Spirit Realty Capital 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 07, 2013
Document Document And Entity Information [Abstract]	'	'
Entity Registrant Name	'SPIRIT REALTY CAPITAL, INC.	'
Entity Central Index Key	'0001308606	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	370,354,279
Trading Symbol	'SRC	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate investments:	'	'
Land and improvements	$2,264,359	$1,328,437
Buildings and improvements	4,033,928	2,036,987
Real estate assets under direct financing leases, net	58,843	0
Total real estate investments	6,357,130	3,365,424
Less: accumulated depreciation	-547,065	-490,938
Real Estate Investment Property, Net	5,810,065	2,874,486
Loans receivable, net	119,009	51,862
Intangible lease assets, net	614,436	187,362
Real estate assets held for sale, net	86,691	5,898
Net investments	6,630,201	3,119,608
Cash and cash equivalents	42,375	73,568
Deferred costs and other assets, net	97,820	54,501
Goodwill	290,055	0
Goodwill	7,060,451	3,247,677
Liabilities:	'	'
Revolving credit facilities, net	151,508	0
Mortgages and notes payable, net	3,454,935	1,894,878
Intangible lease liabilities, net	213,918	45,603
Accounts payable, accrued expenses and other liabilities	105,505	53,753
Total liabilities	3,925,866	1,994,234
Commitments and contingencies (see Note 9)	'	'
Stockholders’ equity:	'	'
Common stock, $0.01 par value; 370,561,041 issued shares; 370,354,279 outstanding shares at September 30, 2013 and 161,625,144 shares issued and outstanding at December 31, 2012	3,706	1,616
Capital in excess of par value	3,857,955	1,827,632
Accumulated deficit	-724,843	-575,034
Accumulated other comprehensive loss	-291	-771
Treasury stock, at cost (206,762 shares)	-1,942	0
Total stockholders’ equity	3,134,585	1,253,443
Total liabilities and stockholders’ equity	$7,060,451	$3,247,677

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Common stock, par value per share	$0.01	$0.01
Common stock, shares issued	370,561,041	161,625,144
Common stock, shares outstanding	370,354,279	161,625,144
Treasury stock, shares	206,762	206,762

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Rentals	$131,495	$66,581	$271,702	$198,631
Interest income on loans receivable	1,797	1,483	4,037	4,495
Earned income from direct financing leases	708	0	708	0
Tenant reimbursement income	2,589	0	2,589	0
Interest income and other	500	161	1,816	701
Total revenues	137,089	68,225	280,852	203,827
Expenses:	'	'	'	'
General and administrative	9,946	17,362	26,068	30,083
Merger costs	45,071	0	56,629	0
Property costs	5,131	947	6,586	3,181
Real estate acquisition costs	470	33	688	1,293
Interest	50,386	41,975	126,376	122,938
Depreciation and amortization	48,338	26,237	105,197	78,554
Impairments	0	0	1,602	7,955
Total expenses	159,342	86,554	323,146	244,004
Loss from continuing operations before other expense and income tax expense	-22,253	-18,329	-42,294	-40,177
Other expense:	'	'	'	'
Loss on debt extinguishment	0	-32,522	0	-32,522
Total other expense	0	-32,522	0	-32,522
Loss from continuing operations before income tax expense	-22,253	-50,851	-42,294	-72,699
Income tax expense	803	74	946	394
Loss from continuing operations	-23,056	-50,925	-43,240	-73,093
Discontinued operations:	'	'	'	'
(Loss) income from discontinued operations	-89	45	105	-340
Gain on dispositions of assets	1,237	1,021	1,226	2,390
Income from discontinued operations	1,148	1,066	1,331	2,050
Net loss	-21,908	-49,859	-41,909	-71,043
Less: preferred dividends	0	0	0	-8
Net loss attributable to common stockholders	($21,908)	($49,859)	($41,909)	($71,051)
Net (loss) income per share of common stock—basic and diluted:	'	'	'	'
Continuing operations (in dollars per share)	($0.07)	($0.91)	($0.20)	($1.42)
Discontinued operations (in dollars per share)	$0	$0.02	$0.01	$0.04
Net loss (in dollars per share)	($0.07)	($0.89)	($0.19)	($1.38)
Weighted average common shares outstanding:	'	'	'	'
Basic and diluted common shares	329,527,874	55,909,384	216,749,378	51,496,427
Dividends declared per common share issued (in dollars per share)	$0.16	$0	$0.49	$0

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Other Comprehensive Income [Abstract]	'	'	'	'
Net loss	($21,908)	($49,859)	($41,909)	($71,043)
Other comprehensive (loss) income:	'	'	'	'
Change in net unrealized (losses) gains on cash flow hedges	-320	-433	149	-873
Net cash flow hedge losses reclassified to operations	120	5,190	331	7,591
Total comprehensive loss	($22,108)	($45,102)	($41,429)	($64,325)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Shares	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
In Thousands, except Share data, unless otherwise specified	USD ($)		USD ($)	USD ($)	USD ($)	USD ($)	USD ($)
Balances, December 31, 2012 at Dec. 31, 2012	$1,253,443	'	$1,616	$1,827,632	($575,034)	($771)	'
Balances, December 31, 2012 (in shares) at Dec. 31, 2012	'	161,625,144	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Common shares issued in connection with merger (in shares)	'	208,570,007	'	'	'	'	'
Common shares issued in connection with merger	2,025,512	'	2,086	2,023,426	'	'	'
Net loss	-41,909	'	'	'	-41,909	'	'
Other comprehensive income	480	'	'	'	'	480	'
Dividends declared on common stock	-107,827	'	'	'	-107,827	'	'
Repurchase of common shares (in shares)	'	'	'	'	'	'	-206,762
Repurchase of common shares	-1,942	'	'	'	'	'	-1,942
Stock based compensation, net (in shares)	'	365,890	'	'	'	'	'
Stock based compensation, net	6,828	'	4	6,897	-73	'	'
Balances, September 30, 2013 at Sep. 30, 2013	$3,134,585	'	$3,706	$3,857,955	($724,843)	($291)	($1,942)
Balances, September 30, 2013 (in shares) at Sep. 30, 2013	'	370,561,041	'	'	'	'	-206,762

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Operating activities	'	'
Net loss	($41,909,000)	($71,043,000)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	108,336,000	83,725,000
Impairments	5,668,000	11,147,000
Amortization of deferred financing costs	12,457,000	2,550,000
Amortization of interest rate hedge (gains) losses and other derivative losses	-101,000	11,477,000
Amortization of debt discounts	5,588,000	7,726,000
Stock-based compensation expense	6,901,000	4,121,000
(Gain) loss on debt extinguishment	-1,028,000	32,522,000
Gains on dispositions of real estate and other assets, net	-1,467,000	-2,390,000
Non-cash revenue	-15,191,000	-1,683,000
Other	-41,000	-39,000
Changes in operating assets and liabilities:	'	'
Deferred costs and other assets	-8,262,000	1,637,000
Deferred costs and other assets	-1,826,000	-2,873,000
Net cash provided by operating activities	69,125,000	76,877,000
Investing activities	'	'
Acquisitions/improvements of real estate	-176,080,000	-86,878,000
Investments in loans receivable	0	-3,500,000
Collections of principal on loans receivable and real estate assets under direct financing leases	13,878,000	16,385,000
Proceeds from dispositions of real estate and other assets	135,270,000	19,736,000
Cash acquired in connection with merger	9,400,000	0
Transfers of sale proceeds and loan principal collections from (to) restricted account	7,018,000	-2,113,000
Net cash used in investing activities	-10,514,000	-56,370,000
Financing activities	'	'
Borrowings under lines of credit	266,705,000	0
Repayments under lines of credit	-115,197,000	0
Repayment of line of credit previously belonging to Cole II	-324,111,000	0
Borrowings under mortgages and notes payable	238,140,000	41,210,000
Repayments under mortgages and notes payable	-33,339,000	-31,594,000
Repayments/repurchases of Term Note payable	0	-398,983,000
Deferred financing costs	-20,041,000	-2,926,000
Proceeds from issuance of common stock, net of offering costs	0	400,915,000
Stock issuance costs	-518,000	0
Purchase of treasury stock	-1,942,000	0
Consent fees paid to lenders	-5,449,000	-10,672,000
Dividends paid/distributions to equity owners	-85,897,000	-8,000
Transfers to escrow deposits with lenders	-8,155,000	-22,584,000
Net cash used in financing activities	-89,804,000	-24,642,000
Net decrease in cash and cash equivalents	-31,193,000	-4,135,000
Cash and cash equivalents, beginning of period	73,568,000	49,536,000
Cash and cash equivalents, end of period	$42,375,000	$45,401,000

