Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Real estate investments, at cost:
Land and improvements		$ 1,274,398	$ 1,228,687
Building and improvements		2,554,139	2,440,630
Lease incentives		18,191	18,352
Construction in progress		42,777	34,537
Intangible lease assets		87,851	88,364
Total real estate investments, at cost		3,977,356	3,810,570
Less: accumulated depreciation and amortization		(297,362)	(276,307)
Total real estate investments, net		3,679,994	3,534,263
Loans and direct financing lease receivables, net		231,731	240,035
Real estate investments held for sale, net		5,398	4,780
Net investments		3,917,123	3,779,078
Cash and cash equivalents		70,958	62,345
Restricted cash		0	9,155
Straight-line rent receivable, net		85,425	78,587
Derivative assets		36,640	47,877
Rent receivables, prepaid expenses and other assets, net		26,201	22,991
Total assets	[1]	4,136,347	4,000,033
LIABILITIES AND EQUITY
Unsecured term loans, net of deferred financing costs		1,025,773	1,025,492
Senior unsecured notes, net		395,426	395,286
Revolving credit facility		0	0
Intangible lease liabilities, net		11,536	11,551
Dividend payable		41,183	39,398
Derivative liabilities		6,024	2,274
Accrued liabilities and other payables		25,778	29,261
Total liabilities	[1]	1,505,720	1,503,262
Commitments and contingencies (see Note 11)		0	0
Stockholders' equity:
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding as of March 31, 2023 and December 31, 2022		0	0
Common stock, $0.01 par value; 500,000,000 authorized; 148,838,117 and 142,379,655 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively		1,488	1,424
Additional paid-in capital		2,712,797	2,563,305
Distributions in excess of cumulative earnings		(118,066)	(117,187)
Accumulated other comprehensive income		25,982	40,719
Total stockholders' equity		2,622,201	2,488,261
Non-controlling interests		8,426	8,510
Total equity		2,630,627	2,496,771
Total liabilities and equity		$ 4,136,347	$ 4,000,033

[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 2—Summary of Significant Accounting Policies. As of March 31, 2023 and December 31, 2022, all of the assets and liabilities of the Company were held by its operating partnership, Essential Properties, L.P., a consolidated VIE, with the exception of $41.0 million and $39.2 million, respectively, of dividends payable.