Spirit Realty Capital 10-Q 6 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
Document Document And Entity Information [Abstract]	'	'
Entity Registrant Name	'SPIRIT REALTY CAPITAL, INC.	'
Trading Symbol	'SRC	'
Entity Central Index Key	'0001308606	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	'Q2	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	398,809,443

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate investments:	'	'
Land and improvements	$2,453,528	$2,330,510
Buildings and improvements	4,356,795	4,188,783
Total real estate investments	6,810,323	6,519,293
Less: accumulated depreciation	-679,453	-590,067
Real Estate Investment Property, Net	6,130,870	5,929,226
Loans receivable, net	113,321	117,721
Intangible lease assets, net	599,107	618,121
Real estate assets under direct financing leases, net	56,729	58,760
Real estate assets held for sale, net	40,955	19,611
Net investments	6,940,982	6,743,439
Cash and cash equivalents	120,976	66,588
Deferred costs and other assets, net	147,528	129,597
Goodwill	291,421	291,421
Total assets	7,500,907	7,231,045
Liabilities:	'	'
Revolving credit facilities, net	15,528	35,120
Mortgages and notes payable, net	3,202,853	3,743,098
Convertible senior notes, net	691,711	0
Intangible lease liabilities, net	216,714	220,114
Accounts payable, accrued expenses and other liabilities	111,753	114,679
Total liabilities	4,238,559	4,113,011
Commitments and contingencies (see Note 8)	'	'
Stockholders’ equity:	'	'
Common stock, $0.01 par value; 399,030,681 shares issued; 398,812,745 outstanding shares at June 30, 2014 and 370,570,565 shares issued; 370,363,803 outstanding shares at December 31, 2013	3,990	3,706
Capital in excess of par value	4,208,376	3,859,823
Accumulated deficit	-946,705	-742,915
Accumulated other comprehensive loss	-1,261	-638
Treasury stock, at cost	-2,052	-1,942
Total stockholders’ equity	3,262,348	3,118,034
Total liabilities and stockholders’ equity	$7,500,907	$7,231,045

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, par value per share (in USD per share)	$0.01	$0.01
Common stock, shares issued	399,030,681	370,570,565
Common stock, shares outstanding	398,812,745	370,363,803

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Rentals	$143,142	$70,050	$280,621	$139,826
Interest income on loans receivable	1,821	1,128	3,658	2,241
Earned income from direct financing leases	838	0	1,684	0
Tenant reimbursement income	2,921	0	6,240	0
Interest income and other	3,067	1,236	3,558	1,315
Total revenues	151,789	72,414	295,761	143,382
Expenses:	'	'	'	'
General and administrative	10,451	9,151	21,501	16,119
Finance restructuring costs	13,016	0	13,033	0
Merger costs	0	5,020	0	11,557
Property costs	6,576	327	11,858	1,267
Real estate acquisition costs	226	129	1,507	218
Interest	55,992	39,552	110,391	75,991
Depreciation and amortization	61,968	29,700	122,517	56,639
Impairments (recoveries)	27,627	-185	29,334	-185
Total expenses	175,856	83,694	310,141	161,606
Loss from continuing operations before other expense and income tax expense	-24,067	-11,280	-14,380	-18,224
Other expense:	'	'	'	'
Loss on debt extinguishment	-64,708	0	-64,708	0
Total other expense	-64,708	0	-64,708	0
Loss from continuing operations before income tax expense	-88,775	-11,280	-79,088	-18,224
Income tax expense	127	68	344	142
Loss from continuing operations	-88,902	-11,348	-79,432	-18,366
Discontinued operations:	'	'	'	'
Income (loss) from discontinued operations	279	-130	3,333	-1,624
Gain (loss) on dispositions of assets	92	-191	85	-11
Income (loss) from discontinued operations	371	-321	3,418	-1,635
Loss before dispositions of assets	-88,531	-11,669	-76,014	-20,001
(Loss) gain on dispositions of assets	-1,290	0	432	0
Net loss	($89,821)	($11,669)	($75,582)	($20,001)
Net (loss) income per share of common stock—basic and diluted:	'	'	'	'
Continuing operations (in USD per share)	($0.24)	($0.08)	($0.21)	($0.12)
Discontinued operations (in USD per share)	$0	$0	$0.01	($0.01)
Net loss (in USD per share)	($0.24)	($0.08)	($0.20)	($0.13)
Weighted average common shares outstanding:	'	'	'	'
Basic and Diluted (in shares)	381,775,203	159,430,126	375,266,233	159,425,775
Dividends declared per common share issued (in USD per share)	$0.17	$0.16	$0.33	$0.33

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net loss	($89,821)	($11,669)	($75,582)	($20,001)
Other comprehensive (loss) income:	'	'	'	'
Change in net unrealized (losses) or gains on cash flow hedges	-875	502	-1,277	470
Net cash flow hedge losses reclassified to operations	331	95	654	210
Total comprehensive loss	($90,365)	($11,072)	($76,205)	($19,321)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock Shares	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
In Thousands, except Share data, unless otherwise specified	USD ($)		USD ($)	USD ($)	USD ($)	USD ($)	USD ($)
Beginning balance at Dec. 31, 2013	$3,118,034	'	$3,706	$3,859,823	($742,915)	($638)	($1,942)
Beginning balance (in shares) at Dec. 31, 2013	'	370,570,565	'	'	'	'	-206,762
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Net loss	-75,582	'	'	'	'	'	'
Other comprehensive income	-623	'	'	'	'	-623	'
Dividends declared on common stock	-127,928	'	'	'	-127,928	'	'
Repurchase of common shares (in shares)	'	'	'	'	'	'	-11,174
Repurchase of common shares	-110	'	'	'	'	'	-110
Issuance of common shares (in shares)	'	28,024,320	'	'	'	'	'
Issuance of common shares	287,454	'	280	287,174	'	'	'
Embedded conversion premium of convertible notes	55,131	'	'	55,131	'	'	'
Exercise of stock options (in shares)	'	20,000	'	'	'	'	'
Exercise of stock options	183	'	'	183	'	'	'
Stock based compensation, net (in shares)	'	415,796	'	'	'	'	'
Stock-based compensation, net	5,789	'	4	6,065	-280	'	'
Ending balance at Jun. 30, 2014	$3,262,348	'	$3,990	$4,208,376	($946,705)	($1,261)	($2,052)
Ending balance (in shares) at Jun. 30, 2014	'	399,030,681	'	'	'	'	-217,936

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating activities	'	'
Net loss	($75,582)	($20,001)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	122,517	59,229
Impairments	29,334	3,704
Amortization of deferred financing costs	2,297	10,130
Amortization of interest rate hedge losses and derivative net settlements	-50	-32
Amortization of debt (premiums) discounts	-1,043	5,929
Stock-based compensation expense	5,484	4,102
Loss (gain) on debt extinguishment	64,708	-1,028
Debt extinguishment costs	-59,069	0
Gains on dispositions of real estate and other assets, net	-517	-207
Non-cash revenue	-8,344	-1,278
Other	242	192
Changes in operating assets and liabilities:	'	'
Deferred costs and other assets	-2,352	-2,284
Accounts payable, accrued expenses and other liabilities	-9,062	1,944
Net cash provided by operating activities	68,563	60,400
Investing activities	'	'
Acquisitions/investments in real estate	-345,109	-95,150
Collections of principal on loans receivable and real estate assets under direct financing leases	3,286	8,030
Proceeds from dispositions of real estate and other assets	14,218	4,947
Transfers of sale proceeds and loan principal collections (to) from restricted account	-13,054	10,589
Net cash used in investing activities	-340,659	-71,584
Financing activities	'	'
Borrowings under lines of credit	405,535	26,555
Repayments under lines of credit	-425,127	-63
Borrowings under mortgages and notes payable	757,500	35,140
Repayments under mortgages and notes payable	-553,882	-21,511
Deferred financing costs	-20,000	-8,123
Proceeds from issuance of common stock, net of offering costs	287,704	-293
Proceeds from exercise of stock options	183	0
Offering costs paid on equity component of convertible debt	-1,609	0
Purchase of treasury stock	-110	0
Consent fees paid to lenders	0	-1,586
Dividends paid to stockholders	-123,207	-54,757
Transfers (to) from escrow deposits with lenders	-503	285
Net cash provided by (used in) financing activities	326,484	-24,353
Net increase (decrease) in cash and cash equivalents	54,388	-35,537
Cash and cash equivalents, beginning of period	66,588	73,568
Cash and cash equivalents, end of period	$120,976	$38,031