Organization

Organization	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Organization	'
	Organization
	Company Organization and Operations
	Spirit Realty Capital, Inc. (the "Company") is a Maryland corporation incorporated on August 14, 2003. The Company became a public company in December 2004 and was subsequently taken private in August 2007 by a consortium of private investors.
	On September 25, 2012, the Company completed its initial public offering (the “IPO”) of 29.0 million shares of common stock. On October 1, 2012, the underwriters exercised their option to purchase additional shares in full, and the Company issued an additional 4.4 million shares of common stock. Concurrently with the completion of the IPO, the Company issued shares of its common stock to extinguish $330.0 million of its term note (the “Term Note”) indebtedness.
	On July 17, 2013, the Company merged with and into Cole Credit Property Trust II, Inc. ("Cole II"), a Maryland Corporation formed on September 29, 2004, pursuant to the Merger Agreement (as defined below).
	The Company’s operations are carried out through its operating partnership, Spirit Realty, L.P. (the “Spirit Operating Partnership”), which is a Delaware limited partnership. Spirit General OP Holdings, LLC ("OP Holdings"), one of the Company’s wholly owned subsidiaries, is the sole general partner and owns 1.0% of the Spirit Operating Partnership. The Company is the sole limited partner and owns the remaining 99.0% of the Spirit Operating Partnership.
	The Company is a self-administered and self-managed real estate investment trust (“REIT”) that primarily invests in single-tenant, operationally essential real estate throughout the United States that is leased on a long-term, triple-net basis primarily to tenants engaged in retail, service, and distribution industries. Single-tenant, operationally essential real estate consists of properties that are generally free-standing, commercial real estate facilities where the Company’s tenants conduct retail, distribution, or service activities that are essential to the generation of their sales and profits. Under a triple-net lease the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as insurance, real estate taxes, and repair and maintenance costs. In support of its primary business of owning and leasing real estate, the Company has also strategically originated or acquired long-term, commercial mortgage and equipment loans to provide a range of financing solutions to its tenants.
	References in these notes to “Spirit Realty Capital,” the “Company,” “we,” “our,” and “us” are to Spirit Realty Capital, Inc. The financial results of pre-merger Spirit Realty Capital include all periods presented prior to July 17, 2013, and those of the combined Spirit Realty Capital and Cole II ("New Spirit") are from July 17, 2013 through September 30, 2013.
	Recent developments
	Close of the Merger
	On July 17, 2013, the Company, Cole II, the Spirit Operating Partnership and the Cole Operating Partnership II, LP (the “Cole Operating Partnership”) closed the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement” or "Merger") and the Company merged with and into Cole II, resulting in the pre-merger legal entity of the Company ceasing to exist and Cole II, continuing as the surviving corporation (the "Surviving Corporation") and adopting the name Spirit Realty Capital, Inc. Additionally, the Cole Operating Partnership merged with and into the Spirit Operating Partnership with the Spirit Operating Partnership continuing as the surviving limited partnership (the “Surviving Partnership”).
	In accordance with ASC 805, Business Combinations, the Company has accounted for the transaction as a reverse acquisition. Consequently, the Company is presented as the accounting acquirer, and the results of operations of Cole II are included in the Company's Condensed Consolidated Statements of Operations beginning on July 17, 2013, the date of the Merger. In the Merger, the Company acquired 747 properties and 69 secured mortgage loans receivable, representing a $3.6 billion investment in real estate. The property portfolio is comprised of operationally essential commercial real estate and is generally consistent with the Company’s core investment strategy. The properties collateralize approximately $1.8 billion of indebtedness, which was assumed in the transaction. See Note 3 for additional discussion of the Company's Merger with Cole II.
	Financing
	In connection with the Merger Agreement, on January 22, 2013, the Company entered into a commitment letter (the Barclays Commitment Letter) with Barclays Bank PLC, pursuant to which Barclays Bank PLC committed to provide, subject to the conditions set forth in the Barclays Commitment Letter, a $575.0 million secured term loan facility and a $50.0 million senior secured revolving credit facility. On June 19, 2013, the Barclays Commitment Letter was replaced with commitments for a new $400.0 million credit facility (the “New Credit Facility”) and two new loan agreements of Commercial Mortgage Backed Securities (“New CMBS") that provide for extensions of credit aggregating $203.0 million.
	At the close of the Merger on July 17, 2013, Spirit Realty, L.P. terminated its $100.0 million secured revolving Credit Facility (the “Credit Facility”), pursuant to that certain credit agreement, dated as of September 25, 2012. Concurrent with the Credit Facility termination, the Surviving Partnership, and various affiliates thereof, executed the New Credit Facility credit agreement (the “Credit Agreement”) with various lenders. The Surviving Partnership’s obligations under the Credit Agreement are guaranteed by the Company and certain affiliates of the Company. Pursuant to the terms of the Credit Agreement, the Surviving Partnership and its affiliates may obtain loans and/or extensions of credit (under a revolving credit facility) in an aggregate amount not to exceed $400.0 million. The initial term expires on July 17, 2016 and may be extended for an additional 12 months subject to the satisfaction of specified requirements.
	On July 17, 2013, two special purpose entities of the Company entered into separate New CMBS loan agreements with German American Capital Corporation (“GACC”) and Barclays Bank PLC (“Barclays”) for loan amounts of $100.9 million and $102.1 million, respectively. As of September 30, 2013, the GACC and Barclays loans were collateralized by 24 and 26 properties, respectively. As of the date of the agreements, the Surviving Partnership entered into a guaranty of certain non-recourse carve out obligations for each special purpose entity under the loan agreements. See Note 6 for additional discussion of the Company's indebtedness.
	Acquisitions and dispositions
	Excluding the properties acquired in the Merger, during the nine months ended September 30, 2013, the Company purchased 80 properties, representing an aggregate gross investment in real estate properties of $175.8 million. During the same period, the Company sold or disposed of 17 properties, including the sale of two multi-tenant properties acquired in the Merger. The fair value of the multi-tenant properties sold totaled $263.5 million and were encumbered by $148.2 million of indebtedness assumed by the Company. See Note 4 for additional discussion of the Company's investments.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Accounting and Principles of Consolidation
	The accompanying unaudited condensed consolidated financial statements of Spirit Realty Capital and its consolidated subsidiaries have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the unaudited condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The results for interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted from these statements pursuant to SEC rules and regulations and, accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2012.
	The unaudited condensed consolidated financial statements include the accounts of Spirit Realty Capital and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
	Spirit Realty Capital has formed numerous special purpose entities to acquire and hold real estate subject to mortgage notes payable (see Note 6). As a result, the vast majority of the Company’s consolidated assets are held in these wholly owned special purpose entities, and are subject to debt. Each special purpose entity is a separate legal entity, and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any owner or affiliate of the special purpose entity.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
	Reclassifications
	Certain reclassifications have been made to prior period balances to conform to the current period presentation.
	Segment Reporting
	Accounting Standards Codification Topic (“ASC”) 280, Segment Reporting, established standards for the manner in which public enterprises report information about operating segments. The Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments.
	Real Estate Investments
	Purchase Accounting and Acquisition of Real Estate - When acquiring a property for investment purposes, the Company allocates the purchase price (including acquisition and closing costs) to land, building, improvements, and equipment based on their relative fair values. For properties acquired with in-place leases, the Company allocates the purchase price of real estate to the tangible and intangible assets and liabilities acquired based on their estimated fair values and acquisition costs are expensed as incurred. In making estimates of fair values for this purpose, the Company uses a number of sources, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities.
	Lease Intangibles - Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease agreements, in-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition, and are amortized on a straight-line basis over the remaining initial term of the related lease. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease. Capitalized above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining initial terms of the respective leases plus any fixed-rate renewal periods on those leases. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in the Company’s consolidated statements of operations.
	Allowance for Doubtful Accounts
	The Company reviews its rent receivables for collectability on a regular basis, taking into consideration changes in factors such as 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 where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. The Company provided for reserves for uncollectible amounts totaling $4.9 million and $3.6 million at September 30, 2013 and December 31, 2012, respectively, against accounts receivable balances of $15.3 million and $7.6 million, respectively; receivables are recorded within deferred cost and other assets, net in the accompanying condensed consolidated balance sheets. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances and established a provision for losses of $8.8 million and $15.3 million at September 30, 2013 and December 31, 2012, respectively, against accrued rental revenue receivables of $31.1 million and $22.7 million, respectively. The Company's periodic review includes management’s estimates of uncollectible receivables and an assessment of the risks inherent in the portfolio, giving consideration to historical experience and industry default rates for long-term receivables. During the three months ended September 30, 2013, the Company decreased its allowance for straight-line rent by $10.9 million due primarily to the Company’s determination that the risk of loss associated with a tenant that had a significant concentration in the straight-line rent portfolio had decreased as a result of the tenant’s sustained improvement in financial performance.
	Loans Receivable
	Impairment and Allowance for Loan Losses - The Company periodically evaluates the collectability of its loans receivable, including accrued interest, by analyzing the underlying property-level economics and trends, collateral value and quality, and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted. The allowance for loan losses was $4.7 million and $5.1 million at September 30, 2013 and December 31, 2012, respectively.
	A loan is placed on nonaccrual status when the loan has become 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of September 30, 2013 and December 31, 2012, two mortgages and one note were placed on nonaccrual status and have been fully reserved.
	Restricted Cash and Escrow Deposits
	The Company classified restricted cash and deposits in escrow totaling $39.6 million and $34.7 million at September 30, 2013 and December 31, 2012, respectively, in deferred costs and other assets, net in the accompanying condensed consolidated balance sheets. Included in the balance at each of September 30, 2013 and December 31, 2012 is approximately $9.7 million in restricted cash deposited during 2012 to secure lender consents to the IPO. At September 30, 2013, the Company held restricted cash related to $8.1 million of deposits to lender accounts as a condition of securing lender consents to the Merger. These cash balances are restricted as to use under certain of the Company’s debt agreements. In addition, during 2012, the Company deposited $8.0 million in a collateral account with one of its lenders which may be applied, at the lender’s discretion, towards a reduction of the outstanding principal balance of the related loan. The Company also has the right to replace this cash collateral with a letter of credit. Also included in the restricted cash balance as of September 30, 2013 is $7.5 million of proceeds related to property dispositions that occurred during the quarter that have yet to be released or used towards the acquisition of new properties. The remaining balance of restricted cash consists primarily of cash held in lender controlled accounts that is used to meet future debt service requirements.
	Income Taxes
	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders, and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying condensed consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income.
	Franchise taxes are included in general and administrative expenses on the accompanying condensed consolidated statements of operations. Taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary is subject to federal, state, and local taxes, which are not material.
	New Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these new accounting pronouncements entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.
	In January 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-1, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The update clarifies that ASU 2011-11 applies to entities that are accounting for derivatives under ASC 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset under ASC 210-20-45 or ASC 815-10-45 or an enforceable master netting arrangement or similar agreement. This update became effective for fiscal years beginning on or after January 1, 2013, and interim periods therein. The adoption of this ASU did not have a material impact on the Company’s financial statements.
	In February 2013, the FASB issued ASU No. 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve reporting of reclassification of items out of accumulated other comprehensive income by requiring entities to report the effect of any significant reclassifications on the respective line items on the income statement when the amount is required to be reclassified in its entirety in the same reporting period. Additionally, for items that are not required to be reclassified completely to net income, the entity will be required to cross reference other disclosures that provide additional information about the amounts. The information provided about amounts that are reclassified out of accumulated other comprehensive income must be reported by component. The amendments of this update are effective beginning December 15, 2012. The adoption of this ASU did not have any impact on the Company’s financial statements.

Merger_with_Cole_II

Merger with Cole II	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
Merger with Cole II	'
	Merger with Cole II
	On July 17, 2013, the Company and Cole II merged, with Cole II continuing as the Surviving Corporation and adopting the name Spirit Realty Capital, Inc. The Cole Operating Partnership also merged with and into the Spirit Operating Partnership, with the Spirit Operating Partnership continuing as the surviving partnership. After consideration of all applicable factors pursuant to the business combination accounting rules, the Merger resulted in a reverse merger in which (a) Cole II was deemed the "legal acquirer" because Cole II issued its common stock to the Spirit Realty Capital stockholders and (b) the Company was the "accounting acquirer." The Company’s prevailing influence over New Spirit, including a majority of its Board of Directors remaining and its surviving senior management, was a key factor in the Company obtaining control and being deemed the accounting acquirer. With the Merger, the Company added 747 properties and 69 secured mortgage loans to its portfolio.
	At the effective time of the Merger, each share of common stock, par value $0.01 per share, of the Company (“Company Common Stock”), issued and outstanding immediately prior to the effective time of the Merger on July 17, 2013 was canceled and converted into the right to receive 1.9048 shares of common stock, par value $0.01 per share, of New Spirit (“New Spirit Common Stock”). Upon receiving the converted shares of New Spirit Common Stock, the stockholders of the Company held an equity interest of approximately 44% of New Spirit.
	The consideration transferred was computed on the basis of the Company’s closing stock price of $18.50 on July 17, 2013, multiplied by the inverse of the Merger Agreement exchange ratio (0.525) multiplied by the number of Cole II shares of common stock outstanding at the close of the Merger.
	The preliminary allocation of the purchase price consideration of approximately $2.0 billion is calculated below as of the July 17, 2013 closing date (dollars in thousands, except per share amounts):
	Cole II shares outstanding	208,570,007
	Inverse of exchange ratio	0.525
		109,499,254
	Spirit Realty Capital share price	$	18.5
	Consideration paid	$	2,025,737
	The Company has accounted for the Cole II merger in accordance with ASC 805, Business Combinations, and is in the process of completing the allocation of the purchase price for the Merger, which the Company expects to finalize later this year. The following table summarizes the preliminary purchase price allocation, which represents the current best estimate of acquisition date fair values of the assets acquired and liabilities assumed (in thousands):
	Assets
	Investments:
	Real estate investments:
	Land and improvements	$	944,060
	Buildings and improvements	2,204,704
	Real estate investments under direct financing leases, net	58,765
	Loans receivable, net	81,433
	Intangible lease assets	482,321
	Net investments	3,771,283
	Cash and cash equivalents	9,400
	Deferred costs and other assets, net	12,278
	Total assets	$	3,792,961
	Liabilities
	Revolving credit facilities	$	324,111
	Mortgages and notes payable, net	1,512,029
	Intangible lease liabilities	190,330
	Accounts payable, accrued expenses and other liabilities	30,809
	Total liabilities	$	2,057,279
	Estimated fair value of net assets acquired	$	1,735,682
	The final allocation of the purchase price will be based on the Company's assessment of the fair value of the acquired assets and liabilities using both Level 2 and 3 inputs, as summarized below.  The final purchase price allocation may differ significantly from the estimates above.
	Real estate investments
	The fair value of real estate is generally calculated by applying an income approach methodology using both direct capitalization and discounted cash flow analysis. Key assumptions include capitalization and discount rates. Our valuations are based, in part, on valuations prepared by an independent valuation firm.
	Lease Intangibles
	The fair value of in-place leases are calculated based upon our estimate of the costs to obtain tenants in each of the applicable markets. An asset or liability is recognized for acquired leases with favorable or unfavorable rents based on our estimate of current market rents in each of the applicable markets. Our valuations of the intangible assets are based, in part, on valuations prepared by an independent valuation firm. Total lease intangibles acquired had a weighted-average remaining amortization period of 15.7 years. Included in lease intangibles are in-place leases, above market leases, and below market leases which, upon acquisition, had weighted-average remaining amortization periods of 14.1, 11.1, and 21.0 years, respectively.
	Debt
	The fair value of debt is estimated based on contractual future cash flows discounted using borrowing spreads and market interest rates that would be available to us for the issuance of debt with similar terms and remaining maturities.
	Merger Costs
	In connection with the Merger, the Company incurred and expensed merger costs of approximately $45.1 million and $56.6 million during the three and nine months ended September 30, 2013, respectively, which included legal, accounting and financial advisory services, debt financing related costs, and other third-party expenses. Goodwill is allocated to the Company at an enterprise level, which is representative of the reporting unit.
	Goodwill
	Goodwill of $290.1 million was recognized as part of the preliminary purchase price allocation. The Merger and integration of the Cole II portfolio provides for several potential benefits and synergies that include, but are not limited to, the following; the Merger will double the size of the total portfolio, further diversify the portfolio geographically and by industry, reduce tenant concentrations, improve overall credit quality of the portfolio, and increase operating efficiency. The Merger is also expected to significantly improve the Company’s access to the capital markets and allow for more advantageous acquisition opportunities.
	Pro Forma Information
	The following unaudited pro forma information presents our operating results as though the Merger had been consummated as of January 1, 2012. The pro forma information does not necessarily reflect the actual results of operations had the Merger been consummated at the beginning of the period indicated nor is it necessarily indicative of future results. Additionally, the unaudited pro forma condensed consolidated financial statements do not include the impact of all the potential synergies that may be achieved from the Merger or any strategies that New Spirit's management may consider in order to continue to efficiently manage the on-going operations of New Spirit. The actual results for the three and nine months ended September 30, 2013 include total revenues and net income attributable to common stockholders from the acquired properties of $52.3 million and $8.3 million, respectively, from the close of the Merger (July 17, 2013) through September 30, 2013.
			Three Months Ended September 30,					Nine Months Ended September 30,
			2013		2012			2013		2012
	Total revenues		$	148,100	$	133,924		$	420,712	$	402,058
	Income from continuing operations		26,280		16,264			57,799		38,976
	The Company incurred nonrecurring pro forma adjustments to operations directly attributable to the merger consisting primarily of legal, accounting and financial advisory services, debt financing related costs, and other third-party expenses, as follows:
			Three Months Ended September 30,					Nine Months Ended September 30,
			2013		2012			2013		2012
	Nonrecurring pro forma adjustments		$	44,952	$	(4,338	)	$	71,369	$	(14,888	)

