Equity Based Compensation - Sch

Equity Based Compensation - Schedule of Information about RSAs and RSUs Units (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Awards
Restricted Stock Awards
Beginning balance (in shares)		0	9,039	18,904
Granted (in shares)	46,368	0	0	0
Vested (in shares)		0	(9,039)	(9,865)
Forfeited (in shares)		0	0	0
Ending balance (in shares)		0	0	9,039
Restricted Stock Units
Beginning balance (in USD per share)		$ 0	$ 14.12	$ 14.12
Granted (in USD per share)		0	0	0
Vested (in USD per share)		0	14.12	14.12
Forfeited (in USD per share)		0	0	0
Ending balance (in USD per share)		$ 0	$ 0	$ 14.12
Restricted Stock Units
Restricted Stock Awards
Beginning balance (in shares)		743,853	817,380	454,692
Granted (in shares)		532,311	457,859	607,347
Vested (in shares)		(322,372)	(436,967)	(243,640)
Forfeited (in shares)		(391)	(94,419)	(1,019)
Ending balance (in shares)		953,401	743,853	817,380
Restricted Stock Units
Beginning balance (in USD per share)		$ 32.56	$ 30.26	$ 29.39
Granted (in USD per share)		33.05	31.39	29.08
Vested (in USD per share)		32.46	26.98	25.70
Forfeited (in USD per share)		24.86	32.79	27.25
Ending balance (in USD per share)		$ 32.87	$ 32.56	$ 30.26

Equity Based Compensation - Res

Equity Based Compensation - Restricted Stock Awards - Additional Information (Details) - Restricted Stock - shares	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares)	46,368	0	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 10,829	$ 9,006	$ 9,489
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared on unvested RSAs and charged directly to distributions in excess of cumulative earnings	0	0	8
Fair value of shares vested during the period	0	128	139
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	$ 128

Equity Based Compensation - R_2

Equity Based Compensation - Restricted Stock Units - Additional Information (Details)	1 Months Ended				12 Months Ended						13 Months Ended
	Feb. 29, 2024 shares	Apr. 30, 2023 shares	Feb. 28, 2023 shares	Jan. 31, 2022 shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation expense | $					$ 10,829,000	$ 9,006,000	$ 9,489,000
Performance Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares issued (in shares) | shares	63,448		50,598	78,801	149,936	147,587	149,699	126,353	84,684	119,085
Nonvested share awards percentage					100%	75%	75%	75%	75%	75%
Performance period					20 days
TSR as percentage of peer group					50%
Nonvested share awards remaining percentage						25%	25%	25%	25%	25%
Equity based compensation expense | $					$ 0	$ 0	$ 0
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) | shares		11,334		69,372
Equity based compensation expense | $						$ 300,000
Vesting performance period				4 years
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											50%
Performance Based Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				50%
Vesting period				4 years
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											50%
Performance Based Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				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					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				0
Performance Based Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					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				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) | shares					179,187	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)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	24%	37%	54%
Risk free rate	4.46%	4.36%	1.68%

Equity Based Compensation - S_4

Equity Based Compensation - Schedule of Information about RSUs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized in general and administrative expense	$ 10,829	$ 9,006	$ 9,489
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	472	407	366
Fair value of units vested during the period	10,465	11,791	6,262
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	$ 10,829	$ 9,002	$ 9,361

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 13,955	$ 13,131
Weighted average period over which compensation cost will be recognized (in years)	2 years 1 month 6 days	2 years 2 months 12 days

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Details)	Dec. 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator for basic and diluted net income per share:
Net income	$ 203,638	$ 191,415	$ 134,742
Less: net income attributable to non-controlling interests	(634)	(708)	(612)
Less: net income allocated to unvested RSAs and RSUs	(472)	(407)	(374)
Net income available for common stockholders: basic	202,532	190,300	133,756
Net income attributable to non-controlling interests	634	708	612
Net income available for common stockholders: diluted	$ 203,166	$ 191,008	$ 134,368
Denominator for basic and diluted net income per share:
Weighted average common shares outstanding (in shares)	173,855,427	152,140,896	134,950,418
Less: weighted average number of shares of unvested RSAs (in shares)	0	(161)	(9,230)
Weighted average shares outstanding used in basic net income per share (in shares)	173,855,427	152,140,735	134,941,188
Effects of dilutive securities:
Forward sales (in shares)	1,846,111	405,980	4,837
Weighted average shares outstanding used in diluted net income per share (in shares)	177,115,170	153,521,854	135,855,916
Antidilutive securities excluded from computation of earnings per share (in shares)	7,051	179,807	171,059
Unvested RSAs and RSUs
Effects of dilutive securities:
Dilutive securities (in shares)	859,785	421,292	356,044
Operating Partnership Unit
Effects of dilutive securities:
Dilutive securities (in shares)	553,847	553,847	553,847

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Commitments and Contingencies [Line Items]
Reimbursement to tenants	$ 154.8
Employer matching contribution, percent of match	100%
Employer matching contribution, percent of eligible compensation	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
401(k) matching contributions	$ 480	$ 331,000	$ 318,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Values of Financial Assets Measured at Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2021
Senior Unsecured Notes | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total deferred finance costs, net	$ 3,100	$ 3,600
Offering discount	500	600	$ 800
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	20,129	7,975
Fair Value Measurements, Recurring | Net Carrying Value | Senior Unsecured Notes | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	(396,403)	(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	20,129	7,975
Fair Value Measurements, Recurring | Fair Value | Senior Unsecured Notes | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	(340,420)	(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 | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior unsecured notes	(340,420)	(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	20,129	7,975
Fair Value Measurements, Recurring | Fair Value | Level 2 | Senior Unsecured Notes | 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 | 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	Dec. 31, 2024	Dec. 31, 2023
Net Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 6,612	$ 4,510
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	6,612	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	$ 6,612	$ 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	Dec. 31, 2024 USD ($)
Quick Service | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,870
Significant Unobservable Inputs	1,870
Casual Dining | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 2,100
Significant Unobservable Inputs	2,100
Pet Care Services | Sales comparison approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 267
Significant Unobservable Inputs	267
Family Dining | Discounted cash flow approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,295
Significant Unobservable Inputs	1,295
Family Dining | Discounted cash flow approach | Terminal value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	0.080
Family Dining | Discounted cash flow approach | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	0.085
Family Dining | Discounted cash flow approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,080
Significant Unobservable Inputs	1,080
Family Dining | Discounted cash flow approach | Terminal value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	0.080
Family Dining | Discounted cash flow approach | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	0.085

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended	12 Months Ended
	Feb. 12, 2025 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Apr. 30, 2019 USD ($)
Subsequent Event
Investment in mortgage loans receivable		$ 136,264,000	$ 13,091,000	$ 115,016,000
Revolving Credit Facility | Line of Credit
Subsequent Event
Aggregate revolving credit commitments						$ 300,000,000
Revolving Credit Facility | Credit Agreement | Line of Credit
Subsequent Event
Aggregate revolving credit commitments					$ 600,000,000
Accordion feature to revolving credit commitment					$ 600,000,000
Subsequent Event
Subsequent Event
Number of real estate investment properties acquired | property	9
Aggregate investment (including acquisition-related costs)	$ 122,000,000
Investment in new and ongoing construction in progress	13,800,000
Investment in mortgage loans receivable	$ 2,300,000
Number of investment properties sold or transferred | property	7
Investment, aggregate gross sales price	$ 19,700,000
Investment, disposition costs	800,000
Subsequent Event | Revolving Credit Facility | Credit Agreement | Line of Credit
Subsequent Event
Aggregate revolving credit commitments	1,000,000,000
Accordion feature to revolving credit commitment	$ 1,000,000,000