Organization

Organization	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Organization	'
	Organization
	Company Organization and Operations
	Spirit Realty Capital, Inc. (the "Company") is a Maryland corporation and operates as a self-administered and self-managed REIT that seeks to generate and deliver sustainable and attractive returns for stockholders by investing primarily in and managing a portfolio of single-tenant, operationally essential real estate throughout the United States that is generally leased on a long-term, triple-net basis primarily to tenants engaged in retail, service and distribution industries. Single tenant, operationally essential real estate generally refers to free-standing, commercial real estate facilities where tenants conduct activities that are essential to the generation of their sales and profits.
	On July 17, 2013, the Company merged with and into Cole Credit Property Trust II, Inc. ("Cole II"), a Maryland Corporation, pursuant to the Merger Agreement ("Merger").
	The Company’s operations are carried out through its operating partnership, Spirit Realty, L.P. (the “Operating 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 Operating Partnership. The Company and a wholly-owned subsidiary are the sole limited partner and own the remaining 99.0% of the Operating Partnership.
	As of June 30, 2014, our undepreciated gross investment in real estate and loans totaled approximately $7.55 billion, representing investments in 2,369 properties, including properties securing our mortgage loans. Of this amount, 98.5% consisted of our gross investment in real estate, representing ownership of 2,224 properties, and the remaining 1.5% consisted of commercial mortgage loans receivable secured by the remaining 145 properties or other related assets.
	Recent Developments
	Common Stock and Convertible Notes Offerings
	On May 20, 2014, the Company completed a secondary public offering of 26,450,000 shares of the Company’s common stock (the "Shares"), par value $0.01 per share, pursuant to an underwriting agreement dated May 14, 2014 (the "Common Stock Offering"). The Shares sold in the offering include 3,450,000 shares of common stock sold to the underwriters pursuant to their 30-day option to purchase additional Shares of common stock to cover over-allotments, which was exercised in full on May 16, 2014.
	Concurrent with the Common Stock Offering, on May 20, 2014, the Company completed public offerings of $402.5 million aggregate principal amount of 2.875% Convertible Senior Notes due 2019 (the “2019 Notes”) and $345.0 million aggregate principal amount 3.75% Convertible Senior Notes due 2021 (the “2021 Notes” and, together with the 2019 Notes, the “Convertible Notes”), pursuant to an underwriting agreement dated May 14, 2014 ( the "Convertible Notes Offering"). The Convertible Notes sold in the offering include $52.5 million of the 2019 Notes and $45.0 million of the 2021 Notes sold to the underwriters pursuant to their 30-day option to purchase additional notes to cover over-allotments, which was exercised in full on May 16, 2014.
	The resulting net proceeds to the Company from the Common Stock Offering and Convertible Notes Offering were approximately $271.2 million and $726.2 million, respectively, after deducting the underwriting discount and other transaction costs. Net proceeds raised from the concurrent public offerings were partially used to extinguish senior mortgage notes payable with an aggregate principal balance of $509.8 million, redeem $18.0 million of net-lease mortgage notes which were not tendered in connection with the Exchange Offer, repay all amounts drawn against the Credit Facility and to fund future acquisitions and for general corporate purposes.
	Spirit Master Funding Notes Exchange Offer
	On May 20, 2014 (the “Settlement Date”), the Company completed its offer to exchange (the "Exchange Offer") any and all of certain net-lease mortgage notes, (the “Old Notes”) issued by one or more indirectly-owned special purpose, bankruptcy remote subsidiaries of the Company, for new notes under an amended trust indenture and property management agreement (the “New Notes”). The Exchange Offer was subject to a minimum tender condition of at least 98% of the outstanding principal of Old Notes. Of the $912.4 million of Old Notes outstanding on the Settlement Date, $894.4 million or 98% elected to exchange their Old Notes for New Notes and $18.0 million of the Old Notes not tendered were redeemed.
	The New Notes will maintain generally similiar structural terms as the Old notes. The New Notes bear interest at the same rate, amortize at a slower rate and have a 17 year extension of the legal final payment date (although the anticipated repayment date remains the same). The New Notes are not insured by third party financial guaranty insurance and the associated insurance premium was eliminated. The New Notes are secured by substantially all of the assets owned by these entities.
	Debt Defeasance
	On June 5, 2014, two indirectly owned subsidiaries of the Company defeased the loans outstanding under a master loan agreement. The original amount under the loan agreement was $545.7 million bearing interest at a fixed rate of 6.59% with a maturity date of June 5, 2016. On the defeasance date, the principal balance outstanding under the loan agreement was approximately $488.7 million. Prior to the defeasance date, the obligations under the loan agreement had been secured by 112 properties and rents therefrom leased to a significant tenant, which had an aggregate gross book value of approximately $917.7 million as of June 30, 2014. The Company funded the defeasance using a portion of the proceeds from the Convertible Notes Offering.
	At the Market Common Stock Offering Program
	On April 15, 2014, in connection with the commencement of a continuous equity offering, the Company filed with the Securities and Exchange Commission ("SEC") a prospectus supplement under which the Company may sell up to an aggregate of $350.0 million of shares from time to time in “at the market” offerings (the “ATM Program”). The Company may sell the shares in amounts and at times to be determined by the Company from time to time, but has no obligation to sell any of the shares in the ATM Program. The ATM Program will operate pursuant to an equity distribution agreement entered into by the Company and the Operating Partnership with a number of sales agents for the offer and sale of the shares. During the quarter ended June 30, 2014, the company sold 1,574,320 shares under the program, raising proceeds of approximately $16.6 million, net of $0.3 million in sales agent compensation.
	Acquisitions and dispositions
	During the six months ended June 30, 2014, the Company purchased 190 properties, representing an aggregate gross investment in real estate properties of $365.5 million, which includes $1.8 million in revenue producing follow on investments in existing properties. During the same period, the Company sold seven properties for $15.3 million in gross sales proceeds. See Note 3 for additional discussion of the Company's investments.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
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, Inc. and its consolidated subsidiaries have been prepared pursuant to the rules and regulations of the 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, 2013.
	The unaudited condensed consolidated financial statements include the accounts of Spirit Realty Capital, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
	The Company has formed numerous special purpose entities to acquire and hold real estate subject to mortgage notes payable (see Note 5). 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. At June 30, 2014 and December 31, 2013, assets totaling $6.3 billion and $6.1 billion, respectively, were held, and liabilities totaling $3.3 billion and $3.8 billion, respectively, were owed by these special purpose entities and are included in the accompanying condensed consolidated balance sheets.
	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 condensed 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 $5.4 million and $4.6 million at June 30, 2014 and December 31, 2013, respectively, against accounts receivable balances of $18.8 million and $14.3 million, respectively; receivables are recorded within deferred costs and other assets, net in the accompanying condensed consolidated balance sheets. For deferred 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 $10.8 million and $9.6 million at June 30, 2014 and December 31, 2013, respectively, against deferred rental revenue receivables of $42.0 million and $35.3 million, respectively. The Company's periodic review includes management’s estimates of amounts that will not be realized and an assessment of the risks inherent in the portfolio, giving consideration to historical experience and industry default rates for long-term receivables.
	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. There was no allowance for loan losses at June 30, 2014 or December 31, 2013.
	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 June 30, 2014 and December 31, 2013, there were no mortgages or notes on nonaccrual status.
	Restricted Cash and Escrow Deposits
	Restricted cash and deposits in escrow, classified within deferred costs and other assets, net in the accompanying condensed consolidated balance sheets consisted of the following at June 30, 2014 and December 31, 2013:
		June 30,		December 31,
		2014		2013
	Collateral deposits (1)	$	21,945	$	21,816
	Tenant improvements, repairs, and leasing commissions (2)	12,035		10,297
	Master trust release / title company escrow (3)	14,165		21,893
	Loan impounds (4)	2,239		2,018
	Other (5)	1,082		2,667
		$	51,466	$	58,691
	(1) Funds held in reserve by lenders which, at their sole discretion, can be applied to the repayment of debt.  Any funds remaining on deposit after the debt is paid in full are released to the borrower.
	(2) Deposits held by lenders that are reserved to fund tenant improvements/repairs on collateral properties or when leasing commissions are incurred to secure a new tenant.
	(3) Includes net sales proceeds from property dispositions held as collateral that can be released upon qualified re-investment.
	(4) Funds held in lender controlled accounts generally used to meet future debt service or certain property cost requirements.
	(5) Funds held in lender controlled accounts released within the following month after debt service requirements are met.
	A significant amount of these reserves were established in connection with obtaining lender consents relating to our initial public offering during 2012 and Merger during 2013.
	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 the Company 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 the Company's financial position or results of operations upon adoption.
	In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The Company has early adopted the provisions of ASU 2014-08 beginning with the period ended March 31, 2014, and has applied the provisions prospectively.
	In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers: Topic 606. This new guidance establishes a principles-based approach for accounting for revenue from contracts with customers. Lease contracts covered by Topic 840, Leases, are excluded from the scope of this new guidance. This new standard is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact of this new standard on its financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Investments	'
	Investments
	Real Estate Investments
	At June 30, 2014 and December 31, 2013, the Company’s gross investment in real estate properties and loans, including real estate assets held for sale, totaled approximately $7.55 billion and $7.24 billion, respectively. These investments are comprised of 2,369 and 2,186, respectively, owned or financed properties that are geographically dispersed throughout 49 states. Only one state, Texas, with a 13.0% investment, accounted for more than 10% of the total dollar amount of the Company’s investment portfolio. At June 30, 2014 and December 31, 2013, respectively, the Company’s gross investment portfolio was comprised of 2,224 and 2,041 owned properties. The Company also held 145 properties securing mortgage loans receivable with aggregate carrying amounts of $112.9 million and $117.3 million as of June 30, 2014 and December 31, 2013, respectively. Other unsecured loans receivable with aggregate carrying amounts of $0.4 million were also held as of June 30, 2014 and December 31, 2013.
	During the six months ended June 30, 2014, the Company had the following gross real estate and loan activity:
		Number of			Dollar
		Properties			Amount of
		Owned or			Investments (1)
		Financed
					(In Thousands)
	Balance, December 31, 2013	2,186			$	7,235,732
	Acquisitions/improvements	190			365,893
	Dispositions of real estate(2) (Note 11)	(7	)		(16,498		)
	Principal payments and payoffs	—			(3,136		)
	Impairments	—			(28,847		)
	Loan premium amortization and other	—			(4,045		)
	Balance, June 30, 2014	2,369			$	7,549,099
	(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.
	(2) The total accumulated depreciation and amortization associated with dispositions of real estate was $2.8 million for the six months ended June 30, 2014.
	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 June 30, 2014, 29 of the Company’s properties were vacant, not subject to a lease and in the Company’s possession; three of these properties were held for sale. At December 31, 2013, 21 properties were vacant, not subject to a lease and in the Company’s possession; six of these properties were held for sale.
	Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of operating leases at June 30, 2014 (in thousands):
	Scheduled Future Rental Payments	June 30,
		2014
	Remainder of 2014	$	282,376
	2015	557,731
	2016	540,709
	2017	525,579
	2018	510,083
	Thereafter	3,669,882
	Total future minimum rentals	$	6,086,360
	Because lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum rentals do not include any contingent rentals based on a percentage of the lessees' gross sales or lease escalations based on future changes in the consumer price index ("CPI").
	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.
	Loans Receivable
	The following table details loans receivable, net of premium, as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30,				December 31,
		2014				2013
	Mortgage - principal	$	99,203			$	102,315
	Mortgage - premium	13,713				14,976
	Mortgages, net	112,916				117,291
	Other notes - principal	405				430
	Total loans receivable, net	$	113,321			$	117,721
	Real Estate Assets Under Direct Financing Leases
	The components of investment assets held under direct financing leases as of June 30, 2014 and December 31, 2013 were as follows (in thousands):
		June 30,				December 31,
		2014				2013
	Minimum lease payments receivable	$	17,721			$	19,555
	Estimated residual value of leased assets	55,858				57,739
	Unearned income	(16,850		)		(18,534		)
	Total	$	56,729			$	58,760
	Real Estate Assets Held for Sale
	The following table shows the activity in real estate assets held for sale for the six months ended June 30, 2014:
		Number of			Carrying
		Properties			Value
					(In Thousands)
	Balance, December 31, 2013	11			$	19,611
	Transfers from real estate investments	6			29,290
	Sales (Note 11)	(5	)		(7,946		)
	Balance, June 30, 2014 (a)	12			$	40,955
	(a) Includes six properties with a net carrying amount of $29.1 million in which its operating results are reported in continuing operations.
	The following table is a reconciliation of the major classes of assets and liabilities from discontinued operations included in real estate assets held for sale on the condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30,				December 31,
		2014				2013
	Assets
	Land and improvements	$	6,699			$	10,003
Buildings and improvements	7,460				14,178
Total real estate investments	14,159				24,181
Less: Accumulated depreciation	(2,613		)		(4,819		)
Intangible lease assets, net	567				697
Other	228				—
Total assets	$	12,341			$	20,059
Liabilities
Intangible lease liabilities, net	$	448			$	448
Total liabilities	$	448			$	448
Impairments
The following table summarizes total impairment losses recognized for the three and six months ended June 30, 2014 and 2013 (in thousands):
	Three Months							Six Months
	Ended June 30,							Ended June 30,
	2014				2013			2014		2013
Real estate and intangible asset impairment	$	24,610			$	1,481		$	26,247	$	3,584
Write-off of lease intangibles due to lease terminations	2,529				487			2,599		487
Loans receivable recovery	—				(367		)	—		(367		)
Other impairment	488				—			488		—
Total impairment loss continuing and discontinued operations	$	27,627			$	1,601		$	29,334	$	3,704

Lease_Intangibles_Net

Lease Intangibles, Net	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 and December 31, 2013 (in thousands):
		June 30,			December 31,
		2014			2013
	In-place leases	$	667,434		$	663,027
	Above-market leases	98,631			95,118
	Less: accumulated amortization	(166,958		)	(140,024		)
	Intangible lease assets, net	$	599,107		$	618,121
	Below-market leases	$	247,262		$	243,237
	Less: accumulated amortization	(30,548		)	(23,123		)
	Intangible lease liabilities, net	$	216,714		$	220,114
	The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases was $3.0 million and $0.7 million for the six months ended June 30, 2014 and 2013, respectively. Above- and below-market lease amortization from properties acquired in connection with the Merger contributed $1.5 million of the increase during 2014. The value of in-place leases amortized and included in depreciation and amortization expense was $26.9 million and $8.8 million for the six months ended June 30, 2014 and 2013, respectively. Lease-in-place amortization from properties acquired in connection with the Merger contributed $16.7 million of the increase in 2014.