Investments

Investments	9 Months Ended
	Sep. 30, 2013
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Investments	'
	Investments
	Real Estate Investments
	At September 30, 2013 and December 31, 2012, the Company’s gross investment in real estate properties and loans, including real estate assets held for sale, totaled approximately $7.10 billion and $3.65 billion, respectively. These investments are comprised of 2,083 and 1,207, respectively, owned or financed properties that are geographically dispersed throughout 48 states. Only one state, Texas, with a 12.9% investment, accounted for more than 10% of the total dollar amount of the Company’s investment portfolio. At September 30, 2013 and December 31, 2012, respectively, the Company’s gross investment portfolio was comprised of 1,932 and 1,122 owned properties. The Company also held 151 and 85 properties securing mortgage loans receivable with aggregate carrying amounts of $118.5 million and $40.1 million as of September 30, 2013 and December 31, 2012, respectively. Other loans receivable with aggregate carrying amounts of $0.5 million and $11.8 million were also held as of September 30, 2013 and December 31, 2012, respectively.
	As of September 30, 2013, the Company had the following gross real estate and loan activity:
		Number of			Dollar
		Properties			Amount of
		Owned or			Investments (a)
		Financed
					(In Thousands)
	Balance, December 31, 2012	1,207			$	3,654,925
	Acquisitions/improvements and loan originations - Non-merger	80			176,620
	Acquisitions/improvements and loan originations - Cole/Merger	816			3,581,131
	Dispositions of real estate (b) (c) (Note 12)	(17	)		(296,601		)
	Principal payments and payoffs	(3	)		(13,956		)
	Impairments	—			(5,951		)
	Loan premium amortization and other	—			(619		)
	Balance, September 30, 2013	2,083			$	7,095,549
	(a)	The dollar amount of investments includes the gross investment in land, buildings and lease intangibles, as adjusted for any impairment, related to properties owned and the carrying amount of loans receivable and real estate assets held under direct financing leases.
	(b)	The total accumulated depreciation and amortization associated with dispositions of real estate was $8.2 million for the nine months ended September 30, 2013.
	(c)	The balance includes a real estate property surrendered to a lender resulting in a gain on debt extinguishment of approximately $1.0 million.
	The properties that the Company owns are leased to tenants under long-term operating leases that typically include one or more renewal options. The leases are generally triple-net, which provides that the lessee is responsible for the payment of all property operating expenses, including property taxes, maintenance and repairs, and insurance costs; therefore, the Company is generally not responsible for repairs or other capital expenditures related to its properties, unless the property is not subject to a lease agreement. At September 30, 2013, 18 of the Company’s properties were vacant, not subject to a lease and in the Company’s possession; two of these properties were held for sale. At December 31, 2012, 14 properties were vacant, not subject to a lease and in the Company’s possession; five of these properties were held for sale.
	Certain of the Company’s leases contain tenant purchase options. Most of these options are at or above fair market value at the time the option is exercisable, and none of these purchase options represent bargain purchase options under GAAP.
	Real Estate Assets Under Direct Financing Leases
	The Company had no direct financing leases at December 31, 2012. The components of investment assets held under direct financing leases, which were acquired in the Merger, as of September 30, 2013 were as follows (in thousands):
		September 30,
		2013
	Minimum lease payments receivable	$	20,502
	Estimated residual value of leased assets	57,739
	Unearned income	(19,398		)
	Total	$	58,843
	Real Estate Assets Held for Sale
	The following table shows the activity in real estate assets held for sale for the nine months ended September 30, 2013:
		Number of			Carrying
		Properties			Value
					(In Thousands)
	Balance, December 31, 2012	7			$	5,898
	Transfers from real estate investments	9			86,604
	Sales (Note 12)	(8	)		(5,811		)
	Balance, September 30, 2013	8			$	86,691
	Impairments
	The following table summarizes total impairment losses recognized for the three and nine months ended September 30, 2013 and 2012 (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013				2012		2013			2012
	Real estate and intangible asset impairment	$	1,963			$	1,070	$	5,547		$	8,518
	Write-off of lease intangibles due to lease terminations	—				—		488			2,809
	Loans receivable recovery	—				—		(367		)	(180		)
	Total impairment loss continuing and discontinued operations	$	1,963			$	1,070	$	5,668		$	11,147

Lease_Intangibles_Net

Lease Intangibles, Net	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Lease Intangibles, Net	'
	Lease Intangibles, net
	The following table details lease intangible assets and liabilities, net of accumulated amortization, as of September 30, 2013 and December 31, 2012 (in thousands):
		September 30,			December 31,
		2013			2012
	In-place leases	$	650,126		$	271,392
	Above-market leases	88,493			21,139
	Less: accumulated amortization	(124,183		)	(105,169		)
	Intangible lease assets, net	$	614,436		$	187,362
	Below-market leases	$	233,800		$	61,938
	Less: accumulated amortization	(19,882		)	(16,335		)
	Intangible lease liabilities, net	$	213,918		$	45,603
	The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases was $1.5 million and $1.0 million for the nine months ended September 30, 2013 and 2012, respectively. $0.5 million of the increase in 2013 was attributable to the acquisition of properties in connection with the Merger. The value of in-place leases amortized and included in depreciation and amortization expense was $19.8 million and $13.4 million for the nine months ended September 30, 2013 and 2012, respectively. $6.5 million of the increase in 2013 was also a result of the properties acquired in the Merger.

Debt

Debt	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	The Company's debt is summarized below:
		2013			September 30,			December 31, 2012
		Weighted Average Effective			2013
		Interest Rates (a)
					(In Thousands)
	Revolving credit facilities	4.92	%		$	151,508		$	—
	Master trust notes	6.54	%		918,073			937,395
	CMBS - fixed-rate	5.26	%		2,403,340			963,663
	CMBS - variable-rate (b)	4.71	%		129,638			49,460
	Unsecured fixed rate promissory note	9.9	%		1,475			1,571
					3,604,034			1,952,089
	Unamortized net debt premium (discount)				2,409			(57,211		)
	Total debt, net				$	3,606,443		$	1,894,878
	(a) The effective interest rates include amortization of debt discount, amortization of deferred financing costs, and related debt insurer premiums, where applicable, calculated as of September 30, 2013.
	(b) Variable-rate notes are predominately hedged with interest rate swaps (see Note 7).
	Revolving Credit Facilities
	$400 million Credit Facility - On July 17, 2013, the Spirit Operating Partnership and various affiliates thereof, entered into the New Credit Facility with various lenders. The Spirit Operating Partnership’s obligations under the New Credit Facility are guaranteed by Spirit Realty Capital, Inc., OP Holdings, Spirit Master Funding IV, LLC, a Delaware limited liability company, and Spirit Master Funding V, LLC, a Delaware limited liability company. Pursuant to the New Credit Facility, consistent with the terms, conditions and provisions of a three-year revolving credit facility, the Spirit Operating Partnership and its affiliates may obtain loans and/or extensions of credit (under a revolving credit facility) in an aggregate amount not exceeding $400.0 million. The initial term expires on July 17, 2016 and may be extended for an additional 12 months subject to the satisfaction of specified requirements. The New Credit Facility bears interest, at the Spirit Operating Partnership’s option, of either (i) the “Base Rate” (as defined in the Credit Agreement) plus 1.00% to 2.00%; or (ii) LIBOR plus 2.00% to 3.00%, depending on the Spirit Operating Partnership’s leverage ratio. The Spirit Operating Partnership is also required to pay a fee on the unused portion of the New Credit Facility at a rate of either 0.25% or 0.35% per annum, based on percentage thresholds for the average daily unused balance during a fiscal quarter, which amounted to $0.2 million for the quarter ended September 30, 2013. As of September 30, 2013, unamortized deferred financing costs incurred in connection with the New Credit Facility totaled $4.2 million. As of September 30, 2013, $120.0 million was outstanding on the New Credit Facility under two separate advances, secured by 280 properties, at a weighted average effective interest rate during the quarter of 4.73%.
	In connection with the Merger, the Company terminated its existing secured revolving credit facility that allowed for borrowings of up to $100.0 million and provided for a maximum additional loan commitment of $50.0 million. At the time of termination, $40.0 million of outstanding indebtedness was repaid along with approximately $0.1 million of interest and fees. At the time of the termination, $1.7 million of unamortized deferred financing fees were charged to interest expense. During the nine months ended September 30, 2013, $0.2 million of fees on the unused portion of the credit facility, were included in interest expense prior to termination.
	Line of Credit - In March 2013, a special purpose entity owned by the Company entered into a $25.0 million secured revolving credit facility, which was subsequently amended to increase the size of the facility to $40.0 million (“Line of Credit”). The initial term of the Line of Credit expires in March 2016, and each advance under the Line of Credit has a 24 month term. The interest rate is determined on the date of each advance and is the greater of (i) the stated prime rate plus 0.5% or (ii) the floor rate equal to 4.0%. The interest rate with respect to each advance resets on the annual anniversary date of each advance, and is subject to the same terms as above. As of September 30, 2013, $31.5 million was outstanding on the Line of Credit under four separate advances, secured by 34 properties, at a weighted average effective interest rate of 5.62%.
	Master Trust Notes
	Spirit Master Funding, LLC, Spirit Master Funding II, LLC and Spirit Master Funding III, LLC, all of which are indirect wholly-owned subsidiaries, have issued three series of net-lease mortgage notes payable (the "Notes") that are secured by all assets owned by these entities. The Series 2005-1 Notes are comprised of two separate tranches; tranche A-1 is an amortizing note with a stated rate of 5.05% and tranche A-2 consists of an interest-only note with a stated rate of 5.37%; both are due in 2020, with outstanding balances as of September 30, 2013 of $102.7 million and $258.3 million, respectively. The Series 2006-1 Notes are amortizing with a stated rate of 5.76%, due in 2021, with a outstanding balance of $239.9 million as of September 30, 2013. The Series 2007-1 Notes are amortizing with a stated rate of 5.74%, due in 2020, with an outstanding balance of $317.2 million as of September 30, 2013. The Notes also require debt insurer premiums of 0.30% to 0.32% of the outstanding principal amount, which are reflected in interest expense. As of September 30, 2013, the Notes are secured by 626 properties in total.
	CMBS
	The Company has 198 fixed and 8 variable rate CMBS loans that are secured by mortgages on certain of the leased properties and related assets. The weighted average effective interest rates for the nine months ended September 30, 2013 for the fixed rate notes ranged from 3.90% to 8.39% and the variable notes ranged from 2.68% to 4.75%. As of September 30, 2013, the fixed and variable rate loans have balances outstanding of $2.4 billion and $129.6 million, respectively, and are secured by 893 and 77 properties, respectively.
	Debt Covenants
	The Company's debt agreements contain various financial and non-financial covenants, including maintenance of specified financial ratios. The Company was in compliance with all covenants as of September 30, 2013.
	As of September 30, 2013, scheduled debt maturities of the Company’s revolving credit facilities, mortgages and notes payable, including balloon payments, are as follows (in thousands):
		Scheduled				Balloon			Total
		Principal				Payment
	Remainder of 2013	$	13,292			$	5,000		$	18,292
	2014	54,907				72,261			127,168
	2015	55,578				271,147			326,725
	2016	49,087				889,805			938,892
	2017	42,428				944,994			987,422
	Thereafter	146,225				1,059,310			1,205,535
		$	361,517			$	3,242,517		$	3,604,034
	Balloon payments subsequent to 2017 are as follows: $95.8 million due in 2018, $39.5 million due in 2019, $294.5 million due in 2020, $167.5 million due in 2021, $292.2 million due in 2022, and $169.8 million due in 2023.
	The following table summarizes interest expense on the related borrowings (in thousands):
		Three Months							Nine Months
		Ended September 30,							Ended September 30,
		2013				2012			2013		2012
	Interest expense – Term Note payable	$	—			$	6,210		$	—	$	19,925
	Interest expense – revolving credit facilities	1,196				—			1,572		—
	Interest expense – mortgages and notes payable	47,196				29,879			106,284		89,313
	Interest expense – other	8				1			475		9
	Amortization of deferred financing costs (a)	2,327				837			12,457		2,550
	Amortization of net losses related to interest rate swaps	—				1,081			—		3,415
	Amortization of debt (premium)/discount(b)	(341		)		3,967			5,588		7,726
	Total interest expense	$	50,386			$	41,975		$	126,376	$	122,938
	(a)	Includes $9.5 million arising from financing commitments related to the Merger for the nine months ended September 30, 2013.
	(b)	Income recognized for the three months ended September 30, 2013 is attributable to the amortization of debt premiums recorded on debt assumed in the Merger and recorded at fair value under purchase accounting.
	Debt premium/discount net is amortized to interest expense using the effective interest method over the terms of the related notes. The financing costs related to the establishment of debt are deferred and amortized to interest expense using the effective interest method over the term of the related debt instrument. Unamortized financing costs totaled $12.5 million and $3.8 million at September 30, 2013 and December 31, 2012, respectively, and are included in deferred costs and other assets, net on the accompanying condensed consolidated balance sheets.

