Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Real estate investments, at cost:
Land and improvements		$ 420,848	$ 278,985
Building and improvements		885,656	584,385
Lease incentive		2,794	2,275
Construction in progress		1,325	4,076
Intangible lease assets		66,421	62,453
Total real estate investments, at cost		1,377,044	932,174
Less: accumulated depreciation and amortization		(51,855)	(24,825)
Total real estate investments, net		1,325,189	907,349
Loans and direct financing lease receivables, net		17,505	2,725
Real estate investments held for sale, net			4,173
Net investments		1,342,694	914,247
Cash and cash equivalents		4,236	7,250
Restricted cash		12,003	12,180
Straight-line rent receivable, net		14,255	5,498
Prepaid expenses and other assets, net		7,712	3,045
Total assets	[1]	1,380,900	942,220
LIABILITIES AND EQUITY
Secured borrowings, net of deferred financing costs		506,116	511,646
Notes payable to related party			230,000
Revolving credit facility		34,000
Intangible lease liabilities, net		11,616	12,321
Intangible lease liabilities held for sale, net			129
Dividend payable		13,189
Accrued liabilities and other payables (including $324 due to a related party as of December 31, 2017)		4,938	6,722
Total liabilities	[1]	569,859	760,818
Commitments and contingencies (see Note 10)
Stockholders' equity:
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of December 31, 2018
Common stock, $0.01 par value; 500,000,000 authorized; 43,749,092 issued and outstanding as of December 31, 2018		431
Additional paid-in capital		569,407
Distributions in excess of cumulative earnings		(7,659)
Members' equity:
Total stockholders'/members' equity		562,179	181,402
Non-controlling interests		248,862
Total equity		811,041	181,402
Total liabilities and equity		$ 1,380,900	942,220
Class A Units
Members' equity:
Members' equity value			86,668
Class B Units
Members' equity:
Members' equity value			574
Class C Units
Members' equity:
Members' equity value			94,064
Class D Units
Members' equity:
Members' equity value			$ 96

[1] The consolidated balance sheets of Essential Properties Realty Trust, Inc. and Essential Properties Realty Trust, Inc. Predecessor include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 5. As of December 31, 2018, with the exception of $9.2 million of dividends payable, all of the assets and liabilities of the Company were held by its operating partnership, a consolidated VIE. As of December 31, 2017, the consolidated balance sheets included the following amounts related to the Company’s consolidated VIEs: $191.7 million of land and improvements, $391.3 million of building and improvements, $2.1 million of lease incentive, $49.7 million of intangible lease assets, $21.4 million of accumulated depreciation and amortization, $2.4 million of direct financing lease receivables, net, $4.2 million of real estate investments held for sale, net, $5.0 million of straight-line rent receivable, $511.6 million of secured borrowings, net of deferred financing costs, $10.8 million of intangible lease liabilities, net, and $0.1 million of intangible lease liabilities held for sale, net.