Debt

Debt	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	The Company's debt is summarized below:
					Weighted Average Stated Interest Rate (2)		June 30,				December 31,
		Weighted Average Effective					2014				2013
		Interest Rates (1)
							(In Thousands)
	Revolving credit facilities (3)	5.31	%		4.00%		$	15,528			$	35,120
	Master trust notes	6.13	%		5.35%		1,209,131				1,241,437
	CMBS - fixed-rate	5.55	%		5.68%		1,876,187				2,387,532
	CMBS - variable-rate (4)	3.34	%		3.28%		110,854				111,018
	Unsecured fixed rate promissory note	10	%		7.00%		1,375				1,442
	Convertible senior notes (5)	5.1	%		3.30%		747,500				—
							3,960,575				3,776,549
	Unamortized net debt (discount) or premium						(50,483		)		1,669
	Total debt, net						$	3,910,092			$	3,778,218
	(1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs and related debt insurer premiums, where applicable, calculated for the three months ended June 30, 2014.
	(2) Represents the weighted average stated interest rate based on the outstanding principal balance as of June 30, 2014.
	(3) Excluding the impact of non-cash amortization of deferred financing costs and non-utilization fee, the effective interest rate on the revolving credit facilities (Credit Facility and Line of Credit), was 2.96% as of June 30, 2014.
	(4) Variable-rate notes are predominately hedged with interest rate swaps (see Note 6).
	(5) The value of the embedded conversion premium of ($55.8) million is included in net debt (discount).
	Revolving Credit Facilities
	$400 million Credit Facility - On July 17, 2013, the Operating Partnership and various affiliates thereof, entered into a three-year credit agreement ("Credit Facility") with various lenders and terminated the $100.0 million secured revolving credit facility. The Operating Partnership may obtain loans and/or extensions of credit 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 Credit Facility bears interest, at the 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 Operating Partnership’s leverage ratio. The Operating Partnership is also required to pay a fee on the unused portion of the 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 $0.3 million and $0.6 million for the three and six months ended June 30, 2014, respectively.
	As a result of entering into the Credit Facility, the Company incurred origination costs of $4.5 million. These costs are being amortized to interest expense, on a straight-line basis, over the remaining initial term of the Credit Facility. At June 30, 2014, $3.1 million of the $4.5 million is included in deferred costs and other assets, net on the accompanying condensed consolidated balance sheet. The effective interest rate on outstanding borrowings under the Credit Facility, which includes cash interest, non-cash amortization of deferred financing costs, and non-utilization fees, was 5.49% for the three months ended June 30, 2014. The interest rate, excluding the impact of non-cash amortization of deferred financing costs and non-utilization fee of the Credit Facility, was 2.78% for the three months ended June 30, 2014. As of June 30, 2014, there were no amounts outstanding on the Credit Facility.
	The Company guarantees the Operating Partnership's obligations under the Credit Facility and, to the extent not prohibited by law, all of its assets and the Operating Partnership's assets, other than interests in subsidiaries that are contractually prohibited from being pledged, are pledged as collateral for obligations under the Credit Facility.
	The ability to borrow under the Credit Facility is subject to the Operating Partnerships' ongoing compliance with a number of customary financial covenants. As of June 30, 2014, the Operating Partnership was in compliance with these financial covenants.
	Line of Credit - As of June 30, 2014, a special purpose entity owned by the Company had access to a $40.0 million secured revolving credit facility (“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 June 30, 2014, $15.5 million was outstanding on the Line of Credit under three separate advances, secured by 3 properties, at a weighted average stated rate of 4.0% and an effective interest rate for the three months ended June 30, 2014 of 4.22%. Each advance under the Line of Credit is secured only by its specified asset. The ability to borrow under the Line of Credit is subject to the Company's and special purposes entity's ongoing compliance with a number of customary financial covenants. As of June 30, 2014, the Company and special purpose entity were in compliance with these financial covenants.
	Master Trust Notes
	On May 20, 2014, the Company completed its Exchange Offer for the outstanding principal balance of certain net-lease mortgage notes issued by indirect wholly-owned subsidiaries Spirit Master Funding, LLC, Spirit Master Funding II, LLC and Spirit Master Funding III, LLC under the Company's Spirit Master Funding program. Of the $912.4 million of Old Notes outstanding as of the Settlement Date, $894.4 million elected to exchange their Old Notes for New Notes. Approximately $18.0 million of outstanding principal balance immediately prior to the Settlement Date were redeemed by the Company due to non-tender. The terms of the New Notes remain generally similar to the Old Notes including the interest rate and anticipated final repayment dates, however, the New Notes generally amortize more slowly than the Old Notes and have a legal final payment date that is 17 years later than the Old Notes. The New Notes are not insured by third party financial guaranty insurance and the associated insurance premium was eliminated. The revisions to the Spirit Master Funding Program in connection with the issuance of the New Notes, also generally provide the Company more administrative flexibility as property manager and special servicer.
	The following table summarizes certain key terms under the Old Notes and the New Notes (post exchange):
	Old Notes												New Notes
	Issuer		Principal Amount				Interest Rate			Anticipated payment date		Legal Maturity Date	Issuer		Principal Amount		Interest Rate		Anticipated payment date	Legal Maturity Date
	SMF, 2005-1, Class A-1		$	94,264			5.05	%		Jul-20		Jul-23	SMF, 2014-1, Class A-1		$	81,309	5.05	%	Jul-20	Jul-40
	SMF, 2005-1, Class A-2		258,300				5.37	%		Jul-20		Jul-23	SMF, 2014-1, Class A-2		253,300		5.37	%	Jul-20	Jul-40
	SMF II, 2006-1, Class A (1)		246,915				5.76	%		Mar-21		Mar-24	SMF II, 2014-2, Class A		246,915		5.76	%	Mar-21	Mar-41
	SMF III, 2007-1, Class A		312,944				5.74	%		Mar-22		Mar-25	SMF III, 2014-3, Class A		312,944		5.74	%	Mar-22	Mar-42
			$	912,423											$	894,468
	(1) Principal amounts include $12.3 million of SMF II, Class A notes repurchased by the Company in 2010, which is shown net on the condensed consolidated balance sheets.
	As of June 30, 2014, the Series 2014-1, Class A-1, Series 2014-1, Class A-2, Series 2014-2 and Series 2014-3 have outstanding balances of $80.5 million, $253.3 million, $234.4 million and $312.9 million, respectively, and are secured by 719 properties, including 82 properties securing mortgage loans.
	In December 2013, Spirit Master Funding VII, LLC ("SMF VII") issued new investment grade rated $330 million net-lease mortgage notes under a new securitization platform. The issue was comprised of $125.0 million of 3.89% Series 2013-1 Class A interest only, net-lease mortgage notes expected to be repaid in December 2018 and $205.0 million of 5.27% Series 2013-2 Class A amortizing net-lease mortgage notes expected to be repaid in December 2023. The notes are secured by the assets of SMF VII and are non-recourse. The Company used the proceeds of the issue to replace shorter-term debt, fund acquisitions and for general corporate purposes. As of June 30, 2014, the Series 2013-1 and Series 2013-2 notes have outstanding balances of $125.0 million and $203.0 million, respectively, and are secured by 318 properties, including 79 properties securing mortgage loans.
	CMBS
	The Company has 229 fixed and 26 variable rate CMBS loans that are secured by mortgages on certain of the leased properties and related assets. The stated interest rates as of June 30, 2014 for the fixed rate notes ranged from 3.90% to 8.39% with a weighted average stated rate of 5.68%. The variable rate notes ranged from 2.65% to 3.56% with a weighted average stated rate of 3.28%. As of June 30, 2014, the fixed and variable rate loans have balances outstanding of $1.9 billion and $110.9 million, respectively, and are secured by 736 and 123 properties, respectively.
	Convertible Senior Notes
	On May 20, 2014, the Company completed public offerings of $402.5 million aggregate principal amount of 2.875% Convertible Notes due in 2019 and $345.0 million aggregate principal amount of 3.75% Convertible Notes due in 2021. Interest on the Notes is payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2014. The 2019 Notes will mature on May 15, 2019 and the 2021 Notes will mature on May 15, 2021. The Company loaned the net proceeds from the Convertible Notes Offering to the Operating Partnership in exchange for promissory notes with substantially the same terms as the Notes.
	The Convertible Notes are convertible only during certain periods and, subject to certain circumstances, into cash, shares of Spirit Realty Capital's common stock, or a combination thereof. The initial conversion rate applicable to each series is 76.3636 per $1,000 principal note (equivalent to an initial conversion price of $13.10 per share of common stock, representing a 22.5% premium above the public offering price). Earlier conversion may be triggered if shares of Spirit Realty Capital common stock trade higher than the established thresholds or certain corporate events as defined occur.
	In connection with the issuance of the Convertible Notes, the Company recorded a discount of $56.7 million, which represents the estimated value of the embedded conversion option feature for each of the Convertible Notes. The discount is shown net against the aggregate gross value of the Convertible Notes on the accompanying condensed consolidated balance sheets within mortgages and notes payable, net. The equity component of the conversion feature is recorded in additional paid-in-capital, net of financing costs. The discount will be amortized to interest expense using the effective interest method over a period of approximately 5 years for the 2019 Notes and 7 years for the 2021 Notes. As of June 30, 2014, the unamortized discount was $55.8 million. The Company also incurred $19.6 million in deferred financing costs in connection with the Convertible Notes Offering. This amount has been allocated on a pro-rata basis to each of the Convertible Notes and is being amortized to interest expense over the term of each note.
	Debt Extinguishment
	Net proceeds raised from the concurrent public offerings were partially used to retire senior mortgage notes payable with an aggregate principal balance of $509.8 million, redeem $18.0 million of net-lease mortgage notes which were not tendered in connection with the Exchange Offer, and repay all amounts drawn against the Credit Facility. The Company defeased approximately $488.7 million aggregate principal amount of senior mortgage indebtedness included in the total above. The defeased notes had contractual interest rates of 6.59% and upcoming maturities in 2016. As a result of these transactions, the Company recognized a loss on extinguishment of debt of approximately $64.7 million.
	Debt Maturities
	As of June 30, 2014, 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 2014	$	16,723			$	29,761			$	46,484
	2015	32,799				245,794				278,593
	2016	31,108				299,963				331,071
	2017	28,389				905,262				933,651
	2018	27,284				248,851				276,135
	Thereafter	96,334				1,998,307				2,094,641
	Total	$	232,637			$	3,727,938			$	3,960,575
	Balloon payments subsequent to 2018 are as follows: $452.0 million due in 2019, $288.0 million due in 2020, $554.8 million due in 2021, $351.4 million due in 2022, $352.1 million due in 2023. As of June 30, 2014, the remaining weighted average maturity of the Company's outstanding indebtedness was 5.1 years.
	The following table summarizes interest expense on the related borrowings (in thousands):
		Three Months								Six Months
		Ended June 30,								Ended June 30,
		2014				2013				2014			2013
Interest expense – revolving credit facilities	$	1,100			$	271			$	1,820		$	376
Interest expense – mortgages and notes payable	53,649				29,615				107,245			59,086
Interest expense – other	33				469				72			470
Amortization of deferred financing costs	1,324				6,229				2,297			10,130
Amortization of debt (premium)/discount	(114		)		2,968				(1,043		)	5,929
Total interest expense	$	55,992			$	39,552			$	110,391		$	75,991
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 $41.8 million and $23.8 million at June 30, 2014 and December 31, 2013, 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	6 Months Ended
	Jun. 30, 2014
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.
	The following table summarizes the notional amount and fair value of the Company’s derivative instruments (in thousands):
															Fair Value of Liability
	Derivatives Designated as Hedging Instruments	Balance Sheet Location		Notional				Interest			Effective		Maturity		June 30,			December 31,
				Amount				Rate			Date		Date		2014			2013
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	10,924			4.62	%		6/28/12		7/6/17		$	(80	)	$	(42	)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,746			5.75	%		7/17/13		3/1/16		(260		)	(326		)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	32,400			3.15	%		7/17/13		9/5/15		(162		)	(178		)
	Interest Rate Swaps(a)	Accounts payable, accrued expenses and other liabilities		$	61,758			5.14	%		1/2/14		12/13/18		(863		)	(246		)
															$	(1,365	)	$	(792	)
	(a)Represents a tranche of eight individual interest rate swap agreements with notional amounts ranging from $7.6 million to $7.9 million. The swap agreements contain the same payment terms, stated interest rate, effective date, and maturity date.
	The following tables provide information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three and six months ended ended June 30, 2014 and 2013, respectively (in thousands):
		Amount of (Loss) or Gain Recognized
		in AOCL on Derivative
		(Effective Portion)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
	Derivatives in Cash Flow Hedging Relationships	2014				2013				2014				2013
	Interest rate swaps	$	(875	)		$	502			$	(1,277	)		$	470
		Amount of Loss Reclassified from
		AOCL into Operations
		(Effective Portion)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
	Location of Loss Reclassified from AOCL into Operations	2014				2013				2014				2013
	Interest expense	$	(331	)		$	(95	)		$	(654	)		$	(188	)
	General and administrative expense	—				—				—				(22		)
		Amount of Gain or (Loss) Recognized in
		Operations on Derivative
		(Ineffective Portion)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
	Location of (Loss) or Gain Recognized in Operations on Derivatives	2014				2013				2014				2013
	General and administrative expense	$	(3	)		$	54			$	(3	)		$	54
	Approximately $1.2 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 June 30, 2014 and December 31, 2013, there were no termination events or events of default related to the interest rate swaps.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Issuance of Common Stock
	In May 2014, the Company issued 26.5 million shares of common stock at a price of $10.69 per share, including 3.5 million shares purchased by the underwriters upon the exercise of their overallotment option. After underwriting discounts and other offering costs, net proceeds totaled $271.2 million.
	During the three months ended June 30, 2014, the Company sold 1.6 million shares of its common stock at the weighted average share price of $10.70 under its ATM Program, for net proceeds of $16.3 million.
	Dividends Declared
	For the six months ended June 30, 2014, our Board of Directors declared the following dividends:
	Declaration Date	Dividend Per Share		Record Date	Total Amount (1)	Payment Date
					(in thousands)
	March 18, 2014	$	0.16625	March 31, 2014	61,629	April 15, 2014
	June 16, 2014	$	0.16625	June 30, 2014	66,299	July 15, 2014
	(1) Excludes estimated forfeitures for dividends declared on employee restricted stock awards that are reported in general and administrative on the accompanying condensed consolidated statement of operations.
	The dividend declared on June 16, 2014 was paid on July 15, 2014 and is included in accounts payable, accrued expenses and other liabilities as of June 30, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
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.
	As of June 30, 2014, 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.
	As of June 30, 2014, the Company had commitments totaling $31.3 million, of which $28.2 million relates to future acquisitions and the remainder to fund improvements on properties the Company currently owns. All of these commitments are expected to be funded by December 31, 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.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Hierarchy Level
		Fair Value			Level 1			Level 2			Level 3
	June 30, 2014:
	Derivatives:
	Interest rate swaps financial liabilities	$	(1,365	)	$	—		$	(1,365	)	$	—
	December 31, 2013:
	Derivatives:
	Interest rate swaps financial liabilities	$	(792	)	$	—		$	(792	)	$	—
	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 June 30, 2014 and December 31, 2013 (in thousands):
								Fair Value Hierarchy Level							Impairment
	Description	Fair Value			Dispositions			Level 1			Level 2		Level 3		Charges (1)
	June 30, 2014:
	Long-lived assets held and used	$	34,257		$	—		$	—		$	—	$	34,257	$	(17,844	)
	Lease intangible assets	2,631			—			—			—		2,631		(3,457		)
	Long-lived assets held for sale	23,110			—			—			—		23,110		(8,033		)
															$	(29,334	)
	December 31, 2013:
	Lease intangible assets	$	—		$	—		$	—		$	—	$	—	$	(182	)
	Long-lived assets held for sale	11,198			(26,832		)	—			—		38,030		(7,134		)
															$	(7,316	)
	(1) Impairment charges are presented for the six months ended June 30, 2014 and for the year ended December 31, 2013.
	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 June 30, 2014 and December 31, 2013. 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):
		June 30, 2014						December 31, 2013
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Loans receivable, net	$	113,321		$	121,670		$	117,721		$	131,587
	Revolving credit facilities, net	15,528			15,711			35,120			34,911
	Mortgages and notes payable, net	3,202,853			3,279,436			3,743,098			3,892,621
	Convertible senior notes, net (1)	691,711			747,066			—			—
	(1) The carrying amount of the convertible senior notes is net of an embedded conversion premium totaling $55.8 million.