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1,942
Initial cost to company, land & improvements	$ 1,859,547
Initial cost to company, building & improvements	3,427,861
Cost capitalized subsequent to acquisition, land & improvements	6,063
Cost capitalized subsequent to acquisition, building & improvements	108,139
Gross amount, land & improvements	1,865,610
Gross amount, building & improvements	3,536,000
Gross amount, total	5,401,610	$ 4,480,314	$ 3,669,317	$ 3,040,073
Accumulated depreciation	$ (425,190)	$ (321,944)	$ (238,022)	$ (169,126)
Automotive Service | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 770
Initial cost to company, building & improvements	882
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	770
Gross amount, building & improvements	882
Gross amount, total	1,652
Accumulated depreciation	$ (152)
Automotive Service | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 10,587
Initial cost to company, building & improvements	19,611
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	10,587
Gross amount, building & improvements	19,611
Gross amount, total	30,198
Accumulated depreciation	$ (2,378)
Automotive Service | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 193
Initial cost to company, building & improvements	258
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	193
Gross amount, building & improvements	258
Gross amount, total	451
Accumulated depreciation	$ (6)
Automotive Service | California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 4,502
Initial cost to company, building & improvements	8,499
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,502
Gross amount, building & improvements	8,499
Gross amount, total	13,001
Accumulated depreciation	$ (868)
Automotive Service | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 6,027
Initial cost to company, building & improvements	11,544
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	170
Gross amount, land & improvements	6,027
Gross amount, building & improvements	11,714
Gross amount, total	17,741
Accumulated depreciation	$ (1,294)
Automotive Service | Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 3,962
Initial cost to company, building & improvements	9,332
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,962
Gross amount, building & improvements	9,332
Gross amount, total	13,294
Accumulated depreciation	$ (276)
Automotive Service | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 3,445
Initial cost to company, building & improvements	4,686
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	196
Gross amount, land & improvements	3,445
Gross amount, building & improvements	4,882
Gross amount, total	8,327
Accumulated depreciation	$ (375)
Automotive Service | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	25
Initial cost to company, land & improvements	$ 12,757
Initial cost to company, building & improvements	27,387
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	12,757
Gross amount, building & improvements	27,387
Gross amount, total	40,144
Accumulated depreciation	$ (2,059)
Automotive Service | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 4,032
Initial cost to company, building & improvements	9,513
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	54
Gross amount, land & improvements	4,032
Gross amount, building & improvements	9,567
Gross amount, total	13,599
Accumulated depreciation	$ (964)
Automotive Service | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	12
Initial cost to company, land & improvements	$ 4,600
Initial cost to company, building & improvements	11,106
Cost capitalized subsequent to acquisition, land & improvements	555
Cost capitalized subsequent to acquisition, building & improvements	302
Gross amount, land & improvements	5,155
Gross amount, building & improvements	11,408
Gross amount, total	16,563
Accumulated depreciation	$ (641)
Automotive Service | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 747
Initial cost to company, building & improvements	1,462
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	245
Gross amount, land & improvements	747
Gross amount, building & improvements	1,707
Gross amount, total	2,454
Accumulated depreciation	$ (75)
Automotive Service | Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 3,009
Initial cost to company, building & improvements	4,366
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,009
Gross amount, building & improvements	4,366
Gross amount, total	7,375
Accumulated depreciation	$ (489)
Automotive Service | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 6,125
Initial cost to company, building & improvements	7,539
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,125
Gross amount, building & improvements	7,539
Gross amount, total	13,664
Accumulated depreciation	$ (201)
Automotive Service | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 663
Initial cost to company, building & improvements	1,365
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	663
Gross amount, building & improvements	1,365
Gross amount, total	2,029
Accumulated depreciation	$ (14)
Automotive Service | Maine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,633
Initial cost to company, building & improvements	4,920
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,633
Gross amount, building & improvements	4,920
Gross amount, total	6,553
Accumulated depreciation	$ (215)
Automotive Service | Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 3,973
Initial cost to company, building & improvements	12,825
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,973
Gross amount, building & improvements	12,825
Gross amount, total	16,798
Accumulated depreciation	$ (2,752)
Automotive Service | Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 512
Initial cost to company, building & improvements	1,804
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	512
Gross amount, building & improvements	1,804
Gross amount, total	2,316
Accumulated depreciation	$ (69)
Automotive Service | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	12
Initial cost to company, land & improvements	$ 5,277
Initial cost to company, building & improvements	10,807
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,277
Gross amount, building & improvements	10,807
Gross amount, total	16,084
Accumulated depreciation	$ (1,847)
Automotive Service | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 4,177
Initial cost to company, building & improvements	7,910
Cost capitalized subsequent to acquisition, land & improvements	201
Cost capitalized subsequent to acquisition, building & improvements	70
Gross amount, land & improvements	4,378
Gross amount, building & improvements	7,980
Gross amount, total	12,358
Accumulated depreciation	$ (1,659)
Automotive Service | Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 3,636
Initial cost to company, building & improvements	6,779
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,636
Gross amount, building & improvements	6,779
Gross amount, total	10,415
Accumulated depreciation	$ (562)
Automotive Service | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 4,603
Initial cost to company, building & improvements	10,515
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	200
Gross amount, land & improvements	4,603
Gross amount, building & improvements	10,715
Gross amount, total	15,318
Accumulated depreciation	$ (910)
Automotive Service | Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,177
Initial cost to company, building & improvements	479
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,177
Gross amount, building & improvements	479
Gross amount, total	1,656
Accumulated depreciation	$ (80)
Automotive Service | New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	16
Initial cost to company, land & improvements	$ 18,996
Initial cost to company, building & improvements	22,047
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	18,996
Gross amount, building & improvements	22,047
Gross amount, total	41,043
Accumulated depreciation	$ (3,313)
Automotive Service | New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 800
Initial cost to company, building & improvements	3,016
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	50
Gross amount, land & improvements	800
Gross amount, building & improvements	3,066
Gross amount, total	3,866
Accumulated depreciation	$ (315)
Automotive Service | New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 4,025
Initial cost to company, building & improvements	10,443
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,025
Gross amount, building & improvements	10,443
Gross amount, total	14,468
Accumulated depreciation	$ (1,584)
Automotive Service | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 4,004
Initial cost to company, building & improvements	3,624
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,004
Gross amount, building & improvements	3,624
Gross amount, total	7,628
Accumulated depreciation	$ (787)
Automotive Service | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 3,754
Initial cost to company, building & improvements	6,732
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	742
Gross amount, land & improvements	3,754
Gross amount, building & improvements	7,474
Gross amount, total	11,228
Accumulated depreciation	$ (657)
Automotive Service | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	24
Initial cost to company, land & improvements	$ 10,639
Initial cost to company, building & improvements	32,769
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	10,639
Gross amount, building & improvements	32,769
Gross amount, total	43,408
Accumulated depreciation	$ (3,885)
Automotive Service | Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,076
Initial cost to company, building & improvements	1,104
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,076
Gross amount, building & improvements	1,104
Gross amount, total	2,180
Accumulated depreciation	$ (131)
Automotive Service | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 6,178
Initial cost to company, building & improvements	10,205
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,178
Gross amount, building & improvements	10,205
Gross amount, total	16,383
Accumulated depreciation	$ (1,205)
Automotive Service | Rhode Island
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,834
Initial cost to company, building & improvements	2,178
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,834
Gross amount, building & improvements	2,178
Gross amount, total	4,012
Accumulated depreciation	$ (142)
Automotive Service | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 3,468
Initial cost to company, building & improvements	4,290
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	580
Gross amount, land & improvements	3,468
Gross amount, building & improvements	4,870
Gross amount, total	8,338
Accumulated depreciation	$ (221)
Automotive Service | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,328
Initial cost to company, building & improvements	3,388
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,328
Gross amount, building & improvements	3,388
Gross amount, total	5,716
Accumulated depreciation	$ (436)
Automotive Service | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	16
Initial cost to company, land & improvements	$ 11,809
Initial cost to company, building & improvements	23,908
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	600
Gross amount, land & improvements	11,809
Gross amount, building & improvements	24,508
Gross amount, total	36,317
Accumulated depreciation	$ (4,128)
Automotive Service | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 837
Initial cost to company, building & improvements	1,192
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	837
Gross amount, building & improvements	1,192
Gross amount, total	2,029
Accumulated depreciation	$ (123)
Automotive Service | West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 1,985
Initial cost to company, building & improvements	4,519
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,985
Gross amount, building & improvements	4,519
Gross amount, total	6,504
Accumulated depreciation	$ (569)
Automotive Service | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 3,175
Initial cost to company, building & improvements	7,554
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	74
Gross amount, land & improvements	3,175
Gross amount, building & improvements	7,627
Gross amount, total	10,802
Accumulated depreciation	$ (766)
Building Materials | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,060
Initial cost to company, building & improvements	3,640
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,060
Gross amount, building & improvements	3,640
Gross amount, total	5,700
Accumulated depreciation	$ (977)
Building Materials | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 760
Initial cost to company, building & improvements	403
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	760
Gross amount, building & improvements	403
Gross amount, total	1,163
Accumulated depreciation	$ (108)
Building Materials | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 934
Initial cost to company, building & improvements	638
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	934
Gross amount, building & improvements	638
Gross amount, total	1,572
Accumulated depreciation	$ (171)
Building Materials | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,338
Initial cost to company, building & improvements	4,165
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,338
Gross amount, building & improvements	4,165
Gross amount, total	6,503
Accumulated depreciation	$ (1,118)
Building Materials | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,072
Initial cost to company, building & improvements	1,619
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,072
Gross amount, building & improvements	1,619
Gross amount, total	2,691
Accumulated depreciation	$ (351)
Building Materials | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 414
Initial cost to company, building & improvements	200
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	414
Gross amount, building & improvements	200
Gross amount, total	614
Accumulated depreciation	$ (54)
Building Materials | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 4,438
Initial cost to company, building & improvements	8,425
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,438
Gross amount, building & improvements	8,425
Gross amount, total	12,863
Accumulated depreciation	$ (1,636)
Building Materials | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 3,011
Initial cost to company, building & improvements	4,573
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,011
Gross amount, building & improvements	4,573
Gross amount, total	7,584
Accumulated depreciation	$ (1,228)
Building Materials | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,097
Initial cost to company, building & improvements	172
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,097
Gross amount, building & improvements	172
Gross amount, total	1,269
Accumulated depreciation	$ (46)
Building Materials | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 5,228
Initial cost to company, building & improvements	3,746
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,228
Gross amount, building & improvements	3,746
Gross amount, total	8,974
Accumulated depreciation	$ (1,006)
Car Washes | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 7,009
Initial cost to company, building & improvements	11,318
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	7,009
Gross amount, building & improvements	11,318
Gross amount, total	18,327
Accumulated depreciation	$ (829)
Car Washes | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	15
Initial cost to company, land & improvements	$ 27,046
Initial cost to company, building & improvements	35,871
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	27,046
Gross amount, building & improvements	35,871
Gross amount, total	62,917
Accumulated depreciation	$ (3,834)
Car Washes | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 2,799
Initial cost to company, building & improvements	11,394
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,799
Gross amount, building & improvements	11,394
Gross amount, total	14,193
Accumulated depreciation	$ (1,361)
Car Washes | California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 17,261
Initial cost to company, building & improvements	16,498
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	17,261
Gross amount, building & improvements	16,498
Gross amount, total	33,759
Accumulated depreciation	$ (625)
Car Washes | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 11,343
Initial cost to company, building & improvements	9,801
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	11,343
Gross amount, building & improvements	9,801
Gross amount, total	21,144
Accumulated depreciation	$ (1,538)
Car Washes | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 13,302
Initial cost to company, building & improvements	29,693
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	283
Gross amount, land & improvements	13,302
Gross amount, building & improvements	29,977
Gross amount, total	43,279
Accumulated depreciation	$ (2,875)
Car Washes | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	21
Initial cost to company, land & improvements	$ 29,096
Initial cost to company, building & improvements	64,371
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	2,055
Gross amount, land & improvements	29,096
Gross amount, building & improvements	66,426
Gross amount, total	95,522
Accumulated depreciation	$ (10,239)
Car Washes | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 9,306
Initial cost to company, building & improvements	14,105
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	9,306
Gross amount, building & improvements	14,105
Gross amount, total	23,411
Accumulated depreciation	$ (850)
Car Washes | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,683
Initial cost to company, building & improvements	15,713
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,683
Gross amount, building & improvements	15,713
Gross amount, total	18,396
Accumulated depreciation	$ (749)
Car Washes | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 5,930
Initial cost to company, building & improvements	4,573
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,930
Gross amount, building & improvements	4,573
Gross amount, total	10,503
Accumulated depreciation	$ (473)
Car Washes | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 761
Initial cost to company, building & improvements	3,281
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	761
Gross amount, building & improvements	3,281
Gross amount, total	4,042
Accumulated depreciation	$ (65)
Car Washes | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 9,948
Initial cost to company, building & improvements	19,284
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	425
Gross amount, land & improvements	9,948
Gross amount, building & improvements	19,709
Gross amount, total	29,657
Accumulated depreciation	$ (1,763)
Car Washes | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,725
Initial cost to company, building & improvements	4,185
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,725
Gross amount, building & improvements	4,185
Gross amount, total	5,910
Accumulated depreciation	$ 0
Car Washes | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,430
Initial cost to company, building & improvements	3,253
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,430
Gross amount, building & improvements	3,253
Gross amount, total	4,683
Accumulated depreciation	$ (161)
Car Washes | Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 3,923
Initial cost to company, building & improvements	13,810
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	567
Gross amount, land & improvements	3,923
Gross amount, building & improvements	14,376
Gross amount, total	18,299
Accumulated depreciation	$ (1,057)
Car Washes | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 4,216
Initial cost to company, building & improvements	8,117
