Spirit Realty Capital 10-Q 5 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 03, 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-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	398,566,183

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate investments:	'	'
Land and improvements	$2,503,857	$2,330,510
Buildings and improvements	4,447,082	4,188,783
Total real estate investments	6,950,939	6,519,293
Less: accumulated depreciation	-723,777	-590,067
Real Estate Investment Property, Net	6,227,162	5,929,226
Loans receivable, net	111,409	117,721
Intangible lease assets, net	599,875	618,121
Real estate assets under direct financing leases, net	56,654	58,760
Real estate assets held for sale, net	54,120	19,611
Net investments	7,049,220	6,743,439
Cash and cash equivalents	50,130	66,588
Deferred costs and other assets, net	156,485	129,597
Goodwill	291,421	291,421
Total assets	7,547,256	7,231,045
Liabilities:	'	'
Revolving credit facilities	125,436	35,120
Mortgages and notes payable, net	3,188,547	3,743,098
Convertible senior notes, net	693,845	0
Intangible lease liabilities, net	219,626	220,114
Accounts payable, accrued expenses and other liabilities	115,564	114,679
Total liabilities	4,343,018	4,113,011
Commitments and contingencies (see Note 8)	'	'
Stockholders’ equity:	'	'
Common stock, $0.01 par value; 399,039,782 shares issued; 398,566,183 outstanding shares at September 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	4,211,235	3,859,823
Accumulated deficit	-1,005,434	-742,915
Accumulated other comprehensive loss	-691	-638
Treasury stock, at cost	-4,862	-1,942
Total stockholders’ equity	3,204,238	3,118,034
Total liabilities and stockholders’ equity	$7,547,256	$7,231,045

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 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 (in shares)	399,039,782	370,570,565
Common stock, shares outstanding (in shares)	398,566,183	370,363,803

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended				9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Revenues:	'		'		'		'
Rentals	$145,591		$131,526		$426,212		$271,352
Interest income on loans receivable	1,805		1,796		5,463		4,037
Earned income from direct financing leases	837		708		2,521		708
Tenant reimbursement income	3,308		2,316		9,548		2,316
Interest income and other	754		501		4,312		1,816
Total revenues	152,295		136,847		448,056		280,229
Expenses:	'		'		'		'
General and administrative	11,995		9,946		33,496		26,064
Finance restructuring costs	-11		0		13,022		0
Merger costs	0		45,071		0		56,629
Property costs	5,357		5,067		17,215		6,334
Real estate acquisition costs	865		470		2,372		688
Interest	53,535		50,386		163,926		126,376
Depreciation and amortization	62,069		48,243		184,586		104,882
Impairments (recoveries)	12,727		0		42,061		-185
Total expenses	146,537		159,183		456,678		320,788
Income (loss) from continuing operations before other income (expense) and income tax expense	5,758		-22,336		-8,622		-40,559
Other income (expense):	'		'		'		'
Gain (loss) on debt extinguishment	212		0		-64,496		0
Total other income (expense)	212		0		-64,496		0
Income (loss) from continuing operations before income tax expense	5,970		-22,336		-73,118		-40,559
Income tax expense	242		803		586		946
Income (loss) from continuing operations	5,728		-23,139		-73,704		-41,505
Discontinued operations:	'		'		'		'
Income (loss) from discontinued operations	288		-6		3,621		-1,630
Gain on dispositions of assets	403		1,237		488		1,226
Income (loss) from discontinued operations	691		1,231		4,109		-404
Income (loss) before dispositions of assets	6,419		-21,908		-69,595		-41,909
Gain on dispositions of assets	1,251		0		1,683		0
Net income (loss)	$7,670		($21,908)		($67,912)		($41,909)
Net income (loss) per share of common stock—basic and diluted:	'		'		'		'
Continuing operations (in USD per share)	$0.02		($0.07)		($0.19)		($0.19)
Discontinued operations (in USD per share)	$0		$0		$0.01		$0
Net income (loss) per share (in USD per share)	$0.02		($0.07)		($0.18)		($0.19)
Weighted average common shares outstanding:	'		'		'		'
Basic (in shares)	396,807,656		329,527,874		382,525,614		216,749,378
Diluted (in shares)	397,613,583	[1]	329,527,874	[1]	382,525,614	[1]	216,749,378	[1]
Dividends declared per common share issued (in USD per share)	$0.17		$0.16		$0.50		$0.49
[1]	Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income (loss)	$7,670	($21,908)	($67,912)	($41,909)
Other comprehensive income (loss):	'	'	'	'
Change in net unrealized gains or (losses) on cash flow hedges	237	-320	-1,040	149
Net cash flow hedge losses reclassified to operations	333	120	987	331
Total comprehensive income (loss)	$8,240	($22,108)	($67,965)	($41,429)

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 income (loss)	-67,912	'	'	'	-67,912	'	'
Other comprehensive income	-53	'	'	'	'	-53	'
Dividends declared on common stock	-194,187	'	'	'	-194,187	'	'
Repurchase of common shares (in shares)	'	'	'	'	'	'	-266,837
Repurchase of common shares	-2,920	'	'	'	'	'	-2,920
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)	'	424,897	'	'	'	'	'
Stock-based compensation, net	8,508	'	4	8,924	-420	'	'
Ending balance at Sep. 30, 2014	$3,204,238	'	$3,990	$4,211,235	($1,005,434)	($691)	($4,862)
Ending balance (in shares) at Sep. 30, 2014	'	399,039,782	'	'	'	'	473,599

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating activities	'	'
Net loss	($67,912)	($41,909)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	184,586	108,336
Impairments	42,061	5,668
Amortization of deferred financing costs	4,084	12,457
Amortization of interest rate hedge losses and derivative net settlements	-83	-101
Amortization of debt (premiums) discounts	-821	5,588
Stock-based compensation expense	8,503	6,901
Loss (gain) on debt extinguishment	64,496	-1,028
Debt extinguishment costs	-59,069	0
Gains on dispositions of real estate and other assets, net	-2,171	-1,467
Non-cash revenue	-12,877	-15,191
Other	274	-41
Changes in operating assets and liabilities:	'	'
Deferred costs and other assets	-3,111	-8,262
Accounts payable, accrued expenses and other liabilities	-3,248	-1,826
Net cash provided by operating activities	154,712	69,125
Investing activities	'	'
Acquisitions/investments in real estate	-546,373	-176,080
Collections of principal on loans receivable and real estate assets under direct financing leases	4,641	13,878
Proceeds from dispositions of real estate and other assets	31,993	135,270
Cash acquired in connection with merger	0	9,400
Transfers of sale proceeds and loan principal collections (to) from restricted account	-20,240	7,018
Net cash used in investing activities	-529,979	-10,514
Financing activities	'	'
Borrowings under lines of credit	515,535	266,705
Repayments under lines of credit	-425,219	-115,197
Borrowings under Convertible Notes and mortgages and notes payable	757,500	238,140
Repayments under mortgages and notes payable	-562,104	-33,339
Deferred financing costs	-20,011	-20,041
Proceeds from issuance of common stock, net of offering costs	287,454	-518
Proceeds from exercise of stock options	183	0
Offering costs paid on equity component of convertible debt	-1,609	0
Purchase of treasury stock	-2,920	-1,942
Consent fees paid to lenders	0	-5,449
Dividends paid to stockholders	-189,510	-85,897
Transfers to escrow deposits with lenders	-490	-8,155
Net cash provided by (used in) financing activities	358,809	-89,804
Net decrease in cash and cash equivalents	-16,458	-31,193
Cash and cash equivalents, beginning of period	66,588	73,568
Cash and cash equivalents, end of period	50,130	42,375
Cole II	'	'
Financing activities	'	'
Repayments under lines of credit	$0	($324,111)

Organization

Organization	9 Months Ended
	Sep. 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 predominately 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 between parties dated January 22, 2013 ("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 only limited partners and together own the remaining 99.0% of the Operating Partnership.
	As of September 30, 2014, our undepreciated gross investment in real estate and loans totaled approximately $7.71 billion, representing investments in 2,408 properties, including properties securing our mortgage loans. Of this amount, 98.6% consisted of our gross investment in real estate, representing ownership of 2,263 properties, and the remaining 1.4% 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 registered offering of 26,450,000 shares of the Company’s common stock, 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 included 3,450,000 shares sold to the underwriters pursuant to their 30-day option to purchase additional shares, which was exercised in full on May 16, 2014.
	Concurrent with the Common Stock Offering, on May 20, 2014, the Company registered 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 Convertible Notes, 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 paid by the Company. 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 (defined below), repay all amounts drawn against the Credit Facility as of May 20, 2014 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 indirectly-owned special purpose, bankruptcy remote subsidiaries of the Company, for new notes under an amended trust indenture and property management agreement (the “New Master Funding Notes” or "Master Funding 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 Master Funding Notes and $18.0 million of the Old Notes not tendered were redeemed.
	The New Master Funding Notes will maintain generally similiar structural terms as the Old Notes. The New Master Funding 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 Master Funding Notes are not insured by third party financial guaranty insurance as the Old Notes were, and the associated insurance premium was eliminated. The New Master Funding Notes are secured by substantially all of the assets owned by the issuer 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 collateral had an aggregate gross book value of approximately $917.7 million. 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 of its common stock 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, 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 second quarter of 2014, the Company sold 1,574,320 shares under the program, raising net proceeds of approximately $16.3 million. No shares were sold under the ATM Program during the third quarter of 2014.
	Acquisitions and dispositions
	During the nine months ended September 30, 2014, the Company purchased 241 properties, representing an aggregate gross investment in real estate properties of $572.2 million, which includes $2.4 million in revenue producing follow on investments in existing properties. During the same period, the Company sold 19 properties for $44.9 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	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013, assets totaling $5.5 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 (see Note 11).
	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 and other tenant 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 receivable will be made. The Company provided for reserves for uncollectible amounts totaling $9.0 million and $7.9 million at September 30, 2014 and December 31, 2013, respectively, against accounts receivable balances of $20.1 million and $17.6 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 $11.3 million and $9.6 million at September 30, 2014 and December 31, 2013, respectively, against deferred rental revenue receivables of $45.9 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 September 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 September 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 September 30, 2014 and December 31, 2013:
		September 30,		December 31,
		2014		2013
	Collateral deposits (1)	$	21,597	$	21,816
	Tenant improvements, repairs, and leasing commissions (2)	13,176		10,297
	Master trust release / title company escrow (3)	21,350		21,893
	Loan impounds (4)	1,114		2,018
	Other (5)	1,400		2,667
		$	58,637	$	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. Included in this total is $8.2 million of lender controlled restricted cash held on the four defaulted CMBS loans (see Note 5).
	(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. Included in this total is $5.3 million in restricted cash held on the four defaulted CMBS loans (see Note 5).
	(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 operating expenses.
	(5) Funds held in lender controlled accounts released within the following month after debt service requirements are met. Included in this total is $0.2 million in restricted cash held on the four defaulted CMBS loans (see Note 5).
	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 ASU 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.
	In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This standard requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for fiscal years beginning after December 15, 2015. The Company does not anticipate this standard will have a material impact on its financial statements upon adoption.