Significant_Credit_and_Revenue

Significant Credit and Revenue Concentration	6 Months Ended
	Jun. 30, 2014
Risks and Uncertainties [Abstract]	'
Significant Credit and Revenue Concentration	'
	Significant Credit and Revenue Concentration
	As of June 30, 2014 and December 31, 2013, the Company’s real estate investments are operated by 404 and 377 tenants, respectively, that engage in retail, service and distribution activities across various industries throughout the United States. Shopko Stores/Shopko Hometown (“Shopko”), operates in the general merchandise industry and represent the Company’s largest tenant. Total revenues from Shopko for the three months ended June 30, 2014 and 2013, contributed 13.8% and 28.9% of the Company's total revenues (from both continuing and discontinued operations), respectively. No other tenant contributed 10% or more of the Company’s total revenues during any of the periods presented. As of June 30, 2014 and December 31, 2013, the properties that are operated by Shopko represent approximately 13.8% and 14.4%, respectively, of the Company’s total investment portfolio.

Discontinued_Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Discontinued Operations	'
	Discontinued Operations
	In April 2014, the FASB issued ASU 2014-08, which amends the requirements for reporting discontinued operations (see Note 2). Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The Company has early adopted the provisions of ASU 2014-08 beginning with the period ended March 31, 2014, and will apply the provisions prospectively. Properties that were reported as held for sale as of December 31, 2013, will continue to be reported under the prior standards and will be presented in discontinued operations until they are disposed of.
	As a result, net gains or losses from the disposition of these properties, as well as the current and prior period operations, of these properties will continue to be reclassified to discontinued operations. The results of discontinued operations for the three and six months ended June 30, 2014 and 2013, are summarized below (dollars in thousands):
		Three Months Ended					Six Months Ended
		30-Jun-14		30-Jun-13			30-Jun-14			30-Jun-13
	Revenues:
	Rent	$	309	$	2,228		$	617		$	4,450
	Non-cash rent	2		(143		)	(27		)	(125		)
	Other	33		7			2,950			7
	Total revenues	344		2,092			3,540			4,332
	Expenses:
	General and administrative	9		7			12			16
	Property costs	56		266			195			340
	Interest	—		—			—			194
	Depreciation and amortization	—		1,213			—			2,590
	Impairments	—		1,786			—			3,889
	Total expenses	65		3,272			207			7,029
	Gain (loss) from discontinued operations before other income	279		(1,180		)	3,333			(2,697		)
	Other income:
	Gain on debt extinguishment	—		1,028			—			1,028
	Other	—		22			—			45
	Total other income	—		1,050			—			1,073
	Income (loss) from discontinued operations	279		(130		)	3,333			(1,624		)
	Gain (loss) on dispositions of assets	92		(191		)	85			(11		)
	Total discontinued operations	$	371	$	(321	)	$	3,418		$	(1,635	)
	Number of properties disposed of during period (a)	3		4			5			10
	(a) During the six months ended June 30, 2014, seven properties were sold, but only five of them were held for sale at December 31, 2013 and qualified for discontinued operations under ASU 2014-08.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Cash Flow Information	'
	Supplemental Cash Flow Information
		Six Months Ended
		June 30,
		2014			2013
	Supplemental Disclosures of Non-Cash Investing and Financing Activities:	(in thousands)
	Distributions declared and unpaid	$	(66,299	)	$	(26,514	)
	Reduction of debt through sale of certain real estate properties	—			974
	Real estate properties acquired under 1031 exchange	20,784			—
	Embedded conversion premium of convertible notes	(56,740		)	—
	Reduction of debt, net of assets surrendered to lender	—			1,028
	Accrued equity offering costs	(250		)	—
	Accrued deferred financing costs	(281		)	(9,814		)

Incentive_Award_Plan_and_Stock

Incentive Award Plan and Stock Option Plan	6 Months Ended
	Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]	'
Incentive Award Plan and Stock Option Plan	'
	Incentive Award Plan and Stock Option Plan
	Under the Company’s Incentive Award Plan (the “Plan”), the Company 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. As of June 30, 2014, 2.6 million shares remained available for award under the Plan.
	Restricted Shares of Common Stock
	During the six months ended June 30, 2014, the Company granted 0.4 million shares under the Plan to certain named executive officers and employees. The Company recorded $3.8 million in deferred compensation associated with these grants. As of June 30, 2014, approximately 2.0 million non-vested restricted shares of common stock were outstanding.
	Performance Share Awards
	During the six months ended June 30, 2014, in connection with the 2014 bonus program, the Compensation Committee of the Board of Directors approved an initial target grant of 242,883 performance shares to the named executive officers of the Company. The performance period of this grant runs from January 1, 2014 through December 31, 2016. Pursuant to the performance share award agreement, each participant is eligible to vest in and receive shares of the Company's common stock based on the initial target number of shares granted multiplied by a percentage range between 0% and 250%. The percentage range is based on the attainment of total shareholder return of the Company compared to a specified peer group of companies during the performance period. In addition, each performance share award entitles its holder to a cash payment equal to the aggregate dividends that would have been outstanding on each dividend record date over the performance period. Based on the grant date fair value, the Company expects to recognize $3.3 million in compensation expense on a straight-line basis over the requisite service period associated with this grant.
	As of June 30, 2014, under each separate annual performance award, the Company's total shareholder return compared to the specified peer group during the performance periods would have resulted in the release of 1.1 million shares, in the aggregate. In addition, approximately $0.4 million in dividend rights have been accrued. The projected shares to be released are not considered issued under the Plan until the performance period has ended and the actual number of shares to be released is determined. The performance shares and dividend rights are subject to forfeiture in the event of a non-qualifying termination of a participant prior to the performance period end date.
	Stock compensation
	For the three and six months ended June 30, 2014, the Company recognized $3.0 million and $5.5 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. For the three and six months ended June 30, 2013, the Company recognized $1.8 million and $3.6 million, respectively in stock-based compensation expense.
	As of June 30, 2014 and December 31, 2013, the remaining unamortized stock-based compensation expense, including amounts relating to the performance awards, totaled $17.4 million and $15.6 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	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Loss Per Share	'
	Loss Per Share
	Loss per share has been computed using the two-class method. Loss per common share under the two-class method is computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. Classification of the Company's unvested restricted stock, which contain rights to receive nonforfeitable dividends, are deemed participating securities under the two-class method. Under the two class method, earnings attributable to unvested restricted shares are deducted from loss from continuing operations and net loss attributable to common stockholders in the computation of loss per share for each.
	The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted loss per share (dollars in thousands):
		Three Months						Six Months Ended
		Ended June 30,						June 30,
		2014			2013			2014			2013
	Basic and diluted loss:
	Loss from continuing operations	$	(88,902	)	$	(11,348	)	$	(79,432	)	$	(18,366	)
	(Loss) gain on dispositions of assets	(1,290		)	—			432			—
	Less: income attributable to unvested restricted stock	(334		)	(352		)	(667		)	(698		)
	Loss used in basic and diluted income (loss) per share from continuing operations	(90,526		)	(11,700		)	(79,667		)	(19,064		)
	Income (loss) from discontinued operations	371			(321		)	3,418			(1,635		)
	Net loss attributable to common stockholders used in basic and diluted income (loss) per share	$	(90,155	)	$	(12,021	)	$	(76,249	)	$	(20,699	)
	Basic and diluted weighted average shares of common stock outstanding:
	Weighted average shares of common stock outstanding	383,810,017			161,598,986			377,209,471			161,599,476
	Less: unvested weighted average shares of restricted stock	(2,034,814		)	(2,168,860		)	(1,943,238		)	(2,173,701		)
	Weighted average number of shares outstanding used in basic and diluted loss per share	381,775,203			159,430,126			375,266,233			159,425,775
	Potentially dilutive shares of common stock
	Unvested shares of restricted stock	911,962			950,097			800,773			838,293
	Unvested performance shares	708,823			—			703,262			—
	Stock options	4,416			—			4,830			—
	Total	1,625,201			950,097			1,508,865			838,293
	The Company intends to satisfy its exchange obligation for the principal amount of the Convertible Notes to the exchange note holders entirely in cash. As the Company intends to settle the principal amount of the Convertible Notes in cash, the "if-converted" method to include convertible debt in diluted EPS is not applicable and the treasury stock method is being used. As the Company's stock price is below the conversion price, there are no potentially dilutive shares associated with the Convertible Notes.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
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, Inc. and its consolidated subsidiaries have been prepared pursuant to the rules and regulations of the 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, 2013.
	The unaudited condensed consolidated financial statements include the accounts of Spirit Realty Capital, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
	The Company has formed numerous special purpose entities to acquire and hold real estate subject to mortgage notes payable (see Note 5). 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 condensed 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 $5.4 million and $4.6 million at June 30, 2014 and December 31, 2013, respectively, against accounts receivable balances of $18.8 million and $14.3 million, respectively; receivables are recorded within deferred costs and other assets, net in the accompanying condensed consolidated balance sheets. For deferred 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 $10.8 million and $9.6 million at June 30, 2014 and December 31, 2013, respectively, against deferred rental revenue receivables of $42.0 million and $35.3 million, respectively. The Company's periodic review includes management’s estimates of amounts that will not be realized and an assessment of the risks inherent in the portfolio, giving consideration to historical experience and industry default rates for long-term receivables.
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. There was no allowance for loan losses at June 30, 2014 or December 31, 2013.
	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 June 30, 2014 and December 31, 2013, there were no mortgages or notes on nonaccrual status.
Restricted Cash and Escrow Deposits	'
	Restricted Cash and Escrow Deposits
	Restricted cash and deposits in escrow, classified within deferred costs and other assets, net in the accompanying condensed consolidated balance sheets consisted of the following at June 30, 2014 and December 31, 2013
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 the Company 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 the Company's financial position or results of operations upon adoption.
	In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The Company has early adopted the provisions of ASU 2014-08 beginning with the period ended March 31, 2014, and has applied the provisions prospectively.
	In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers: Topic 606. This new guidance establishes a principles-based approach for accounting for revenue from contracts with customers. Lease contracts covered by Topic 840, Leases, are excluded from the scope of this new guidance. This new standard is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact of this new standard on its financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Schedule of Restricted Cash and Cash Equivalents	'
	Restricted cash and deposits in escrow, classified within deferred costs and other assets, net in the accompanying condensed consolidated balance sheets consisted of the following at June 30, 2014 and December 31, 2013:
		June 30,		December 31,
		2014		2013
	Collateral deposits (1)	$	21,945	$	21,816
	Tenant improvements, repairs, and leasing commissions (2)	12,035		10,297
	Master trust release / title company escrow (3)	14,165		21,893
	Loan impounds (4)	2,239		2,018
	Other (5)	1,082		2,667
		$	51,466	$	58,691
	(1) Funds held in reserve by lenders which, at their sole discretion, can be applied to the repayment of debt.  Any funds remaining on deposit after the debt is paid in full are released to the borrower.
	(2) Deposits held by lenders that are reserved to fund tenant improvements/repairs on collateral properties or when leasing commissions are incurred to secure a new tenant.
	(3) Includes net sales proceeds from property dispositions held as collateral that can be released upon qualified re-investment.
	(4) Funds held in lender controlled accounts generally used to meet future debt service or certain property cost requirements.
	(5) Funds held in lender controlled accounts released within the following month after debt service requirements are met.