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,216
Gross amount, building & improvements	8,117
Gross amount, total	12,333
Accumulated depreciation	$ (93)
Car Washes | Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 597
Initial cost to company, building & improvements	2,569
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	597
Gross amount, building & improvements	2,569
Gross amount, total	3,166
Accumulated depreciation	$ (342)
Car Washes | Nevada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 11,776
Initial cost to company, building & improvements	10,385
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	11,776
Gross amount, building & improvements	10,385
Gross amount, total	22,161
Accumulated depreciation	$ (452)
Car Washes | New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,461
Initial cost to company, building & improvements	12,216
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,461
Gross amount, building & improvements	12,216
Gross amount, total	14,677
Accumulated depreciation	$ (2,884)
Car Washes | New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 6,538
Initial cost to company, building & improvements	24,076
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,538
Gross amount, building & improvements	24,076
Gross amount, total	30,614
Accumulated depreciation	$ (1,912)
Car Washes | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 16,203
Initial cost to company, building & improvements	15,238
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	16,203
Gross amount, building & improvements	15,238
Gross amount, total	31,441
Accumulated depreciation	$ (1,314)
Car Washes | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 6,911
Initial cost to company, building & improvements	18,490
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,911
Gross amount, building & improvements	18,490
Gross amount, total	25,401
Accumulated depreciation	$ (2,157)
Car Washes | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,921
Initial cost to company, building & improvements	5,517
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,921
Gross amount, building & improvements	5,517
Gross amount, total	8,438
Accumulated depreciation	$ (434)
Car Washes | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 5,894
Initial cost to company, building & improvements	9,796
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,894
Gross amount, building & improvements	9,796
Gross amount, total	15,690
Accumulated depreciation	$ (1,048)
Car Washes | South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 5,890
Initial cost to company, building & improvements	14,859
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,225
Gross amount, land & improvements	5,890
Gross amount, building & improvements	16,084
Gross amount, total	21,974
Accumulated depreciation	$ (2,524)
Car Washes | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,618
Initial cost to company, building & improvements	2,724
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,618
Gross amount, building & improvements	2,724
Gross amount, total	5,342
Accumulated depreciation	$ (159)
Car Washes | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	13
Initial cost to company, land & improvements	$ 22,808
Initial cost to company, building & improvements	43,623
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	425
Gross amount, land & improvements	22,808
Gross amount, building & improvements	44,048
Gross amount, total	66,856
Accumulated depreciation	$ (2,481)
Car Washes | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	15
Initial cost to company, land & improvements	$ 23,330
Initial cost to company, building & improvements	42,604
Cost capitalized subsequent to acquisition, land & improvements	298
Cost capitalized subsequent to acquisition, building & improvements	259
Gross amount, land & improvements	23,628
Gross amount, building & improvements	42,863
Gross amount, total	66,491
Accumulated depreciation	$ (2,563)
Car Washes | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 9,653
Initial cost to company, building & improvements	21,352
Cost capitalized subsequent to acquisition, land & improvements	220
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	9,873
Gross amount, building & improvements	21,352
Gross amount, total	31,225
Accumulated depreciation	$ (707)
Convenience Stores | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,085
Initial cost to company, building & improvements	2,791
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	34
Gross amount, land & improvements	2,085
Gross amount, building & improvements	2,825
Gross amount, total	4,910
Accumulated depreciation	$ (859)
Convenience Stores | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 4,275
Initial cost to company, building & improvements	6,867
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	50
Gross amount, land & improvements	4,275
Gross amount, building & improvements	6,917
Gross amount, total	11,192
Accumulated depreciation	$ (1,955)
Convenience Stores | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 272
Initial cost to company, building & improvements	1,047
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	272
Gross amount, building & improvements	1,047
Gross amount, total	1,319
Accumulated depreciation	$ (260)
Convenience Stores | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 3,786
Initial cost to company, building & improvements	3,067
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,786
Gross amount, building & improvements	3,067
Gross amount, total	6,853
Accumulated depreciation	$ (305)
Convenience Stores | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 840
Initial cost to company, building & improvements	838
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	840
Gross amount, building & improvements	838
Gross amount, total	1,678
Accumulated depreciation	$ (322)
Convenience Stores | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,362
Initial cost to company, building & improvements	2,380
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,362
Gross amount, building & improvements	2,380
Gross amount, total	3,742
Accumulated depreciation	$ (276)
Convenience Stores | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	13
Initial cost to company, land & improvements	$ 14,005
Initial cost to company, building & improvements	9,211
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	14,005
Gross amount, building & improvements	9,211
Gross amount, total	23,216
Accumulated depreciation	$ (2,492)
Convenience Stores | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 5,929
Initial cost to company, building & improvements	9,811
Cost capitalized subsequent to acquisition, land & improvements	14
Cost capitalized subsequent to acquisition, building & improvements	104
Gross amount, land & improvements	5,944
Gross amount, building & improvements	9,915
Gross amount, total	15,859
Accumulated depreciation	$ (3,255)
Convenience Stores | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,327
Initial cost to company, building & improvements	1,654
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,327
Gross amount, building & improvements	1,654
Gross amount, total	2,981
Accumulated depreciation	$ (599)
Convenience Stores | New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	18
Initial cost to company, land & improvements	$ 16,284
Initial cost to company, building & improvements	17,873
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	16,284
Gross amount, building & improvements	17,873
Gross amount, total	34,157
Accumulated depreciation	$ (2,600)
Convenience Stores | New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	16
Initial cost to company, land & improvements	$ 5,881
Initial cost to company, building & improvements	20,342
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,881
Gross amount, building & improvements	20,342
Gross amount, total	26,223
Accumulated depreciation	$ (6,741)
Convenience Stores | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 3,206
Initial cost to company, building & improvements	2,637
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,206
Gross amount, building & improvements	2,637
Gross amount, total	5,843
Accumulated depreciation	$ (195)
Convenience Stores | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	21
Initial cost to company, land & improvements	$ 15,191
Initial cost to company, building & improvements	13,382
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	15,191
Gross amount, building & improvements	13,382
Gross amount, total	28,573
Accumulated depreciation	$ (5,021)
Convenience Stores | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 5,344
Initial cost to company, building & improvements	10,943
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,344
Gross amount, building & improvements	10,943
Gross amount, total	16,287
Accumulated depreciation	$ (101)
Convenience Stores | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 467
Initial cost to company, building & improvements	383
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	467
Gross amount, building & improvements	383
Gross amount, total	850
Accumulated depreciation	$ (172)
Convenience Stores | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	14
Initial cost to company, land & improvements	$ 18,096
Initial cost to company, building & improvements	16,656
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	18,096
Gross amount, building & improvements	16,656
Gross amount, total	34,752
Accumulated depreciation	$ (1,112)
Convenience Stores | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 12,411
Initial cost to company, building & improvements	21,629
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	506
Gross amount, land & improvements	12,411
Gross amount, building & improvements	22,135
Gross amount, total	34,546
Accumulated depreciation	$ (901)
Convenience Stores | Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 568
Initial cost to company, building & improvements	508
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	568
Gross amount, building & improvements	508
Gross amount, total	1,076
Accumulated depreciation	$ (177)
Convenience Stores | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	34
Initial cost to company, land & improvements	$ 39,200
Initial cost to company, building & improvements	40,557
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	39,200
Gross amount, building & improvements	40,557
Gross amount, total	79,757
Accumulated depreciation	$ (9,725)
Early Childhood Education | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	17
Initial cost to company, land & improvements	$ 11,256
Initial cost to company, building & improvements	16,171
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	21
Gross amount, land & improvements	11,256
Gross amount, building & improvements	16,192
Gross amount, total	27,448
Accumulated depreciation	$ (2,533)
Early Childhood Education | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,867
Initial cost to company, building & improvements	5,617
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	98
Gross amount, land & improvements	2,867
Gross amount, building & improvements	5,714
Gross amount, total	8,581
Accumulated depreciation	$ (424)
Early Childhood Education | Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 4,659
Initial cost to company, building & improvements	9,506
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	2,404
Gross amount, land & improvements	4,659
Gross amount, building & improvements	11,910
Gross amount, total	16,569
Accumulated depreciation	$ (2,440)
Early Childhood Education | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 11,540
Initial cost to company, building & improvements	24,460
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	11,540
Gross amount, building & improvements	24,460
Gross amount, total	36,000
Accumulated depreciation	$ (4,118)
Early Childhood Education | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	11
Initial cost to company, land & improvements	$ 11,490
Initial cost to company, building & improvements	28,094
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	11,490
Gross amount, building & improvements	28,094
Gross amount, total	39,584
Accumulated depreciation	$ (4,106)
Early Childhood Education | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	13
Initial cost to company, land & improvements	$ 8,986
Initial cost to company, building & improvements	32,499
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	391
Gross amount, land & improvements	8,986
Gross amount, building & improvements	32,890
Gross amount, total	41,876
Accumulated depreciation	$ (3,004)
Early Childhood Education | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,229
Initial cost to company, building & improvements	3,084
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,229
Gross amount, building & improvements	3,084
Gross amount, total	4,313
Accumulated depreciation	$ (16)
Early Childhood Education | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 636
Initial cost to company, building & improvements	2,199
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	636
Gross amount, building & improvements	2,199
Gross amount, total	2,835
Accumulated depreciation	$ (248)
Early Childhood Education | Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,056
Initial cost to company, building & improvements	4,914
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,056
Gross amount, building & improvements	4,914
Gross amount, total	6,970
Accumulated depreciation	$ (1,099)
Early Childhood Education | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,545
Initial cost to company, building & improvements	3,916
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,545
Gross amount, building & improvements	3,916
Gross amount, total	5,461
Accumulated depreciation	$ (379)
Early Childhood Education | Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,677
Initial cost to company, building & improvements	2,911
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,677
Gross amount, building & improvements	2,911
Gross amount, total	6,588
Accumulated depreciation	$ (405)
Early Childhood Education | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 1,850
Initial cost to company, building & improvements	5,450
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,850
Gross amount, building & improvements	5,450
Gross amount, total	7,301
Accumulated depreciation	$ (837)
Early Childhood Education | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 5,157
Initial cost to company, building & improvements	7,591
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,157
Gross amount, building & improvements	7,591
Gross amount, total	12,748
Accumulated depreciation	$ (499)
Early Childhood Education | Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,085
Initial cost to company, building & improvements	2,547
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	124
Gross amount, land & improvements	2,085
Gross amount, building & improvements	2,671
Gross amount, total	4,756
Accumulated depreciation	$ (710)
Early Childhood Education | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 4,239
Initial cost to company, building & improvements	14,583
Cost capitalized subsequent to acquisition, land & improvements	19
Cost capitalized subsequent to acquisition, building & improvements	81
Gross amount, land & improvements	4,258
Gross amount, building & improvements	14,664
Gross amount, total	18,922
Accumulated depreciation	$ (1,323)
Early Childhood Education | Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 224
Initial cost to company, building & improvements	813
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	224
Gross amount, building & improvements	813
Gross amount, total	1,037
Accumulated depreciation	$ (53)
Early Childhood Education | Nevada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,480
Initial cost to company, building & improvements	3,451
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,480
Gross amount, building & improvements	3,451
Gross amount, total	5,931
Accumulated depreciation	$ (457)
Early Childhood Education | New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 711
Initial cost to company, building & improvements	1,733
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	711
Gross amount, building & improvements	1,733
Gross amount, total	2,444
Accumulated depreciation	$ (64)
Early Childhood Education | New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,734
Initial cost to company, building & improvements	4,867
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,734
Gross amount, building & improvements	4,867
Gross amount, total	6,601
Accumulated depreciation	$ (748)
Early Childhood Education | New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 2,868
Initial cost to company, building & improvements	9,196
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,868
Gross amount, building & improvements	9,196
Gross amount, total	12,064
Accumulated depreciation	$ (370)
Early Childhood Education | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	22
Initial cost to company, land & improvements	$ 20,463
Initial cost to company, building & improvements	35,245
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	100
Gross amount, land & improvements	20,463
Gross amount, building & improvements	35,345
Gross amount, total	55,808
Accumulated depreciation	$ (4,020)
Early Childhood Education | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	30
Initial cost to company, land & improvements	$ 23,197
Initial cost to company, building & improvements	61,829
Cost capitalized subsequent to acquisition, land & improvements	31
Cost capitalized subsequent to acquisition, building & improvements	9,321
Gross amount, land & improvements	23,228
Gross amount, building & improvements	71,150
Gross amount, total	94,378
Accumulated depreciation	$ (8,315)
Early Childhood Education | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,327
Initial cost to company, building & improvements	3,860
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,327
Gross amount, building & improvements	3,860
Gross amount, total	5,187
Accumulated depreciation	$ (335)
Early Childhood Education | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	12
Initial cost to company, land & improvements	$ 10,670
Initial cost to company, building & improvements	28,267
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	10,670
Gross amount, building & improvements	28,267
Gross amount, total	38,937
Accumulated depreciation	$ (5,964)
Early Childhood Education | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,323
Initial cost to company, building & improvements	5,218
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,323
Gross amount, building & improvements	5,218
Gross amount, total	6,541
Accumulated depreciation	$ (177)
Early Childhood Education | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 2,356
Initial cost to company, building & improvements	4,420
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,356
Gross amount, building & improvements	4,420
Gross amount, total	6,776
Accumulated depreciation	$ (668)
Early Childhood Education | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	19
Initial cost to company, land & improvements	$ 16,499
Initial cost to company, building & improvements	38,912
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	529
Gross amount, land & improvements	16,499
Gross amount, building & improvements	39,441
Gross amount, total	55,940
Accumulated depreciation	$ (3,468)
Early Childhood Education | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,799
Initial cost to company, building & improvements	6,385
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,799
Gross amount, building & improvements	6,385
Gross amount, total	10,184
Accumulated depreciation	$ (992)
Early Childhood Education | Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 2,235
Initial cost to company, building & improvements	5,154
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,235
Gross amount, building & improvements	5,154
Gross amount, total	7,389
Accumulated depreciation	$ (918)