Investments

Investments	9 Months Ended
	Sep. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Investments	'
	Investments
	Real Estate Investments
	At September 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 $7.71 billion and $7.24 billion, respectively. These investments are comprised of 2,408 and 2,186, respectively, owned or financed properties that are geographically dispersed throughout 49 states. Only one state, Texas, with a 12.9% investment, accounted for more than 10% of the total dollar amount of the Company’s investment portfolio. At September 30, 2014 and December 31, 2013, respectively, the Company’s gross investment portfolio was comprised of 2,263 and 2,041 owned properties. The Company also held mortgage loans receivable secured by 145 properties with aggregate carrying amounts of $111.0 million and $117.3 million as of September 30, 2014 and December 31, 2013, respectively. Other unsecured loans receivable with aggregate carrying amounts of $0.4 million were also held as of September 30, 2014 and December 31, 2013.
	During the nine months ended September 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	241			573,050
	Dispositions of real estate(2) (Note 11)	(19	)		(46,744		)
	Principal payments and payoffs	—			(4,416		)
	Impairments	—			(41,539		)
	Write off of gross lease intangibles	—			(8,472		)
	Loan premium amortization and other	—			(2,121		)
	Balance, September 30, 2014	2,408			$	7,705,490
	(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 $6.7 million for the nine months ended September 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 September 30, 2014, 40 of the Company’s properties were vacant, not subject to a lease and in the Company’s possession; seven 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 September 30, 2014 (in thousands):
	Scheduled Future Rental Payments	September 30,
		2014
	Remainder of 2014	$	143,982
	2015	570,225
	2016	553,461
	2017	538,290
	2018	523,022
	Thereafter	3,820,618
	Total future minimum rentals	$	6,149,598
	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 September 30, 2014 and December 31, 2013 (in thousands):
		September 30,				December 31,
		2014				2013
	Mortgage - principal	$	97,935			$	102,315
	Mortgage - premium	13,081				14,976
	Mortgages, net	111,016				117,291
	Other notes - principal	393				430
	Total loans receivable, net	$	111,409			$	117,721
	Real Estate Assets Under Direct Financing Leases
	The components of investment assets held under direct financing leases as of September 30, 2014 and December 31, 2013 were as follows (in thousands):
		September 30,				December 31,
		2014				2013
	Minimum lease payments receivable	$	16,809			$	19,555
	Estimated residual value of leased assets	55,858				57,739
	Unearned income	(16,013		)		(18,534		)
	Total	$	56,654			$	58,760
	Real Estate Assets Held for Sale
	The following table shows the activity in real estate assets held for sale for the nine months ended September 30, 2014:
		Number of			Carrying
		Properties			Value
					(In Thousands)
	Balance, December 31, 2013	11			$	19,611
	Transfers from real estate investments	19			59,372
	Sales (Note 11)	(10	)		(24,863		)
	Balance, September 30, 2014 (a)	20			$	54,120
	(a) Includes 15 properties with a net carrying amount of $44.6 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 September 30, 2014 and December 31, 2013 (in thousands):
		September 30,				December 31,
		2014				2013
	Assets
Land and improvements	$	5,557			$	10,003
Buildings and improvements	6,009				14,178
Total real estate investments	11,566				24,181
Less: Accumulated depreciation	(2,167		)		(4,819		)
Intangible lease assets, net	460				697
Other	86				—
Total assets	$	9,945			$	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 nine months ended September 30, 2014 and 2013 (in thousands):
	Three Months Ended September 30,							Nine Months Ended September 30,
	2014				2013			2014		2013
Real estate and intangible asset impairment	$	10,783			$	1,963		$	37,030	$	5,547
Write-off of lease intangibles due to lease terminations	1,910				—			4,509		488
Loans receivable recovery	—				—			—		(367		)
Other impairment	34				—			522		—
Total impairment loss continuing and discontinued operations	$	12,727			$	1,963		$	42,061	$	5,668

Lease_Intangibles_net

Lease Intangibles, net	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):
		September 30,			December 31,
		2014			2013
	In-place leases	$	675,926		$	663,027
	Above-market leases	100,112			95,118
	Less: accumulated amortization	(176,163		)	(140,024		)
	Intangible lease assets, net	$	599,875		$	618,121
	Below-market leases	$	254,034		$	243,237
	Less: accumulated amortization	(34,408		)	(23,123		)
	Intangible lease liabilities, net	$	219,626		$	220,114
	The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases was $4.6 million and $1.4 million for the nine months ended September 30, 2014 and 2013 and $1.6 million and $0.7 million for the three months ended September 30, 2014 and 2013, respectively. The value of in-place leases amortized and included in depreciation and amortization expense was $40.0 million and $19.8 million for the nine months ended September 30, 2014 and 2013 and $13.1 million and $10.9 million for the three months ended September 30, 2014 and 2013, respectively. The increase in above- and below-market lease and lease-in-place amortization was primarily attributable to the properties acquired in connection with the Merger.