Investments_Tables

Investments (Tables)	6 Months Ended
	Jun. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Gross Real Estate and Loan Activity	'
	During the six months ended June 30, 2014, the Company had the following gross real estate and loan activity:
		Number of			Dollar
		Properties			Amount of
		Owned or			Investments (1)
		Financed
					(In Thousands)
	Balance, December 31, 2013	2,186			$	7,235,732
	Acquisitions/improvements	190			365,893
	Dispositions of real estate(2) (Note 11)	(7	)		(16,498		)
	Principal payments and payoffs	—			(3,136		)
	Impairments	—			(28,847		)
	Loan premium amortization and other	—			(4,045		)
	Balance, June 30, 2014	2,369			$	7,549,099
	(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.
	(2) The total accumulated depreciation and amortization associated with dispositions of real estate was $2.8 million for the six months ended June 30, 2014.
Operating Leases of Lessee Disclosure	'
	Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of operating leases at June 30, 2014 (in thousands):
	Scheduled Future Rental Payments	June 30,
		2014
	Remainder of 2014	$	282,376
	2015	557,731
	2016	540,709
	2017	525,579
	2018	510,083
	Thereafter	3,669,882
	Total future minimum rentals	$	6,086,360
Schedule of Loans Receivable	'
	The following table details loans receivable, net of premium, as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30,				December 31,
		2014				2013
	Mortgage - principal	$	99,203			$	102,315
	Mortgage - premium	13,713				14,976
	Mortgages, net	112,916				117,291
	Other notes - principal	405				430
	Total loans receivable, net	$	113,321			$	117,721
Investments in Direct Financing Leases Schedule	'
	The components of investment assets held under direct financing leases as of June 30, 2014 and December 31, 2013 were as follows (in thousands):
		June 30,				December 31,
		2014				2013
	Minimum lease payments receivable	$	17,721			$	19,555
	Estimated residual value of leased assets	55,858				57,739
	Unearned income	(16,850		)		(18,534		)
	Total	$	56,729			$	58,760
Activity in Real Estate Assets Held for Sale	'
	The following table shows the activity in real estate assets held for sale for the six months ended June 30, 2014:
		Number of			Carrying
		Properties			Value
					(In Thousands)
	Balance, December 31, 2013	11			$	19,611
	Transfers from real estate investments	6			29,290
	Sales (Note 11)	(5	)		(7,946		)
	Balance, June 30, 2014 (a)	12			$	40,955
	(a) Includes six properties with a net carrying amount of $29.1 million in which its operating results are reported in continuing operations.
Real Estate Assets Held for Sale in Discontinued Operations	'
	The following table is a reconciliation of the major classes of assets and liabilities from discontinued operations included in real estate assets held for sale on the condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30,				December 31,
		2014				2013
	Assets
	Land and improvements	$	6,699			$	10,003
	Buildings and improvements	7,460				14,178
	Total real estate investments	14,159				24,181
	Less: Accumulated depreciation	(2,613		)		(4,819		)
	Intangible lease assets, net	567				697
	Other	228				—
	Total assets	$	12,341			$	20,059
	Liabilities
	Intangible lease liabilities, net	$	448			$	448
	Total liabilities	$	448			$	448
	The results of discontinued operations for the three and six months ended June 30, 2014 and 2013, are summarized below (dollars in thousands):
		Three Months Ended							Six Months Ended
		30-Jun-14				30-Jun-13			30-Jun-14			30-Jun-13
	Revenues:
	Rent	$	309			$	2,228		$	617		$	4,450
	Non-cash rent	2				(143		)	(27		)	(125		)
	Other	33				7			2,950			7
	Total revenues	344				2,092			3,540			4,332
	Expenses:
	General and administrative	9				7			12			16
	Property costs	56				266			195			340
	Interest	—				—			—			194
	Depreciation and amortization	—				1,213			—			2,590
	Impairments	—				1,786			—			3,889
	Total expenses	65				3,272			207			7,029
	Gain (loss) from discontinued operations before other income	279				(1,180		)	3,333			(2,697		)
	Other income:
	Gain on debt extinguishment	—				1,028			—			1,028
	Other	—				22			—			45
	Total other income	—				1,050			—			1,073
	Income (loss) from discontinued operations	279				(130		)	3,333			(1,624		)
	Gain (loss) on dispositions of assets	92				(191		)	85			(11		)
	Total discontinued operations	$	371			$	(321	)	$	3,418		$	(1,635	)
	Number of properties disposed of during period (a)	3				4			5			10
	(a) During the six months ended June 30, 2014, seven properties were sold, but only five of them were held for sale at December 31, 2013 and qualified for discontinued operations under ASU 2014-08.
Summary of Total Impairment Losses Recognized	'
	The following table summarizes total impairment losses recognized for the three and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months							Six Months
		Ended June 30,							Ended June 30,
		2014				2013			2014			2013
	Real estate and intangible asset impairment	$	24,610			$	1,481		$	26,247		$	3,584
	Write-off of lease intangibles due to lease terminations	2,529				487			2,599			487
	Loans receivable recovery	—				(367		)	—			(367		)
	Other impairment	488				—			488			—
	Total impairment loss continuing and discontinued operations	$	27,627			$	1,601		$	29,334		$	3,704

Lease_Intangibles_Net_Tables

Lease Intangibles, Net (Tables)	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 and December 31, 2013 (in thousands):
		June 30,			December 31,
		2014			2013
	In-place leases	$	667,434		$	663,027
	Above-market leases	98,631			95,118
	Less: accumulated amortization	(166,958		)	(140,024		)
	Intangible lease assets, net	$	599,107		$	618,121
	Below-market leases	$	247,262		$	243,237
	Less: accumulated amortization	(30,548		)	(23,123		)
	Intangible lease liabilities, net	$	216,714		$	220,114

Debt_Tables

Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt	'
	The Company's debt is summarized below:
					Weighted Average Stated Interest Rate (2)		June 30,				December 31,
		Weighted Average Effective					2014				2013
		Interest Rates (1)
							(In Thousands)
	Revolving credit facilities (3)	5.31	%		4.00%		$	15,528			$	35,120
	Master trust notes	6.13	%		5.35%		1,209,131				1,241,437
	CMBS - fixed-rate	5.55	%		5.68%		1,876,187				2,387,532
	CMBS - variable-rate (4)	3.34	%		3.28%		110,854				111,018
	Unsecured fixed rate promissory note	10	%		7.00%		1,375				1,442
	Convertible senior notes (5)	5.1	%		3.30%		747,500				—
							3,960,575				3,776,549
	Unamortized net debt (discount) or premium						(50,483		)		1,669
	Total debt, net						$	3,910,092			$	3,778,218
	(1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs and related debt insurer premiums, where applicable, calculated for the three months ended June 30, 2014.
	(2) Represents the weighted average stated interest rate based on the outstanding principal balance as of June 30, 2014.
	(3) Excluding the impact of non-cash amortization of deferred financing costs and non-utilization fee, the effective interest rate on the revolving credit facilities (Credit Facility and Line of Credit), was 2.96% as of June 30, 2014.
	(4) Variable-rate notes are predominately hedged with interest rate swaps (see Note 6).
	(5) The value of the embedded conversion premium of ($55.8) million is included in net debt (discount).
	The following table summarizes certain key terms under the Old Notes and the New Notes (post exchange):
	Old Notes												New Notes
	Issuer		Principal Amount				Interest Rate			Anticipated payment date		Legal Maturity Date	Issuer		Principal Amount		Interest Rate		Anticipated payment date	Legal Maturity Date
	SMF, 2005-1, Class A-1		$	94,264			5.05	%		Jul-20		Jul-23	SMF, 2014-1, Class A-1		$	81,309	5.05	%	Jul-20	Jul-40
	SMF, 2005-1, Class A-2		258,300				5.37	%		Jul-20		Jul-23	SMF, 2014-1, Class A-2		253,300		5.37	%	Jul-20	Jul-40
	SMF II, 2006-1, Class A (1)		246,915				5.76	%		Mar-21		Mar-24	SMF II, 2014-2, Class A		246,915		5.76	%	Mar-21	Mar-41
	SMF III, 2007-1, Class A		312,944				5.74	%		Mar-22		Mar-25	SMF III, 2014-3, Class A		312,944		5.74	%	Mar-22	Mar-42
			$	912,423											$	894,468
	(1) Principal amounts include $12.3 million of SMF II, Class A notes repurchased by the Company in 2010, which is shown net on the condensed consolidated balance sheets.
Debt Maturities of Mortgages and Notes Payable, Including Balloon Payments	'
	As of June 30, 2014, 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 2014	$	16,723			$	29,761			$	46,484
	2015	32,799				245,794				278,593
	2016	31,108				299,963				331,071
	2017	28,389				905,262				933,651
	2018	27,284				248,851				276,135
	Thereafter	96,334				1,998,307				2,094,641
	Total	$	232,637			$	3,727,938			$	3,960,575
Interest Expense and Related Borrowings	'
	The following table summarizes interest expense on the related borrowings (in thousands):
		Three Months								Six Months
		Ended June 30,								Ended June 30,
		2014				2013				2014			2013
	Interest expense – revolving credit facilities	$	1,100			$	271			$	1,820		$	376
	Interest expense – mortgages and notes payable	53,649				29,615				107,245			59,086
	Interest expense – other	33				469				72			470
	Amortization of deferred financing costs	1,324				6,229				2,297			10,130
	Amortization of debt (premium)/discount	(114		)		2,968				(1,043		)	5,929
	Total interest expense	$	55,992			$	39,552			$	110,391		$	75,991

Derivative_and_Hedging_Activit1

Derivative and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2014
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):
															Fair Value of Liability
	Derivatives Designated as Hedging Instruments	Balance Sheet Location		Notional				Interest			Effective		Maturity		June 30,			December 31,
				Amount				Rate			Date		Date		2014			2013
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	10,924			4.62	%		6/28/12		7/6/17		$	(80	)	$	(42	)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,746			5.75	%		7/17/13		3/1/16		(260		)	(326		)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	32,400			3.15	%		7/17/13		9/5/15		(162		)	(178		)
	Interest Rate Swaps(a)	Accounts payable, accrued expenses and other liabilities		$	61,758			5.14	%		1/2/14		12/13/18		(863		)	(246		)
															$	(1,365	)	$	(792	)
	(a)Represents a tranche of eight individual interest rate swap agreements with notional amounts ranging from $7.6 million to $7.9 million. The swap agreements contain the same payment terms, stated interest rate, effective date, and maturity date.
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 loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three and six months ended ended June 30, 2014 and 2013, respectively (in thousands):
		Amount of (Loss) or Gain Recognized
		in AOCL on Derivative
		(Effective Portion)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
	Derivatives in Cash Flow Hedging Relationships	2014				2013				2014				2013
	Interest rate swaps	$	(875	)		$	502			$	(1,277	)		$	470
		Amount of Loss Reclassified from
		AOCL into Operations
		(Effective Portion)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
	Location of Loss Reclassified from AOCL into Operations	2014				2013				2014				2013
	Interest expense	$	(331	)		$	(95	)		$	(654	)		$	(188	)
	General and administrative expense	—				—				—				(22		)
		Amount of Gain or (Loss) Recognized in
		Operations on Derivative
		(Ineffective Portion)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
	Location of (Loss) or Gain Recognized in Operations on Derivatives	2014				2013				2014				2013
	General and administrative expense	$	(3	)		$	54			$	(3	)		$	54

Stockholders_Equity_Dividends_

Stockholders' Equity Dividends Declared (Tables)	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Dividends Declared	'
	For the six months ended June 30, 2014, our Board of Directors declared the following dividends:
	Declaration Date	Dividend Per Share		Record Date	Total Amount (1)	Payment Date
					(in thousands)
	March 18, 2014	$	0.16625	March 31, 2014	61,629	April 15, 2014
	June 16, 2014	$	0.16625	June 30, 2014	66,299	July 15, 2014
	(1) Excludes estimated forfeitures for dividends declared on employee restricted stock awards that are reported in general and administrative on the accompanying condensed consolidated statement of operations.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Financial Assets and Liabilities 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 June 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Hierarchy Level
		Fair Value			Level 1			Level 2			Level 3
	June 30, 2014:
	Derivatives:
	Interest rate swaps financial liabilities	$	(1,365	)	$	—		$	(1,365	)	$	—
	December 31, 2013:
	Derivatives:
	Interest rate swaps financial liabilities	$	(792	)	$	—		$	(792	)	$	—
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 June 30, 2014 and December 31, 2013 (in thousands):
								Fair Value Hierarchy Level							Impairment
	Description	Fair Value			Dispositions			Level 1			Level 2		Level 3		Charges (1)
	June 30, 2014:
	Long-lived assets held and used	$	34,257		$	—		$	—		$	—	$	34,257	$	(17,844	)
	Lease intangible assets	2,631			—			—			—		2,631		(3,457		)
	Long-lived assets held for sale	23,110			—			—			—		23,110		(8,033		)
															$	(29,334	)
	December 31, 2013:
	Lease intangible assets	$	—		$	—		$	—		$	—	$	—	$	(182	)
	Long-lived assets held for sale	11,198			(26,832		)	—			—		38,030		(7,134		)
															$	(7,316	)
	(1) Impairment charges are presented for the six months ended June 30, 2014 and for the year ended December 31, 2013.
Schedule Of Carrying Amount And Estimated Fair Value Of Financial Instruments	'
	The following table discloses fair value information for these financial instruments (in thousands):
		June 30, 2014						December 31, 2013
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Loans receivable, net	$	113,321		$	121,670		$	117,721		$	131,587
	Revolving credit facilities, net	15,528			15,711			35,120			34,911
	Mortgages and notes payable, net	3,202,853			3,279,436			3,743,098			3,892,621
	Convertible senior notes, net (1)	691,711			747,066			—			—
	(1) The carrying amount of the convertible senior notes is net of an embedded conversion premium totaling $55.8 million.

Discontinued_Operations_Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Net Gains or Losses from Discontinued Operations	'
	The following table is a reconciliation of the major classes of assets and liabilities from discontinued operations included in real estate assets held for sale on the condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30,			December 31,
		2014			2013
	Assets
	Land and improvements	$	6,699		$	10,003
	Buildings and improvements	7,460			14,178
	Total real estate investments	14,159			24,181
	Less: Accumulated depreciation	(2,613		)	(4,819		)
	Intangible lease assets, net	567			697
	Other	228			—
	Total assets	$	12,341		$	20,059
	Liabilities
	Intangible lease liabilities, net	$	448		$	448
	Total liabilities	$	448		$	448
	The results of discontinued operations for the three and six months ended June 30, 2014 and 2013, are summarized below (dollars in thousands):
		Three Months Ended						Six Months Ended
		30-Jun-14			30-Jun-13			30-Jun-14			30-Jun-13
	Revenues:
	Rent	$	309		$	2,228		$	617		$	4,450
	Non-cash rent	2			(143		)	(27		)	(125		)
	Other	33			7			2,950			7
	Total revenues	344			2,092			3,540			4,332
	Expenses:
	General and administrative	9			7			12			16
	Property costs	56			266			195			340
	Interest	—			—			—			194
	Depreciation and amortization	—			1,213			—			2,590
	Impairments	—			1,786			—			3,889
	Total expenses	65			3,272			207			7,029
	Gain (loss) from discontinued operations before other income	279			(1,180		)	3,333			(2,697		)
	Other income:
	Gain on debt extinguishment	—			1,028			—			1,028
	Other	—			22			—			45
	Total other income	—			1,050			—			1,073
	Income (loss) from discontinued operations	279			(130		)	3,333			(1,624		)
	Gain (loss) on dispositions of assets	92			(191		)	85			(11		)
	Total discontinued operations	$	371		$	(321	)	$	3,418		$	(1,635	)
	Number of properties disposed of during period (a)	3			4			5			10
	(a) During the six months ended June 30, 2014, seven properties were sold, but only five of them were held for sale at December 31, 2013 and qualified for discontinued operations under ASU 2014-08.

