Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Real estate investments, at cost:
Land and improvements		$ 646,445	$ 588,279
Building and improvements		1,341,421	1,224,682
Lease incentives		11,807	4,908
Construction in progress		10,965	12,128
Intangible lease assets		79,177	78,922
Total real estate investments, at cost		2,089,815	1,908,919
Less: accumulated depreciation and amortization		(113,235)	(90,071)
Total real estate investments, net		1,976,580	1,818,848
Loans and direct financing lease receivables, net		101,007	92,184
Real estate investments held for sale, net		1,792	1,211
Net investments		2,079,379	1,912,243
Cash and cash equivalents		100,839	8,304
Restricted cash		8,665	13,015
Straight-line rent receivable, net		31,287	25,926
Rent receivables, prepaid expenses and other assets, net		27,072	15,959
Total assets	[1]	2,247,242	1,975,447
LIABILITIES AND EQUITY
Secured borrowings, net of deferred financing costs		172,662	235,336
Unsecured term loans, net of deferred financing costs		625,941	445,586
Revolving credit facility		0	46,000
Intangible lease liabilities, net		9,129	9,564
Dividend payable		21,545	19,395
Derivative liabilities		46,443	4,082
Accrued liabilities and other payables		13,139	13,371
Total liabilities	[1]	888,859	773,334
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 June 30, 2020 and December 31, 2019		0	0
Common stock, $0.01 par value; 500,000,000 authorized; 93,024,022 and 83,761,151 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively		930	838
Additional paid-in capital		1,440,828	1,223,043
Distributions in excess of cumulative earnings		(45,915)	(27,482)
Accumulated other comprehensive loss		(44,758)	(1,949)
Total stockholders' equity		1,351,085	1,194,450
Non-controlling interests		7,298	7,663
Total equity		1,358,383	1,202,113
Total liabilities and equity		$ 2,247,242	$ 1,975,447

[1] The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Notes 2 and 6. As of June 30, 2020 and December 31, 2019, 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 $21.5 million and $19.3 million, respectively, of dividends payable.