Derivative_and_Hedging_Activit

Derivative and Hedging Activities	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative and Hedging Activities	'
	Derivative and Hedging Activities
	The Company uses interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value and included in the accompanying condensed consolidated balance sheets. Assessments of hedge effectiveness are performed quarterly using regression analysis and the measurement of hedge ineffectiveness is based on the hypothetical derivative method. The effective portion of changes in fair value are recorded in accumulated other comprehensive loss (“AOCL”) and subsequently reclassified to earnings when the hedged transactions affect earnings. The ineffective portion is recorded immediately in earnings in general and administrative expenses.
	In connection with the Merger, the Company acquired three interest rate swap derivative contracts. The Company formally documented and re-designated these interest rate swaps as cash flow hedges. Although the derivatives were recorded at fair value at the time of the merger, the resulting off-market cash flow hedges were deemed highly effective upon re-designation.
	The following table summarizes the notional amount and fair value of the Company’s derivative instruments (in thousands):
		Balance Sheet Location													Fair Value of Liability						Fair Value of Asset
	Derivatives Designated as Hedging Instruments	September 30,		Notional				Interest			Effective		Maturity		September 30,			December 31,			September 30,		December 31,
		2013		Amount				Rate			Date		Date		2013			2012			2013		2012
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,788			4.67	%		10/6/11		10/6/16		$	(147	)	$	(218	)	$	—	$	—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	7,594			4.34	%		2/6/12		10/6/16		(94		)	(157		)	—		—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	11,055			4.62	%		6/28/12		7/6/17		(69		)	(219		)	—		—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,860			5.8	%		7/17/13		3/1/16		(361		)	—			—		—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	32,400			3.15	%		7/17/13		9/5/15		(204		)	—			—		—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	38,250			3.52	%		7/17/13		9/26/14		(195		)	—			—		—
	Interest Rate Swap	Deferred costs and other assets, net		$	17,742			5.24	%		8/30/12		8/30/17		—			(177		)	61		—
															$	(1,070	)	$	(771	)	$	61	$	—
	The following tables provide information about the amounts recorded in AOCL, as well as the gain or (loss) recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three and nine months ended September 30, 2013 and 2012, respectively (in thousands):
		Amount of Gain or (Loss) Recognized
		in AOCL on Derivative
		(Effective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Derivatives in Cash Flow Hedging Relationships	2013				2012				2013				2012
	Interest rate swaps	$	(320	)		$	(433	)		$	149			$	(873	)
		Amount of Loss Reclassified from
		AOCL into Operations
		(Effective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Location of Loss Reclassified from AOCL into Operations	2013				2012				2013				2012
	Interest expense	$	(120	)		$	(1,153	)		$	(309	)		$	(3,554	)
	General and administrative expense	$	—			$	(4,037	)		$	(22	)		$	(4,037	)
		Amount of Gain or (Loss) Recognized in
		Operations on Derivative
		(Ineffective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Location of (Loss) or Gain Recognized in Operations on Derivatives	2013				2012				2013				2012
	General and administrative expense	$	(22	)		$	(13	)		$	32			$	(13	)
	The balance of ineffectiveness recorded in earnings for the three and nine months ended September 30, 2013, includes a $0.1 million loss resulting from the cash net settlement of the off-market financing element associated with the derivatives assumed in the Merger. Approximately $0.4 million of the remaining balance in AOCL is estimated to be reclassified as an increase to interest expense during the next 12 months. The Company does not enter into derivative contracts for speculative or trading purposes.
	The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with counterparties it considers credit-worthy. As of September 30, 2013 and December 31, 2012, there were no termination events or events of default related to the interest rate swaps.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	The equity structure in the condensed consolidated financial statements following the reverse merger reflects the equity structure of the Surviving Corporation. As a result, the Company's common shares outstanding have been adjusted retroactively for all prior periods presented computed on the basis of the number of shares outstanding multiplied by the exchange ratio of 1.9048 established in the Merger Agreement. As updated by an amendment and restatement of the charter of Cole II at the effective time of the Merger, and as of September 30, 2013, the total number of shares of all classes of capital stock which the Surviving Corporation will have the authority to issue is 490 million, consisting of 470 million shares of common stock, par value $0.01 per share and 20 million shares of preferred stock, par value of $0.01 per share. As of December 31, 2012 and prior to the effective time of the Merger, the total number of shares of all classes of capital stock which the Company had the authority to issue was 120 million, consisting of 100 million shares of common stock, par value $0.01 per share and 20 million shares of preferred stock, par value of $0.01 per share.
	During the six months ended June 30, 2013, the Company declared cash dividends equivalent to $0.625 per share (or $0.3281 adjusted for the 1.9048 merger exchange ratio) on its common stock. During the three months ended September 30, 2013, the Company declared pre- and post-merger pro-rata daily cash dividends equivalent to $0.0034 (or $0.001783 adjusted for the 1.9048 merger exchange ratio) per share and $0.001783 per share, respectively.
	On September 25, 2013, portions of awards of restricted common stock granted to certain of the Company’s officers and other employees vested. The vesting of these shares, granted in connection with the Company’s initial public offering one year ago and pursuant to the Company’s 2012 Incentive Award Plan (the "Plan"), resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Plan and the award grants, certain executive officers elected to surrender 0.2 million shares valued at $1.9 million solely to pay some or all of the associated minimum statutory tax withholdings. The surrendered shares are held as treasury stock and included in stockholders' equity.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are insured against such claims.
	At September 30, 2013, there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.
	At September 30, 2013, the Company had commitments totaling $54.5 million, of which $48.7 million relates to future acquisitions with the remainder to fund improvements on properties the Company currently owns. $50.6 million of these commitments are expected to be funded by December 31, 2013 with the remainder being funded during 2014. In addition, the Company is contingently liable for $5.7 million of debt owed by one of its tenants and is indemnified by that tenant for any payments the Company may be required to make on such debt.
	The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the financial statements. Based on an ongoing environmental study on one of its properties, the Company’s estimated remediation liability was $0.1 million as of each September 30, 2013 and December 31, 2012.
	As of September 30, 2013, there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company's financial position, results of operations or cash flows.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Fair Value Measurements
	The Company’s assets and liabilities that are required to be measured at fair value in the accompanying condensed consolidated financial statements are summarized below.
	The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands):
					Fair Value Hierarchy Level
		Fair Value			Level 1			Level 2			Level 3
	September 30, 2013:
	Derivatives:
	Interest rate swaps financial liabilities	$	(1,070	)	$	—		$	(1,070	)	$	—
	Interest rate swap financial asset	61			—			61			—
	December 31, 2012:
	Derivatives:
	Interest rate swaps financial liabilities	$	(771	)	$	—		$	(771	)	$	—
	The interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 of the fair value hierarchy.
	The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of September 30, 2013 and December 31, 2012 (in thousands):
								Fair Value Hierarchy Level							Impairment
	Description	Fair Value			Dispositions			Level 1			Level 2		Level 3		Charges
	September 30, 2013:
	Long-lived assets held and used	$	8,134		$	—		$	—		$	—	$	8,134	$	(1,481	)
	Lease intangible assets	—			—			—			—		—		(487		)
	Long-lived assets held for sale	33,404			(1,157		)	—			—		34,561		(4,066		)
															$	(6,034	)
	December 31, 2012:
	Long-lived assets held and used	$	27,449		$	(425	)	$	—		$	—	$	27,874	$	(7,404	)
	Lease intangible assets	—			—			—			—		—		(2,680		)
	Long-lived assets held for sale	4,184			(7,983		)	—			—		12,167		(3,648		)
															$	(13,732	)
	The fair values of impaired real estate and intangible assets were determined by using the following information, depending on availability, in order of preference: signed purchase and sale agreements or letters of intent; recently quoted bid or ask prices, or market prices for comparable properties; estimates of cash flow, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, and expenses based upon market conditions; and expectations for the use of the real estate. Based on these inputs, the Company determined that its valuation of the impaired real estate and intangible assets falls within Level 3 of the fair value hierarchy.
	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 carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at September 30, 2013 and December 31, 2012. 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 and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at fair value on the accompanying condensed consolidated balance sheets.
	The estimated fair values of the fixed-rate mortgage and other loans receivable, revolving credit facilities and the fixed-rate mortgages and notes payable have been derived based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. The mortgage and other loans receivable, revolving credit facilities and the mortgages and notes payable were measured using a market approach from nationally recognized financial institutions with market observable inputs such as interest rates and credit analytics. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands):
		September 30, 2013						December 31, 2012
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Loans receivable, net	$	119,009		$	126,262		$	51,862		$	69,926
	Revolving credit facilities	151,508			148,910			—			—
	Mortgages and notes payable	3,454,935			3,648,134			1,894,878			2,112,670

Significant_Credit_and_Revenue

Significant Credit and Revenue Concentration	9 Months Ended
	Sep. 30, 2013
Text Block [Abstract]	'
Significant Credit and Revenue Concentration	'
	Significant Credit and Revenue Concentration
	As of September 30, 2013 and December 31, 2012, the Company’s real estate investments are operated by 354 and 165 tenants, respectively, that engage in retail, service and distribution activities across various industries throughout the United States. Shopko Stores Operating Co., LLC (“Shopko”) and Pamida Stores Operating Co., LLC (“Pamida”), which merged in 2012, operate in the general and discount retailer industry and represent the Company’s largest tenant. Total revenues from the combined Shopko/Pamida (“Shopko/Pamida”) entity for the nine months ended September 30, 2013 and 2012, contributed 21.0% and 26.0% of the Company's total revenues from continuing and discontinued operations, respectively. For the month ended September 30, 2013, revenues for Shopko/Pamida represented 14.5% of the Company's total revenues. No other tenant contributed 10% or more of the Company’s total revenues during any of the periods presented. As of September 30, 2013 and December 31, 2012, the combined properties that are operated by Shopko/Pamida represent approximately 14.6% and 28.4%, respectively, of the Company’s total investment portfolio.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Discontinued Operations	'
	Discontinued Operations
	Periodically, the Company may sell real estate properties it owns. Gains and losses from any such dispositions of properties and all operations from these properties are required to be reclassified as “discontinued operations” in the condensed consolidated statements of operations, as long as there is no significant continuing involvement in the future cash flows from these properties. As a result of this reporting requirement, each time a property is sold or classified as real estate assets held for sale, the operations of such property previously reported as part of “loss from continuing operations” are reclassified into “discontinued operations.” This presentation has no impact on net loss or cash flow. The net gains or losses from the real estate dispositions as well as the current and prior operations have been reclassified to discontinued operations as summarized below (dollars in thousands):
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013			2012
	Revenues	$	3,016		$	3,171	$	6,967		$	8,974
	Expenses:
	General and administrative	(13		)	16		(1		)	194
	Property costs	362			142		513			349
	Interest	47			140		241			408
	Depreciation and amortization	769			1,758		3,139			5,171
	Impairments	1,963			1,070		4,066			3,192
	Total expenses	3,128			3,126		7,958			9,314
	(Loss) gain from discontinued operations before other income	(112		)	45		(991		)	(340		)
	Other income:
	Gain on debt extinguishment	—			—		1,028			—
	Other	23			—		68			—
	Total other income	23			—		1,096			—
	(Loss) income from discontinued operations	(89		)	45		105			(340		)
	Gain on dispositions of real estate	1,237			1,021		1,226			2,390
	Total discontinued operations	$	1,148		$	1,066	$	1,331		$	2,050
	Number of properties disposed of during period	7			7		17			25

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2013
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Cash Flow Information	'
	Supplemental Cash Flow Information
	In connection with its Merger with Cole II, the Company acquired net assets totaling $1.74 billion in exchange for $2.03 billion of common stock of the Company. During the nine months ended September 30, 2013, the Company reduced its indebtedness by $149.2 million in conjunction with the sale of certain real estate properties including $148.2 million assumed in the Merger. During the same period, the Company surrendered a real estate property totaling $6.9 million, which was encumbered by a mortgage note payable of $7.9 million following a notice of foreclosure. As of September 30, 2013, the Company declared a common stock dividend of $50.2 million, which was paid in October 2013 and approximately $1.1 million of deferred financing costs recorded in deferred costs and other assets were unpaid. During the nine months ended September 30, 2012, in connection with the IPO, the Company reduced its Term Note indebtedness by $330.0 million through the conversion of a portion of its outstanding Term Note into shares of its common stock. The Company also repaid $2.6 million of mortgages and notes payable in conjunction with sales of certain real estate properties and paid $0.7 million of real estate acquisition costs accrued for at December 31, 2011. In addition, as of September 30, 2012, $5.2 million of deferred offering costs recorded in deferred costs and other assets on the condensed consolidated balance sheet were unpaid.

Employee_Benefit_Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract]	'
Employee Benefit Plans	'
	Incentive Award Plan and Stock Option Plan
	Under the Company’s Incentive Award Plan (the “Plan”), we may grant equity incentive awards to eligible employees, directors and other service providers. Awards under the Plan may be in the form of stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, performance awards, stock payment awards, performance share awards, LTIP units and other incentive awards. If an award under the Plan is forfeited, expires or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Plan. A total of 5.9 million shares, adjusted for the merger exchange ratio, were initially registered under the Plan. Pursuant to the Merger Agreement, the Plan was assumed by the Surviving Corporation at the effective time of the Merger and the Surviving Corporation registered 3.1 million of the remaining available shares under the Plan in addition to 45,000 shares of common stock options, which were fully vested and remained unexercised under the Surviving Corporation's former non-qualified stock option plan. In connection with the Merger, New Spirit terminated the non-qualified stock option plan, although the outstanding options under this plan continue to be subject to its terms and conditions.
	On August 1, 2013, the Compensation Committee of the Board of Directors approved a 2013 bonus program to the Company's named executive officers including performance share awards under the Plan. Pursuant to the performance share awards, each participant is eligible to vest in and receive a percentage range of a target number of shares of the Company's common stock based on the attainment of total shareholder return during the performance period running from September 20, 2012 (the day of the Company's IPO) through December 31, 2015. The percentage range of performance shares that vests is based on the comparative performance of the Company to a specified peer group of companies. In addition, each performance share award entitles its holder to a cash payment equal to the aggregate dividends that would have been paid on the total number of performance shares that ultimately vest, as if such shares had been outstanding on each dividend record date over the period from August 1, 2013 through the issuance date of the shares. In the event of a non-qualifying termination of a participant prior to the performance period end date, all of the rights to performance shares will be automatically forfeited along with the participants' rights to the cash payment of any dividend equivalent.
	During the three months ended September 30, 2013, the Company granted 0.4 million shares under the Plan to certain members of the Board, named executive officers and employees. The Company recorded $3.2 million in deferred compensation associated with all grants under the Plan. As of September 30, 2013, 2.9 million shares remain available for grant under the Plan. As of September 30, 2013, approximately 1.8 million non-vested restricted shares of common stock were outstanding.
	For the three and nine months ended September 30, 2013, the Company recognized $2.8 million and $6.9 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the condensed consolidated statements of operations. The Company recognized $4.1 million in stock-based compensation expense for the three and nine months ended September 30, 2012. During the three months ended September 30, 2013, the Company did not record any stock-based compensation charges related to the fair value measurement of the stock options assumed in Merger.
	As of September 30, 2013 and December 31, 2012, the remaining unamortized stock-based compensation expense, including amounts relating to the performance awards, totaled $19.7 million and $15.7 million, respectively, which is recognized as the greater of the amount amortized on a straight-line basis over the service period of each applicable award or the amount vested over the vesting periods.