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Schedule of Cash Flow, Supplemental Disclosures	'
		Six Months Ended
		June 30,
		2014			2013
	Supplemental Disclosures of Non-Cash Investing and Financing Activities:	(in thousands)
	Distributions declared and unpaid	$	(66,299	)	$	(26,514	)
	Reduction of debt through sale of certain real estate properties	—			974
	Real estate properties acquired under 1031 exchange	20,784			—
	Embedded conversion premium of convertible notes	(56,740		)	—
	Reduction of debt, net of assets surrendered to lender	—			1,028
	Accrued equity offering costs	(250		)	—
	Accrued deferred financing costs	(281		)	(9,814		)

Loss_Per_Share_Tables

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Computation of Basic and Diluted Loss Per Share	'
	The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted loss per share (dollars in thousands):
		Three Months						Six Months Ended
		Ended June 30,						June 30,
		2014			2013			2014			2013
	Basic and diluted loss:
	Loss from continuing operations	$	(88,902	)	$	(11,348	)	$	(79,432	)	$	(18,366	)
	(Loss) gain on dispositions of assets	(1,290		)	—			432			—
	Less: income attributable to unvested restricted stock	(334		)	(352		)	(667		)	(698		)
	Loss used in basic and diluted income (loss) per share from continuing operations	(90,526		)	(11,700		)	(79,667		)	(19,064		)
	Income (loss) from discontinued operations	371			(321		)	3,418			(1,635		)
	Net loss attributable to common stockholders used in basic and diluted income (loss) per share	$	(90,155	)	$	(12,021	)	$	(76,249	)	$	(20,699	)
	Basic and diluted weighted average shares of common stock outstanding:
	Weighted average shares of common stock outstanding	383,810,017			161,598,986			377,209,471			161,599,476
	Less: unvested weighted average shares of restricted stock	(2,034,814		)	(2,168,860		)	(1,943,238		)	(2,173,701		)
	Weighted average number of shares outstanding used in basic and diluted loss per share	381,775,203			159,430,126			375,266,233			159,425,775
	Potentially dilutive shares of common stock
	Unvested shares of restricted stock	911,962			950,097			800,773			838,293
	Unvested performance shares	708,823			—			703,262			—
	Stock options	4,416			—			4,830			—
	Total	1,625,201			950,097			1,508,865			838,293

Organization_Additional_Inform

Organization - Additional Information (Detail) (USD $)

6 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

20-May-14

20-May-14

19-May-14

20-May-14

20-May-14

20-May-14

20-May-14

20-May-14

20-May-14

20-May-14

Jun. 05, 2014

Jun. 30, 2014

Jun. 04, 2014

Jun. 05, 2014

20-May-14

20-May-14

20-May-14

20-May-14

20-May-14

16-May-14

Jun. 30, 2014

Apr. 15, 2014

Jun. 30, 2014

Jun. 30, 2014

Property

Property

Current Year Acquisitions

Convertible Senior Notes

Mortgages

Mortgages

2.875% Convertible Senior Notes due 2019

3.75% Convertible Senior Notes due 2021

Old Notes

New Notes

Master trust notes

Master trust notes

Master trust notes

Subsidiaries

Subsidiaries

Subsidiaries

Subsidiaries

Underwriters

Underwriters

Secondary Offering

Secondary Offering

Over-Allotment Option

Over-Allotment Option

At the Market

At the Market

General Partner

Limited Partner

Property

Convertible Senior Notes

Convertible Senior Notes

Mortgages

Mortgages

Senior Mortgage Notes Payable

Net-lease Mortgage Notes

Old Notes

Subsidiary

Mortgages

Mortgages

Master trust notes

2.875% Convertible Senior Notes due 2019

3.75% Convertible Senior Notes due 2021

Property

Convertible Senior Notes

Convertible Senior Notes

Summary Of Business And Significant Accounting Policies [Line Items]

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Percentage ownership of operating partnership

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1.00%

99.00%

Real estate properties and loans, gross

$7,549,099,000

[1]

$7,235,732,000

[1]

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Real estate assets held for sale

2,369

2,186

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Gross investment in real estate, percentage

98.50%

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Number of owned real estate properties

2,224

2,041

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Securing mortgage properties, percentage

1.50%

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Securing mortgage properties

145

145

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Issuance of common shares (in shares)

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'

'

'

'

'

'

'

'

'

'

'

'

26,450,000

'

3,450,000

'

1,574,320

'

'

'

Payments for commissions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

'

'

Common stock, par value per share (in USD per share)

$0.01

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.01

'

'

'

'

'

'

Common stock option to purchase additional shares to cover over-allotments term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 days

'

'

'

'

Aggregate principal amount of debt

'

'

'

'

894,468,000

912,423,000

402,500,000

345,000,000

'

'

'

'

'

'

'

545,700,000

'

52,500,000

45,000,000

'

'

'

'

'

'

'

'

Stated interest rate

'

'

'

'

'

'

2.88%

3.75%

'

'

'

'

'

'

'

6.59%

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

271,200,000

'

'

'

16,600,000

'

'

'

Proceeds from convertible debt

'

'

'

726,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extended term of debt

'

'

'

'

'

'

'

'

'

'17 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage elected to exchange notes

'

'

'

'

'

'

'

'

'

'

'

'

98.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of indirectly owned subsidiaries that defeased loans outstanding under master loan agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of debt defeasance

'

'

'

'

'

'

'

'

'

'

509,800,000

18,000,000

'

'

'

'

488,700,000

'

'

'

'

'

'

'

'

'

'

Total debt, net

3,910,092,000

3,778,218,000

'

'

'

'

'

'

912,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of old debt notes exchanged

'

'

'

'

'

'

'

'

'

'

'

'

894,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties securing borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

112

'

'

'

'

'

'

'

'

'

'

'

Gross book value of rental properties and rent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

917,700,000

'

'

'

'

'

'

'

'

'

'

'

'

Maximum authorized proceeds from issuance of common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

350,000,000

'

'

Number of properties acquired

'

'

190

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire real estate

'

'

365,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenues

'

'

1,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties disposed of, including continuing and discontinued operations

7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of real estate

$15,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[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.

Summary_of_Significant_Account3

Summary of Significant Accounting Policies Schedule of Restricted Cash and Cash Equivalents (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	$51,466		$58,691
Collateral Deposits	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	21,945	[1]	21,816	[1]
Tenant Improvements, Repairs and Leasing Commissions	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	12,035	[2]	10,297	[2]
Master Trust Release and Title Company Escrow	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	14,165	[3]	21,893	[3]
Loan Impounds	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	2,239	[4]	2,018	[4]
Other Restricted Cash and Escrow Deposits	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	$1,082	[5]	$2,667	[5]
[1]	Funds held in reserve by lenders which, at their sole discretion, can be applied to the repayment of debt. Any funds remaining on deposit after the debt is paid in full are released to the borrower.
[2]	Deposits held by lenders that are reserved to fund tenant improvements/repairs on collateral properties or when leasing commissions are incurred to secure a new tenant.
[3]	Includes net sales proceeds from property dispositions held as collateral that can be released upon qualified re-investment.
[4]	Funds held in lender controlled accounts generally used to meet future debt service or certain property cost requirements.
[5]	Funds held in lender controlled accounts released within the following month after debt service requirements are met.

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
	segment
Summary Of Significant Accounting Policies [Line Items]	'	'
Allowance for doubtful accounts	$5,400,000	$4,600,000
Assets	7,500,907,000	7,231,045,000
Liabilities	4,238,559,000	4,113,011,000
Number of segments	1	'
Accounts receivable	18,800,000	14,300,000
Provision for losses	10,800,000	9,600,000
Accrued rental revenue receivables	42,000,000	35,300,000
Allowance for loan losses	0	0
Loan placed on non accrual status, past due days	'60 days	'
Provision for income taxes	0	'
Mortgages	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Loans on non accruals status	0	0
Notes	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Loans on non accruals status	0	0
Special Purpose Entity	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Assets	6,300,000,000	6,100,000,000
Liabilities	$3,300,000,000	$3,800,000,000

Gross_Real_Estate_and_Loan_Act

Gross Real Estate and Loan Activity (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
	Property
Number of Properties Owned or Financed	'
Balance, December 31, 2013	2,186
Acquisitions/improvements	190
Dispositions of real estate (Note 11)	-7	[1]
Principal payments and payoffs	0
Impairments	0
Loan premium amortization and other	0
Balance, June 30, 2014	2,369
Dollar Amount of Investments	'
Balance, December 31, 2013	$7,235,732	[2]
Acquisitions/improvements	365,893	[2]
Dispositions of real estate(2) (Note 11)	-16,498	[1],[2]
Principal payments and payoffs	-3,136	[2]
Impairments	-28,847	[2]
Loan premium amortization and other	-4,045	[2]
Balance, June 30, 2014	$7,549,099	[2]
[1]	The total accumulated depreciation and amortization associated with dispositions of real estate was $2.8 million for the six months ended June 30, 2014.
[2]	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.

Minimum_Future_Rentals_to_be_R

Minimum Future Rentals to be Received under Remaining Non-Cancelable Term of Operating Leases (Detail) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Remainder of 2014	$282,376
2015	557,731
2016	540,709
2017	525,579
2018	510,083
Thereafter	3,669,882
Total future minimum rentals	$6,086,360

Loans_Receivable_Net_Details

Loans Receivable Net (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'
Mortgage - principal	$99,203	$102,315
Mortgage - premium	13,713	14,976
Mortgages, net	112,916	117,291
Other notes - principal	405	430
Total loans receivable, net	$113,321	$117,721

Investment_in_Direct_Financing

Investment in Direct Financing Leases (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'
Minimum lease payments receivable	$17,721	$19,555
Estimated residual value of leased assets	55,858	57,739
Unearned income	-16,850	-18,534
Total	$56,729	$58,760

Activity_in_Real_Estate_Assets

Activity in Real Estate Assets Held for Sale (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
	Property
Number of Properties	'
Balance, December 31, 2013	11
Transfers from real estate investments	6
Sales (Note 11)	-5
Balance, June 30, 2014	12	[1]
Carrying Value	'
Balance, December 31, 2013	$19,611
Transfers from real estate investments	29,290
Sales (Note 11)	-7,946
Balance, June 30, 2014	$40,955	[1]
[1]	Includes six properties with a net carrying amount of $29.1 million in which its operating results are reported in continuing operations.

Real_Estate_Assets_Held_for_Sa

Real Estate Assets Held for Sale in Discontinued Operations (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Land and improvements	$6,699	$10,003
Buildings and improvements	7,460	14,178
Total real estate investments	14,159	24,181
Less: Accumulated depreciation	-2,613	-4,819
Intangible lease assets, net	567	697
Other	228	0
Total assets	12,341	20,059
Liabilities	'	'
Intangible lease liabilities, net	448	448
Total liabilities	$448	$448

Summary_of_Total_Impairment_Lo

Summary of Total Impairment Losses Recognized (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'	'	'
Real estate and intangible asset impairment	$24,610	$1,481	$26,247	$3,584
Write-off of lease intangibles due to lease terminations	2,529	487	2,599	487
Loans receivable recovery	0	-367	0	-367
Other impairment	488	0	488	0
Total impairment loss continuing and discontinued operations	$27,627	$1,601	$29,334	$3,704

Investments_Additional_Informa

Investments - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
	State		Property
	Property
Investment [Line Items]	'		'
Real estate properties and loans, gross	$7,549,099,000	[1]	$7,235,732,000	[1]
Real estate assets held for sale	2,369		2,186
Properties dispersed geographically	49		'
Number of states exceeding disclosure threshold	1		'
Minimum percentage of investment in real estate properties	10.00%		'
Number of owned real estate properties	2,224		2,041
Securing mortgage properties	145		145
Securing mortgage properties carrying amount	112,900,000		117,300,000
Other loan receivable with aggregate carrying value	400,000		400,000
Accumulated depreciation and amortization associated with dispositions of real estate	$2,800,000		'
Properties vacant	'		'
Investment [Line Items]	'		'
Number of properties	29		21
Property Held For Sale	'		'
Investment [Line Items]	'		'
Number of properties	3		6
Texas	'		'
Investment [Line Items]	'		'
Percentage of investment in real estate properties	13.00%		'
[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_Act1

Gross Real Estate and Loan Activity (Parenthetical) (Detail) (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Millions, unless otherwise specified	Property		Property
Long Lived Assets Held-for-sale [Line Items]	'		'
Number of Real Estate Properties	12	[1]	11
Number of properties in real estate assets held for sale reported in continuing operations	145		145
Carrying value of properties in real estate assets held for sale reported in continuing operations	$0.40		$0.40
Continuing Operations [Member]	'		'
Long Lived Assets Held-for-sale [Line Items]	'		'
Number of Real Estate Properties	6		'
Rental Properties	$29.10		'
[1]	Includes six properties with a net carrying amount of $29.1 million in which its operating results are reported in continuing operations.