Debt

Debt	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	The Company's debt is summarized below:
				Weighted Average Stated Interest Rate (2)			Weighted Average Maturity (4)		September 30,				December 31,
		Weighted Average Effective							2014				2013
		Interest Rates (1)
							(in Years)		(In Thousands)
	Revolving credit facilities	NM		2.81	%		1.7		$	125,436			$	35,120
	Master Trust Notes	5.81	%	5.35	%		6.8		1,204,787				1,241,437
	CMBS - fixed-rate	5.34	%	5.84	%		3.1		1,868,518				2,387,532
	CMBS - variable-rate (3)	3.5	%	3.28	%		2.4		110,771				111,018
	Unsecured fixed rate promissory note	9.12	%	7	%		7.3		1,340				1,442
	Convertible Notes	4.8	%	3.28	%		5.5		747,500				—
	Total debt before net debt (discount) or premium	5.4	%	5.06	%		4.7		4,058,352				3,776,549
	Unamortized net debt (discount) or premium								(50,524		)		1,669
	Total debt, net								$	4,007,828			$	3,778,218
	(1) The effective interest rates include amortization of debt discount/premium and amortization of deferred financing costs calculated for the three months ended September 30, 2014.
	(2) Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2014.
	(3) Variable-rate notes are predominately hedged with interest rate swaps (see Note 6).
	(4) Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2014.
	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 Company's previous $100.0 million secured revolving credit facility. The Operating Partnership may obtain loans and/or extensions of credit in an aggregate amount not to exceed $400.0 million. The initial term expires on July 17, 2016 and may be extended for an additional 12 months subject to the satisfaction of specified requirements. The Credit Facility bears interest, at the Operating Partnership’s option, of either (i) the “Base Rate” (as defined in the Credit Facility) 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 $0.4 million and $0.9 million for the three and nine months ended September 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 September 30, 2014, $2.7 million of the $4.5 million is included in deferred costs and other assets, net on the accompanying condensed consolidated balance sheet. The interest rate, excluding the impact of non-cash amortization of deferred financing costs and non-utilization fee of the Credit Facility, was 2.65% for the three months ended September 30, 2014. As of September 30, 2014, there was $110.0 million outstanding on the Credit Facility and $290.0 million of borrowing capacity available.
	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 September 30, 2014, the Operating Partnership was in compliance with these financial covenants.
	Line of Credit - As of September 30, 2014, a special purpose entity indirectly 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 or (ii) the floor rate, which was amended and reduced during the third quarter 2014, equal to 3.50%. The interest rate with respect to each advance resets on the annual anniversary date of each advance, and is subject to the same terms as above. As of September 30, 2014, $15.4 million was outstanding on the Line of Credit under three separate advances, secured by 3 properties, at a weighted average stated rate of 3.9% and an effective interest rate for the three months ended September 30, 2014 of 4.20%. Each advance under the Line of Credit is secured by those assets specified as collateral for such advance. 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 September 30, 2014, the Company and if applicable the 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 the Old 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. The terms of the New Master Funding Notes remain generally similar to the Old Notes including the interest rate and anticipated final repayment dates; however, the Master Funding 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 Master Funding Notes are not insured by third party financial guaranty insurance as were the Old Notes and the Company no longer pays the associated insurance premium. The revisions to the Spirit Master Funding Program, in connection with the issuance of the Master Funding Notes, also generally provide the Company more administrative flexibility as property manager and special servicer. The Master Funding Notes are cross collateralized by the assets of the issuers and are non-recourse.
	As of September 30, 2014, the Master Funding Notes had an outstanding principal balance of $877.8 million and were secured by 714 properties, including 82 properties securing mortgage loans. The Master Funding Notes have a weighted average stated interest rate of 5.58% and weighted average maturity of 6.6 years as of September 30, 2014.
	In December 2013, Spirit Master Funding VII, LLC ("SMF VII") issued $330.0 million net-lease mortgage notes under a new Spirit Master Funding securitization trust, with substantially similar terms to the existing Spirit Master Funding trust. 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 two series of notes are cross collateralized and are collectively referred to as the "SMF Notes" and together with the Master Funding Notes, the "Master Trust Notes". The SMF Notes are secured by all of the assets of SMF VII and are non-recourse. As of September 30, 2014, the SMF Notes had an outstanding balance of $327.0 million and were secured by 316 properties, including 77 properties securing mortgage loans. The SMF Notes carried an investment grade rating at issuance and have a weighted average stated interest rate of 4.74% and a weighted average maturity of 7.3 years as of September 30, 2014.
	CMBS
	As of September 30, 2014, indirectly owned subsidiaries of the Company were borrowers under 232 fixed and 26 variable rate non-recourse loans that had been securitized into commercial mortgage backed securities ("CMBS") that are secured by the borrowers' respective leased properties and related assets. The stated interest rates as of September 30, 2014 for the fixed rate notes ranged from 3.90% to 10.88% with a weighted average stated rate of 5.84%. The variable rate notes ranged from 2.66% to 3.66% with a weighted average stated rate of 3.28%. As of September 30, 2014, the fixed and variable rate loans have balances outstanding of $1.9 billion and $110.8 million, respectively, and are secured by 735 and 123 properties, respectively.
	During the quarter ended September 30, 2014, the servicer of one such CMBS loan notified the Company that conditions exist under covenants contained in the loan agreement that permit the servicer to retain rents in excess of debt service requirements (“Excess Cash”) as additional deposited collateral beginning as of September 30, 2013. As of September 30, 2014, the Excess Cash amount is approximately $0.6 million per month. In the event the servicer requires the return of previously distributed Excess Cash, such funds would be classified as additional collateral deposits in restricted cash in the accompanying condensed consolidated balance sheet.
	As of September 30, 2014, certain borrowers were in default under the loan agreements relating to four separate CMBS loans where the collateral securing the respective loans was no longer generating sufficient revenue to pay the required debt service. Each defaulted borrower is a special purpose entity and the sole owner of the collateral securing the loan obligations. As of September 30, 2014, the aggregate principal balance under the defaulted CMBS loans was $74.0 million, which includes $1.0 million of interest capitalized to principal and $0.2 million of interest payable reflected in accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated balance sheet. The following table provides key elements of the defaulted mortgage loans (dollars in thousands):
	Industry		Properties	Net Book Value				Monthly Base Rent				Outstanding Principal			Restricted Cash (4)		Stated Rate			Default Rate			Accrued Interest
	Drug Stores / Pharmacies		1	$	1,040			$	—			$	1,227		$	78	5.67	%		9.67	%		$	30	(1)
	Home Furnishings		1	3,331				36				16,732			3,537		6.88	%		10.88	%		807		(1)
	Sporting Goods		1	3,397				—				4,067			609		5.52	%		9.52	%		161		(1)
	Manufacturing		9	39,595				83				51,963			9,497		5.85	%		9.85	%		219		(2)
			12	$	47,363			$	119			$	73,989		$	13,721	6.06	%	(3)	10.06	%	(3)	$	1,217
	(1) Interest capitalized to principal
	(2) Interest in accounts payable, accrued expenses and other liabilities
	(3) Weighted average interest rate
	(4) Represents restricted cash controlled by the lender that may be applied to reduce the outstanding principal balance
	Convertible Senior Notes
	On May 20, 2014, the Company completed registered 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 Convertible 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 Convertible 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 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 outstanding principal balance of the Convertible Notes on the accompanying condensed consolidated balance sheets. 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 the term of each of the 2019 Notes and 2021 Notes. As of September 30, 2014, the unamortized discount was $53.7 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 registered Convertible Notes Offering and Common Stock Offerings in May 2014, were partially used to retire senior mortgage notes payable with an aggregate principal balance of $509.8 million, redeem $18.0 million of Old Notes that were not tendered in the Exchange Offer, and repay all amounts then 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. During the third quarter of 2014, the Company recognized a $0.2 million gain on debt extinguishment resulting from a property sale, which was encumbered by CMBS debt assumed by the buyer. As a result of these transactions, the Company recognized a loss on extinguishment of debt of approximately $64.5 million during the nine months ended September 30, 2014.
	Debt Maturities
	As of September 30, 2014, scheduled debt maturities of the Company’s revolving credit facilities, mortgages and notes payable and Convertible Notes, including balloon payments, are as follows (in thousands):
		Scheduled			Balloon				Total
		Principal			Payment
	Remainder of 2014 (1)	$	8,202		$	103,750			$	111,952
	2015	31,783			245,782				277,565
	2016	30,011			409,939				439,950
	2017	28,331			829,778				858,109
	2018	27,284			248,851				276,135
	Thereafter	96,334			1,998,307				2,094,641
	Total	$	221,945		$	3,836,407			$	4,058,352
	(1) The balloon payment balance in 2014 includes $74.0 million for the acceleration of principal payable following an event of default under four separate CMBS loans.
	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.
	The following table summarizes interest expense on the related borrowings (in thousands):
	Three Months							Nine Months
	Ended September 30,							Ended September 30,
	2014			2013				2014				2013
Interest expense – revolving credit facilities	$	538		$	1,196			$	2,358			$	1,572
Interest expense – mortgages and notes payable	44,858			47,196				149,231				106,284
Interest expense – Convertible Notes	6,098			—				8,970				—
Interest expense – other	32			8				104				475
Amortization of deferred financing costs	1,787			2,327				4,084				12,457
Amortization of debt (premium)/discount	222			(341		)		(821		)		5,588
Total interest expense	$	53,535		$	50,386			$	163,926			$	126,376
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 deferred financing costs totaled $39.7 million and $23.8 million at September 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	9 Months Ended
	Sep. 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 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 (dollars in thousands):
															Fair Value of Liability
	Derivatives Designated as Hedging Instruments	Balance Sheet Location		Notional				Interest			Effective		Maturity		September 30,			December 31,
				Amount				Rate			Date		Date		2014			2013
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	10,879			4.62	%		6/28/12		7/6/17		$	(23	)	$	(42	)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,708			5.75	%		7/17/13		3/1/16		(215		)	(326		)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	32,400			3.15	%		7/17/13		9/5/15		(125		)	(178		)
	Interest Rate Swaps(a)	Accounts payable, accrued expenses and other liabilities		$	61,758			5.14	%		1/2/14		12/13/18		(399		)	(246		)
															$	(762	)	$	(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 nine months ended September 30, 2014 and 2013, respectively (in thousands):
		Amount of Gain or (Loss) Recognized
		in AOCL on Derivative
		(Effective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Derivatives in Cash Flow Hedging Relationships	2014				2013				2014				2013
	Interest rate swaps	$	237			$	(320	)		$	(1,040	)		$	149
		Amount of Loss Reclassified from
		AOCL into Operations
		(Effective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Location of Loss Reclassified from AOCL into Operations	2014				2013				2014				2013
	Interest expense	$	(333	)		$	(120	)		$	(987	)		$	(309	)
	General and administrative expense	—				—				—				(22		)
		Amount of Gain or (Loss) Recognized in
		Operations on Derivative
		(Ineffective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Location of Gain or (Loss) Recognized in Operations on Derivatives	2014				2013				2014				2013
	General and administrative expense	$	5			$	(22	)		$	2			$	32
	Approximately $1.1 million of the remaining balance in AOCL is estimated to be reclassified as an increase to interest expense during the next 12 months. The Company does not enter into derivative contracts for speculative or trading purposes.
	The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with counterparties it considers credit-worthy. As of September 30, 2014 and December 31, 2013, there were no termination events or events of default related to the interest rate swaps.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 option to purchase additional shares. After underwriting discounts and other offering costs paid by the Company, net proceeds totaled $271.2 million.
	During the second quarter of 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. No shares were sold under the ATM progam during the third quarter of 2014.
	Treasury Shares
	During the third quarter of 2014, portions of awards of restricted common stock granted to certain of the Company's officers and other employees vested. The vesting of these shares resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the incentive award plan (see Note 13), certain executive officers and employees elected to surrender 0.3 million shares valued at $2.9 million to pay some or all of the associated minimum statutory tax withholdings. The surrendered shares are held as treasury stock and included in stockholders' equity.
	Dividends Declared
	For the nine months ended September 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
	September 16, 2014	$	0.16625	September 30, 2014	$	66,259	October 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 statements of operations.
	The dividend declared on September 16, 2014 was paid on October 15, 2014 and is included in accounts payable, accrued expenses and other liabilities as of September 30, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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 September 30, 2014, the Company had commitments totaling $95.8 million, of which $93.4 million relates to future acquisitions and the remainder to fund improvements on properties the Company currently owns. The Company expects $94.4 million of these commitments will 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	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Hierarchy Level
		Fair Value			Level 1			Level 2			Level 3
	September 30, 2014
	Derivatives:
	Interest rate swaps financial liabilities	$	(762	)	$	—		$	(762	)	$	—
	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 September 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)
	September 30, 2014
	Long-lived assets held and used	$	38,270		$	—		$	—		$	—	$	38,270	$	(21,474	)
	Lease intangible assets	720			—			—			—		720		(5,546		)
	Long-lived assets held for sale	31,018			(9,264		)	—			—		40,282		(15,041		)
															$	(42,061	)
	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 nine months ended September 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 September 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, fixed-rate mortgages and notes payable and Convertible Notes 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. These financial instruments were measured using a market approach from nationally recognized financial institutions with market observable inputs such as interest rates and credit analytics, which are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands):
		September 30, 2014						December 31, 2013
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Loans receivable, net	$	111,409		$	118,044		$	117,721		$	131,587
	Revolving credit facilities	125,436			125,334			35,120			34,911
	Mortgages and notes payable, net	3,188,547			3,359,620			3,743,098			3,892,621
	Convertible Notes, net (1)	693,845			728,013			—			—
	(1) The carrying amount of the Convertible Notes is net of an embedded conversion premium totaling $53.7 million.