Early Childhood Education | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 6,979
Initial cost to company, building & improvements	25,474
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,979
Gross amount, building & improvements	25,474
Gross amount, total	32,453
Accumulated depreciation	$ (3,290)
Entertainment | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 5,806
Initial cost to company, building & improvements	8,631
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,806
Gross amount, building & improvements	8,631
Gross amount, total	14,437
Accumulated depreciation	$ (1,750)
Entertainment | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 4,903
Initial cost to company, building & improvements	21,304
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,903
Gross amount, building & improvements	21,304
Gross amount, total	26,207
Accumulated depreciation	$ (1,073)
Entertainment | California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,320
Initial cost to company, building & improvements	2,320
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,320
Gross amount, building & improvements	2,320
Gross amount, total	3,640
Accumulated depreciation	$ (606)
Entertainment | Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 4,681
Initial cost to company, building & improvements	15,584
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,681
Gross amount, building & improvements	15,584
Gross amount, total	20,265
Accumulated depreciation	$ (1,538)
Entertainment | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 6,456
Initial cost to company, building & improvements	6,815
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	4,500
Gross amount, land & improvements	6,456
Gross amount, building & improvements	11,315
Gross amount, total	17,771
Accumulated depreciation	$ (2,036)
Entertainment | Idaho
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 886
Initial cost to company, building & improvements	2,768
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	886
Gross amount, building & improvements	2,768
Gross amount, total	3,654
Accumulated depreciation	$ (484)
Entertainment | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 3,031
Initial cost to company, building & improvements	0
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,031
Gross amount, building & improvements	0
Gross amount, total	3,031
Accumulated depreciation	$ 0
Entertainment | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 414
Initial cost to company, building & improvements	3,988
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	414
Gross amount, building & improvements	3,988
Gross amount, total	4,402
Accumulated depreciation	$ (89)
Entertainment | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,560
Initial cost to company, building & improvements	6,120
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,560
Gross amount, building & improvements	6,120
Gross amount, total	8,680
Accumulated depreciation	$ (684)
Entertainment | Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 5,886
Initial cost to company, building & improvements	21,128
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,886
Gross amount, building & improvements	21,128
Gross amount, total	27,014
Accumulated depreciation	$ (1,751)
Entertainment | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,403
Initial cost to company, building & improvements	3,115
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,403
Gross amount, building & improvements	3,115
Gross amount, total	6,518
Accumulated depreciation	$ (817)
Entertainment | Maine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,052
Initial cost to company, building & improvements	4,924
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,052
Gross amount, building & improvements	4,924
Gross amount, total	6,974
Accumulated depreciation	$ (488)
Entertainment | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 693
Initial cost to company, building & improvements	4,593
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	2,908
Gross amount, land & improvements	693
Gross amount, building & improvements	7,501
Gross amount, total	8,194
Accumulated depreciation	$ (1,472)
Entertainment | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 10,877
Initial cost to company, building & improvements	20,806
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	10,877
Gross amount, building & improvements	20,806
Gross amount, total	31,683
Accumulated depreciation	$ (4,108)
Entertainment | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 20,925
Initial cost to company, building & improvements	13,731
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	20,925
Gross amount, building & improvements	13,731
Gross amount, total	34,656
Accumulated depreciation	$ (3,502)
Entertainment | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 11,014
Initial cost to company, building & improvements	21,176
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	11,014
Gross amount, building & improvements	21,176
Gross amount, total	32,190
Accumulated depreciation	$ (3,940)
Entertainment | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,046
Initial cost to company, building & improvements	0
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,046
Gross amount, building & improvements	0
Gross amount, total	2,046
Accumulated depreciation	$ 0
Entertainment | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,937
Initial cost to company, building & improvements	9,673
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,937
Gross amount, building & improvements	9,673
Gross amount, total	13,610
Accumulated depreciation	$ (865)
Entertainment | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 823
Initial cost to company, building & improvements	2,028
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	823
Gross amount, building & improvements	2,028
Gross amount, total	2,851
Accumulated depreciation	$ (458)
Entertainment | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 18,026
Initial cost to company, building & improvements	1,873
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	18,026
Gross amount, building & improvements	1,873
Gross amount, total	19,899
Accumulated depreciation	$ (693)
Entertainment | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 22,488
Initial cost to company, building & improvements	44,160
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	22,488
Gross amount, building & improvements	44,160
Gross amount, total	66,648
Accumulated depreciation	$ (3,264)
Entertainment | Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 6,178
Initial cost to company, building & improvements	26,923
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,178
Gross amount, building & improvements	26,923
Gross amount, total	33,101
Accumulated depreciation	$ (66)
Entertainment | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 4,821
Initial cost to company, building & improvements	7,264
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,821
Gross amount, building & improvements	7,264
Gross amount, total	12,085
Accumulated depreciation	$ (513)
Equipment Rental and Sales | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 5,499
Initial cost to company, building & improvements	6,985
Cost capitalized subsequent to acquisition, land & improvements	12
Cost capitalized subsequent to acquisition, building & improvements	864
Gross amount, land & improvements	5,510
Gross amount, building & improvements	7,849
Gross amount, total	13,359
Accumulated depreciation	$ (790)
Equipment Rental and Sales | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 4,276
Initial cost to company, building & improvements	1,547
Cost capitalized subsequent to acquisition, land & improvements	246
Cost capitalized subsequent to acquisition, building & improvements	2,334
Gross amount, land & improvements	4,523
Gross amount, building & improvements	3,882
Gross amount, total	8,405
Accumulated depreciation	$ (338)
Equipment Rental and Sales | California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,467
Initial cost to company, building & improvements	2,429
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,467
Gross amount, building & improvements	2,429
Gross amount, total	4,896
Accumulated depreciation	$ (137)
Equipment Rental and Sales | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 6,120
Initial cost to company, building & improvements	3,825
Cost capitalized subsequent to acquisition, land & improvements	5
Cost capitalized subsequent to acquisition, building & improvements	1,021
Gross amount, land & improvements	6,124
Gross amount, building & improvements	4,846
Gross amount, total	10,970
Accumulated depreciation	$ (1,005)
Equipment Rental and Sales | Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 3,642
Initial cost to company, building & improvements	8,140
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,642
Gross amount, building & improvements	8,140
Gross amount, total	11,782
Accumulated depreciation	$ (322)
Equipment Rental and Sales | Delaware
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 3,542
Initial cost to company, building & improvements	720
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,127
Gross amount, land & improvements	3,542
Gross amount, building & improvements	1,847
Gross amount, total	5,389
Accumulated depreciation	$ (37)
Equipment Rental and Sales | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 14,510
Initial cost to company, building & improvements	8,957
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	4,327
Gross amount, land & improvements	14,510
Gross amount, building & improvements	13,284
Gross amount, total	27,794
Accumulated depreciation	$ (940)
Equipment Rental and Sales | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 6,704
Initial cost to company, building & improvements	4,891
Cost capitalized subsequent to acquisition, land & improvements	236
Cost capitalized subsequent to acquisition, building & improvements	3,176
Gross amount, land & improvements	6,940
Gross amount, building & improvements	8,067
Gross amount, total	15,007
Accumulated depreciation	$ (1,269)
Equipment Rental and Sales | Idaho
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,796
Initial cost to company, building & improvements	1,265
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,796
Gross amount, building & improvements	1,265
Gross amount, total	3,061
Accumulated depreciation	$ (143)
Equipment Rental and Sales | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,006
Initial cost to company, building & improvements	227
Cost capitalized subsequent to acquisition, land & improvements	16
Cost capitalized subsequent to acquisition, building & improvements	1,164
Gross amount, land & improvements	1,022
Gross amount, building & improvements	1,390
Gross amount, total	2,412
Accumulated depreciation	$ (317)
Equipment Rental and Sales | Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,756
Initial cost to company, building & improvements	2,904
Cost capitalized subsequent to acquisition, land & improvements	161
Cost capitalized subsequent to acquisition, building & improvements	282
Gross amount, land & improvements	1,917
Gross amount, building & improvements	3,186
Gross amount, total	5,103
Accumulated depreciation	$ (423)
Equipment Rental and Sales | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 8,721
Initial cost to company, building & improvements	10,804
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,753
Gross amount, land & improvements	8,721
Gross amount, building & improvements	12,557
Gross amount, total	21,278
Accumulated depreciation	$ (1,835)
Equipment Rental and Sales | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,630
Initial cost to company, building & improvements	2,882
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	690
Gross amount, land & improvements	2,630
Gross amount, building & improvements	3,572
Gross amount, total	6,202
Accumulated depreciation	$ (142)
Equipment Rental and Sales | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 5,538
Initial cost to company, building & improvements	6,703
Cost capitalized subsequent to acquisition, land & improvements	21
Cost capitalized subsequent to acquisition, building & improvements	1,536
Gross amount, land & improvements	5,558
Gross amount, building & improvements	8,238
Gross amount, total	13,796
Accumulated depreciation	$ (1,224)
Equipment Rental and Sales | New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 6,186
Initial cost to company, building & improvements	7,901
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	982
Gross amount, land & improvements	6,186
Gross amount, building & improvements	8,882
Gross amount, total	15,068
Accumulated depreciation	$ (319)
Equipment Rental and Sales | New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,686
Initial cost to company, building & improvements	286
Cost capitalized subsequent to acquisition, land & improvements	25
Cost capitalized subsequent to acquisition, building & improvements	1,862
Gross amount, land & improvements	1,711
Gross amount, building & improvements	2,148
Gross amount, total	3,859
Accumulated depreciation	$ (426)
Equipment Rental and Sales | New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 10,739
Initial cost to company, building & improvements	13,956
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	971
Gross amount, land & improvements	10,739
Gross amount, building & improvements	14,927
Gross amount, total	25,666
Accumulated depreciation	$ (778)
Equipment Rental and Sales | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,488
Initial cost to company, building & improvements	649
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,451
Gross amount, land & improvements	1,488
Gross amount, building & improvements	2,100
Gross amount, total	3,588
Accumulated depreciation	$ (84)
Equipment Rental and Sales | North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,278
Initial cost to company, building & improvements	2,124
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	2,127
Gross amount, land & improvements	2,278
Gross amount, building & improvements	4,251
Gross amount, total	6,529
Accumulated depreciation	$ (269)
Equipment Rental and Sales | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 2,819
Initial cost to company, building & improvements	5,127
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,819
Gross amount, building & improvements	5,127
Gross amount, total	7,946
Accumulated depreciation	$ (350)
Equipment Rental and Sales | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 751
Initial cost to company, building & improvements	1,678
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	751
Gross amount, building & improvements	1,678
Gross amount, total	2,429
Accumulated depreciation	$ (356)
Equipment Rental and Sales | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,777
Initial cost to company, building & improvements	582
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	616
Gross amount, land & improvements	1,777
Gross amount, building & improvements	1,198
Gross amount, total	2,975
Accumulated depreciation	$ (109)
Equipment Rental and Sales | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,511
Initial cost to company, building & improvements	3,713
Cost capitalized subsequent to acquisition, land & improvements	816
Cost capitalized subsequent to acquisition, building & improvements	1,734
Gross amount, land & improvements	4,327
Gross amount, building & improvements	5,448
Gross amount, total	9,775
Accumulated depreciation	$ (942)
Equipment Rental and Sales | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	15
Initial cost to company, land & improvements	$ 20,637
Initial cost to company, building & improvements	20,711
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	7,318
Gross amount, land & improvements	20,637
Gross amount, building & improvements	28,029
Gross amount, total	48,666
Accumulated depreciation	$ (2,265)
Equipment Rental and Sales | Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 6,262
Initial cost to company, building & improvements	5,937
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	2,746
Gross amount, land & improvements	6,262
Gross amount, building & improvements	8,682
Gross amount, total	14,944
Accumulated depreciation	$ (773)
Equipment Rental and Sales | Vermont
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,072
Initial cost to company, building & improvements	461
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,072
Gross amount, building & improvements	461
Gross amount, total	2,533
Accumulated depreciation	$ (8)
Equipment Rental and Sales | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,076
Initial cost to company, building & improvements	199
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	581
Gross amount, land & improvements	2,076
Gross amount, building & improvements	780
Gross amount, total	2,856
Accumulated depreciation	$ (74)
Equipment Rental and Sales | Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 7,456
Initial cost to company, building & improvements	2,786
Cost capitalized subsequent to acquisition, land & improvements	492
Cost capitalized subsequent to acquisition, building & improvements	4,659
Gross amount, land & improvements	7,948
Gross amount, building & improvements	7,445
Gross amount, total	15,393
Accumulated depreciation	$ (735)
Equipment Rental and Sales | West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 992
Initial cost to company, building & improvements	3,313
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,075
Gross amount, land & improvements	992
Gross amount, building & improvements	4,388
Gross amount, total	5,380
Accumulated depreciation	$ (78)
Grocery | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 5,704
Initial cost to company, building & improvements	12,942
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,425
Gross amount, land & improvements	5,704
Gross amount, building & improvements	14,367
Gross amount, total	20,071
Accumulated depreciation	$ (2,061)
Grocery | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,524
Initial cost to company, building & improvements	8,059
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,524
Gross amount, building & improvements	8,059
Gross amount, total	9,583
Accumulated depreciation	$ (402)
Grocery | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 4,638
Initial cost to company, building & improvements	12,813
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,638
Gross amount, building & improvements	12,813
Gross amount, total	17,451
Accumulated depreciation	$ (1,045)
Grocery | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 5,661
Initial cost to company, building & improvements	16,938
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,661
Gross amount, building & improvements	16,938
Gross amount, total	22,599
Accumulated depreciation	$ (2,851)
Grocery | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 762
Initial cost to company, building & improvements	1,300
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	762
Gross amount, building & improvements	1,300
Gross amount, total	2,062
Accumulated depreciation	$ (309)
Grocery | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,606
Initial cost to company, building & improvements	8,726
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,606
Gross amount, building & improvements	8,726
Gross amount, total	10,332
Accumulated depreciation	$ (1,428)
Grocery | Vermont
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 3,008
Initial cost to company, building & improvements	6,264
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,008
Gross amount, building & improvements	6,264
Gross amount, total	9,272
Accumulated depreciation	$ (23)
Grocery | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 21,526
Initial cost to company, building & improvements	83,676
Cost capitalized subsequent to acquisition, land & improvements	250
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	21,776
Gross amount, building & improvements	83,676
Gross amount, total	105,452
Accumulated depreciation	$ (7,539)