Lease_Intangible_Assets_and_Li

Lease Intangible Assets and Liabilities (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Capital Leased Assets [Line Items]	'	'
Less: accumulated amortization	($166,958)	($140,024)
Intangible lease assets, net	599,107	618,121
Below-market leases	247,262	243,237
Less: accumulated amortization	-30,548	-23,123
Intangible lease liabilities, net	216,714	220,114
In-place Leases	'	'
Capital Leased Assets [Line Items]	'	'
Intangible lease assets, gross	667,434	663,027
Above-Market Lease	'	'
Capital Leased Assets [Line Items]	'	'
Intangible lease assets, gross	$98,631	$95,118

Lease_Intangibles_Net_Addition

Lease Intangibles, Net - Additional Information (Detail) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Capital Leased Assets [Line Items]	'	'
Amortization amount to rental revenue for capitalized leases	$3	$0.70
Amortization amount to rental revenue for capitalized leases due to merger	1.5	'
In-place Leases	'	'
Capital Leased Assets [Line Items]	'	'
Leases amortization expenses	26.9	8.8
Lease amortization expense due to merger	$16.70	'

Summarized_Debt_Details

Summarized Debt (Details) (USD $)	Jun. 30, 2014		20-May-14	Dec. 31, 2013
Debt Instrument [Line Items]	'		'	'
Long-term debt, gross	$3,960,575,000		'	$3,776,549,000
Unamortized net debt (discount) or premium	-50,483,000		'	1,669,000
Total debt, net	3,910,092,000		'	3,778,218,000
Revolving credit facilities	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average effective interest rates	5.31%	[1],[2]	'	'
Long-term debt, gross	15,528,000	[2]	'	35,120,000	[2]
Interest rate excluding noncash amortization of deferred financing costs and non-utilization fee	2.96%		'	'
Revolving credit facilities | Weighted Average	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average stated interest rate	4.00%	[2],[3]	'	'
Master trust notes	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average effective interest rates	6.13%	[1]	'	'
Long-term debt, gross	1,209,131,000		'	1,241,437,000
Master trust notes | Weighted Average	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average stated interest rate	5.35%	[3]	'	'
CMBS - fixed-rate	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average effective interest rates	5.55%	[1]	'	'
Long-term debt, gross	1,876,187,000		'	2,387,532,000
CMBS - fixed-rate | Weighted Average	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average stated interest rate	5.68%	[3]	'	'
CMBS - variable-rate	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average effective interest rates	3.34%	[1],[4]	'	'
Long-term debt, gross	110,854,000	[4]	'	111,018,000	[4]
CMBS - variable-rate | Weighted Average	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average stated interest rate	3.28%	[3],[4]	'	'
Unsecured fixed rate promissory note	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average effective interest rates	10.00%	[1]	'	'
Long-term debt, gross	1,375,000		'	1,442,000
Unsecured fixed rate promissory note | Weighted Average	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average stated interest rate	7.00%	[3]	'	'
Convertible Senior Notes	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average effective interest rates	5.10%	[1],[5]	'	'
Long-term debt, gross	747,500,000	[5]	'	0	[5]
Value of the embedded conversion premium, included in net debt (discount)	($55,800,000)		($56,700,000)	'
Convertible Senior Notes | Weighted Average	'		'	'
Debt Instrument [Line Items]	'		'	'
Weighted average stated interest rate	3.30%	[3],[5]	'	'
[1]	The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs and related debt insurer premiums, where applicable, calculated for the three months ended June 30, 2014.
[2]	Excluding the impact of non-cash amortization of deferred financing costs and non-utilization fee, the effective interest rate on the revolving credit facilities (Credit Facility and Line of Credit), was 2.96% as of June 30, 2014.
[3]	Represents the weighted average stated interest rate based on the outstanding principal balance as of June 30, 2014.
[4]	Variable-rate notes are predominately hedged with interest rate swaps (see Note 6).
[5]	The value of the embedded conversion premium of ($55.8) million is included in net debt (discount).

Revolving_Credit_Facilities_De

Revolving Credit Facilities (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jul. 17, 2013

Jun. 30, 2014

Jun. 30, 2014

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jun. 30, 2014

Jul. 17, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Line of credit

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

Revolving Credit Facility

Minimum

Maximum

Base Rate

Base Rate

LIBOR

LIBOR

Special Purpose Entity

Deferred Charges And Other Assets

Weighted Average

Prime Rate

Floor Rate

Minimum

Maximum

Minimum

Maximum

credit_advance

Special Purpose Entity

Special Purpose Entity

Special Purpose Entity

Property

Line of Credit Facility [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility maximum borrowing capacity

'

'

$400,000,000

'

'

'

'

'

'

'

'

'

$100,000,000

'

'

'

'

'

Extended term of debt

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spread 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

'

'

'

300,000

600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred Costs

'

'

'

'

'

'

'

'

'

'

'

4,500,000

4,500,000

'

3,100,000

'

'

'

Weighted average effective interest rates

'

'

'

'

'

'

'

'

'

'

'

5.49%

'

'

'

'

'

'

Interest rate excluding noncash amortization of deferred financing costs and non-utilization fee

'

'

'

'

'

'

'

'

'

'

'

2.78%

'

'

'

'

'

'

Amount outstanding

15,528,000

35,120,000

'

'

'

'

'

'

'

'

'

0

'

15,500,000

'

'

'

'

Maximum borrowing capacity increase

'

'

'

'

'

'

'

'

'

'

'

'

'

$40,000,000

'

'

'

'

Term

'

'

'

'

'

'

'

'

'

'

'

'

'

'24 months

'

'

'

'

Number of separate advances

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

Number of properties securing borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

Weighted average stated interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

'

Weighted average interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

4.22%

'

'

'

'

Master_Trust_Notes_Details

Master Trust Notes (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

20-May-14

19-May-14

Dec. 31, 2013

20-May-14

20-May-14

19-May-14

19-May-14

19-May-14

19-May-14

Jun. 30, 2014

20-May-14

Jun. 30, 2014

20-May-14

Jun. 30, 2014

20-May-14

Jun. 30, 2014

20-May-14

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

20-May-14

20-May-14

Mortgages

Mortgages

Mortgages

Old Notes

New Notes

Series 2005-1 Notes Tranche 1-A Due 2020

Series 2005-1 Notes Tranche A-2 Due 2020

Series 2006-1 Notes Due 2021

Series 2007-1 Notes Due 2022

Series 2014-1 Notes Tranche 1-A Due 2040

Series 2014-1 Notes Tranche 1-A Due 2040

Series 2014-1 Notes Tranche A-2 Due 2040

Series 2014-1 Notes Tranche A-2 Due 2040

Series 2014-2 Notes Due 2041

Series 2014-2 Notes Due 2041

Series 2014-2 Notes Due 2042

Series 2014-2 Notes Due 2042

3.89% Series 2013-1 Class A Interest Only

3.89% Series 2013-1 Class A Interest Only

5.27% Series 2013-2 Class A Amortizing Net Lease Mortgage Notes

5.27% Series 2013-2 Class A Amortizing Net Lease Mortgage Notes

Series 2014 Notes

Series 2014 Notes

Series 2013 Notes

Series 2013 Notes

Mortgages

Mortgages

Spirit Master Funding VII, LLC

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Property

Mortgages

Spirit Master Funding VII, LLC

Mortgages

Old Notes

Net-lease Mortgage Notes

Spirit Master Funding VII, LLC

Spirit Master Funding VII, LLC

Spirit Master Funding VII, LLC

Spirit Master Funding VII, LLC

Property

Property

Spirit Master Funding VII, LLC

Property

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase debt

'

'

'

'

'

'

'

'

'

$12,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term debt

3,910,092,000

3,778,218,000

'

'

'

912,400,000

'

'

'

'

'

80,500,000

'

253,300,000

'

234,400,000

'

312,900,000

'

125,000,000

'

203,000,000

'

'

'

'

'

'

'

Amount of old debt notes exchanged

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

894,400,000

'

Amount of debt defeasance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18,000,000

Extended term of debt

'

'

'

'

'

'

'17 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties securing borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

719

82

318

79

'

'

Aggregate principal amount of debt

'

'

$894,468,000

$912,423,000

$330,000,000

'

'

$94,264,000

$258,300,000

$246,915,000

[1]

$312,944,000

'

$81,309,000

'

$253,300,000

'

$246,915,000

'

$312,944,000

'

$125,000,000

'

$205,000,000

'

'

'

'

'

'

Weighted average stated interest rate

'

'

'

'

'

'

'

5.05%

5.37%

5.76%

[1]

5.74%

'

5.05%

'

5.37%

'

5.76%

'

5.74%

'

3.89%

'

5.27%

'

'

'

'

'

'

[1]

Principal amounts include $12.3 million of SMF II, Class A notes repurchased by the Company in 2010, which is shown net on the condensed consolidated balance sheets.

CMBS_Details

CMBS (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
	loan
	Property
Debt Instrument [Line Items]	'		'
Long-term debt, gross	$3,960,575		$3,776,549
CMBS - fixed-rate	'		'
Debt Instrument [Line Items]	'		'
Number of loans secured by mortgage on leased properties and related assets	229		'
Effective percentage rate minimum	3.90%		'
Effective percentage rate maximum	8.39%		'
Weighted average interest rate	5.68%		'
Long-term debt, gross	1,876,187		2,387,532
Number of properties securing borrowings	736		'
CMBS - variable-rate	'		'
Debt Instrument [Line Items]	'		'
Number of loans secured by mortgage on leased properties and related assets	26		'
Effective percentage rate minimum	2.65%		'
Effective percentage rate maximum	3.56%		'
Weighted average interest rate	3.28%		'
Long-term debt, gross	$110,854	[1]	$111,018	[1]
Number of properties securing borrowings	123		'
[1]	Variable-rate notes are predominately hedged with interest rate swaps (see Note 6).

Convertible_Senior_Notes_Detai

Convertible Senior Notes (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	20-May-14	Jun. 30, 2014	20-May-14	Jun. 30, 2014	20-May-14	Jun. 30, 2014	20-May-14
			Convertible Senior Notes	Convertible Senior Notes	Convertible Senior Notes	Convertible Senior Notes	Convertible Senior Notes	Convertible Senior Notes	Convertible Senior Notes
						Convertible Senior Notes Due 2019	Convertible Senior Notes Due 2019	Convertible Senior Notes Due 2021	Convertible Senior Notes Due 2021
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Aggregate principal amount of debt	'	'	'	'	'	'	$402,500,000	'	$345,000,000
Weighted average stated interest rate	'	'	'	'	'	'	2.88%	'	3.75%
Conversion rate	'	'	0.0763636	'	'	'	'	'	'
Conversion price	'	'	'	'	$13.10	'	'	'	'
Premium above public offering price	'	'	'	'	22.50%	'	'	'	'
Discount amortization period	'	'	'	'	'	'5 years	'	'7 years	'
Value of the embedded conversion premium, included in net debt (discount)	'	'	'	55,800,000	56,700,000	'	'	'	'
Deferred finance costs	$41,800,000	$23,800,000	'	$19,600,000	'	'	'	'	'

Debt_Extinguishment_Details

Debt Extinguishment (Details) (USD $)	3 Months Ended		6 Months Ended				0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 04, 2014	Jun. 05, 2014	20-May-14	20-May-14
					Mortgages	Subsidiaries	Subsidiaries	Net-lease Mortgage Notes	Senior Mortgage Notes Payable
						Mortgages	Mortgages	Mortgages	Mortgages
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Amount of debt defeasance	'	'	'	'	'	'	$488,700,000	$18,000,000	$509,800,000
Weighted average stated interest rate	'	'	'	'	'	6.59%	'	'	'
Loss on debt extinguishment	($64,708,000)	$0	($64,708,000)	$0	$64,700,000	'	'	'	'

Debt_Maturities_of_Mortgages_a

Debt Maturities of Mortgages and Notes Payable, Including Balloon Payments (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Total debt, net	$3,910,092	$3,778,218
Remaining average maturity of outstanding debt	'5 years 1 month 6 days	'
Mortgages and Notes Payable	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Remainder of 2014	46,484	'
2015	278,593	'
2016	331,071	'
2017	933,651	'
2018	276,135	'
Thereafter	2,094,641	'
Total debt, net	3,960,575	'
Mortgages and Notes Payable | Scheduled Principal	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Remainder of 2014	16,723	'
2015	32,799	'
2016	31,108	'
2017	28,389	'
2018	27,284	'
Thereafter	96,334	'
Total debt, net	232,637	'
Mortgages and Notes Payable | Balloon Payment	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Remainder of 2014	29,761	'
2015	245,794	'
2016	299,963	'
2017	905,262	'
2018	248,851	'
Thereafter	1,998,307	'
Total debt, net	3,727,938	'
Mortgages and Notes Payable | 2019	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	452,000	'
Mortgages and Notes Payable | 2020	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	288,000	'
Mortgages and Notes Payable | 2021	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	554,800	'
Mortgages and Notes Payable | 2022	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	351,400	'
Mortgages and Notes Payable | 2023	'	'
Scheduled Principal Payments For Borrowings [Line Items]	'	'
Thereafter	$352,100	'