Loss_Per_Share

Loss Per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Loss Per Share	'
	Loss Per Share
	Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. The equity structure in the condensed consolidated financial statements following the reverse merger reflect the equity structure of the Surviving Corporation including the equity interests issued by the Surviving Corporation to effect the Merger and the retroactive adjustment of the Company's prior period common shares outstanding. The denominator of basic loss per share for each comparative period before the Merger is computed using the Company's historical weighted average number of common shares outstanding multiplied by the exchange ratio of 1.9048 established in the Merger Agreement. The denominator of basic loss per share from the acquisition date to the end of that period shall be the actual number of common shares of the Surviving Corporation outstanding during that period.
	The table below is a reconciliation of the numerator used in the computation of basic and diluted loss per share (dollars in thousands):
		Three Months							Nine Months
		Ended September 30,							Ended September 30,
		2013				2012			2013			2012
	Loss from continuing operations	$	(23,056	)		$	(50,925	)	$	(43,240	)	$	(73,093	)
	Less: preferred dividends	—				—			—			(8		)
	Loss from continuing operations attributable to common stockholders	(23,056		)		(50,925		)	(43,240		)	(73,101		)
	Income from discontinued operations	1,148				1,066			1,331			2,050
	Net loss attributable to common stockholders	$	(21,908	)		$	(49,859	)	$	(41,909	)	$	(71,051	)
	Weighted average common shares outstanding:
	Basic and diluted	329,527,874				55,909,384			216,749,378			51,496,427
	For all periods presented, no potentially dilutive securities were included in computing loss per share of common stock as their effect would be anti-dilutive. Potentially dilutive securities excluded were non-vested restricted stock and non-vested performance shares during the three and nine months ended September 30, 2013 and primarily the potential shares of common stock for the Term Note debt conversion during the three and nine months ended September 30, 2012. The weighted average number of shares of potentially dilutive securities were as follows:
		Three Months						Nine Months
		Ended September 30,						Ended September 30,
		2013			2012			2013		2012
	Convertible Term Note debt	—			43,170,510			—		45,171,111
	Non-vested shares of restricted stock	607,505			2,586			761,617		869
	Non-vested performance shares	94,711			—			31,917		—
	Potentially dilutive shares	702,216			43,173,096			793,534		45,171,980

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	On November 8, 2013, the Company filed an automatic shelf registration statement, as defined in Rule 405 under the Securities Act of 1933, on Form S-3 with the SEC, which become automatically effective. The shelf registration provides for the registration of common and preferred stock, depositary shares, warrants, rights and units by us or selling security holders on a delayed or continuous basis. Proceeds from any future securities sales by the Company under this shelf registration statement may be used by the Company for general corporate purposes, including repayment of borrowings, working capital, capital expenditures and acquisitions, or for such other purposes as may be specified in the applicable prospectus supplement.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Basis of Accounting and Principles of Consolidation	'
	Basis of Accounting and Principles of Consolidation
	The accompanying unaudited condensed consolidated financial statements of Spirit Realty Capital and its consolidated subsidiaries have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the unaudited condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The results for interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted from these statements pursuant to SEC rules and regulations and, accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2012.
	The unaudited condensed consolidated financial statements include the accounts of Spirit Realty Capital and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
	Spirit Realty Capital has formed numerous special purpose entities to acquire and hold real estate subject to mortgage notes payable (see Note 6). As a result, the vast majority of the Company’s consolidated assets are held in these wholly owned special purpose entities, and are subject to debt. Each special purpose entity is a separate legal entity, and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any owner or affiliate of the special purpose entity.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to prior period balances to conform to the current period presentation.
Segment Reporting	'
	Segment Reporting
	Accounting Standards Codification Topic (“ASC”) 280, Segment Reporting, established standards for the manner in which public enterprises report information about operating segments. The Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments.
Real Estate Investments	'
	Real Estate Investments
	Purchase Accounting and Acquisition of Real Estate - When acquiring a property for investment purposes, the Company allocates the purchase price (including acquisition and closing costs) to land, building, improvements, and equipment based on their relative fair values. For properties acquired with in-place leases, the Company allocates the purchase price of real estate to the tangible and intangible assets and liabilities acquired based on their estimated fair values and acquisition costs are expensed as incurred. In making estimates of fair values for this purpose, the Company uses a number of sources, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities.
	Lease Intangibles - Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease agreements, in-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition, and are amortized on a straight-line basis over the remaining initial term of the related lease. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease. Capitalized above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining initial terms of the respective leases plus any fixed-rate renewal periods on those leases. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in the Company’s consolidated statements of operations.
Allowance for Doubtful Accounts	'
	Allowance for Doubtful Accounts
	The Company reviews its rent receivables for collectability on a regular basis, taking into consideration changes in factors such as 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 where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. The Company provided for reserves for uncollectible amounts totaling $4.9 million and $3.6 million at September 30, 2013 and December 31, 2012, respectively, against accounts receivable balances of $15.3 million and $7.6 million, respectively; receivables are recorded within deferred cost and other assets, net in the accompanying condensed consolidated balance sheets. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances and established a provision for losses of $8.8 million and $15.3 million at September 30, 2013 and December 31, 2012, respectively, against accrued rental revenue receivables of $31.1 million and $22.7 million, respectively. The Company's periodic review includes management’s estimates of uncollectible receivables and an assessment of the risks inherent in the portfolio, giving consideration to historical experience and industry default rates for long-term receivables. During the three months ended September 30, 2013, the Company decreased its allowance for straight-line rent by $10.9 million due primarily to the Company’s determination that the risk of loss associated with a tenant that had a significant concentration in the straight-line rent portfolio had decreased as a result of the tenant’s sustained improvement in financial performance.
Loans Receivable	'
	Loans Receivable
	Impairment and Allowance for Loan Losses - The Company periodically evaluates the collectability of its loans receivable, including accrued interest, by analyzing the underlying property-level economics and trends, collateral value and quality, and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted. The allowance for loan losses was $4.7 million and $5.1 million at September 30, 2013 and December 31, 2012, respectively.
	A loan is placed on nonaccrual status when the loan has become 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of September 30, 2013 and December 31, 2012, two mortgages and one note were placed on nonaccrual status and have been fully reserved.
Restricted Cash and Escrow Deposits	'
	Restricted Cash and Escrow Deposits
	The Company classified restricted cash and deposits in escrow totaling $39.6 million and $34.7 million at September 30, 2013 and December 31, 2012, respectively, in deferred costs and other assets, net in the accompanying condensed consolidated balance sheets. Included in the balance at each of September 30, 2013 and December 31, 2012 is approximately $9.7 million in restricted cash deposited during 2012 to secure lender consents to the IPO. At September 30, 2013, the Company held restricted cash related to $8.1 million of deposits to lender accounts as a condition of securing lender consents to the Merger. These cash balances are restricted as to use under certain of the Company’s debt agreements. In addition, during 2012, the Company deposited $8.0 million in a collateral account with one of its lenders which may be applied, at the lender’s discretion, towards a reduction of the outstanding principal balance of the related loan. The Company also has the right to replace this cash collateral with a letter of credit. Also included in the restricted cash balance as of September 30, 2013 is $7.5 million of proceeds related to property dispositions that occurred during the quarter that have yet to be released or used towards the acquisition of new properties. The remaining balance of restricted cash consists primarily of cash held in lender controlled accounts that is used to meet future debt service requirements.
Income Taxes	'
	Income Taxes
	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders, and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying condensed consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income.
	Franchise taxes are included in general and administrative expenses on the accompanying condensed consolidated statements of operations. Taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary is subject to federal, state, and local taxes, which are not material.
New Accounting Pronouncements	'
	New Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these new accounting pronouncements entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.
	In January 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-1, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The update clarifies that ASU 2011-11 applies to entities that are accounting for derivatives under ASC 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset under ASC 210-20-45 or ASC 815-10-45 or an enforceable master netting arrangement or similar agreement. This update became effective for fiscal years beginning on or after January 1, 2013, and interim periods therein. The adoption of this ASU did not have a material impact on the Company’s financial statements.
	In February 2013, the FASB issued ASU No. 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve reporting of reclassification of items out of accumulated other comprehensive income by requiring entities to report the effect of any significant reclassifications on the respective line items on the income statement when the amount is required to be reclassified in its entirety in the same reporting period. Additionally, for items that are not required to be reclassified completely to net income, the entity will be required to cross reference other disclosures that provide additional information about the amounts. The information provided about amounts that are reclassified out of accumulated other comprehensive income must be reported by component. The amendments of this update are effective beginning December 15, 2012. The adoption of this ASU did not have any impact on the Company’s financial statements.

Merger_with_Cole_II_Tables

Merger with Cole II (Tables)	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
Schedule of Business Acquisitions, by Acquisition	'
	The preliminary allocation of the purchase price consideration of approximately $2.0 billion is calculated below as of the July 17, 2013 closing date (dollars in thousands, except per share amounts):
	Cole II shares outstanding	208,570,007
	Inverse of exchange ratio	0.525
		109,499,254
	Spirit Realty Capital share price	$	18.5
	Consideration paid	$	2,025,737
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The Company has accounted for the Cole II merger in accordance with ASC 805, Business Combinations, and is in the process of completing the allocation of the purchase price for the Merger, which the Company expects to finalize later this year. The following table summarizes the preliminary purchase price allocation, which represents the current best estimate of acquisition date fair values of the assets acquired and liabilities assumed (in thousands):
	Assets
	Investments:
	Real estate investments:
	Land and improvements	$	944,060
	Buildings and improvements	2,204,704
	Real estate investments under direct financing leases, net	58,765
	Loans receivable, net	81,433
	Intangible lease assets	482,321
	Net investments	3,771,283
	Cash and cash equivalents	9,400
	Deferred costs and other assets, net	12,278
	Total assets	$	3,792,961
	Liabilities
	Revolving credit facilities	$	324,111
	Mortgages and notes payable, net	1,512,029
	Intangible lease liabilities	190,330
	Accounts payable, accrued expenses and other liabilities	30,809
	Total liabilities	$	2,057,279
	Estimated fair value of net assets acquired	$	1,735,682
Business Acquisition, Pro Forma Information	'
	The actual results for the three and nine months ended September 30, 2013 include total revenues and net income attributable to common stockholders from the acquired properties of $52.3 million and $8.3 million, respectively, from the close of the Merger (July 17, 2013) through September 30, 2013.
			Three Months Ended September 30,					Nine Months Ended September 30,
			2013		2012			2013		2012
	Total revenues		$	148,100	$	133,924		$	420,712	$	402,058
	Income from continuing operations		26,280		16,264			57,799		38,976
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments	'
	The Company incurred nonrecurring pro forma adjustments to operations directly attributable to the merger consisting primarily of legal, accounting and financial advisory services, debt financing related costs, and other third-party expenses, as follows:
			Three Months Ended September 30,					Nine Months Ended September 30,
			2013		2012			2013		2012
	Nonrecurring pro forma adjustments		$	44,952	$	(4,338	)	$	71,369	$	(14,888	)

Investments_Tables

Investments (Tables)	9 Months Ended
	Sep. 30, 2013
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Gross Real Estate and Loan Activity	'
	As of September 30, 2013, the Company had the following gross real estate and loan activity:
		Number of			Dollar
		Properties			Amount of
		Owned or			Investments (a)
		Financed
					(In Thousands)
	Balance, December 31, 2012	1,207			$	3,654,925
	Acquisitions/improvements and loan originations - Non-merger	80			176,620
	Acquisitions/improvements and loan originations - Cole/Merger	816			3,581,131
	Dispositions of real estate (b) (c) (Note 12)	(17	)		(296,601		)
	Principal payments and payoffs	(3	)		(13,956		)
	Impairments	—			(5,951		)
	Loan premium amortization and other	—			(619		)
	Balance, September 30, 2013	2,083			$	7,095,549
	(a)	The dollar amount of investments includes the gross investment in land, buildings and lease intangibles, as adjusted for any impairment, related to properties owned and the carrying amount of loans receivable and real estate assets held under direct financing leases.
	(b)	The total accumulated depreciation and amortization associated with dispositions of real estate was $8.2 million for the nine months ended September 30, 2013.
	(c)	The balance includes a real estate property surrendered to a lender resulting in a gain on debt extinguishment of approximately $1.0 million
Investments in Direct Financing Leases Schedule	'
	The components of investment assets held under direct financing leases, which were acquired in the Merger, as of September 30, 2013 were as follows (in thousands):
		September 30,
		2013
	Minimum lease payments receivable	$	20,502
	Estimated residual value of leased assets	57,739
	Unearned income	(19,398		)
	Total	$	58,843
Activity in Real Estate Assets Held for Sale	'
	The following table shows the activity in real estate assets held for sale for the nine months ended September 30, 2013:
		Number of			Carrying
		Properties			Value
					(In Thousands)
	Balance, December 31, 2012	7			$	5,898
	Transfers from real estate investments	9			86,604
	Sales (Note 12)	(8	)		(5,811		)
	Balance, September 30, 2013	8			$	86,691
Summary of Total Impairment Losses Recognized	'
	The following table summarizes total impairment losses recognized for the three and nine months ended September 30, 2013 and 2012 (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013				2012		2013			2012
	Real estate and intangible asset impairment	$	1,963			$	1,070	$	5,547		$	8,518
	Write-off of lease intangibles due to lease terminations	—				—		488			2,809
	Loans receivable recovery	—				—		(367		)	(180		)
	Total impairment loss continuing and discontinued operations	$	1,963			$	1,070	$	5,668		$	11,147

Lease_Intangibles_Net_Tables

Lease Intangibles, Net (Tables)	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Lease Intangible Assets and Liabilities	'
	The following table details lease intangible assets and liabilities, net of accumulated amortization, as of September 30, 2013 and December 31, 2012 (in thousands):
		September 30,			December 31,
		2013			2012
	In-place leases	$	650,126		$	271,392
	Above-market leases	88,493			21,139
	Less: accumulated amortization	(124,183		)	(105,169		)
	Intangible lease assets, net	$	614,436		$	187,362
	Below-market leases	$	233,800		$	61,938
	Less: accumulated amortization	(19,882		)	(16,335		)
	Intangible lease liabilities, net	$	213,918		$	45,603