Health and Fitness | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,102
Initial cost to company, building & improvements	2,412
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,102
Gross amount, building & improvements	2,412
Gross amount, total	3,514
Accumulated depreciation	$ (604)
Health and Fitness | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 4,109
Initial cost to company, building & improvements	4,264
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,109
Gross amount, building & improvements	4,264
Gross amount, total	8,373
Accumulated depreciation	$ (587)
Health and Fitness | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,484
Initial cost to company, building & improvements	4,491
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,484
Gross amount, building & improvements	4,491
Gross amount, total	5,975
Accumulated depreciation	$ (968)
Health and Fitness | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 5,291
Initial cost to company, building & improvements	5,975
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	2,572
Gross amount, land & improvements	5,291
Gross amount, building & improvements	8,546
Gross amount, total	13,837
Accumulated depreciation	$ (967)
Health and Fitness | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 5,848
Initial cost to company, building & improvements	7,093
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,848
Gross amount, building & improvements	7,093
Gross amount, total	12,941
Accumulated depreciation	$ (866)
Health and Fitness | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,133
Initial cost to company, building & improvements	2,226
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	2,150
Gross amount, land & improvements	1,133
Gross amount, building & improvements	4,376
Gross amount, total	5,509
Accumulated depreciation	$ (674)
Health and Fitness | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,732
Initial cost to company, building & improvements	6,298
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,732
Gross amount, building & improvements	6,298
Gross amount, total	10,030
Accumulated depreciation	$ (192)
Health and Fitness | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,505
Initial cost to company, building & improvements	4,294
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,505
Gross amount, building & improvements	4,294
Gross amount, total	6,799
Accumulated depreciation	$ 0
Health and Fitness | Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,601
Initial cost to company, building & improvements	4,909
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,601
Gross amount, building & improvements	4,909
Gross amount, total	8,510
Accumulated depreciation	$ 0
Health and Fitness | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 868
Initial cost to company, building & improvements	2,186
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	868
Gross amount, building & improvements	2,186
Gross amount, total	3,054
Accumulated depreciation	$ (507)
Health and Fitness | Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 10,541
Initial cost to company, building & improvements	29,129
Cost capitalized subsequent to acquisition, land & improvements	316
Cost capitalized subsequent to acquisition, building & improvements	3,766
Gross amount, land & improvements	10,857
Gross amount, building & improvements	32,896
Gross amount, total	43,753
Accumulated depreciation	$ (5,289)
Health and Fitness | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,509
Initial cost to company, building & improvements	0
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,509
Gross amount, building & improvements	0
Gross amount, total	2,509
Accumulated depreciation	$ 0
Health and Fitness | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 886
Initial cost to company, building & improvements	4,746
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	886
Gross amount, building & improvements	4,746
Gross amount, total	5,632
Accumulated depreciation	$ (86)
Health and Fitness | Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 781
Initial cost to company, building & improvements	0
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	781
Gross amount, building & improvements	0
Gross amount, total	781
Accumulated depreciation	$ 0
Health and Fitness | Nevada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 491
Initial cost to company, building & improvements	2,543
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	491
Gross amount, building & improvements	2,543
Gross amount, total	3,034
Accumulated depreciation	$ (428)
Health and Fitness | New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 938
Initial cost to company, building & improvements	1,503
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	938
Gross amount, building & improvements	1,503
Gross amount, total	2,441
Accumulated depreciation	$ (401)
Health and Fitness | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 912
Initial cost to company, building & improvements	883
Cost capitalized subsequent to acquisition, land & improvements	761
Cost capitalized subsequent to acquisition, building & improvements	1,875
Gross amount, land & improvements	1,674
Gross amount, building & improvements	2,759
Gross amount, total	4,433
Accumulated depreciation	$ (401)
Health and Fitness | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 10,489
Initial cost to company, building & improvements	28,786
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	559
Gross amount, land & improvements	10,489
Gross amount, building & improvements	29,346
Gross amount, total	39,835
Accumulated depreciation	$ (1,879)
Health and Fitness | Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,024
Initial cost to company, building & improvements	2,468
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	2,300
Gross amount, land & improvements	2,024
Gross amount, building & improvements	4,768
Gross amount, total	6,792
Accumulated depreciation	$ (643)
Health and Fitness | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 4,516
Initial cost to company, building & improvements	9,463
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	330
Gross amount, land & improvements	4,516
Gross amount, building & improvements	9,793
Gross amount, total	14,309
Accumulated depreciation	$ (1,867)
Health and Fitness | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 18,987
Initial cost to company, building & improvements	29,960
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	440
Gross amount, land & improvements	18,987
Gross amount, building & improvements	30,401
Gross amount, total	49,388
Accumulated depreciation	$ (1,750)
Health and Fitness | Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,937
Initial cost to company, building & improvements	4,209
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,937
Gross amount, building & improvements	4,209
Gross amount, total	6,146
Accumulated depreciation	$ (965)
Home Furnishings | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,369
Initial cost to company, building & improvements	24,427
Cost capitalized subsequent to acquisition, land & improvements	69
Cost capitalized subsequent to acquisition, building & improvements	3,119
Gross amount, land & improvements	3,438
Gross amount, building & improvements	27,545
Gross amount, total	30,983
Accumulated depreciation	$ (5,858)
Home Furnishings | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 273
Initial cost to company, building & improvements	4,683
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	273
Gross amount, building & improvements	4,683
Gross amount, total	4,956
Accumulated depreciation	$ (768)
Industrial | Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 6,173
Initial cost to company, building & improvements	19,694
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,173
Gross amount, building & improvements	19,694
Gross amount, total	25,867
Accumulated depreciation	$ (1,265)
Industrial | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 10,576
Initial cost to company, building & improvements	5,299
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	10,576
Gross amount, building & improvements	5,299
Gross amount, total	15,875
Accumulated depreciation	$ (548)
Industrial | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,958
Initial cost to company, building & improvements	1,744
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,958
Gross amount, building & improvements	1,744
Gross amount, total	5,702
Accumulated depreciation	$ (204)
Industrial | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 1,789
Initial cost to company, building & improvements	6,261
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,789
Gross amount, building & improvements	6,261
Gross amount, total	8,050
Accumulated depreciation	$ (474)
Industrial | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 734
Initial cost to company, building & improvements	3,261
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	734
Gross amount, building & improvements	3,261
Gross amount, total	3,995
Accumulated depreciation	$ (217)
Industrial | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 490
Initial cost to company, building & improvements	761
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,783
Gross amount, land & improvements	490
Gross amount, building & improvements	2,544
Gross amount, total	3,034
Accumulated depreciation	$ (154)
Industrial | Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 272
Initial cost to company, building & improvements	998
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	272
Gross amount, building & improvements	998
Gross amount, total	1,270
Accumulated depreciation	$ (57)
Industrial | Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,198
Initial cost to company, building & improvements	3,351
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,198
Gross amount, building & improvements	3,351
Gross amount, total	5,549
Accumulated depreciation	$ (306)
Industrial | New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 695
Initial cost to company, building & improvements	6,332
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	695
Gross amount, building & improvements	6,332
Gross amount, total	7,027
Accumulated depreciation	$ (13)
Industrial | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 909
Initial cost to company, building & improvements	746
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	909
Gross amount, building & improvements	746
Gross amount, total	1,655
Accumulated depreciation	$ (163)
Industrial | North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,354
Initial cost to company, building & improvements	2,860
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,354
Gross amount, building & improvements	2,860
Gross amount, total	4,214
Accumulated depreciation	$ (130)
Industrial | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 902
Initial cost to company, building & improvements	2,330
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	902
Gross amount, building & improvements	2,330
Gross amount, total	3,232
Accumulated depreciation	$ (197)
Industrial | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 922
Initial cost to company, building & improvements	5,548
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	922
Gross amount, building & improvements	5,548
Gross amount, total	6,470
Accumulated depreciation	$ (276)
Industrial | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 678
Initial cost to company, building & improvements	2,922
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	678
Gross amount, building & improvements	2,922
Gross amount, total	3,600
Accumulated depreciation	$ (258)
Industrial | South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,250
Initial cost to company, building & improvements	2,950
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,250
Gross amount, building & improvements	2,950
Gross amount, total	4,200
Accumulated depreciation	$ (299)
Industrial | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 861
Initial cost to company, building & improvements	2,139
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	861
Gross amount, building & improvements	2,139
Gross amount, total	3,000
Accumulated depreciation	$ (133)
Industrial | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 6,234
Initial cost to company, building & improvements	10,297
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,234
Gross amount, building & improvements	10,297
Gross amount, total	16,531
Accumulated depreciation	$ (1,537)
Industrial | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 679
Initial cost to company, building & improvements	3,839
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	679
Gross amount, building & improvements	3,839
Gross amount, total	4,518
Accumulated depreciation	$ (415)
Industrial | Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 4,383
Initial cost to company, building & improvements	110
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,383
Gross amount, building & improvements	110
Gross amount, total	4,493
Accumulated depreciation	$ (73)
Industrial | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 556
Initial cost to company, building & improvements	3,634
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	556
Gross amount, building & improvements	3,634
Gross amount, total	4,190
Accumulated depreciation	$ (18)
Medical / Dental | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 1,713
Initial cost to company, building & improvements	9,755
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,713
Gross amount, building & improvements	9,755
Gross amount, total	11,468
Accumulated depreciation	$ (1,528)
Medical / Dental | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 5,606
Initial cost to company, building & improvements	6,790
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,913
Gross amount, land & improvements	5,606
Gross amount, building & improvements	8,703
Gross amount, total	14,309
Accumulated depreciation	$ (538)
Medical / Dental | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	16
Initial cost to company, land & improvements	$ 4,013
Initial cost to company, building & improvements	12,692
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	497
Gross amount, land & improvements	4,013
Gross amount, building & improvements	13,189
Gross amount, total	17,202
Accumulated depreciation	$ (2,372)
Medical / Dental | California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,260
Initial cost to company, building & improvements	2,863
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,260
Gross amount, building & improvements	2,863
Gross amount, total	4,123
Accumulated depreciation	$ (242)
Medical / Dental | Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,889
Initial cost to company, building & improvements	1,675
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,889
Gross amount, building & improvements	1,675
Gross amount, total	3,564
Accumulated depreciation	$ (327)
Medical / Dental | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	16
Initial cost to company, land & improvements	$ 17,314
Initial cost to company, building & improvements	57,776
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	200
Gross amount, land & improvements	17,314
Gross amount, building & improvements	57,976
Gross amount, total	75,290
Accumulated depreciation	$ (3,862)
Medical / Dental | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 14,278
Initial cost to company, building & improvements	38,544
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	14,278
Gross amount, building & improvements	38,544
Gross amount, total	52,822
Accumulated depreciation	$ (1,914)
Medical / Dental | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	11
Initial cost to company, land & improvements	$ 4,816
Initial cost to company, building & improvements	14,474
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,816
Gross amount, building & improvements	14,474
Gross amount, total	19,290
Accumulated depreciation	$ (1,778)
Medical / Dental | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 7,320
Initial cost to company, building & improvements	15,391
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	7,320
Gross amount, building & improvements	15,391
Gross amount, total	22,711
Accumulated depreciation	$ (1,519)
Medical / Dental | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,252
Initial cost to company, building & improvements	2,085
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,252
Gross amount, building & improvements	2,085
Gross amount, total	3,337
Accumulated depreciation	$ (142)
Medical / Dental | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 199
Initial cost to company, building & improvements	474
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	199
Gross amount, building & improvements	474
Gross amount, total	673
Accumulated depreciation	$ (128)
Medical / Dental | Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 853
Initial cost to company, building & improvements	2,784
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	853
Gross amount, building & improvements	2,784
Gross amount, total	3,637
Accumulated depreciation	$ (412)
Medical / Dental | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,401
Initial cost to company, building & improvements	9,443
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,401
Gross amount, building & improvements	9,443
Gross amount, total	11,844
Accumulated depreciation	$ (913)
Medical / Dental | Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 1,302
Initial cost to company, building & improvements	13,437
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,302
Gross amount, building & improvements	13,437
Gross amount, total	14,739
Accumulated depreciation	$ (1,797)
Medical / Dental | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	11
Initial cost to company, land & improvements	$ 3,543
Initial cost to company, building & improvements	9,169
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	775
Gross amount, land & improvements	3,543
Gross amount, building & improvements	9,944
Gross amount, total	13,487
Accumulated depreciation	$ (1,319)
Medical / Dental | New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 5,304
Initial cost to company, building & improvements	18,868
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,304
Gross amount, building & improvements	18,868
Gross amount, total	24,172
Accumulated depreciation	$ (1,399)
Medical / Dental | New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,731
Initial cost to company, building & improvements	6,560
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,731
Gross amount, building & improvements	6,560
Gross amount, total	8,291
Accumulated depreciation	$ (227)
Medical / Dental | New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 1,032
Initial cost to company, building & improvements	3,736
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,032
Gross amount, building & improvements	3,736
Gross amount, total	4,768
Accumulated depreciation	$ (488)
Medical / Dental | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 4,066
Initial cost to company, building & improvements	12,764
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,066
Gross amount, building & improvements	12,764
Gross amount, total	16,830
Accumulated depreciation	$ (855)
Medical / Dental | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	25
Initial cost to company, land & improvements	$ 13,672
Initial cost to company, building & improvements	34,052
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	189
Gross amount, land & improvements	13,672
Gross amount, building & improvements	34,241
Gross amount, total	47,913
Accumulated depreciation	$ (3,514)
Medical / Dental | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 1,472
Initial cost to company, building & improvements	6,767
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,472
Gross amount, building & improvements	6,767
Gross amount, total	8,239
Accumulated depreciation	$ (773)
Medical / Dental | Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 5,256