Significant_Credit_and_Revenue

Significant Credit and Revenue Concentration	9 Months Ended
	Sep. 30, 2014
Risks and Uncertainties [Abstract]	'
Significant Credit and Revenue Concentration	'
	Significant Credit and Revenue Concentration
	As of September 30, 2014 and December 31, 2013, the Company’s real estate investments are leased to 421 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 is the Company’s largest tenant as a percentage of total revenue. Total revenues from Shopko for the three months ended September 30, 2014 and 2013, contributed 14.3% and 14.4% 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 September 30, 2014 and December 31, 2013, the properties that are operated by Shopko represent approximately 13.5% and 14.4%, respectively, of the Company’s total investment portfolio.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013, are summarized below (dollars in thousands):
		Three months ended September 30,					Nine months ended September 30,
		2014		2013			2014		2013
	Revenues:
	Rent	$	300	$	2,811		$	917	$	7,261
	Non-cash rent	27		141			—		16
	Other	3		306			2,953		313
	Total revenues	330		3,258			3,870		7,590
	Expenses:
	General and administrative	1		(11		)	13		5
	Property costs	41		424			236		763
	Interest	—		47			—		241
	Depreciation and amortization	—		864			—		3,454
	Impairments	—		1,963			—		5,853
	Total expenses	42		3,287			249		10,316
	Gain (loss) from discontinued operations before other income	288		(29		)	3,621		(2,726		)
	Other income:
	Gain on debt extinguishment	—		—			—		1,028
	Other	—		23			—		68
	Total other income	—		23			—		1,096
	Income (loss) from discontinued operations	288		(6		)	3,621		(1,630		)
	Gain on dispositions of assets	403		1,237			488		1,226
	Total discontinued operations	$	691	$	1,231		$	4,109	$	(404	)
	Number of properties disposed of during period (a)	1		7			6		17
	(a) During the nine months ended September 30, 2014, 19 properties were sold, but only six of them were held for sale at December 31, 2013 and not subject to early adoption of ASU 2014-08 and are recorded as discontinued operations.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Cash Flow Information	'
	Supplemental Cash Flow Information
		Nine Months Ended September 30,
		2014			2013
	Supplemental Disclosures of Non-Cash Investing and Financing Activities:	(in thousands)
	Distributions declared and unpaid	$	(66,259	)	$	(50,194	)
	Real estate properties acquired under 1031 exchange	26,677			—
	Real estate properties sold under 1031 exchange	(5,893		)	—
	Gross equity component of Convertible Notes	(56,740		)	—
	Net assets acquired in Merger in exchange for common stock	—			1,735,682
	Common stock registered in exchange for net assets acquired	—			(2,025,736		)
	Reduction of debt included in consideration on sale of certain real estate properties	5,001			149,156
	Reduction of debt, net of assets surrendered to lender	—			1,069
	Accrued interest capitalized to principal (1)	997			—
	Accrued performance share dividend rights	(420		)	(73		)
	Accrued deferred financing costs	—			(1,057		)
	(1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Incentive_Award_Plan_and_Stock

Incentive Award Plan and Stock Option Plan	9 Months Ended
	Sep. 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 September 30, 2014, 2.5 million shares remained available for award under the Plan.
	Restricted Shares of Common Stock
	During the nine months ended September 30, 2014, the Company granted 0.4 million shares under the Plan to certain named executive officers and employees. The Company recorded $4.0 million in deferred compensation associated with these grants. As of September 30, 2014, there were approximately 1.3 million non-vested restricted shares outstanding.
	Performance Share Awards
	During the nine months ended September 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, final shares issued under each performance share award entitle 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 as if they had been issued and outstanding on those dates. 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 September 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 1.5 million shares, in the aggregate. In addition, approximately $0.6 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 nine months ended September 30, 2014, the Company recognized $3.0 million and $8.5 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 nine months ended September 30, 2013, the Company recognized $2.8 million and $6.9 million, respectively, in stock-based compensation expense.
	As of September 30, 2014 and December 31, 2013, the remaining unamortized stock-based compensation expense, including amounts relating to the performance awards, totaled $14.7 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.

Income_Per_Share

Income Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Income Per Share	'
	Income Per Share
	Income per share has been computed using the two-class method. Income 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 income from continuing operations and net income attributable to common stockholders in the computation of income per share for each. The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted income per share (dollars in thousands):
		Three Months						Nine Months Ended
		Ended September 30,						September 30,
		2014			2013			2014			2013
	Basic and diluted income (loss):
	Income (loss) from continuing operations	$	5,728		$	(23,139	)	$	(73,704	)	$	(41,505	)
	Gain on dispositions of assets	1,251			—			1,683			—
	Less: income attributable to unvested restricted stock	(215		)	(303		)	(882		)	(1,001		)
	Income (loss) used in basic and diluted income (loss) per share from continuing operations	6,764			(23,442		)	(72,903		)	(42,506		)
	Income (loss) from discontinued operations	691			1,231			4,109			(404		)
	Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share	$	7,455		$	(22,211	)	$	(68,794	)	$	(42,910	)
	Basic and diluted weighted average shares of common stock outstanding:
	Weighted average shares of common stock outstanding	398,799,661			331,946,412			384,485,286			219,005,588
	Less: unvested weighted average shares of restricted stock	(1,992,005		)	(2,418,538		)	(1,959,672		)	(2,256,210		)
	Weighted average number of shares outstanding used in basic income (loss) per share	396,807,656			329,527,874			382,525,614			216,749,378
	Dilutive weighted average shares of common stock (a)
	Unvested performance shares	800,717			—			—			—
	Stock options	5,210			—			—			—
	Weighted average number of shares of common stock used in dilutive income (loss) per share	397,613,583			329,527,874			382,525,614			216,749,378
	Potentially dilutive shares of common stock
	Unvested shares of restricted stock	761,523			607,505			787,546			761,617
	Unvested performance shares	—			94,711			736,104			31,917
	Stock options	—			—			5,033			—
	Total	761,523			702,216			1,528,683			793,534
	(a)  Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.
	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 does not apply 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)	9 Months Ended
	Sep. 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 (see Note 11).
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 and other tenant 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 receivable will be made. The Company provided for reserves for uncollectible amounts totaling $9.0 million and $7.9 million at September 30, 2014 and December 31, 2013, respectively, against accounts receivable balances of $20.1 million and $17.6 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 $11.3 million and $9.6 million at September 30, 2014 and December 31, 2013, respectively, against deferred rental revenue receivables of $45.9 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 September 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 September 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 September 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 ASU 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.
	In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This standard requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for fiscal years beginning after December 15, 2015. The Company does not anticipate this standard will have a material impact on its financial statements upon adoption.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013:
		September 30,		December 31,
		2014		2013
	Collateral deposits (1)	$	21,597	$	21,816
	Tenant improvements, repairs, and leasing commissions (2)	13,176		10,297
	Master trust release / title company escrow (3)	21,350		21,893
	Loan impounds (4)	1,114		2,018
	Other (5)	1,400		2,667
		$	58,637	$	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. Included in this total is $8.2 million of lender controlled restricted cash held on the four defaulted CMBS loans (see Note 5).
	(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. Included in this total is $5.3 million in restricted cash held on the four defaulted CMBS loans (see Note 5).
	(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 operating expenses.
	(5) Funds held in lender controlled accounts released within the following month after debt service requirements are met. Included in this total is $0.2 million in restricted cash held on the four defaulted CMBS loans (see Note 5).

Investments_Tables

Investments (Tables)	9 Months Ended
	Sep. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Gross Real Estate and Loan Activity	'
	During the nine months ended September 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	241			573,050
	Dispositions of real estate(2) (Note 11)	(19	)		(46,744		)
	Principal payments and payoffs	—			(4,416		)
	Impairments	—			(41,539		)
	Write off of gross lease intangibles	—			(8,472		)
	Loan premium amortization and other	—			(2,121		)
	Balance, September 30, 2014	2,408			$	7,705,490
	(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 $6.7 million for the nine months ended September 30, 2014.
Schedule of Future Rental Payments	'
	Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of operating leases at September 30, 2014 (in thousands):
	Scheduled Future Rental Payments	September 30,
		2014
	Remainder of 2014	$	143,982
	2015	570,225
	2016	553,461
	2017	538,290
	2018	523,022
	Thereafter	3,820,618
	Total future minimum rentals	$	6,149,598
Schedule of Loans Receivable	'
	The following table details loans receivable, net of premium, as of September 30, 2014 and December 31, 2013 (in thousands):
		September 30,				December 31,
		2014				2013
	Mortgage - principal	$	97,935			$	102,315
	Mortgage - premium	13,081				14,976
	Mortgages, net	111,016				117,291
	Other notes - principal	393				430
	Total loans receivable, net	$	111,409			$	117,721
Schedule of Investment Assets in Direct Financing Leases	'
	The components of investment assets held under direct financing leases as of September 30, 2014 and December 31, 2013 were as follows (in thousands):
		September 30,				December 31,
		2014				2013
	Minimum lease payments receivable	$	16,809			$	19,555
	Estimated residual value of leased assets	55,858				57,739
	Unearned income	(16,013		)		(18,534		)
	Total	$	56,654			$	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 nine months ended September 30, 2014:
		Number of			Carrying
		Properties			Value
					(In Thousands)
	Balance, December 31, 2013	11			$	19,611
	Transfers from real estate investments	19			59,372
	Sales (Note 11)	(10	)		(24,863		)
	Balance, September 30, 2014 (a)	20			$	54,120
	(a) Includes 15 properties with a net carrying amount of $44.6 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 September 30, 2014 and December 31, 2013 (in thousands):
		September 30,				December 31,
		2014				2013
	Assets
	Land and improvements	$	5,557			$	10,003
	Buildings and improvements	6,009				14,178
	Total real estate investments	11,566				24,181
	Less: Accumulated depreciation	(2,167		)		(4,819		)
	Intangible lease assets, net	460				697
	Other	86				—
	Total assets	$	9,945			$	20,059
	Liabilities
	Intangible lease liabilities, net	$	448			$	448
	Total liabilities	$	448			$	448
	The results of discontinued operations for the three and nine months ended September 30, 2014 and 2013, are summarized below (dollars in thousands):
		Three months ended September 30,							Nine months ended September 30,
		2014				2013			2014		2013
	Revenues:
	Rent	$	300			$	2,811		$	917	$	7,261
	Non-cash rent	27				141			—		16
	Other	3				306			2,953		313
	Total revenues	330				3,258			3,870		7,590
	Expenses:
	General and administrative	1				(11		)	13		5
	Property costs	41				424			236		763
	Interest	—				47			—		241
	Depreciation and amortization	—				864			—		3,454
	Impairments	—				1,963			—		5,853
	Total expenses	42				3,287			249		10,316
	Gain (loss) from discontinued operations before other income	288				(29		)	3,621		(2,726		)
	Other income:
	Gain on debt extinguishment	—				—			—		1,028
	Other	—				23			—		68
	Total other income	—				23			—		1,096
	Income (loss) from discontinued operations	288				(6		)	3,621		(1,630		)
	Gain on dispositions of assets	403				1,237			488		1,226
	Total discontinued operations	$	691			$	1,231		$	4,109	$	(404	)
	Number of properties disposed of during period (a)	1				7			6		17
	(a) During the nine months ended September 30, 2014, 19 properties were sold, but only six of them were held for sale at December 31, 2013 and not subject to early adoption of ASU 2014-08 and are recorded as discontinued operations.
Summary of Total Impairment Losses Recognized	'
	The following table summarizes total impairment losses recognized for the three and nine months ended September 30, 2014 and 2013 (in thousands):
		Three Months Ended September 30,							Nine Months Ended September 30,
		2014				2013			2014		2013
	Real estate and intangible asset impairment	$	10,783			$	1,963		$	37,030	$	5,547
	Write-off of lease intangibles due to lease terminations	1,910				—			4,509		488
	Loans receivable recovery	—				—			—		(367		)
	Other impairment	34				—			522		—
	Total impairment loss continuing and discontinued operations	$	12,727			$	1,963		$	42,061	$	5,668