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Schedule of Debt	'
	The Company's debt is summarized below:
		2013			September 30,			December 31, 2012
		Weighted Average Effective			2013
		Interest Rates (a)
					(In Thousands)
	Revolving credit facilities	4.92	%		$	151,508		$	—
	Master trust notes	6.54	%		918,073			937,395
	CMBS - fixed-rate	5.26	%		2,403,340			963,663
	CMBS - variable-rate (b)	4.71	%		129,638			49,460
	Unsecured fixed rate promissory note	9.9	%		1,475			1,571
					3,604,034			1,952,089
	Unamortized net debt premium (discount)				2,409			(57,211		)
	Total debt, net				$	3,606,443		$	1,894,878
	(a) The effective interest rates include amortization of debt discount, amortization of deferred financing costs, and related debt insurer premiums, where applicable, calculated as of September 30, 2013.
	(b) Variable-rate notes are predominately hedged with interest rate swaps (see Note 7).
Debt Maturities of Mortgages and Notes Payable, Including Balloon Payments	'
	As of September 30, 2013, scheduled debt maturities of the Company’s revolving credit facilities, mortgages and notes payable, including balloon payments, are as follows (in thousands):
		Scheduled				Balloon			Total
		Principal				Payment
	Remainder of 2013	$	13,292			$	5,000		$	18,292
	2014	54,907				72,261			127,168
	2015	55,578				271,147			326,725
	2016	49,087				889,805			938,892
	2017	42,428				944,994			987,422
	Thereafter	146,225				1,059,310			1,205,535
		$	361,517			$	3,242,517		$	3,604,034
Interest Expense and Related Borrowings	'
	The following table summarizes interest expense on the related borrowings (in thousands):
		Three Months							Nine Months
		Ended September 30,							Ended September 30,
		2013				2012			2013		2012
	Interest expense – Term Note payable	$	—			$	6,210		$	—	$	19,925
	Interest expense – revolving credit facilities	1,196				—			1,572		—
	Interest expense – mortgages and notes payable	47,196				29,879			106,284		89,313
	Interest expense – other	8				1			475		9
	Amortization of deferred financing costs (a)	2,327				837			12,457		2,550
	Amortization of net losses related to interest rate swaps	—				1,081			—		3,415
	Amortization of debt (premium)/discount(b)	(341		)		3,967			5,588		7,726
	Total interest expense	$	50,386			$	41,975		$	126,376	$	122,938
	(a)	Includes $9.5 million arising from financing commitments related to the Merger for the nine months ended September 30, 2013.
	(b)	Income recognized for the three months ended September 30, 2013 is attributable to the amortization of debt premiums recorded on debt assumed in the Merger and recorded at fair value under purchase accounting.

Derivative_and_Hedging_Activit1

Derivative and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Summary of Notional Amount and Fair Value of Derivative Instruments	'
	The following table summarizes the notional amount and fair value of the Company’s derivative instruments (in thousands):
		Balance Sheet Location													Fair Value of Liability						Fair Value of Asset
	Derivatives Designated as Hedging Instruments	September 30,		Notional				Interest			Effective		Maturity		September 30,			December 31,			September 30,		December 31,
		2013		Amount				Rate			Date		Date		2013			2012			2013		2012
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,788			4.67	%		10/6/11		10/6/16		$	(147	)	$	(218	)	$	—	$	—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	7,594			4.34	%		2/6/12		10/6/16		(94		)	(157		)	—		—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	11,055			4.62	%		6/28/12		7/6/17		(69		)	(219		)	—		—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,860			5.8	%		7/17/13		3/1/16		(361		)	—			—		—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	32,400			3.15	%		7/17/13		9/5/15		(204		)	—			—		—
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	38,250			3.52	%		7/17/13		9/26/14		(195		)	—			—		—
	Interest Rate Swap	Deferred costs and other assets, net		$	17,742			5.24	%		8/30/12		8/30/17		—			(177		)	61		—
															$	(1,070	)	$	(771	)	$	61	$	—
Derivative Instruments Amounts Recorded in AOCL and Gain or (Loss) Reclassified Out of AOCL	'
	The following tables provide information about the amounts recorded in AOCL, as well as the gain or (loss) recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three and nine months ended September 30, 2013 and 2012, respectively (in thousands):
		Amount of Gain or (Loss) Recognized
		in AOCL on Derivative
		(Effective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Derivatives in Cash Flow Hedging Relationships	2013				2012				2013				2012
	Interest rate swaps	$	(320	)		$	(433	)		$	149			$	(873	)
		Amount of Loss Reclassified from
		AOCL into Operations
		(Effective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Location of Loss Reclassified from AOCL into Operations	2013				2012				2013				2012
	Interest expense	$	(120	)		$	(1,153	)		$	(309	)		$	(3,554	)
	General and administrative expense	$	—			$	(4,037	)		$	(22	)		$	(4,037	)
		Amount of Gain or (Loss) Recognized in
		Operations on Derivative
		(Ineffective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Location of (Loss) or Gain Recognized in Operations on Derivatives	2013				2012				2013				2012
	General and administrative expense	$	(22	)		$	(13	)		$	32			$	(13	)

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Financial Assets at Fair Value on Recurring Basis	'
	The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands):
					Fair Value Hierarchy Level
		Fair Value			Level 1			Level 2			Level 3
	September 30, 2013:
	Derivatives:
	Interest rate swaps financial liabilities	$	(1,070	)	$	—		$	(1,070	)	$	—
	Interest rate swap financial asset	61			—			61			—
	December 31, 2012:
	Derivatives:
	Interest rate swaps financial liabilities	$	(771	)	$	—		$	(771	)	$	—
Assets at Fair Value on Nonrecurring Basis	'
	The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of September 30, 2013 and December 31, 2012 (in thousands):
								Fair Value Hierarchy Level							Impairment
	Description	Fair Value			Dispositions			Level 1			Level 2		Level 3		Charges
	September 30, 2013:
	Long-lived assets held and used	$	8,134		$	—		$	—		$	—	$	8,134	$	(1,481	)
	Lease intangible assets	—			—			—			—		—		(487		)
	Long-lived assets held for sale	33,404			(1,157		)	—			—		34,561		(4,066		)
															$	(6,034	)
	December 31, 2012:
	Long-lived assets held and used	$	27,449		$	(425	)	$	—		$	—	$	27,874	$	(7,404	)
	Lease intangible assets	—			—			—			—		—		(2,680		)
	Long-lived assets held for sale	4,184			(7,983		)	—			—		12,167		(3,648		)
															$	(13,732	)
Fair Value Information for Financial Instruments	'
	The following table discloses fair value information for these financial instruments (in thousands):
		September 30, 2013						December 31, 2012
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Loans receivable, net	$	119,009		$	126,262		$	51,862		$	69,926
	Revolving credit facilities	151,508			148,910			—			—
	Mortgages and notes payable	3,454,935			3,648,134			1,894,878			2,112,670

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Net Gains or Losses from Discontinued Operations	'
	The net gains or losses from the real estate dispositions as well as the current and prior operations have been reclassified to discontinued operations as summarized below (dollars in thousands):
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013			2012
	Revenues	$	3,016		$	3,171	$	6,967		$	8,974
	Expenses:
	General and administrative	(13		)	16		(1		)	194
	Property costs	362			142		513			349
	Interest	47			140		241			408
	Depreciation and amortization	769			1,758		3,139			5,171
	Impairments	1,963			1,070		4,066			3,192
	Total expenses	3,128			3,126		7,958			9,314
	(Loss) gain from discontinued operations before other income	(112		)	45		(991		)	(340		)
	Other income:
	Gain on debt extinguishment	—			—		1,028			—
	Other	23			—		68			—
	Total other income	23			—		1,096			—
	(Loss) income from discontinued operations	(89		)	45		105			(340		)
	Gain on dispositions of real estate	1,237			1,021		1,226			2,390
	Total discontinued operations	$	1,148		$	1,066	$	1,331		$	2,050
	Number of properties disposed of during period	7			7		17			25

Loss_Per_Share_Tables

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Computation of Basic and Diluted Loss Per Share	'
	The table below is a reconciliation of the numerator used in the computation of basic and diluted loss per share (dollars in thousands):
		Three Months							Nine Months
		Ended September 30,							Ended September 30,
		2013				2012			2013			2012
	Loss from continuing operations	$	(23,056	)		$	(50,925	)	$	(43,240	)	$	(73,093	)
	Less: preferred dividends	—				—			—			(8		)
	Loss from continuing operations attributable to common stockholders	(23,056		)		(50,925		)	(43,240		)	(73,101		)
	Income from discontinued operations	1,148				1,066			1,331			2,050
	Net loss attributable to common stockholders	$	(21,908	)		$	(49,859	)	$	(41,909	)	$	(71,051	)
	Weighted average common shares outstanding:
	Basic and diluted	329,527,874				55,909,384			216,749,378			51,496,427
Weighted Average Number of Shares of Potentially Dilutive Securities	'
	The weighted average number of shares of potentially dilutive securities were as follows:
		Three Months						Nine Months
		Ended September 30,						Ended September 30,
		2013			2012			2013		2012
	Convertible Term Note debt	—			43,170,510			—		45,171,111
	Non-vested shares of restricted stock	607,505			2,586			761,617		869
	Non-vested performance shares	94,711			—			31,917		—
	Potentially dilutive shares	702,216			43,173,096			793,534		45,171,980

Organization_Additional_Inform

Organization - Additional Information (Detail) (USD $)

0 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

Share data in Millions, unless otherwise specified

Jul. 17, 2013

Jun. 19, 2013

Sep. 25, 2012

Sep. 30, 2013

Sep. 30, 2012

Oct. 02, 2013

Sep. 30, 2013

Jun. 19, 2013

Jul. 17, 2013

Jul. 17, 2013

Jan. 22, 2013

Jan. 22, 2013

Jul. 17, 2013

Jul. 17, 2013

Sep. 30, 2013

Sep. 30, 2013

Property

Agreement

Property

Multi-Tenant Properties

Commercial Mortgage Backed Securities

New Credit Facility

Spirit

Secured term loan facility

Senior Secured Revolving Credit Facility

GACC

Barclays

General Partner

Limited Partner

special_purpose_entity

Property

Property

Commercial Mortgage Backed Securities

Commercial Mortgage Backed Securities

mortgage

Property

Property

Summary Of Business And Significant Accounting Policies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial public offering

'

'

29

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional shares issued upon underwriters exercise of over-allotment option

'

'

'

'

'

4.4

'

'

'

'

'

'

'

'

'

'

Outstanding principal balance of loan

'

'

$330,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage ownership of operating partnership

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

99.00%

Number of real estate properties acquired

'

'

'

'

'

'

'

'

'

747

'

'

'

'

'

'

Number of mortgages acquired

'

'

'

'

'

'

'

'

'

69

'

'

'

'

'

'

Real estate investment acquired

'

'

'

'

'

'

'

'

'

3,600,000,000

'

'

'

'

'

'

Mortgages payable assumed

'

'

'

'

'

'

'

'

'

1,800,000,000

'

'

'

'

'

'

Line of credit facility maximum borrowing capacity

'

'

'

'

'

'

'

203,000,000

400,000,000

'

575,000,000

50,000,000

100,900,000

102,100,000

'

'

Maximum borrowing capacity of terminated line of credit

100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional Line of credit facility

'

400,000,000

'

266,705,000

0

'

'

'

'

'

'

'

'

'

'

'

Number of new loan agreements

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extension term

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

Number of special purpose entities entered into loan agreements

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties collateralized

'

'

'

'

'

'

'

'

'

'

'

'

24

26

'

'

Number of properties acquired

80

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire real estate

'

'

'

175,800,000

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate disposed

'

'

'

17

[1],[2]

'

'

2

'

'

'

'

'

'

'

'

'

Disposition sales price

'

'

'

'

'

'

263,500,000

'

'

'

'

'

'

'

'

'

Mortgage loan related to property

'

'

'

'

'

'

$148,200,000

'

'

'

'

'

'

'

'

'

[1]

The total accumulated depreciation and amortization associated with dispositions of real estate was $8.2 million for the nine months ended September 30, 2013.