Initial cost to company, building & improvements	5,408
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,256
Gross amount, building & improvements	5,408
Gross amount, total	10,664
Accumulated depreciation	$ (258)
Medical / Dental | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 505
Initial cost to company, building & improvements	3,641
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	505
Gross amount, building & improvements	3,641
Gross amount, total	4,146
Accumulated depreciation	$ (318)
Medical / Dental | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 4,836
Initial cost to company, building & improvements	10,564
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,836
Gross amount, building & improvements	10,564
Gross amount, total	15,400
Accumulated depreciation	$ (1,542)
Medical / Dental | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	51
Initial cost to company, land & improvements	$ 33,787
Initial cost to company, building & improvements	129,359
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,680
Gross amount, land & improvements	33,787
Gross amount, building & improvements	131,039
Gross amount, total	164,826
Accumulated depreciation	$ (18,413)
Medical / Dental | Vermont
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 357
Initial cost to company, building & improvements	916
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	357
Gross amount, building & improvements	916
Gross amount, total	1,273
Accumulated depreciation	$ (99)
Medical / Dental | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,172
Initial cost to company, building & improvements	3,965
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,172
Gross amount, building & improvements	3,965
Gross amount, total	5,137
Accumulated depreciation	$ (41)
Medical / Dental | Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 620
Initial cost to company, building & improvements	2,550
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	620
Gross amount, building & improvements	2,550
Gross amount, total	3,170
Accumulated depreciation	$ (604)
Movie Theatres | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,011
Initial cost to company, building & improvements	10,643
Cost capitalized subsequent to acquisition, land & improvements	218
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,229
Gross amount, building & improvements	10,643
Gross amount, total	13,872
Accumulated depreciation	$ (2,710)
Movie Theatres | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,826
Initial cost to company, building & improvements	2,798
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,826
Gross amount, building & improvements	2,798
Gross amount, total	4,624
Accumulated depreciation	$ (673)
Movie Theatres | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,126
Initial cost to company, building & improvements	10,097
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,126
Gross amount, building & improvements	10,097
Gross amount, total	12,223
Accumulated depreciation	$ (2,026)
Movie Theatres | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,465
Initial cost to company, building & improvements	7,081
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,465
Gross amount, building & improvements	7,081
Gross amount, total	8,546
Accumulated depreciation	$ (1,483)
Movie Theatres | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 3,159
Initial cost to company, building & improvements	3,755
Cost capitalized subsequent to acquisition, land & improvements	212
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,371
Gross amount, building & improvements	3,755
Gross amount, total	7,126
Accumulated depreciation	$ (1,083)
Other Services | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 312
Initial cost to company, building & improvements	176
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	312
Gross amount, building & improvements	176
Gross amount, total	488
Accumulated depreciation	$ (86)
Other Services | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,706
Initial cost to company, building & improvements	3,861
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,706
Gross amount, building & improvements	3,861
Gross amount, total	6,567
Accumulated depreciation	$ (199)
Other Services | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 2,293
Initial cost to company, building & improvements	7,204
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,293
Gross amount, building & improvements	7,204
Gross amount, total	9,497
Accumulated depreciation	$ (1,172)
Other Services | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 5,228
Initial cost to company, building & improvements	22,374
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,228
Gross amount, building & improvements	22,374
Gross amount, total	27,602
Accumulated depreciation	$ (176)
Other Services | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,503
Initial cost to company, building & improvements	4,613
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,503
Gross amount, building & improvements	4,613
Gross amount, total	6,116
Accumulated depreciation	$ (701)
Other Services | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 6,390
Initial cost to company, building & improvements	7,954
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,390
Gross amount, building & improvements	7,954
Gross amount, total	14,344
Accumulated depreciation	$ (625)
Other Services | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 246
Initial cost to company, building & improvements	1,056
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	246
Gross amount, building & improvements	1,056
Gross amount, total	1,302
Accumulated depreciation	$ (44)
Other Services | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,257
Initial cost to company, building & improvements	2,073
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,257
Gross amount, building & improvements	2,073
Gross amount, total	4,330
Accumulated depreciation	$ (383)
Other Services | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,771
Initial cost to company, building & improvements	625
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,771
Gross amount, building & improvements	625
Gross amount, total	4,396
Accumulated depreciation	$ (25)
Other Services | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 3,056
Initial cost to company, building & improvements	5,810
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,056
Gross amount, building & improvements	5,810
Gross amount, total	8,866
Accumulated depreciation	$ (468)
Other Services | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	14
Initial cost to company, land & improvements	$ 10,757
Initial cost to company, building & improvements	19,485
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	10,757
Gross amount, building & improvements	19,485
Gross amount, total	30,242
Accumulated depreciation	$ (3,001)
Other Services | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 15,090
Initial cost to company, building & improvements	17,940
Cost capitalized subsequent to acquisition, land & improvements	729
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	15,819
Gross amount, building & improvements	17,940
Gross amount, total	33,759
Accumulated depreciation	$ (2,757)
Other Services | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,259
Initial cost to company, building & improvements	1,786
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,259
Gross amount, building & improvements	1,786
Gross amount, total	3,045
Accumulated depreciation	$ (461)
Other Services | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,028
Initial cost to company, building & improvements	1,781
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,028
Gross amount, building & improvements	1,781
Gross amount, total	2,809
Accumulated depreciation	$ (69)
Pet Care Services | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,359
Initial cost to company, building & improvements	4,730
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,359
Gross amount, building & improvements	4,730
Gross amount, total	7,089
Accumulated depreciation	$ (292)
Pet Care Services | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,386
Initial cost to company, building & improvements	2,589
Cost capitalized subsequent to acquisition, land & improvements	13
Cost capitalized subsequent to acquisition, building & improvements	1,575
Gross amount, land & improvements	2,399
Gross amount, building & improvements	4,164
Gross amount, total	6,563
Accumulated depreciation	$ (691)
Pet Care Services | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 2,741
Initial cost to company, building & improvements	10,657
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,741
Gross amount, building & improvements	10,657
Gross amount, total	13,398
Accumulated depreciation	$ (793)
Pet Care Services | California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 4,598
Initial cost to company, building & improvements	2,504
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,598
Gross amount, building & improvements	2,504
Gross amount, total	7,102
Accumulated depreciation	$ (38)
Pet Care Services | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,933
Initial cost to company, building & improvements	4,718
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,933
Gross amount, building & improvements	4,718
Gross amount, total	7,651
Accumulated depreciation	$ (1,074)
Pet Care Services | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,544
Initial cost to company, building & improvements	2,639
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,544
Gross amount, building & improvements	2,639
Gross amount, total	5,183
Accumulated depreciation	$ (394)
Pet Care Services | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,475
Initial cost to company, building & improvements	1,504
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,475
Gross amount, building & improvements	1,504
Gross amount, total	2,979
Accumulated depreciation	$ (441)
Pet Care Services | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 2,672
Initial cost to company, building & improvements	6,648
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,672
Gross amount, building & improvements	6,648
Gross amount, total	9,320
Accumulated depreciation	$ (1,039)
Pet Care Services | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 485
Initial cost to company, building & improvements	701
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	183
Gross amount, land & improvements	485
Gross amount, building & improvements	884
Gross amount, total	1,369
Accumulated depreciation	$ (157)
Pet Care Services | Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 586
Initial cost to company, building & improvements	1,881
Cost capitalized subsequent to acquisition, land & improvements	16
Cost capitalized subsequent to acquisition, building & improvements	34
Gross amount, land & improvements	602
Gross amount, building & improvements	1,915
Gross amount, total	2,517
Accumulated depreciation	$ (255)
Pet Care Services | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 537
Initial cost to company, building & improvements	752
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	537
Gross amount, building & improvements	752
Gross amount, total	1,289
Accumulated depreciation	$ (153)
Pet Care Services | Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 381
Initial cost to company, building & improvements	332
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	381
Gross amount, building & improvements	332
Gross amount, total	713
Accumulated depreciation	$ (123)
Pet Care Services | New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 327
Initial cost to company, building & improvements	697
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	327
Gross amount, building & improvements	697
Gross amount, total	1,024
Accumulated depreciation	$ (47)
Pet Care Services | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,561
Initial cost to company, building & improvements	5,909
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,561
Gross amount, building & improvements	5,909
Gross amount, total	7,470
Accumulated depreciation	$ (712)
Pet Care Services | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 225
Initial cost to company, building & improvements	283
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	225
Gross amount, building & improvements	283
Gross amount, total	508
Accumulated depreciation	$ (104)
Pet Care Services | Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 192
Initial cost to company, building & improvements	324
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	192
Gross amount, building & improvements	324
Gross amount, total	516
Accumulated depreciation	$ (57)
Pet Care Services | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,808
Initial cost to company, building & improvements	1,017
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,808
Gross amount, building & improvements	1,017
Gross amount, total	2,825
Accumulated depreciation	$ (199)
Pet Care Services | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,923
Initial cost to company, building & improvements	7,667
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,923
Gross amount, building & improvements	7,667
Gross amount, total	10,590
Accumulated depreciation	$ (462)
Restaurants - Casual Dining | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 2,954
Initial cost to company, building & improvements	7,305
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,954
Gross amount, building & improvements	7,305
Gross amount, total	10,259
Accumulated depreciation	$ (1,889)
Restaurants - Casual Dining | Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 4,534
Initial cost to company, building & improvements	6,028
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,534
Gross amount, building & improvements	6,028
Gross amount, total	10,562
Accumulated depreciation	$ (283)
Restaurants - Casual Dining | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,392
Initial cost to company, building & improvements	1,929
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,392
Gross amount, building & improvements	1,929
Gross amount, total	3,321
Accumulated depreciation	$ (97)
Restaurants - Casual Dining | California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,044
Initial cost to company, building & improvements	1,386
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,044
Gross amount, building & improvements	1,386
Gross amount, total	2,430
Accumulated depreciation	$ (39)
Restaurants - Casual Dining | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 6,278
Initial cost to company, building & improvements	9,228
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,278
Gross amount, building & improvements	9,228
Gross amount, total	15,506
Accumulated depreciation	$ (987)
Restaurants - Casual Dining | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 9,467
Initial cost to company, building & improvements	17,052
Cost capitalized subsequent to acquisition, land & improvements	55
Cost capitalized subsequent to acquisition, building & improvements	279
Gross amount, land & improvements	9,522
Gross amount, building & improvements	17,332
Gross amount, total	26,854
Accumulated depreciation	$ (3,193)
Restaurants - Casual Dining | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 5,991
Initial cost to company, building & improvements	8,193
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	600
Gross amount, land & improvements	5,991
Gross amount, building & improvements	8,793
Gross amount, total	14,784
Accumulated depreciation	$ (2,025)
Restaurants - Casual Dining | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 4,947
Initial cost to company, building & improvements	11,178
Cost capitalized subsequent to acquisition, land & improvements	50
Cost capitalized subsequent to acquisition, building & improvements	18
Gross amount, land & improvements	4,997
Gross amount, building & improvements	11,195
Gross amount, total	16,192
Accumulated depreciation	$ (253)
Restaurants - Casual Dining | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,387
Initial cost to company, building & improvements	1,827
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,387
Gross amount, building & improvements	1,827
Gross amount, total	4,214
Accumulated depreciation	$ (100)
Restaurants - Casual Dining | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,078
Initial cost to company, building & improvements	6,311
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,078
Gross amount, building & improvements	6,311
Gross amount, total	8,389
Accumulated depreciation	$ (984)
Restaurants - Casual Dining | Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,045
Initial cost to company, building & improvements	1,382
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,045
Gross amount, building & improvements	1,382
Gross amount, total	4,427
Accumulated depreciation	$ (255)
Restaurants - Casual Dining | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,798
Initial cost to company, building & improvements	3,643
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,798
Gross amount, building & improvements	3,643
Gross amount, total	5,441
Accumulated depreciation	$ (465)
Restaurants - Casual Dining | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 9,528
Initial cost to company, building & improvements	7,723
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	9,528
Gross amount, building & improvements	7,723
Gross amount, total	17,251
Accumulated depreciation	$ (427)
Restaurants - Casual Dining | Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 4,440
Initial cost to company, building & improvements	4,991
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,440
Gross amount, building & improvements	4,991
Gross amount, total	9,431
Accumulated depreciation	$ (772)
Restaurants - Casual Dining | Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 12,982
Initial cost to company, building & improvements	14,943
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	12,982
Gross amount, building & improvements	14,943
Gross amount, total	27,925
Accumulated depreciation	$ (2,102)
Restaurants - Casual Dining | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	10
Initial cost to company, land & improvements	$ 6,569
Initial cost to company, building & improvements	14,905
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,569
Gross amount, building & improvements	14,905
Gross amount, total	21,474
Accumulated depreciation	$ (2,587)
Restaurants - Casual Dining | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 7,921
Initial cost to company, building & improvements	14,090
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	7,921
Gross amount, building & improvements	14,090
Gross amount, total	22,011
Accumulated depreciation	$ (882)
Restaurants - Casual Dining | Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 5,540
Initial cost to company, building & improvements	3,043
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,540
Gross amount, building & improvements	3,043
Gross amount, total	8,583
Accumulated depreciation	$ (191)
Restaurants - Casual Dining | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 11,010
Initial cost to company, building & improvements	13,268
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	11,010
Gross amount, building & improvements	13,268
Gross amount, total	24,278
Accumulated depreciation	$ (1,124)
Restaurants - Casual Dining | Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 545
Initial cost to company, building & improvements	1,905
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	545
Gross amount, building & improvements	1,905
Gross amount, total	2,450
Accumulated depreciation	$ (138)
Restaurants - Casual Dining | New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 1,978
Initial cost to company, building & improvements	2,127
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,978
Gross amount, building & improvements	2,127
Gross amount, total	4,105
Accumulated depreciation	$ (210)
Restaurants - Casual Dining | New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 9,625