Lease_Intangibles_net_Tables

Lease Intangibles, net (Tables)	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):
		September 30,			December 31,
		2014			2013
	In-place leases	$	675,926		$	663,027
	Above-market leases	100,112			95,118
	Less: accumulated amortization	(176,163		)	(140,024		)
	Intangible lease assets, net	$	599,875		$	618,121
	Below-market leases	$	254,034		$	243,237
	Less: accumulated amortization	(34,408		)	(23,123		)
	Intangible lease liabilities, net	$	219,626		$	220,114

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Instrument [Line Items]	'
Summarized Debt	'
	The Company's debt is summarized below:
				Weighted Average Stated Interest Rate (2)			Weighted Average Maturity (4)		September 30,				December 31,
		Weighted Average Effective							2014				2013
		Interest Rates (1)
							(in Years)		(In Thousands)
	Revolving credit facilities	NM		2.81	%		1.7		$	125,436			$	35,120
	Master Trust Notes	5.81	%	5.35	%		6.8		1,204,787				1,241,437
	CMBS - fixed-rate	5.34	%	5.84	%		3.1		1,868,518				2,387,532
	CMBS - variable-rate (3)	3.5	%	3.28	%		2.4		110,771				111,018
	Unsecured fixed rate promissory note	9.12	%	7	%		7.3		1,340				1,442
	Convertible Notes	4.8	%	3.28	%		5.5		747,500				—
	Total debt before net debt (discount) or premium	5.4	%	5.06	%		4.7		4,058,352				3,776,549
	Unamortized net debt (discount) or premium								(50,524		)		1,669
	Total debt, net								$	4,007,828			$	3,778,218
	(1) The effective interest rates include amortization of debt discount/premium and amortization of deferred financing costs calculated for the three months ended September 30, 2014.
	(2) Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2014.
	(3) Variable-rate notes are predominately hedged with interest rate swaps (see Note 6).
	(4) Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2014.
Debt Maturities of Mortgages and Notes Payable, Including Balloon Payments	'
	As of September 30, 2014, scheduled debt maturities of the Company’s revolving credit facilities, mortgages and notes payable and Convertible Notes, including balloon payments, are as follows (in thousands):
		Scheduled			Balloon				Total
		Principal			Payment
	Remainder of 2014 (1)	$	8,202		$	103,750			$	111,952
	2015	31,783			245,782				277,565
	2016	30,011			409,939				439,950
	2017	28,331			829,778				858,109
	2018	27,284			248,851				276,135
	Thereafter	96,334			1,998,307				2,094,641
	Total	$	221,945		$	3,836,407			$	4,058,352
	(1) The balloon payment balance in 2014 includes $74.0 million for the acceleration of principal payable following an event of default under four separate CMBS loans.
Interest Expense and Related Borrowings	'
	The following table summarizes interest expense on the related borrowings (in thousands):
		Three Months							Nine Months
		Ended September 30,							Ended September 30,
		2014			2013				2014				2013
	Interest expense – revolving credit facilities	$	538		$	1,196			$	2,358			$	1,572
	Interest expense – mortgages and notes payable	44,858			47,196				149,231				106,284
	Interest expense – Convertible Notes	6,098			—				8,970				—
	Interest expense – other	32			8				104				475
	Amortization of deferred financing costs	1,787			2,327				4,084				12,457
	Amortization of debt (premium)/discount	222			(341		)		(821		)		5,588
	Total interest expense	$	53,535		$	50,386			$	163,926			$	126,376
CMBS Loans	'
Debt Instrument [Line Items]	'
Summarized Debt	'
	The following table provides key elements of the defaulted mortgage loans (dollars in thousands):
	Industry		Properties	Net Book Value				Monthly Base Rent				Outstanding Principal			Restricted Cash (4)		Stated Rate			Default Rate			Accrued Interest
	Drug Stores / Pharmacies		1	$	1,040			$	—			$	1,227		$	78	5.67	%		9.67	%		$	30	(1)
	Home Furnishings		1	3,331				36				16,732			3,537		6.88	%		10.88	%		807		(1)
	Sporting Goods		1	3,397				—				4,067			609		5.52	%		9.52	%		161		(1)
	Manufacturing		9	39,595				83				51,963			9,497		5.85	%		9.85	%		219		(2)
			12	$	47,363			$	119			$	73,989		$	13,721	6.06	%	(3)	10.06	%	(3)	$	1,217
	(1) Interest capitalized to principal
	(2) Interest in accounts payable, accrued expenses and other liabilities
	(3) Weighted average interest rate
	(4) Represents restricted cash controlled by the lender that may be applied to reduce the outstanding principal balance

Derivative_and_Hedging_Activit1

Derivative and Hedging Activities (Tables)	9 Months Ended
	Sep. 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 (dollars in thousands):
															Fair Value of Liability
	Derivatives Designated as Hedging Instruments	Balance Sheet Location		Notional				Interest			Effective		Maturity		September 30,			December 31,
				Amount				Rate			Date		Date		2014			2013
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	10,879			4.62	%		6/28/12		7/6/17		$	(23	)	$	(42	)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,708			5.75	%		7/17/13		3/1/16		(215		)	(326		)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	32,400			3.15	%		7/17/13		9/5/15		(125		)	(178		)
	Interest Rate Swaps(a)	Accounts payable, accrued expenses and other liabilities		$	61,758			5.14	%		1/2/14		12/13/18		(399		)	(246		)
															$	(762	)	$	(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 nine months ended September 30, 2014 and 2013, respectively (in thousands):
		Amount of Gain or (Loss) Recognized
		in AOCL on Derivative
		(Effective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Derivatives in Cash Flow Hedging Relationships	2014				2013				2014				2013
	Interest rate swaps	$	237			$	(320	)		$	(1,040	)		$	149
		Amount of Loss Reclassified from
		AOCL into Operations
		(Effective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Location of Loss Reclassified from AOCL into Operations	2014				2013				2014				2013
	Interest expense	$	(333	)		$	(120	)		$	(987	)		$	(309	)
	General and administrative expense	—				—				—				(22		)
		Amount of Gain or (Loss) Recognized in
		Operations on Derivative
		(Ineffective Portion)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
	Location of Gain or (Loss) Recognized in Operations on Derivatives	2014				2013				2014				2013
	General and administrative expense	$	5			$	(22	)		$	2			$	32

Stockholders_Equity_Dividends_

Stockholders' Equity Dividends Declared (Tables)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Dividends Declared	'
	For the nine months ended September 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
	September 16, 2014	$	0.16625	September 30, 2014	$	66,259	October 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 statements of operations.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Hierarchy Level
		Fair Value			Level 1			Level 2			Level 3
	September 30, 2014
	Derivatives:
	Interest rate swaps financial liabilities	$	(762	)	$	—		$	(762	)	$	—
	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 September 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)
	September 30, 2014
	Long-lived assets held and used	$	38,270		$	—		$	—		$	—	$	38,270	$	(21,474	)
	Lease intangible assets	720			—			—			—		720		(5,546		)
	Long-lived assets held for sale	31,018			(9,264		)	—			—		40,282		(15,041		)
															$	(42,061	)
	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 nine months ended September 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):
		September 30, 2014						December 31, 2013
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Loans receivable, net	$	111,409		$	118,044		$	117,721		$	131,587
	Revolving credit facilities	125,436			125,334			35,120			34,911
	Mortgages and notes payable, net	3,188,547			3,359,620			3,743,098			3,892,621
	Convertible Notes, net (1)	693,845			728,013			—			—
	(1) The carrying amount of the Convertible Notes is net of an embedded conversion premium totaling $53.7 million.

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013 (in thousands):
		September 30,			December 31,
		2014			2013
	Assets
	Land and improvements	$	5,557		$	10,003
	Buildings and improvements	6,009			14,178
	Total real estate investments	11,566			24,181
	Less: Accumulated depreciation	(2,167		)	(4,819		)
	Intangible lease assets, net	460			697
	Other	86			—
	Total assets	$	9,945		$	20,059
	Liabilities
	Intangible lease liabilities, net	$	448		$	448
	Total liabilities	$	448		$	448
	The results of discontinued operations for the three and nine months ended September 30, 2014 and 2013, are summarized below (dollars in thousands):
		Three months ended September 30,						Nine months ended September 30,
		2014			2013			2014		2013
	Revenues:
	Rent	$	300		$	2,811		$	917	$	7,261
	Non-cash rent	27			141			—		16
	Other	3			306			2,953		313
	Total revenues	330			3,258			3,870		7,590
	Expenses:
	General and administrative	1			(11		)	13		5
	Property costs	41			424			236		763
	Interest	—			47			—		241
	Depreciation and amortization	—			864			—		3,454
	Impairments	—			1,963			—		5,853
	Total expenses	42			3,287			249		10,316
	Gain (loss) from discontinued operations before other income	288			(29		)	3,621		(2,726		)
	Other income:
	Gain on debt extinguishment	—			—			—		1,028
	Other	—			23			—		68
	Total other income	—			23			—		1,096
	Income (loss) from discontinued operations	288			(6		)	3,621		(1,630		)
	Gain on dispositions of assets	403			1,237			488		1,226
	Total discontinued operations	$	691		$	1,231		$	4,109	$	(404	)
	Number of properties disposed of during period (a)	1			7			6		17
	(a) During the nine months ended September 30, 2014, 19 properties were sold, but only six of them were held for sale at December 31, 2013 and not subject to early adoption of ASU 2014-08 and are recorded as discontinued operations.