[2]

The balance includes a real estate property surrendered to a lender resulting in a gain on debt extinguishment of approximately $1.0 million

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Reserves for uncollectible amounts	'	$4.90	$3.60
Accounts receivable	15.3	15.3	7.6
Provision for losses	'	8.8	15.3
Accrued rental revenue receivables	31.1	31.1	22.7
Decrease in allowance for straight-line rent	10.9	'	'
Allowance for loan losses	4.7	4.7	5.1
Loan placed on non accrual status, past due days	'	'	'60 days
Restricted cash and deposits in escrow	39.6	39.6	34.7
Deposit in collateral account	'	'	8
Deposits to Lender As Condition to Merger	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Restricted cash	8.1	8.1	'
Proceeds Related to Property Dispositions	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Restricted cash	7.5	7.5	'
Mortgages	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Loans on non accruals status	2	2	2
Notes	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Loans on non accruals status	1	1	1
IPO	'	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'	'
Restricted cash and deposits in escrow	'	'	9.7
Restricted cash deposited to secure lenders	$9.70	$9.70	'

Merger_with_Cole_II_Narrative_

Merger with Cole II Narrative (Details) (USD $)	9 Months Ended			9 Months Ended			0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Jul. 17, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Jul. 17, 2013	Sep. 30, 2013	Jul. 17, 2013
				In-place Leases	Above Market Leases	Below-Market Leases	Cole II	New Spirit Common Stock	New Spirit Common Stock
							loan	Cole II	Cole II
							Property
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'	'
Number of Businesses Acquired	'	'	'	'	'	'	747	'	'
Number of mortgages acquired	'	'	'	'	'	'	69	'	'
Common stock, par value per share	$0.01	$0.01	$0.01	'	'	'	'	'	$0.01
Business Combination, Shares, Conversion Ratio	'	'	'	'	'	'	'	1.9048	'
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Percentage After Conversion	'	'	'	'	'	'	'	'	44.00%
Spirit Realty Capital share price	'	'	'	'	'	'	$18.50	'	'
Inverse of exchange ratio	'	'	'	'	'	'	-0.525	'	'
Weighted average useful life	'15 years 8 months 12 days	'	'	'14 years 1 month 6 days	'11 years 1 month 6 days	'21 years	'	'	'
Goodwill	$290,055	'	$0	'	'	'	$290,100	'	'

Merger_with_Cole_II_Preliminar

Merger with Cole II Preliminary Allocation of Purchase Price Consideration (Details) (Cole II, USD $)	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Jul. 17, 2013
Cole II	'
Business Acquisition [Line Items]	'
Cole II shares outstanding	208,570,007
Inverse of exchange ratio	0.525
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	109,499,254
Spirit Realty Capital share price	$18.50
Consideration paid	$2,025,737

Merger_with_Cole_II_Fair_Value

Merger with Cole II Fair Values of Assets Acquired and Liabilities Assumed (Details) (Cole II, USD $)	Jul. 17, 2013
In Thousands, unless otherwise specified
Cole II	'
Assets	'
Land and improvements	$944,060
Buildings and improvements	2,204,704
Real estate investments under direct financing leases, net	58,765
Loans receivable, net	81,433
Intangible lease assets, net	482,321
Net investments	3,771,283
Cash and cash equivalents	9,400
Deferred costs and other assets, net	12,278
Total assets	3,792,961
Liabilities	'
Revolving credit facilities	324,111
Mortgages and notes payable, net	1,512,029
Intangible lease liabilities	190,330
Accounts payable, accrued expenses and other liabilities	30,809
Total liabilities	2,057,279
Estimated fair value of net assets acquired	$1,735,682

Merger_with_Cole_II_Pro_Forma_

Merger with Cole II Pro Forma Information (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Business Acquisition, Pro Forma Information [Abstract]	'	'	'	'	'
Nonrecurring pro forma adjustments	'	$45,071,000	$0	$56,629,000	$0
Cole II	'	'	'	'	'
Business Acquisition, Pro Forma Information [Abstract]	'	'	'	'	'
Revenue of acquiree since acquisition date	52,300,000	'	'	'	'
Earnings of acquiree since acquisition date	8,300,000	'	'	'	'
Total revenues	'	148,100,000	133,924,000	420,712,000	402,058,000
Net loss attributable to common stockholders	'	26,280,000	16,264,000	57,799,000	38,976,000
Cole II | Acquisition-related Costs	'	'	'	'	'
Business Acquisition, Pro Forma Information [Abstract]	'	'	'	'	'
Nonrecurring pro forma adjustments	'	$44,952,000	($4,338,000)	$71,369,000	($14,888,000)

Investments_Additional_Informa

Investments - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013		Dec. 31, 2012
	State		Property
	Property
Investment [Line Items]	'		'
Real estate properties and loans, gross	$7,095,549,000	[1]	$3,654,925,000	[1]
Real estate assets held for sale	2,083		1,207
Properties dispersed geographically	48		'
Number of states exceeding disclosure threshold	1		'
Minimum percentage of investment in real estate properties	10.00%		'
Number of owned real estate properties	1,932		1,122
Securing mortgage properties	151		85
Securing mortgage properties carrying amount	118,500,000		40,100,000
Other Loan Receivable with aggregate carrying value	$500,000		$11,800,000
Properties vacant	'		'
Investment [Line Items]	'		'
Number of properties	18		'
Property Held For Sale	'		'
Investment [Line Items]	'		'
Number of properties	2		5
Texas	'		'
Investment [Line Items]	'		'
Percentage of investment in real estate properties	12.90%		'
[1]	The dollar amount of investments includes the gross investment in land, buildings and lease intangibles, as adjusted for any impairment, related to properties owned and the carrying amount of loans receivable and real estate assets held under direct financing leases.

Gross_Real_Estate_and_Loan_Act

Gross Real Estate and Loan Activity (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
	Property
Number of Properties Owned or Financed	'
Balance, December 31, 2012	1,207
Acquisitions/improvements and loan originations - Non-merger	80
Acquisitions/improvements and loan originations - Cole/Merger	816
Dispositions of real estate	-17	[1],[2]
Principal payments and payoffs	-3
Impairments	0
Loan premium amortization and other	0
Balance, September 30, 2013	2,083
Dollar Amount of Investments	'
Balance, December 31, 2012	$3,654,925	[3]
Acquisitions/improvements and loan originations - Non-merger	176,620	[3]
Acquisitions/improvements and loan originations - Cole/Merger	3,581,131	[3]
Dispositions of real estate	-296,601	[1],[2],[3]
Principal payments and payoffs	-13,956	[3]
Impairments	-5,951	[3]
Loan premium amortization and other	-619	[3]
Balance, September 30, 2013	$7,095,549	[3]
[1]	The total accumulated depreciation and amortization associated with dispositions of real estate was $8.2 million for the nine months ended September 30, 2013.
[2]	The balance includes a real estate property surrendered to a lender resulting in a gain on debt extinguishment of approximately $1.0 million
[3]	The dollar amount of investments includes the gross investment in land, buildings and lease intangibles, as adjusted for any impairment, related to properties owned and the carrying amount of loans receivable and real estate assets held under direct financing leases.

Gross_Real_Estate_and_Loan_Act1

Gross Real Estate and Loan Activity (Parenthetical) (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'
Accumulated depreciation and amortization associated with dispositions of real estate	$8,200,000	'
Gain on debt extinguishment	$1,028,000	($32,522,000)

Investment_in_Direct_Financing

Investment in Direct Financing Leases (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'
Minimum lease payments receivable	$20,502	'
Estimated residual value of leased assets	57,739	'
Unearned income	-19,398	'
Total	$58,843	$0

Activity_in_Real_Estate_Assets

Activity in Real Estate Assets Held for Sale (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
	Property
Number of Properties	'
Balance, December 31, 2012	7
Transfers from real estate investments	9
Sales (Note 12)	-8
Balance, September 30, 2013	8
Carrying Value	'
Balance, December 31, 2012	$5,898
Transfers from real estate investments	86,604
Sales (Note 12)	-5,811
Balance, September 30, 2013	$86,691

Summary_of_Total_Impairment_Lo

Summary of Total Impairment Losses Recognized (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'	'	'
Real estate and intangible asset impairment	$1,963	$1,070	$5,547	$8,518
Write-off of lease intangibles due to lease terminations	0	0	488	2,809
Loans receivable recovery	0	0	-367	-180
Total impairment loss continuing and discontinued operations	$1,963	$1,070	$5,668	$11,147

Lease_Intangibles_Net_Addition

Lease Intangibles, Net - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Capital Leased Assets [Line Items]	'	'
Amortization amount to rental revenue for capitalized leases	$1.50	$1
Amortization amount to rental revenue for capitalized leases due to merger	0.5	'
In-place Leases	'	'
Capital Leased Assets [Line Items]	'	'
Leases amortization expenses	19.8	13.4
Lease amortization expense due to merger	$6.50	'

Lease_Intangible_Assets_and_Li

Lease Intangible Assets and Liabilities (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Capital Leased Assets [Line Items]	'	'
Less: accumulated amortization	($124,183)	($105,169)
Intangible lease assets, net	614,436	187,362
Less: accumulated amortization	-19,882	-16,335
Intangible lease liabilities, net	213,918	45,603
In-place Leases	'	'
Capital Leased Assets [Line Items]	'	'
Intangible lease assets, gross	650,126	271,392
Above-Market Lease	'	'
Capital Leased Assets [Line Items]	'	'
Intangible lease assets, gross	88,493	21,139
Below-Market Leases	'	'
Capital Leased Assets [Line Items]	'	'
Below-market leases	$233,800	$61,938

Debt_Summarized_Debt_Details

Debt Summarized Debt (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'		'
Long-term Debt, Gross	$3,604,034		$1,952,089
Unamortized net debt premium (discount)	2,409		-57,211
Total debt, net	3,606,443		1,894,878
Revolving credit facilities	'		'
Debt Instrument [Line Items]	'		'
Weighted Average Effective Interest Rates	4.92%	[1]	'
Long-term Debt, Gross	151,508		0
Master trust notes	'		'
Debt Instrument [Line Items]	'		'
Weighted Average Effective Interest Rates	6.54%	[1]	'
Long-term Debt, Gross	918,073		937,395
CMBS - fixed-rate	'		'
Debt Instrument [Line Items]	'		'
Weighted Average Effective Interest Rates	5.26%	[1]	'
Long-term Debt, Gross	2,403,340		963,663
CMBS - variable-rate	'		'
Debt Instrument [Line Items]	'		'
Weighted Average Effective Interest Rates	4.71%	[1],[2]	'
Long-term Debt, Gross	129,638	[2]	49,460	[2]
Unsecured fixed rate promissory note	'		'
Debt Instrument [Line Items]	'		'
Weighted Average Effective Interest Rates	9.90%	[1]	'
Long-term Debt, Gross	$1,475		$1,571
[1]	The effective interest rates include amortization of debt discount, amortization of deferred financing costs, and related debt insurer premiums, where applicable, calculated as of September 30, 2013.
[2]	Variable-rate notes are predominately hedged with interest rate swaps (see Note 7).

Debt_Revolving_Credit_Faciliti

Debt Revolving Credit Facilities (Details) (USD $)

9 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

1 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Jul. 17, 2013

Sep. 30, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2013

Mar. 31, 2013

Mar. 31, 2013

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Revolving Credit Facility

Revolving Credit Facility

Revolving Credit Facility

Revolving Credit Facility

Revolving Credit Facility

Revolving Credit Facility

Property

Minimum

Maximum

Base Rate

Base Rate

LIBOR

LIBOR

Interest Expense

Special Purpose Entity

Special Purpose Entity

Special Purpose Entity

Special Purpose Entity

credit_advance

Minimum

Maximum

Minimum

Maximum

credit_advance

Prime Rate

Floor Rate

Property

Line of Credit Facility [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Term

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'24 months

'

'

'

Line of credit facility maximum borrowing capacity

'

'

'

$400,000,000

'

'

'

'

'

'

'

$100,000,000

'

$25,000,000

'

'

'

Extension term

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spreadh on variable rate

'

'

'

'

'

'

'

1.00%

2.00%

2.00%

3.00%

'

'

'

'

0.50%

4.00%

Commitment fee on unused capacity

'

'

'

'

'

0.25%

0.35%

'

'

'

'

'

'

'

'

'

'

Commitment fee

'

'

'

'

200,000

'

'

'

'

'

'

'

200,000

'

'

'

'

Deferred finance costs, net

12,500,000

'

3,800,000

'

4,200,000

'

'

'

'

'

'

'

'

'

'

'

'

Amount outstanding

151,508,000

'

0

'

120,000,000

'

'

'

'

'

'

'

'

'

31,500,000

'

'

Number of separate advances

'

'

'

'

2

'

'

'

'

'

'

'

'

4

'

'

'

Number of properties securing borrowings

'

'

'

'

280

'

'

'

'

'

'

'

'

34

'

'

'

Weighted Average Effective Interest Rates

'

'

'

'

4.73%

'

'

'

'

'

'

'

'

5.62%

'

'

'

Repayments of Lines of Credit

115,197,000

0

'

'

'

'

'

'

'

'

'

40,000,000

'

'

'

'

'

Additional loan commitment

'

'

'

'

'

'

'

'

'

'

'

50,000,000

'

'

'

'

'

Repayments of line of credit interest and fees

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

Amortization of deferred financing costs

12,457,000

2,550,000

'

'

'

'

'

'

'

'

'

1,700,000

'

'

'

'

'

Maximum borrowing capacity increase

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$40,000,000

'

'

Debt_CMBS_Details

Debt CMBS (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
	loan
	Property
Debt Instrument [Line Items]	'		'
Long-term debt gross	$3,604,034		$1,952,089
CMBS - fixed-rate	'		'
Debt Instrument [Line Items]	'		'
Number of loans secured by mortgage on leased properties and related assets	198		'
Effective percentage rate minimum	3.90%		'
Effective percentage rate maximum	8.39%		'
Long-term debt gross	2,403,340		963,663
Number of properties securing borrowings	893		'
CMBS - variable-rate	'		'
Debt Instrument [Line Items]	'		'
Number of loans secured by mortgage on leased properties and related assets	8		'
Effective percentage rate minimum	2.68%		'
Effective percentage rate maximum	4.75%		'
Long-term debt gross	$129,638	[1]	$49,460	[1]
Number of properties securing borrowings	77		'
[1]	Variable-rate notes are predominately hedged with interest rate swaps (see Note 7).