Initial cost to company, building & improvements	28,327
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	9,625
Gross amount, building & improvements	28,327
Gross amount, total	37,952
Accumulated depreciation	$ (2,084)
Restaurants - Casual Dining | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 594
Initial cost to company, building & improvements	2,391
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	594
Gross amount, building & improvements	2,391
Gross amount, total	2,985
Accumulated depreciation	$ (103)
Restaurants - Casual Dining | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 11,701
Initial cost to company, building & improvements	19,833
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	11,701
Gross amount, building & improvements	19,833
Gross amount, total	31,534
Accumulated depreciation	$ (1,400)
Restaurants - Casual Dining | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 2,039
Initial cost to company, building & improvements	0
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,039
Gross amount, building & improvements	0
Gross amount, total	2,039
Accumulated depreciation	$ 0
Restaurants - Casual Dining | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 6,632
Initial cost to company, building & improvements	11,046
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,632
Gross amount, building & improvements	11,046
Gross amount, total	17,678
Accumulated depreciation	$ (825)
Restaurants - Casual Dining | Rhode Island
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 830
Initial cost to company, building & improvements	1,171
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	830
Gross amount, building & improvements	1,171
Gross amount, total	2,001
Accumulated depreciation	$ (166)
Restaurants - Casual Dining | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 2,603
Initial cost to company, building & improvements	1,768
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	29
Gross amount, land & improvements	2,603
Gross amount, building & improvements	1,797
Gross amount, total	4,400
Accumulated depreciation	$ (163)
Restaurants - Casual Dining | South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,049
Initial cost to company, building & improvements	4,190
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,049
Gross amount, building & improvements	4,190
Gross amount, total	7,239
Accumulated depreciation	$ (434)
Restaurants - Casual Dining | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 683
Initial cost to company, building & improvements	737
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	683
Gross amount, building & improvements	737
Gross amount, total	1,420
Accumulated depreciation	$ (189)
Restaurants - Casual Dining | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 12,182
Initial cost to company, building & improvements	14,057
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	12,182
Gross amount, building & improvements	14,057
Gross amount, total	26,239
Accumulated depreciation	$ (1,174)
Restaurants - Casual Dining | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 5,421
Initial cost to company, building & improvements	7,302
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,421
Gross amount, building & improvements	7,302
Gross amount, total	12,722
Accumulated depreciation	$ (588)
Restaurants - Casual Dining | West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 953
Initial cost to company, building & improvements	3,180
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	953
Gross amount, building & improvements	3,180
Gross amount, total	4,134
Accumulated depreciation	$ (309)
Restaurants - Casual Dining | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 6,711
Initial cost to company, building & improvements	14,511
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	6,711
Gross amount, building & improvements	14,511
Gross amount, total	21,222
Accumulated depreciation	$ (48)
Restaurants - Family Dining | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 467
Initial cost to company, building & improvements	421
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	150
Gross amount, land & improvements	467
Gross amount, building & improvements	571
Gross amount, total	1,038
Accumulated depreciation	$ (408)
Restaurants - Family Dining | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	11
Initial cost to company, land & improvements	$ 9,107
Initial cost to company, building & improvements	21,518
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,312
Gross amount, land & improvements	9,107
Gross amount, building & improvements	22,830
Gross amount, total	31,937
Accumulated depreciation	$ (1,876)
Restaurants - Family Dining | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 3,209
Initial cost to company, building & improvements	7,414
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,209
Gross amount, building & improvements	7,414
Gross amount, total	10,623
Accumulated depreciation	$ (226)
Restaurants - Family Dining | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 804
Initial cost to company, building & improvements	563
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	804
Gross amount, building & improvements	563
Gross amount, total	1,367
Accumulated depreciation	$ (194)
Restaurants - Family Dining | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 2,148
Initial cost to company, building & improvements	2,847
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,148
Gross amount, building & improvements	2,847
Gross amount, total	4,995
Accumulated depreciation	$ (514)
Restaurants - Family Dining | Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,433
Initial cost to company, building & improvements	2,451
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,433
Gross amount, building & improvements	2,451
Gross amount, total	4,884
Accumulated depreciation	$ (882)
Restaurants - Family Dining | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,038
Initial cost to company, building & improvements	1,153
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,038
Gross amount, building & improvements	1,153
Gross amount, total	2,191
Accumulated depreciation	$ (393)
Restaurants - Family Dining | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 784
Initial cost to company, building & improvements	756
Cost capitalized subsequent to acquisition, land & improvements	6
Cost capitalized subsequent to acquisition, building & improvements	61
Gross amount, land & improvements	790
Gross amount, building & improvements	817
Gross amount, total	1,607
Accumulated depreciation	$ (273)
Restaurants - Family Dining | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,930
Initial cost to company, building & improvements	2,111
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,930
Gross amount, building & improvements	2,111
Gross amount, total	4,041
Accumulated depreciation	$ (385)
Restaurants - Family Dining | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,967
Initial cost to company, building & improvements	2,955
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,967
Gross amount, building & improvements	2,955
Gross amount, total	4,922
Accumulated depreciation	$ (715)
Restaurants - Quick Service | Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	27
Initial cost to company, land & improvements	$ 7,864
Initial cost to company, building & improvements	16,276
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	153
Gross amount, land & improvements	7,864
Gross amount, building & improvements	16,429
Gross amount, total	24,293
Accumulated depreciation	$ (3,630)
Restaurants - Quick Service | Alaska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 428
Initial cost to company, building & improvements	1,524
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	350
Gross amount, land & improvements	428
Gross amount, building & improvements	1,874
Gross amount, total	2,302
Accumulated depreciation	$ (364)
Restaurants - Quick Service | Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	17
Initial cost to company, land & improvements	$ 9,379
Initial cost to company, building & improvements	16,059
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	15
Gross amount, land & improvements	9,379
Gross amount, building & improvements	16,074
Gross amount, total	25,453
Accumulated depreciation	$ (2,601)
Restaurants - Quick Service | California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 467
Initial cost to company, building & improvements	533
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	467
Gross amount, building & improvements	533
Gross amount, total	1,000
Accumulated depreciation	$ (169)
Restaurants - Quick Service | Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 698
Initial cost to company, building & improvements	1,036
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	698
Gross amount, building & improvements	1,036
Gross amount, total	1,734
Accumulated depreciation	$ (246)
Restaurants - Quick Service | Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	18
Initial cost to company, land & improvements	$ 14,341
Initial cost to company, building & improvements	20,085
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	14,341
Gross amount, building & improvements	20,085
Gross amount, total	34,426
Accumulated depreciation	$ (2,454)
Restaurants - Quick Service | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	49
Initial cost to company, land & improvements	$ 23,088
Initial cost to company, building & improvements	35,566
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	23,088
Gross amount, building & improvements	35,566
Gross amount, total	58,654
Accumulated depreciation	$ (6,868)
Restaurants - Quick Service | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	4
Initial cost to company, land & improvements	$ 2,133
Initial cost to company, building & improvements	7,361
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	2,133
Gross amount, building & improvements	7,361
Gross amount, total	9,494
Accumulated depreciation	$ (462)
Restaurants - Quick Service | Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	12
Initial cost to company, land & improvements	$ 8,647
Initial cost to company, building & improvements	12,622
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	8,647
Gross amount, building & improvements	12,622
Gross amount, total	21,269
Accumulated depreciation	$ (1,040)
Restaurants - Quick Service | Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	7
Initial cost to company, land & improvements	$ 2,268
Initial cost to company, building & improvements	6,367
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	75
Gross amount, land & improvements	2,268
Gross amount, building & improvements	6,442
Gross amount, total	8,710
Accumulated depreciation	$ (1,819)
Restaurants - Quick Service | Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 194
Initial cost to company, building & improvements	777
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	194
Gross amount, building & improvements	777
Gross amount, total	971
Accumulated depreciation	$ (186)
Restaurants - Quick Service | Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	12
Initial cost to company, land & improvements	$ 5,408
Initial cost to company, building & improvements	8,327
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	402
Gross amount, land & improvements	5,408
Gross amount, building & improvements	8,730
Gross amount, total	14,138
Accumulated depreciation	$ (1,555)
Restaurants - Quick Service | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 4,808
Initial cost to company, building & improvements	4,697
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	4,808
Gross amount, building & improvements	4,697
Gross amount, total	9,505
Accumulated depreciation	$ (767)
Restaurants - Quick Service | Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 338
Initial cost to company, building & improvements	624
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	338
Gross amount, building & improvements	624
Gross amount, total	962
Accumulated depreciation	$ (123)
Restaurants - Quick Service | Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 5,251
Initial cost to company, building & improvements	5,131
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,251
Gross amount, building & improvements	5,131
Gross amount, total	10,382
Accumulated depreciation	$ (1,009)
Restaurants - Quick Service | Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	11
Initial cost to company, land & improvements	$ 3,579
Initial cost to company, building & improvements	8,554
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,579
Gross amount, building & improvements	8,554
Gross amount, total	12,133
Accumulated depreciation	$ (1,900)
Restaurants - Quick Service | Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	35
Initial cost to company, land & improvements	$ 15,545
Initial cost to company, building & improvements	23,124
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	390
Gross amount, land & improvements	15,545
Gross amount, building & improvements	23,515
Gross amount, total	39,060
Accumulated depreciation	$ (4,064)
Restaurants - Quick Service | Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 3,067
Initial cost to company, building & improvements	4,650
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,067
Gross amount, building & improvements	4,650
Gross amount, total	7,717
Accumulated depreciation	$ (542)
Restaurants - Quick Service | Montana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 806
Initial cost to company, building & improvements	735
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	806
Gross amount, building & improvements	735
Gross amount, total	1,541
Accumulated depreciation	$ (83)
Restaurants - Quick Service | Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 304
Initial cost to company, building & improvements	1,301
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	304
Gross amount, building & improvements	1,301
Gross amount, total	1,605
Accumulated depreciation	$ (384)
Restaurants - Quick Service | New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 3,765
Initial cost to company, building & improvements	3,405
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	400
Gross amount, land & improvements	3,765
Gross amount, building & improvements	3,805
Gross amount, total	7,570
Accumulated depreciation	$ (1,127)
Restaurants - Quick Service | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	11
Initial cost to company, land & improvements	$ 11,121
Initial cost to company, building & improvements	10,700
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	411
Gross amount, land & improvements	11,121
Gross amount, building & improvements	11,111
Gross amount, total	22,232
Accumulated depreciation	$ (507)
Restaurants - Quick Service | Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	9
Initial cost to company, land & improvements	$ 3,710
Initial cost to company, building & improvements	10,833
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	3,710
Gross amount, building & improvements	10,833
Gross amount, total	14,543
Accumulated depreciation	$ (1,510)
Restaurants - Quick Service | Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	13
Initial cost to company, land & improvements	$ 12,422
Initial cost to company, building & improvements	13,653
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	12,422
Gross amount, building & improvements	13,653
Gross amount, total	26,075
Accumulated depreciation	$ (1,417)
Restaurants - Quick Service | Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 252
Initial cost to company, building & improvements	131
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	252
Gross amount, building & improvements	131
Gross amount, total	383
Accumulated depreciation	$ (54)
Restaurants - Quick Service | Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	3
Initial cost to company, land & improvements	$ 1,369
Initial cost to company, building & improvements	1,710
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,369
Gross amount, building & improvements	1,710
Gross amount, total	3,079
Accumulated depreciation	$ (543)
Restaurants - Quick Service | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	8
Initial cost to company, land & improvements	$ 5,453
Initial cost to company, building & improvements	8,515
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	5,453
Gross amount, building & improvements	8,515
Gross amount, total	13,968
Accumulated depreciation	$ (661)
Restaurants - Quick Service | Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	20
Initial cost to company, land & improvements	$ 11,922
Initial cost to company, building & improvements	16,126
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	354
Gross amount, land & improvements	11,922
Gross amount, building & improvements	16,480
Gross amount, total	28,402
Accumulated depreciation	$ (3,361)
Restaurants - Quick Service | Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	43
Initial cost to company, land & improvements	$ 32,873
Initial cost to company, building & improvements	35,803
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	1,501
Gross amount, land & improvements	32,873
Gross amount, building & improvements	37,304
Gross amount, total	70,177
Accumulated depreciation	$ (5,416)
Restaurants - Quick Service | West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	6
Initial cost to company, land & improvements	$ 1,293
Initial cost to company, building & improvements	3,137
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,293
Gross amount, building & improvements	3,137
Gross amount, total	4,430
Accumulated depreciation	$ (892)
Restaurants - Quick Service | Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	5
Initial cost to company, land & improvements	$ 1,260
Initial cost to company, building & improvements	3,849
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	85
Gross amount, land & improvements	1,260
Gross amount, building & improvements	3,934
Gross amount, total	5,194
Accumulated depreciation	$ (306)
Vacant Properties | Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 256
Initial cost to company, building & improvements	362
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	83
Gross amount, land & improvements	256
Gross amount, building & improvements	445
Gross amount, total	701
Accumulated depreciation	$ (137)
Vacant Properties | Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 472
Initial cost to company, building & improvements	1,376
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	472
Gross amount, building & improvements	1,376
Gross amount, total	1,848
Accumulated depreciation	$ (309)
Vacant Properties | Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 634
Initial cost to company, building & improvements	1,556
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	634
Gross amount, building & improvements	1,556
Gross amount, total	2,190
Accumulated depreciation	$ (537)
Vacant Properties | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 167
Initial cost to company, building & improvements	394
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	17
Gross amount, land & improvements	167
Gross amount, building & improvements	411
Gross amount, total	578
Accumulated depreciation	$ (104)
Vacant Properties | Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	2
Initial cost to company, land & improvements	$ 1,176
Initial cost to company, building & improvements	2,542
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	1,176
Gross amount, building & improvements	2,542
Gross amount, total	3,718
Accumulated depreciation	$ (762)
Vacant Properties | Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
# of Properties | property	1
Initial cost to company, land & improvements	$ 424
Initial cost to company, building & improvements	930
Cost capitalized subsequent to acquisition, land & improvements	0
Cost capitalized subsequent to acquisition, building & improvements	0
Gross amount, land & improvements	424
Gross amount, building & improvements	930
Gross amount, total	1,354
Accumulated depreciation	$ (274)