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Schedule of Cash Flow, Supplemental Disclosures	'
		Nine Months Ended September 30,
		2014			2013
	Supplemental Disclosures of Non-Cash Investing and Financing Activities:	(in thousands)
	Distributions declared and unpaid	$	(66,259	)	$	(50,194	)
	Real estate properties acquired under 1031 exchange	26,677			—
	Real estate properties sold under 1031 exchange	(5,893		)	—
	Gross equity component of Convertible Notes	(56,740		)	—
	Net assets acquired in Merger in exchange for common stock	—			1,735,682
	Common stock registered in exchange for net assets acquired	—			(2,025,736		)
	Reduction of debt included in consideration on sale of certain real estate properties	5,001			149,156
	Reduction of debt, net of assets surrendered to lender	—			1,069
	Accrued interest capitalized to principal (1)	997			—
	Accrued performance share dividend rights	(420		)	(73		)
	Accrued deferred financing costs	—			(1,057		)
	(1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Income_Per_Share_Tables

Income Per Share (Tables)	9 Months Ended
	Sep. 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 income per share (dollars in thousands):
		Three Months						Nine Months Ended
		Ended September 30,						September 30,
		2014			2013			2014			2013
	Basic and diluted income (loss):
	Income (loss) from continuing operations	$	5,728		$	(23,139	)	$	(73,704	)	$	(41,505	)
	Gain on dispositions of assets	1,251			—			1,683			—
	Less: income attributable to unvested restricted stock	(215		)	(303		)	(882		)	(1,001		)
	Income (loss) used in basic and diluted income (loss) per share from continuing operations	6,764			(23,442		)	(72,903		)	(42,506		)
	Income (loss) from discontinued operations	691			1,231			4,109			(404		)
	Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share	$	7,455		$	(22,211	)	$	(68,794	)	$	(42,910	)
	Basic and diluted weighted average shares of common stock outstanding:
	Weighted average shares of common stock outstanding	398,799,661			331,946,412			384,485,286			219,005,588
	Less: unvested weighted average shares of restricted stock	(1,992,005		)	(2,418,538		)	(1,959,672		)	(2,256,210		)
	Weighted average number of shares outstanding used in basic income (loss) per share	396,807,656			329,527,874			382,525,614			216,749,378
	Dilutive weighted average shares of common stock (a)
	Unvested performance shares	800,717			—			—			—
	Stock options	5,210			—			—			—
	Weighted average number of shares of common stock used in dilutive income (loss) per share	397,613,583			329,527,874			382,525,614			216,749,378
	Potentially dilutive shares of common stock
	Unvested shares of restricted stock	761,523			607,505			787,546			761,617
	Unvested performance shares	—			94,711			736,104			31,917
	Stock options	—			—			5,033			—
	Total	761,523			702,216			1,528,683			793,534
	(a)  Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Organization_Narrative_Details

Organization - Narrative (Details) (USD $)

9 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

20-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

Sep. 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

Sep. 30, 2014

Jun. 30, 2014

Apr. 15, 2014

Sep. 30, 2014

Sep. 30, 2014

Property

Property

Current Year Acquisitions

Convertible Senior Notes

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

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]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage ownership of operating partnership

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

99.00%

Real estate properties and loans, gross

$7,705,490,000

[1]

$7,235,732,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate assets held for sale

2,408

2,186

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross investment in real estate, percentage

98.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of owned real estate properties

2,263

2,041

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Securing mortgage properties, percentage

1.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Securing mortgage properties

145

145

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,450,000

'

3,450,000

'

0

1,574,320

'

'

'

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

'

'

'

'

402,500,000

345,000,000

'

'

'

'

'

'

'

545,700,000

'

52,500,000

45,000,000

'

'

'

'

'

'

'

'

'

Stated Rate

'

'

'

'

2.88%

3.75%

'

'

'

'

'

'

'

6.59%

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

271,200,000

'

'

'

'

16,300,000

'

'

'

Proceeds from convertible debt

'

'

'

726,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of debt defeasance

'

'

'

'

'

'

'

'

509,800,000

18,000,000

'

'

'

'

488,700,000

'

'

'

'

'

'

'

'

'

'

'

Minimum percent to exchange notes

'

'

'

'

'

'

'

'

'

'

98.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total debt, net

4,007,828,000

3,778,218,000

'

'

'

'

912,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of old debt notes exchanged

'

'

'

'

'

'

'

'

'

'

894,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage elected to exchange notes

'

'

'

'

'

'

'

'

'

'

98.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extended term of debt

'

'

'

'

'

'

'

'17 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

241

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire real estate

'

'

572,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenues

'

'

2,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties disposed of, including continuing and discontinued operations

19

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of real estate

$44,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[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 $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	$58,637		$58,691
Collateral Deposits	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	21,597	[1]	21,816	[1]
Tenant Improvements, Repairs and Leasing Commissions	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	13,176	[2]	10,297	[2]
Master Trust Release and Title Company Escrow	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	21,350	[3]	21,893	[3]
Loan Impounds	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	1,114	[4]	2,018	[4]
Other Restricted Cash and Escrow Deposits	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and investments	$1,400	[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. Included in this total is $8.2 million of lender controlled restricted cash held on the four defaulted CMBS loans (see Note 5).
[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. Included in this total is $5.3 million in restricted cash held on the four defaulted CMBS loans (see Note 5).
[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 operating expenses.
[5]	Funds held in lender controlled accounts released within the following month after debt service requirements are met. Included in this total is $0.2 million in restricted cash held on the four defaulted CMBS loans (see Note 5).

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Narrative (Details) (USD $)	9 Months Ended
	Sep. 30, 2014		Dec. 31, 2013
	segment
Summary Of Significant Accounting Policies [Line Items]	'		'
Allowance for doubtful accounts	$9,000,000		$7,900,000
Assets	7,547,256,000		7,231,045,000
Liabilities	4,343,018,000		4,113,011,000
Number of segments	1		'
Accounts receivable	20,100,000		17,600,000
Provision for losses	11,300,000		9,600,000
Accrued rental revenue receivables	45,900,000		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	5,500,000,000		6,100,000,000
Liabilities	3,300,000,000		3,800,000,000
CMBS Loans	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and cash equivalents	13,721,000	[1]	'
Mortgages | CMBS Loans	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Number of CMBS loans in default	4		'
Collateral Deposits | Mortgages | CMBS Loans	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and cash equivalents	8,200,000		'
Tenant Improvements, Repairs and Leasing Commissions | Mortgages | CMBS Loans	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and cash equivalents	5,300,000		'
Other Restricted Cash and Escrow Deposits | Mortgages | CMBS Loans	'		'
Summary Of Significant Accounting Policies [Line Items]	'		'
Restricted cash and cash equivalents	$200,000		'
[1]	Represents restricted cash controlled by the lender that may be applied to reduce the outstanding principal balance

Investments_Gross_Real_Estate_

Investments - Gross Real Estate and Loan Activity (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
	Property
Number of Properties Owned or Financed	'
Balance, December 31, 2013	2,186
Acquisitions/improvements	241
Dispositions of real estate (Note 11)	-19	[1]
Principal payments and payoffs	0
Impairments	0
Write off of gross lease intangibles	0
Loan premium amortization and other	0
Balance, September 30, 2014	2,408
Dollar Amount of Investments	'
Balance, December 31, 2013	$7,235,732	[2]
Acquisitions/improvements	573,050	[2]
Dispositions of real estate (Note 11)	-46,744	[1],[2]
Principal payments and payoffs	-4,416	[2]
Impairments	-41,539	[2]
Write off of gross lease intangibles	-8,472	[2]
Loan premium amortization and other	-2,121	[2]
Balance, September 30, 2014	$7,705,490	[2]
[1]	The total accumulated depreciation and amortization associated with dispositions of real estate was $6.7 million for the nine months ended September 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.

Investments_Schedule_of_Future

Investments - Schedule of Future Rental Payments (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Remainder of 2014	$143,982
2015	570,225
2016	553,461
2017	538,290
2018	523,022
Thereafter	3,820,618
Total future minimum rentals	$6,149,598

Investments_Schedule_of_Loans_

Investments - Schedule of Loans Receivable (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'
Mortgage - principal	$97,935	$102,315
Mortgage - premium	13,081	14,976
Mortgages, net	111,016	117,291
Other notes - principal	393	430
Total loans receivable, net	$111,409	$117,721

Investments_Schedule_of_Invest

Investments - Schedule of Investment Assets in Direct Financing Leases (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'
Minimum lease payments receivable	$16,809	$19,555
Estimated residual value of leased assets	55,858	57,739
Unearned income	-16,013	-18,534
Total	$56,654	$58,760

Investments_Activity_in_Real_E

Investments - Activity in Real Estate Assets Held for Sale (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
	Property
Number of Properties	'
Balance, December 31, 2013	11
Transfers from real estate investments	19
Sales (Note 11)	-10
Balance, June 30, 2014	20	[1]
Carrying Value	'
Balance, December 31, 2013	$19,611
Transfers from real estate investments	59,372
Sales (Note 11)	-24,863
Balance, June 30, 2014	$54,120	[1]
[1]	Includes fifteen properties with a net carrying amount of $44.6 million in which its operating results are reported in continuing operations.