Interest_Expense_and_Related_B

Interest Expense and Related Borrowings (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Schedule Of Interest Expenses [Line Items]	'	'	'	'	'
Amortization of deferred financing costs	$1,324,000	$6,229,000	$2,297,000	$10,130,000	'
Amortization of debt discount	'	'	-1,043,000	5,929,000	'
Total interest expense	55,992,000	39,552,000	110,391,000	75,991,000	'
Deferred finance costs	41,800,000	'	41,800,000	'	23,800,000
Revolving Credit Facilities	'	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'	'
Interest expense	1,100,000	271,000	1,820,000	376,000	'
Mortgages and Notes Payable	'	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'	'
Interest expense	53,649,000	29,615,000	107,245,000	59,086,000	'
Other Interest Expense	'	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'	'
Interest expense	33,000	469,000	72,000	470,000	'
Interest Expense	'	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'	'
Amortization of debt discount	($114,000)	$2,968,000	($1,043,000)	$5,929,000	'

Summary_of_Notional_Amount_and

Summary of Notional Amount and Fair Value of Derivative Instruments (Detail) (Designated as Hedging Instrument, Interest Rate Swap, USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'		'
Fair Value of Liability	($1,365)		($792)
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 1	'		'
Derivatives, Fair Value [Line Items]	'		'
Notional Amount	10,924		'
Interest Rate	4.62%		'
Fair Value of Liability	-80		-42
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 2	'		'
Derivatives, Fair Value [Line Items]	'		'
Notional Amount	6,746		'
Interest Rate	5.75%		'
Fair Value of Liability	-260		-326
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 3	'		'
Derivatives, Fair Value [Line Items]	'		'
Notional Amount	32,400		'
Interest Rate	3.15%		'
Fair Value of Liability	-162		-178
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 4	'		'
Derivatives, Fair Value [Line Items]	'		'
Notional Amount	61,758	[1]	'
Interest Rate	5.14%	[1]	'
Fair Value of Liability	-863	[1]	-246	[1]
Number of interest rate derivatives held	8		'
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 4 | Minimum	'		'
Derivatives, Fair Value [Line Items]	'		'
Notional Amount	7,600		'
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 4 | Maximum	'		'
Derivatives, Fair Value [Line Items]	'		'
Notional Amount	$7,900		'
[1]	Represents a tranche of eight individual interest rate swap agreements with notional amounts ranging from $7.6 million to $7.9 million. The swap agreements contain the same payment terms, stated interest rate, effective date, and maturity date.

Derivative_Instruments_Amounts

Derivative Instruments Amounts Recorded in AOCL and Gain or (Loss) Reclassified Out of AOCL (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Interest Expense	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	($331)	($95)	($654)	($188)
General and Administrative Expense	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	0	0	0	-22
Amount of Gain or (Loss) Recognized in Operations on Derivative (Ineffective Portion)	-3	54	-3	54
Cash Flow Hedging | Interest Rate Swap	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of (Loss) or Gain Recognized in AOCL on Derivative (Effective Portion)	($875)	$502	($1,277)	$470

Derivative_and_Hedging_Activit2

Derivative and Hedging Activities - Additional Information (Detail) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative instruments loss estimated to be reclassified from accumulated OCI as an increase to interest expense within 12 months	$1.20

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	6 Months Ended		0 Months Ended		0 Months Ended	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	20-May-14	31-May-14	20-May-14	Jun. 30, 2014	Jun. 30, 2014
			Secondary Offering	Secondary Offering	Over-Allotment Option	At the Market	At the Market
							Weighted Average
Subsidiary, Sale of Stock [Line Items]	'	'	'	'	'	'	'
Issuance of common shares (in shares)	'	'	26,450,000	'	3,450,000	1,574,320	'
Share price	'	'	'	$10.69	'	'	$10.70
Proceeds from issuance of common stock	'	'	$271,200,000	'	'	$16,600,000	'
Proceeds from issuance of common stock, net of offering costs	$287,704,000	($293,000)	'	'	'	$16,300,000	'

Stockholders_Equity_Dividends_1

Stockholders' Equity Dividends Declared (Details) (USD $)	3 Months Ended					6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014		Mar. 31, 2014		Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Dividends Declared [Line Items]	'		'		'	'	'
Dividend per share (in USD per share)	$0.17		$0.17		$0.16	$0.33	$0.33
Dividends	'		$61,629	[1]	'	'	'
Accounts payable, accrued expenses and other liabilities	'		'		'	'	'
Dividends Declared [Line Items]	'		'		'	'	'
Dividends	$66,299	[1]	'		'	'	'
[1]	Excludes estimated forfeitures for dividends declared on employee restricted stock awards that are reported in general and administrative on the accompanying condensed consolidated statement of operations.

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
	claim
Commitments and Contingencies Disclosure [Abstract]	'
Outstanding claims	0
Total commitments	$31.30
Total commitments relating to future acquisitions	28.2
Contingently liable amount of debt owed by tenant	$5.70

Financial_Assets_at_Fair_Value

Financial Assets at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $)	Jun. 30, 2014	Dec. 31, 2013
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	($1,365)	($792)
Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair Value of financial liabilities	0	0
Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair Value of financial liabilities	-1,365	-792
Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair Value of financial liabilities	$0	$0

Assets_at_Fair_Value_on_Nonrec

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

3 Months Ended

6 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

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

'

'

'

'

'

'

$34,257

'

$0

'

$0

'

$34,257

'

Lease intangible assets

'

'

'

'

'

'

2,631

0

0

0

0

0

2,631

0

Long-lived assets held for sale

'

'

'

'

'

'

23,110

11,198

0

0

0

0

23,110

38,030

Long-lived assets held and used, Disposition

'

'

'

'

0

'

'

'

'

'

'

'

'

'

Lease intangible assets, Disposition

'

'

'

'

0

0

'

'

'

'

'

'

'

'

Long-lived assets held for sale, Disposition

'

'

'

'

0

-26,832

'

'

'

'

'

'

'

'

Long-lived assets held and used, Impairment Charges

'

'

'

'

-17,844

[1]

'

'

'

'

'

'

'

'

'

Lease intangible assets, Impairment Charges

'

'

'

'

-3,457

[1]

-182

[1]

'

'

'

'

'

'

'

'

Long-lived assets held for sale, Impairment Charges

'

'

'

'

-8,033

[1]

-7,134

[1]

'

'

'

'

'

'

'

'

Total Impairment Charges

($27,627)

($1,601)

($29,334)

($3,704)

($29,334)

[1]

($7,316)

[1]

'

'

'

'

'

'

'

'

[1]

Impairment charges are presented for the six months ended June 30, 2014 and for the year ended December 31, 2013.

Fair_Value_Information_for_Fin

Fair Value Information for Financial Instruments (Detail) (USD $)	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2014	20-May-14
	Carrying Value		Carrying Value		Estimated Fair Value		Estimated Fair Value		Convertible Senior Notes	Convertible Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'		'		'	'
Loans receivable, net	$113,321,000		$117,721,000		$121,670,000		$131,587,000		'	'
Revolving credit facilities, net	15,528,000		35,120,000		15,711,000		34,911,000		'	'
Mortgages and notes payable, net	3,202,853,000		3,743,098,000		3,279,436,000		3,892,621,000		'	'
Convertible senior notes, net (1)	691,711,000	[1]	0	[1]	747,066,000	[1]	0	[1]	'	'
Value of the embedded conversion premium, included in net debt (discount)	'		'		'		'		$55,800,000	$56,700,000
[1]	The carrying amount of the convertible senior notes is net of an embedded conversion premium totaling $55.8 million.

Significant_Credit_and_Revenue1

Significant Credit and Revenue Concentration - Additional Information (Detail)	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Revenue, Major Customer [Line Items]	'	'	'
Number of tenants	404	'	377
Shopko And Pamida	'	'	'
Revenue, Major Customer [Line Items]	'	'	'
Rental revenue in percentage of total revenue	13.80%	28.90%	'
Rental revenue by combined properties operated by tenants	13.80%	'	14.40%

Net_Gains_or_Losses_from_Disco

Net Gains or Losses from Discontinued Operations (Detail) (USD $)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
	Property		Property		Property		Property
Revenues:	'		'		'		'
Rent	$309		$2,228		$617		$4,450
Non-cash rent	2		-143		-27		-125
Other	33		7		2,950		7
Total revenues	344		2,092		3,540		4,332
Expenses:	'		'		'		'
General and administrative	9		7		12		16
Property costs	56		266		195		340
Interest	0		0		0		194
Depreciation and amortization	0		1,213		0		2,590
Impairments	0		1,786		0		3,889
Total expenses	65		3,272		207		7,029
Gain (loss) from discontinued operations before other income	279		-1,180		3,333		-2,697
Other income:	'		'		'		'
Gain on debt extinguishment	0		1,028		0		1,028
Total other income	0		22		0		45
Income (loss) from discontinued operations	0		1,050		0		1,073
Gain (loss) on dispositions of assets	279		-130		3,333		-1,624
Total discontinued operations	92		-191		85		-11
Income (loss) from discontinued operations	$371		($321)		$3,418		($1,635)
Number of properties disposed of during period (a)	3	[1]	4	[1]	5	[1]	10	[1]
Number of properties disposed of, including continuing and discontinued operations	'		'		7		'
[1]	During the six months ended June 30, 2014, seven properties were sold, but only five of them were held for sale at December 31, 2013 and qualified for discontinued operations under ASU 2014-08.

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information - Additional Information (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Supplemental Cash Flow Elements [Abstract]	'	'
Distributions declared and unpaid	($66,299)	($26,514)
Reduction of debt through sale of certain real estate properties	0	974
Real estate properties acquired under 1031 exchange	20,784	0
Embedded conversion premium of convertible notes	-56,740	0
Reduction of debt, net of assets surrendered to lender	0	1,028
Accrued equity offering costs	-250	0
Accrued deferred financing costs	($281)	($9,814)

Incentive_Award_Plan_and_Stock1

Incentive Award Plan and Stock Option Plan - Additional Information (Detail) (USD $)	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014
In Millions, except Share data, unless otherwise specified		General and Administrative Expense	General and Administrative Expense	General and Administrative Expense	General and Administrative Expense	Non-vested shares of restricted stock	Non-vested shares of restricted stock	Performance Shares	Performance Shares	Performance Shares	Performance Shares
							Directors Officers And Employees			Minimum	Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of shares authorized under plan (in shares)	2,600,000	'	'	'	'	'	'	'	'	'	'
Grants in period (in shares)	'	'	'	'	'	'	400,000	'	'	'	'
Deferred compensation expense	'	'	'	'	'	$3.80	'	'	'	'	'
Outstanding non vested restricted shares (in shares)	'	'	'	'	'	2,000,000	'	'	'	'	'
Shares of common stock available for issuance (in shares)	'	'	'	'	'	'	'	242,883	'	'	'
Multiplier for shares granted	'	'	'	'	'	'	'	'	'	0.00%	250.00%
Stock-based compensation expense	'	3	1.8	5.5	3.6	'	'	3.3	'	'	'
Potential grants in period based on total shareholder return (in shares)	'	'	'	'	'	'	'	1,100,000	'	'	'
Dividend rights accrued	'	'	'	'	'	'	'	0.4	'	'	'
Unamortized stock based compensation expense	'	'	'	'	'	'	'	$17.40	$15.60	'	'

Computation_of_Basic_and_Dilut

Computation of Basic and Diluted Loss Per Share (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basic and diluted loss:	'	'	'	'
Loss from continuing operations	($88,902)	($11,348)	($79,432)	($18,366)
(Loss) gain on dispositions of assets	-1,290	0	432	0
Less: income attributable to unvested restricted stock	-334	-352	-667	-698
Loss used in basic and diluted income (loss) per share from continuing operations	-90,526	-11,700	-79,667	-19,064
Income (loss) from discontinued operations	371	-321	3,418	-1,635
Net loss attributable to common stockholders used in basic and diluted income (loss) per share	($90,155)	($12,021)	($76,249)	($20,699)
Basic and diluted weighted average shares of common stock outstanding:	'	'	'	'
Weighted average shares of common stock outstanding	383,810,017	161,598,986	377,209,471	161,599,476
Less: unvested weighted average shares of restricted stock	-2,034,814	-2,168,860	-1,943,238	-2,173,701
Weighted average number of shares outstanding used in basic and diluted loss per share	381,775,203	159,430,126	375,266,233	159,425,775
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Dilutive shares (in shares)	1,625,201	950,097	1,508,865	838,293
Unvested shares of restricted stock	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Dilutive shares (in shares)	911,962	950,097	800,773	838,293
Unvested performance shares	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Dilutive shares (in shares)	708,823	0	703,262	0
Stock options	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Dilutive shares (in shares)	4,416	0	4,830	0