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Footnotes (Details) $ in Millions	Dec. 31, 2024 USD ($) property lease	Dec. 31, 2023 property	Dec. 31, 2022 property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of property locations of investments	2,104	1,873
Owned properties	1,946	1,726
Number of ground lease interests	8
Properties securing investments in mortgage loans	150	136
Number of real estate subject to ground lease	3
Number of leases accounted for as loans receivable | lease	4
Number of real estate properties held for sale	5	4	4
Intangible lease assets | $	$ 82.9
Aggregate cost for federal income tax | $	$ 5,000
Buildings and improvements | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life	40 years
Site improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life	15 years

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance, beginning of period	$ 4,480,314	$ 3,669,317	$ 3,040,073
Acquisitions	818,088	887,407	751,610
Improvements	217,314	51,323	27,609
Provisions for impairment of real estate	(14,845)	(3,548)	(20,164)
Real estate investments held for sale	(10,018)	(7,455)	(4,780)
Cost of real estate sold	(89,319)	(116,029)	(123,081)
Other	76	(701)	(1,949)
Balance, end of period	$ 5,401,610	$ 4,480,314	$ 3,669,317

Schedule III - Real Estate an_5

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance, beginning of period	$ 321,944	$ 238,022	$ 169,126
Depreciation expense	115,371	95,527	80,647
Accumulated depreciation associated with real estate investments sold and held for sale	(12,125)	(11,605)	(11,751)
Balance, end of period	$ 425,190	$ 321,944	$ 238,022

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Summary of Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property state	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 329,176
Carrying Amount of Mortgages	$ 328,513	$ 220,121	$ 233,978	$ 181,419
First Mortgage Loans | Early Childhood Education Centers located in Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	2
Interest Rate	8.80%
Final Payment Terms	$ 12,000
Face Amount of Mortgages	12,000
Carrying Amount of Mortgages	$ 11,864
First Mortgage Loans | Early Childhood Education Centers located in Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	2
Interest Rate	8.53%
Final Payment Terms	$ 7,300
Face Amount of Mortgages	7,300
Carrying Amount of Mortgages	$ 7,213
First Mortgage Loans | Quick Service Restaurants located in fifteen states
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of states | state	15
# of Properties | property	69
Interest Rate	7.79%
Final Payment Terms	$ 51,000
Face Amount of Mortgages	51,000
Carrying Amount of Mortgages	$ 50,995
First Mortgage Loans | Early Childhood Education Center located in Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	8.42%
Final Payment Terms	$ 5,300
Face Amount of Mortgages	5,300
Carrying Amount of Mortgages	$ 5,243
First Mortgage Loans | Convenience Store located in Minnesota
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	8.54%
Final Payment Terms	$ 1,525
Face Amount of Mortgages	1,525
Carrying Amount of Mortgages	$ 1,501
First Mortgage Loans | Convenience Stores located in Wisconsin and Iowa
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	2
Interest Rate	8.33%
Final Payment Terms	$ 994
Face Amount of Mortgages	994
Carrying Amount of Mortgages	$ 974
First Mortgage Loans | Casual Dining Restaurants located in Kentucky and Ohio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	2
Interest Rate	6.87%
Final Payment Terms	$ 2,520
Face Amount of Mortgages	2,520
Carrying Amount of Mortgages	$ 2,520
First Mortgage Loans | Convenience Stores located in Iowa
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	2
Interest Rate	8.33%
Final Payment Terms	$ 2,389
Face Amount of Mortgages	2,389
Carrying Amount of Mortgages	$ 2,332
First Mortgage Loans | Entertainment Center located in New Jersey
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	8.99%
Face Amount of Mortgages	$ 29,100
Carrying Amount of Mortgages	$ 29,088
First Mortgage Loans | Car Washes located in Nevada
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	5
Interest Rate	7.30%
Final Payment Terms	$ 25,714
Face Amount of Mortgages	25,714
Carrying Amount of Mortgages	$ 25,711
First Mortgage Loans | Car Wash located in Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	7.73%
Final Payment Terms	$ 2,470
Face Amount of Mortgages	2,470
Carrying Amount of Mortgages	$ 2,464
First Mortgage Loans | Casual Dining Restaurant located in Michigan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	9.63%
Final Payment Terms	$ 1,754
Face Amount of Mortgages	1,754
Carrying Amount of Mortgages	$ 1,740
First Mortgage Loans | Quick Service Restaurants located in three states
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of states | state	3
# of Properties | property	13
Interest Rate	7%
Final Payment Terms	$ 10,070
Face Amount of Mortgages	10,070
Carrying Amount of Mortgages	$ 10,016
First Mortgage Loans | Car Wash located in New Jersey
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	7.73%
Final Payment Terms	$ 3,600
Face Amount of Mortgages	3,600
Carrying Amount of Mortgages	$ 3,591
First Mortgage Loans | Convenience Store located in Minnesota
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	8.29%
Final Payment Terms	$ 760
Face Amount of Mortgages	760
Carrying Amount of Mortgages	$ 738
First Mortgage Loans | Car Wash located in Nevada
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	7.33%
Final Payment Terms	$ 4,960
Face Amount of Mortgages	4,960
Carrying Amount of Mortgages	$ 4,946
First Mortgage Loans | Car Wash located in Nevada
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	7.43%
Final Payment Terms	$ 4,800
Face Amount of Mortgages	4,800
Carrying Amount of Mortgages	$ 4,787
First Mortgage Loans | Car Washes located in three states
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of states | state	3
# of Properties | property	4
Interest Rate	8.64%
Final Payment Terms	$ 12,250
Face Amount of Mortgages	12,250
Carrying Amount of Mortgages	$ 12,246
First Mortgage Loans | Car Washes located in five states
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of states | state	5
# of Properties | property	9
Interest Rate	8.85%
Final Payment Terms	$ 25,993
Face Amount of Mortgages	25,993
Carrying Amount of Mortgages	$ 25,938
First Mortgage Loans | Entertainment Center located in Missouri
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	8.84%
Final Payment Terms	$ 10,200
Face Amount of Mortgages	10,200
Carrying Amount of Mortgages	$ 10,189
First Mortgage Loans | Fitness Center located in Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	8.10%
Final Payment Terms	$ 8,654
Face Amount of Mortgages	8,654
Carrying Amount of Mortgages	$ 8,632
First Mortgage Loans | Medical / Dental Facilities located in five states
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of states | state	5
# of Properties | property	5
Interest Rate	10.19%
Final Payment Terms	$ 16,059
Face Amount of Mortgages	16,059
Carrying Amount of Mortgages	$ 16,057
First Mortgage Loans | Early Childhood Education Centers located in four states
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of states | state	4
# of Properties | property	14
Interest Rate	10%
Final Payment Terms	$ 57,454
Face Amount of Mortgages	57,454
Carrying Amount of Mortgages	$ 57,450
First Mortgage Loans | Entertainment Center Located in New Jersey
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	10.20%
Final Payment Terms	$ 7,560
Face Amount of Mortgages	7,560
Carrying Amount of Mortgages	$ 7,559
First Mortgage Loans | Convenience Store located in Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	1
Interest Rate	8%
Final Payment Terms	$ 900
Face Amount of Mortgages	900
Carrying Amount of Mortgages	$ 886
First Mortgage Loans | Medical / Dental Facilities located in six states
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of states | state	6
# of Properties | property	6
Interest Rate	10.18%
Final Payment Terms	$ 17,450
Face Amount of Mortgages	17,450
Carrying Amount of Mortgages	$ 17,441
First Mortgage Loans | Early Childhood Education Centers located in Arizona
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
# of Properties | property	2
Interest Rate	8.25%
Final Payment Terms	$ 6,400
Face Amount of Mortgages	6,400
Carrying Amount of Mortgages	$ 6,392

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Summary of Changes in Carrying Amounts of Mortgage Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of period	$ 220,121	$ 233,978	$ 181,419
Additions:
New mortgage loans	100,427	13,091	126,784
Subsequent funding on existing mortgage loans	17,459	0	17,236
Deductions:
Collections of principal	(9,485)	(27,029)	(91,488)
Provision for credit losses	(9)	81	27
Balance, end of period	$ 328,513	$ 220,121	$ 233,978