Investments_Real_Estate_Assets

Investments - Real Estate Assets Held for Sale in Discontinued Operations (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Land and improvements	$5,557	$10,003
Buildings and improvements	6,009	14,178
Total real estate investments	11,566	24,181
Less: Accumulated depreciation	-2,167	-4,819
Intangible lease assets, net	460	697
Other	86	0
Total assets	9,945	20,059
Liabilities	'	'
Intangible lease liabilities, net	448	448
Total liabilities	$448	$448

Investments_Summary_of_Total_I

Investments - Summary of Total Impairment Losses Recognized (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'	'	'
Real estate and intangible asset impairment	$10,783	$1,963	$37,030	$5,547
Write-off of lease intangibles due to lease terminations	1,910	0	4,509	488
Loans receivable recovery	0	0	0	-367
Other impairment	34	0	522	0
Total impairment loss continuing and discontinued operations	$12,727	$1,963	$42,061	$5,668

Investments_Narrative_Details

Investments - Narrative (Details) (USD $)	9 Months Ended
	Sep. 30, 2014		Dec. 31, 2013
	Property		Property
	State
Investment [Line Items]	'		'
Real estate properties and loans, gross	$7,705,490,000	[1]	$7,235,732,000	[1]
Real estate assets held for sale	2,408		2,186
Properties dispersed geographically	49		'
Minimum percentage of investment in real estate properties	10.00%		'
Number of owned real estate properties	2,263		2,041
Securing mortgage properties	145		145
Securing mortgage properties carrying amount	111,000,000		117,300,000
Other loan receivable with aggregate carrying value	400,000		400,000
Accumulated depreciation and amortization associated with dispositions of real estate	6,700,000		'
Number of real estate properties held for sale	20	[2]	11
Properties Vacant	'		'
Investment [Line Items]	'		'
Number of properties	40		21
Property Held For Sale	'		'
Investment [Line Items]	'		'
Number of properties	7		6
Texas	'		'
Investment [Line Items]	'		'
Number of states exceeding disclosure threshold	1		'
Percentage of investment in real estate properties	12.90%		'
Continuing operations	'		'
Investment [Line Items]	'		'
Number of real estate properties held for sale	15		'
Rental properties	$44,600,000		'
[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.
[2]	Includes fifteen properties with a net carrying amount of $44.6 million in which its operating results are reported in continuing operations.

Lease_Intangibles_net_Lease_In

Lease Intangibles, net - Lease Intangible Assets and Liabilities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Capital Leased Assets [Line Items]	'	'
Less: accumulated amortization	($176,163)	($140,024)
Intangible lease assets, net	599,875	618,121
Below-market leases	254,034	243,237
Less: accumulated amortization	-34,408	-23,123
Intangible lease liabilities, net	219,626	220,114
In-place Leases	'	'
Capital Leased Assets [Line Items]	'	'
Intangible lease assets, gross	675,926	663,027
Above-Market Lease	'	'
Capital Leased Assets [Line Items]	'	'
Intangible lease assets, gross	$100,112	$95,118

Lease_Intangibles_net_Narrativ

Lease Intangibles, net - Narrative (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Capital Leased Assets [Line Items]	'	'	'	'
Amortization amount to rental revenue for capitalized leases	$1.60	$0.70	$4.60	$1.40
In-place Leases	'	'	'	'
Capital Leased Assets [Line Items]	'	'	'	'
Leases amortization expenses	$13.10	$10.90	$40	$19.80

Debt_Summarized_Debt_Details

Debt - Summarized Debt (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

In Thousands, unless otherwise specified

Weighted Average

Revolving credit facilities

Revolving credit facilities

Revolving credit facilities

Master trust notes

Master trust notes

Master trust notes

CMBS - fixed-rate

CMBS - fixed-rate

CMBS - fixed-rate

CMBS - variable-rate

CMBS - variable-rate

CMBS - variable-rate

Unsecured fixed rate promissory note

Unsecured fixed rate promissory note

Unsecured fixed rate promissory note

Convertible Notes

Convertible Notes

Convertible Notes

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average effective interest rates

'

'

5.40%

[1]

'

'

'

'

'

5.81%

[1]

'

'

5.34%

[1]

'

'

3.50%

[1],[2]

'

'

9.12%

[1]

'

'

4.80%

[1]

Weighted average stated interest rate

'

'

5.06%

[3]

'

'

2.81%

[3]

'

'

5.35%

[3]

'

'

5.84%

[3]

'

'

3.28%

[2],[3]

'

'

7.00%

[3]

'

'

3.28%

[3]

Weighted Average Maturity

'

'

'4 years 8 months 16 days

[4]

'

'

'1 year 8 months 23 days

[4]

'

'

'6 years 9 months 7 days

[4]

'

'

'3 years 1 month 21 days

[4]

'

'

'2 years 4 months 17 days

[2],[4]

'

'

'7 years 3 months 4 days

[4]

'

'

'5 years 6 months 18 days

[4]

Long-term debt, gross

$4,058,352

$3,776,549

'

$125,436

$35,120

'

$1,204,787

$1,241,437

'

$1,868,518

$2,387,532

'

$110,771

[2]

$111,018

[2]

'

$1,340

$1,442

'

$747,500

$0

'

Unamortized net debt (discount) or premium

-50,524

1,669

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total debt, net

$4,007,828

$3,778,218

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

The effective interest rates include amortization of debt discount/premium and amortization of deferred financing costs calculated for the three months ended September 30, 2014.

[2]

Variable-rate notes are predominately hedged with interest rate swaps (see Note 6).

[3]

Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2014.

[4]

Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2014.

Debt_Revolving_Credit_Faciliti

Debt - Revolving Credit Facilities - Narrative (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jul. 17, 2013

Sep. 30, 2014

Sep. 30, 2014

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2013

Jul. 17, 2014

Sep. 30, 2014

Jul. 17, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Weighted Average

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

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]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Term

'

'

'4 years 8 months 16 days

[1]

'

'

'

'

'

'

'

'

'

'3 years

'

'

'24 months

'

'

'

'

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%

3.50%

Commitment fee on unused capacity

'

'

'

'

'

'

0.25%

0.35%

'

'

'

'

'

'

'

'

'

'

'

'

Commitment fee

'

'

'

'

400,000

900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

4,500,000

4,500,000

'

2,700,000

'

'

'

Weighted average effective interest rates

'

'

5.40%

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

2.65%

'

'

'

'

'

'

Amount outstanding

125,436,000

35,120,000

'

'

'

'

'

'

'

'

'

'

'

110,000,000

'

15,400,000

'

'

'

'

Line of credit facility remaining borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

290,000,000

'

'

'

'

'

'

Maximum borrowing capacity increase

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$40,000,000

'

'

'

'

Number of separate advances

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

Number of properties securing borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

Weighted average stated interest rate

'

'

5.06%

[3]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.90%

'

'

Weighted average interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.20%

'

'

'

'

[1]

Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2014.

[2]

The effective interest rates include amortization of debt discount/premium and amortization of deferred financing costs calculated for the three months ended September 30, 2014.

[3]

Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2014.

Debt_Master_Trust_Notes_Narrat

Debt - Master Trust Notes - Narrative (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

20-May-14

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

New Notes

Master Funding Notes

Master Funding Notes

Net-lease Mortgage Notes

Net-lease Mortgage Notes

Net-lease Mortgage Notes

3.89% Series 2013-1 Class A Interest Only

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

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Mortgages

Property

Mortgages

Spirit Master Funding VII, LLC

Spirit Master Funding VII, LLC

Mortgages

Spirit Master Funding VII, LLC

Spirit Master Funding VII, LLC

Mortgages

Master Funding Notes

Net-lease Mortgage Notes

Property

Property

Spirit Master Funding VII, LLC

Spirit Master Funding VII, LLC

Property

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extended term of debt

'

'

'17 years

'

'

'

'

'

'

'

'

'

'

'

Long-term debt

$4,007,828,000

$3,778,218,000

'

$877,800,000

'

$327,000,000

'

'

'

'

'

'

'

'

Number of properties securing borrowings

'

'

'

714

82

316

'

77

'

'

'

'

'

'

Weighted average interest rate

'

'

'

5.58%

'

4.74%

'

'

'

'

'

'

'

'

Weighted Average Maturity

'

'

'

'

'

'

'

'

'

'

'4 years 8 months 16 days

[1]

'6 years 9 months 7 days

[1]

'6 years 6 months 29 days

'7 years 3 months 22 days

Aggregate principal amount of debt

'

'

'

'

'

'

$330,000,000

'

$125,000,000

$205,000,000

'

'

'

'

Weighted average stated interest rate

'

'

'

'

'

'

'

'

3.89%

5.27%

5.06%

[2]

5.35%

[2]

'

'

[1]

Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2014.

[2]

Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2014.

Debt_CMBS_Narrative_Details

Debt - CMBS - Narrative (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

CMBS - fixed-rate

CMBS - fixed-rate

CMBS - variable-rate

CMBS - variable-rate

Mortgages

Mortgages

CMBS Loans

CMBS Loans

CMBS Loans

CMBS Loans

CMBS Loans

Minimum

Minimum

Maximum

Maximum

Weighted Average

Weighted Average

Weighted Average

Weighted Average

loan_servicer

CMBS - fixed-rate

CMBS - variable-rate

Mortgages

Accounts payable, accrued expenses and other liabilities

CMBS Loans

CMBS Loans

CMBS Loans

CMBS Loans

CMBS - fixed-rate

CMBS - variable-rate

Mortgages

loan

loan

Loan

Mortgages

CMBS - fixed-rate

CMBS - variable-rate

CMBS - fixed-rate

CMBS - variable-rate

Property

Property

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans secured by mortgage on leased properties and related assets

'

'

'

'

'

'

'

'

'

232

26

'

'

'

'

'

'

'

'

'

'

Effective percentage rate minimum

'

'

'

'

'

'

'

'

'

'

'

'

'

3.90%

2.66%

'

'

'

'

'

'

Effective percentage rate maximum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.88%

3.66%

'

'

'

'

Weighted average stated interest rate

'

'

'

'

'

'

'

'

6.06%

[1]

'

'

'

'

'

'

'

'

5.06%

[2]

5.84%

[2]

3.28%

[2],[3]

5.35%

[2]

Long-term debt, gross

$4,058,352,000

$3,776,549,000

$1,868,518,000

$2,387,532,000

$110,771,000

[3]

$111,018,000

[3]

$1,204,787,000

$1,241,437,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties securing borrowings

'

'

'

'

'

'

'

'

'

735

123

'

'

'

'

'

'

'

'

'

'

Number of loan servicers

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

Monthly excess cash for covenant compliance

'

'

'

'

'

'

'

'

600,000

'

'

'

'

'

'

'

'

'

'

'

'

Number of CMBS loans in default

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

'

Debt default amount

'

'

'

'

'

'

'

'

73,989,000

'

'

74,000,000

'

'

'

'

'

'

'

'

'

Capitalized interest

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

'

Interest payable

'

'

'

'

'

'

'

'

'

'

'

'

$200,000

'

'

'

'

'

'

'

'

[1]

Weighted average interest rate

[2]

Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2014.