Debt_Master_Trust_Notes_Detail

Debt Master Trust Notes (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified			Master trust notes	Master trust notes	Master trust notes	Master trust notes	Master trust notes	Master trust notes	Minimum	Maximum
			Property		Series 2005-1 Notes Tranche A-1 Due 2020	Series 2005-1 Notes Tranche A-2 Due 2020	Series 2006-1 Notes Due 2021	Series 2007-1 Notes Due 2020	Master trust notes	Master trust notes
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'	'
Stated interest rate	'	'	'	'	5.05%	5.37%	5.76%	5.74%	'	'
Long-term debt gross	$3,604,034	$1,952,089	$918,073	$937,395	$102,700	$258,300	$239,900	$317,200	'	'
Debt insurer premiums on outstanding principal amount	'	'	'	'	'	'	'	'	0.30%	0.32%
Number of properties securing borrowings	'	'	626	'	'	'	'	'	'	'

Debt_Maturities_of_Mortgages_a

Debt Maturities of Mortgages and Notes Payable, Including Balloon Payments (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Total	$3,606,443	$1,894,878
Mortgages and Notes Payable	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
2013	18,292	'
2014	127,168	'
2015	326,725	'
2016	938,892	'
2017	987,422	'
Thereafter	1,205,535	'
Total	3,604,034	'
Mortgages and Notes Payable | Scheduled Principal	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
2013	13,292	'
2014	54,907	'
2015	55,578	'
2016	49,087	'
2017	42,428	'
Thereafter	146,225	'
Total	361,517	'
Mortgages and Notes Payable | Balloon Payment	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
2013	5,000	'
2014	72,261	'
2015	271,147	'
2016	889,805	'
2017	944,994	'
Thereafter	1,059,310	'
Total	3,242,517	'
Mortgages and Notes Payable | 2018	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	95,800	'
Mortgages and Notes Payable | 2019	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	39,500	'
Mortgages and Notes Payable | 2020	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	294,500	'
Mortgages and Notes Payable | 2021	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	167,500	'
Mortgages and Notes Payable | 2022	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	292,200	'
Mortgages and Notes Payable | 2023	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	$169,800	'

Interest_Expense_and_Related_B

Interest Expense and Related Borrowings (Detail) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012		Dec. 31, 2012
Schedule Of Interest Expenses [Line Items]	'		'		'		'		'
Amortization of deferred financing costs	$2,327,000	[1]	$837,000	[1]	$12,457,000	[1]	$2,550,000	[1]	'
Amortization of net losses related to interest rate swap	0		1,081,000		0		3,415,000		'
Amortization of debt discount	'		'		5,588,000		7,726,000		'
Total interest expense	50,386,000		41,975,000		126,376,000		122,938,000		'
Deferred finance costs, net	12,500,000		'		12,500,000		'		3,800,000
Proposed Merger	'		'		'		'		'
Schedule Of Interest Expenses [Line Items]	'		'		'		'		'
Amortization of deferred financing costs	'		'		9,500,000		'		'
Term Loan Payable Net	'		'		'		'		'
Schedule Of Interest Expenses [Line Items]	'		'		'		'		'
Interest expense	0		6,210,000		0		19,925,000		'
Revolving Credit Facilities	'		'		'		'		'
Schedule Of Interest Expenses [Line Items]	'		'		'		'		'
Interest expense	1,196,000		0		1,572,000		0		'
Deferred finance costs, net	4,200,000		'		4,200,000		'		'
Mortgages and Notes Payable	'		'		'		'		'
Schedule Of Interest Expenses [Line Items]	'		'		'		'		'
Interest expense	47,196,000		29,879,000		106,284,000		89,313,000		'
Other Interest Expense	'		'		'		'		'
Schedule Of Interest Expenses [Line Items]	'		'		'		'		'
Interest expense	8,000		1,000		475,000		9,000		'
Interest Expense	'		'		'		'		'
Schedule Of Interest Expenses [Line Items]	'		'		'		'		'
Amortization of debt discount	($341,000)	[2]	$3,967,000	[2]	$5,588,000	[2]	$7,726,000	[2]	'
[1]	Includes $9.5 million arising from financing commitments related to the Merger for the nine months ended September 30, 2013.
[2]	Income recognized for the three months ended September 30, 2013 is attributable to the amortization of debt premiums recorded on debt assumed in the Merger and recorded at fair value under purchase accounting.

Summary_of_Notional_Amount_and

Summary of Notional Amount and Fair Value of Derivative Instruments (Detail) (Designated as Hedging Instrument, Interest Rate Swap, USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Fair Value of Liability	($1,070)	($771)
Fair Value of Asset	61	0
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 1	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional Amount	6,788	'
Interest Rate	4.67%	'
Fair Value of Liability	-147	-218
Fair Value of Asset	0	0
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 2	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional Amount	7,594	'
Interest Rate	4.34%	'
Fair Value of Liability	-94	-157
Fair Value of Asset	0	0
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 3	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional Amount	11,055	'
Interest Rate	4.62%	'
Fair Value of Liability	-69	-219
Fair Value of Asset	0	0
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 4	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional Amount	6,860	'
Interest Rate	5.80%	'
Fair Value of Liability	-361	0
Fair Value of Asset	0	0
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 5	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional Amount	32,400	'
Interest Rate	3.15%	'
Fair Value of Liability	-204	0
Fair Value of Asset	0	0
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 6	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional Amount	38,250	'
Interest Rate	3.52%	'
Fair Value of Liability	-195	0
Fair Value of Asset	0	0
Deferred costs and other assets, net | Derivative Instrument 7	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional Amount	17,742	'
Interest Rate	5.24%	'
Fair Value of Liability	0	-177
Fair Value of Asset	$61	$0

Derivative_Instruments_Amounts

Derivative Instruments Amounts Recorded in AOCL and Gain or (Loss) Reclassified Out of AOCL (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest Expense	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	($120)	($1,153)	($309)	($3,554)
General and Administrative Expense	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	0	-4,037	-22	-4,037
Amount of Gain or (Loss) Recognized in Operations on Derivative (Ineffective Portion)	-22	-13	32	-13
Cash Flow Hedging | Interest Rate Swap	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Gain or (Loss) Recognized in AOCL on Derivative (Effective Portion)	($320)	($433)	$149	($873)

Derivative_and_Hedging_Activit2

Derivative and Hedging Activities - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'
Loss from cash net settlement of the off-market financing element associated with the derivatives from merger	$0.10	$0.10
Derivative instruments loss estimated to be reclassified from accumulated OCI as an increase to interest expense	'	$0.40

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 25, 2013	Jul. 17, 2013	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Equity [Abstract]	'	'	'	'	'	'	'	'
Conversion ratio	'	1.9048	'	'	'	'	'	'
Stock, shares authorized	'	'	490,000,000	'	'	490,000,000	'	120,000,000
Common stock, shares authorized	'	'	470,000,000	'	'	470,000,000	'	100,000,000
Common stock, par value per share	'	$0.01	$0.01	'	'	$0.01	'	$0.01
Preferred stock, shares authorized	'	'	20,000,000	'	'	20,000,000	'	20,000,000
Preferred stock par value	'	'	$0.01	'	'	$0.01	'	$0.01
Dividends declared per common share issued (in dollars per share)	'	'	$0.16	$0	$0.63	$0.49	$0	'
Daily dividends declared per common share (in dollars per share)	'	'	$0.00	'	'	'	'	'
Daily dividends declared per common share issued adjusted for exchange ratio (in dollars per share)	'	'	$0.00	'	$0.33	'	'	'
Shares withheld for taxes	200,000	'	'	'	'	'	'	'
Shares withheld for taxes, value	$1.90	'	'	'	'	'	'	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]	'	'
Total commitments	$54.50	'
Total commitments relating to future acquisitions	48.7	'
Total commitments expected to be funded by December 31, 2013	50.6	'
Contingently liable amount of debt owed by tenant	5.7	'
Estimated remediation liability	$0.10	$0.10

Financial_Assets_at_Fair_Value

Financial Assets at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair Value of financial liabilities	($1,070)	($771)
Fair Value of financial assets	61	'
Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair Value of financial liabilities	0	0
Fair Value of financial assets	0	'
Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair Value of financial liabilities	-1,070	-771
Fair Value of financial assets	61	'
Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair Value of financial liabilities	0	0
Fair Value of financial assets	$0	'

Assets_at_Fair_Value_on_Nonrec

Assets at Fair Value on Nonrecurring Basis (Detail) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value, Measurements, Nonrecurring

Fair Value

Fair Value

Level 1

Level 1

Level 2

Level 2

Level 3

Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-lived assets held and used, Fair Value

'

'

'

'

'

'

$8,134

$27,449

$0

$0

$0

$0

$8,134

$27,874

Lease intangible assets, Fair Value

'

'

'

'

'

'

0

0

0

0

0

0

0

0

Long-lived assets held for sale, Fair Value

'

'

'

'

'

'

33,404

4,184

0

0

0

0

34,561

12,167

Long-lived assets held and used, Disposition

'

'

'

'

0

-425

'

'

'

'

'

'

'

'

Lease intangible assets, Disposition

'

'

'

'

0

0

'

'

'

'

'

'

'

'

Long-lived assets held for sale, Disposition

'

'

'

'

-1,157

-7,983

'

'

'

'

'

'

'

'

Long-lived assets held and used, Impairment Charges

'

'

'

'

-1,481

-7,404

'

'

'

'

'

'

'

'

Lease intangible assets, Impairment Charges

'

'

'

'

-487

-2,680

'

'

'

'

'

'

'

'

Long-lived assets held for sale, Impairment Charges

'

'

'

'

-4,066

-3,648

'

'

'

'

'

'

'

'

Total Impairment Charges

($1,963)

($1,070)

($5,668)

($11,147)

($6,034)

($13,732)

'

'

'

'

'

'

'

'

Fair_Value_Information_for_Fin

Fair Value Information for Financial Instruments (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Carrying Value	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans receivable, net	$119,009	$51,862
Revolving credit facilities	151,508	0
Mortgages and notes payable	3,454,935	1,894,878
Estimated Fair Value	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans receivable, net	126,262	69,926
Revolving credit facilities	148,910	0
Mortgages and notes payable	$3,648,134	$2,112,670

Significant_Credit_and_Revenue1

Significant Credit and Revenue Concentration - Additional Information (Detail)	1 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Revenue, Major Customer [Line Items]	'	'	'	'
Number of tenants	354	354	'	165
Shopko And Pamida	'	'	'	'
Revenue, Major Customer [Line Items]	'	'	'	'
Rental revenue in percentage of total revenue	14.50%	21.00%	26.00%	'
Rental revenue by combined properties operated by tenants	'	14.60%	'	28.40%

Net_Gains_or_Losses_from_Disco

Net Gains or Losses from Discontinued Operations (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
	Property	Property	Property	Property
Discontinued Operations and Disposal Groups [Abstract]	'	'	'	'
Revenues	$3,016	$3,171	$6,967	$8,974
Expenses:	'	'	'	'
General and administrative	-13	16	-1	194
Property costs	362	142	513	349
Interest	47	140	241	408
Depreciation and amortization	769	1,758	3,139	5,171
Impairments	1,963	1,070	4,066	3,192
Total expenses	3,128	3,126	7,958	9,314
Gain (loss) from discontinued operations before other income	-112	45	-991	-340
Other income:	'	'	'	'
Gain on debt extinguishment	0	0	1,028	0
Other	23	0	68	0
Total other income	23	0	1,096	0
Income (loss) from discontinued operations	-89	45	105	-340
Gain on dispositions of real estate	1,237	1,021	1,226	2,390
Income from discontinued operations	$1,148	$1,066	$1,331	$2,050
Number of properties disposed of during period	7	7	17	25

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information - Additional Information (Detail) (USD $)	1 Months Ended	9 Months Ended		12 Months Ended	9 Months Ended
	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Jul. 17, 2013
					Real Estate Properties	Real Estate Properties	Spirit	Spirit
Schedule Of Supplemental Cash Flow [Line Items]	'	'	'	'	'	'	'	'
Assets acquired net	'	'	'	'	'	'	'	$1,740,000,000
Equity interests issued	'	'	'	'	'	'	'	2,030,000,000
Repayment of mortgages and notes payable	'	33,339,000	31,594,000	'	149,200,000	2,600,000	'	'
Proceeds from dispositions of real estate and other assets	'	135,270,000	19,736,000	'	'	'	148,200,000	'
Surrendered real estate property totaling	'	'	'	'	6,900,000	'	'	'
Mortgage note payable	'	'	'	'	7,900,000	'	'	'
Common stock dividend declared	50,200,000	'	'	'	'	'	'	'
Deferred offering costs	'	1,100,000	5,200,000	'	'	'	'	'
Converted debt	'	'	330,000,000	'	'	'	'	'
Repayment of acquisition costs	'	'	'	$700,000	'	'	'	'

Employee_Benefit_Incentive_Awa

Employee Benefit / Incentive Award Plan - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended			9 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Jun. 19, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
				Research and Development Expense	Research and Development Expense	Directors Officers And Employees [Member]	Stock Options	Non-vested shares of restricted stock	Performance Shares	Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'
Number of shares authorized under plan	5,938,498	5,938,498	'	'	'	'	'	'	'	'
Shares of common stock available for issuance	2,900,000	2,900,000	3,100,000	'	'	'	45,000	'	'	'
Grants in period (in shares)	'	'	'	'	'	400,000	'	'	'	'
Deferred compensation expense	$3.20	'	'	'	'	'	'	'	'	'
Outstanding non vested restricted shares	'	'	'	'	'	'	'	1,800,000	'	'
Stock-based compensation expense	4.1	4.1	'	2.8	6.9	'	'	'	'	'
Unamortized Stock Based Compensation Expense	'	'	'	'	'	'	'	'	$19.70	$15.70

Computation_of_Basic_and_Dilut

Computation of Basic and Diluted Loss Per Share (Detail) (USD $)	0 Months Ended	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Jul. 17, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]	'	'	'	'	'
Conversion ratio	1.9048	'	'	'	'
Loss from continuing operations attributable to common stockholders	'	($23,056)	($50,925)	($43,240)	($73,093)
Less: preferred dividends	'	0	0	0	-8
Loss from continuing operations attributable to common stockholders	'	-23,056	-50,925	-43,240	-73,101
Income from discontinued operations	'	1,148	1,066	1,331	2,050
Net loss attributable to common stockholders	'	($21,908)	($49,859)	($41,909)	($71,051)
Weighted average common shares outstanding:	'	'	'	'	'
Basic and diluted common shares	'	329,527,874	55,909,384	216,749,378	51,496,427

Weighted_Average_Number_of_Sha

Weighted Average Number of Shares of Potentially Dilutive Securities (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	702,216	43,173,095.85	793,534	45,171,980
Convertible Term Note debt	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	0	43,170,510.03	0	45,171,110.93
Non-vested shares of restricted stock	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	607,505	2,585.82	761,617	868.5888
Non-vested performance shares	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	94,711	0	31,917	0