Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Real estate investments, at cost:
Land and improvements		$ 451,459	$ 420,848
Building and improvements		956,497	885,656
Lease incentives		4,794	2,794
Construction in progress		2,460	1,325
Intangible lease assets		69,132	66,421
Total real estate investments, at cost		1,484,342	1,377,044
Less: accumulated depreciation and amortization		(60,230)	(51,855)
Total real estate investments, net		1,424,112	1,325,189
Loans and direct financing lease receivables, net		11,943	17,505
Real estate investments held for sale, net		3,765	0
Net investments		1,439,820	1,342,694
Cash and cash equivalents		109,113	4,236
Restricted cash		4,910	12,003
Straight-line rent receivable, net		16,615	14,255
Prepaid expenses and other assets, net		10,072	7,712
Total assets	[1]	1,580,530	1,380,900
LIABILITIES AND EQUITY
Secured borrowings, net of deferred financing costs		504,727	506,116
Revolving credit facility		0	34,000
Intangible lease liabilities, net		10,074	11,616
Dividend payable		16,145	13,189
Accrued liabilities and other payables		10,093	4,938
Total liabilities	[1]	541,039	569,859
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, 2019 and December 31, 2018		0	0
Common stock, $0.01 par value; 500,000,000 authorized; 57,825,460 and 43,749,092 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively		571	431
Additional paid-in capital		805,139	569,407
Distributions in excess of cumulative earnings		(13,673)	(7,659)
Total stockholders' equity		792,037	562,179
Non-controlling interests		247,454	248,862
Total equity		1,039,491	811,041
Total liabilities and equity		$ 1,580,530	$ 1,380,900

[1] The consolidated balance sheets of Essential Properties Realty Trust, Inc. include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 5. As of March 31, 2019 and December 31, 2018, with the exception of $12.1 million and $9.2 million, respectively, of dividends payable, all of the assets and liabilities of the Company were held by its operating partnership, a consolidated VIE.