[3]

Variable-rate notes are predominately hedged with interest rate swaps (see Note 6).

Debt_Summarized_Debt_Defaulted

Debt - Summarized Debt - Defaulted CMBS Loans (Details) (CMBS Loans, USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified	Property
Debt Instrument [Line Items]	'
Properties	12
Net Book Value	$47,363
Monthly Base Rent	119
Outstanding Principal	73,989
Restricted Cash	13,721	[1]
Stated Rate	6.06%	[2]
Default Rate	10.06%	[2]
Accrued Interest	1,217
Drug Stores / Pharmacies	'
Debt Instrument [Line Items]	'
Properties	1
Net Book Value	1,040
Monthly Base Rent	0
Outstanding Principal	1,227
Restricted Cash	78	[1]
Stated Rate	5.67%
Default Rate	9.67%
Accrued Interest	30	[3]
Home Furnishings	'
Debt Instrument [Line Items]	'
Properties	1
Net Book Value	3,331
Monthly Base Rent	36
Outstanding Principal	16,732
Restricted Cash	3,537	[1]
Stated Rate	6.88%
Default Rate	10.88%
Accrued Interest	807	[3]
Sporting Goods	'
Debt Instrument [Line Items]	'
Properties	1
Net Book Value	3,397
Monthly Base Rent	0
Outstanding Principal	4,067
Restricted Cash	609	[1]
Stated Rate	5.52%
Default Rate	9.52%
Accrued Interest	161	[3]
Manufacturing	'
Debt Instrument [Line Items]	'
Properties	9
Net Book Value	39,595
Monthly Base Rent	83
Outstanding Principal	51,963
Restricted Cash	9,497	[1]
Stated Rate	5.85%
Default Rate	9.85%
Accrued Interest	$219	[4]
[1]	Represents restricted cash controlled by the lender that may be applied to reduce the outstanding principal balance
[2]	Weighted average interest rate
[3]	Interest capitalized to principal
[4]	Interest in accounts payable, accrued expenses and other liabilities

Debt_Convertible_Senior_Notes_

Debt - Convertible Senior Notes - Narrative (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	20-May-14	Sep. 30, 2014	20-May-14	20-May-14	20-May-14
			Convertible Senior Notes	Convertible Senior Notes	Convertible Senior Notes	Convertible Senior Notes	Convertible Senior Notes
						Convertible Senior Notes Due 2019	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%	'	'
Value of the embedded conversion premium, included in net debt (discount)	'	'	'	53,700,000	56,700,000	'	'
Deferred finance costs	$39,700,000	$23,800,000	'	$19,600,000	'	'	'

Debt_Debt_Extinguishment_Narra

Debt - Debt Extinguishment - Narrative (Details) (USD $)	3 Months Ended		9 Months Ended		3 Months Ended	9 Months Ended		0 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Jun. 04, 2014	Jun. 05, 2014	20-May-14	20-May-14
					Mortgages	Mortgages	Subsidiaries	Subsidiaries	Senior Mortgage Notes Payable	Net-lease Mortgage Notes
							Mortgages	Mortgages	Mortgages	Mortgages
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'	'
Amount of debt defeasance	'	'	'	'	'	'	'	$488,700,000	$509,800,000	$18,000,000
Weighted average stated interest rate	'	'	'	'	'	'	6.59%	'	'	'
Gain (loss) on debt extinguishment	$212,000	$0	($64,496,000)	$0	$200,000	$64,500,000	'	'	'	'

Debt_Debt_Maturities_of_Mortga

Debt - Debt Maturities of Mortgages and Notes Payable, Including Balloon Payments (Details) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Scheduled Principal Payments For Borrowings [Line Items]	'		'
Total debt, net	$4,007,828		$3,778,218
Mortgages and Notes Payable	'		'
Scheduled Principal Payments For Borrowings [Line Items]	'		'
Remainder of 2014	111,952	[1]	'
2015	277,565		'
2016	439,950		'
2017	858,109		'
2018	276,135		'
Thereafter	2,094,641		'
Total debt, net	4,058,352		'
Mortgages and Notes Payable | Scheduled Principal	'		'
Scheduled Principal Payments For Borrowings [Line Items]	'		'
Remainder of 2014	8,202	[1]	'
2015	31,783		'
2016	30,011		'
2017	28,331		'
2018	27,284		'
Thereafter	96,334		'
Total debt, net	221,945		'
Mortgages and Notes Payable | Balloon Payment	'		'
Scheduled Principal Payments For Borrowings [Line Items]	'		'
Remainder of 2014	103,750	[1]	'
2015	245,782		'
2016	409,939		'
2017	829,778		'
2018	248,851		'
Thereafter	1,998,307		'
Total debt, net	$3,836,407		'
[1]	The balloon payment balance in 2014 includes $74.0 million for the acceleration of principal payable following an event of default under four separate CMBS loans.

Debt_Interest_Expense_and_Rela

Debt - Interest Expense and Related Borrowings (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule Of Interest Expenses [Line Items]	'	'	'	'
Amortization of deferred financing costs	$1,787	$2,327	$4,084	$12,457
Amortization of debt (premium)/discount	'	'	-821	5,588
Total interest expense	53,535	50,386	163,926	126,376
Revolving Credit Facilities	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'
Interest expense	538	1,196	2,358	1,572
Mortgages and Notes Payable	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'
Interest expense	44,858	47,196	149,231	106,284
Convertible notes	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'
Interest expense	6,098	0	8,970	0
Other Interest Expense	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'
Interest expense	32	8	104	475
Interest Expense	'	'	'	'
Schedule Of Interest Expenses [Line Items]	'	'	'	'
Amortization of debt (premium)/discount	$222	($341)	($821)	$5,588

Debt_Debt_Maturities_Narrative

Debt - Debt Maturities - Narrative (Details) (USD $)	Sep. 30, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Deferred finance costs	$39,700,000		$23,800,000
Mortgages and Notes Payable	'		'
Debt Instrument [Line Items]	'		'
Balloon payments	2,094,641,000		'
Accelerated Principal | Mortgages and Notes Payable	'		'
Debt Instrument [Line Items]	'		'
Debt default amount	74,000,000	[1]	'
2019 | Mortgages and Notes Payable	'		'
Debt Instrument [Line Items]	'		'
Balloon payments	452,000,000		'
2020 | Mortgages and Notes Payable	'		'
Debt Instrument [Line Items]	'		'
Balloon payments	288,000,000		'
2021 | Mortgages and Notes Payable	'		'
Debt Instrument [Line Items]	'		'
Balloon payments	554,800,000		'
2022 | Mortgages and Notes Payable	'		'
Debt Instrument [Line Items]	'		'
Balloon payments	351,400,000		'
2023 | Mortgages and Notes Payable	'		'
Debt Instrument [Line Items]	'		'
Balloon payments	$352,100,000		'
[1]	The balloon payment balance in 2014 includes $74.0 million for the acceleration of principal payable following an event of default under four separate CMBS loans.

Derivative_and_Hedging_Activit2

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Derivative Instruments (Details) (Designated as Hedging Instrument, Interest Rate Swap, USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'		'
Fair Value of Liability	($762)		($792)
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 1	'		'
Derivatives, Fair Value [Line Items]	'		'
Notional Amount	10,879		'
Interest Rate	4.62%		'
Fair Value of Liability	-23		-42
Accounts payable, accrued expenses and other liabilities | Derivative Instrument 2	'		'
Derivatives, Fair Value [Line Items]	'		'
Notional Amount	6,708		'
Interest Rate	5.75%		'
Fair Value of Liability	-215		-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	-125		-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	($399)	[1]	($246)	[1]
[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_and_Hedging_Activit3

Derivative and Hedging Activities - Derivative Instruments Amounts Recorded in AOCL and Gain or (Loss) Reclassified Out of AOCL (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Interest Expense	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	($333)	($120)	($987)	($309)
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)	5	-22	2	32
Cash Flow Hedging | Interest Rate Swap	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of Gain or (Loss) Recognized in AOCL on Derivative (Effective Portion)	$237	($320)	($1,040)	$149

Derivative_and_Hedging_Activit4

Derivative and Hedging Activities - Narrative (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Derivatives, Fair Value [Line Items]	'
Derivative instruments loss estimated to be reclassified from accumulated OCI as an increase to interest expense within 12 months	$1,100,000
Derivative Instrument 4 | Interest Rate Swap | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities	'
Derivatives, Fair Value [Line Items]	'
Number of interest rate derivatives held	8
Notional amount	61,758,000	[1]
Minimum | Derivative Instrument 4 | Interest Rate Swap | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities	'
Derivatives, Fair Value [Line Items]	'
Notional amount	7,600,000
Maximum | Derivative Instrument 4 | Interest Rate Swap | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities	'
Derivatives, Fair Value [Line Items]	'
Notional amount	$7,900,000
[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.

Stockholders_Equity_Dividends_1

Stockholders' Equity - Dividends Declared (Details) (USD $)	3 Months Ended							9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Dividends Payable [Line Items]	'		'		'		'	'	'
Dividend per share (in USD per share)	$0.17		$0.17		$0.17		$0.16	$0.50	$0.49
Dividends	'		$66,299	[1]	$61,629	[1]	'	'	'
Accounts payable, accrued expenses and other liabilities	'		'		'		'	'	'
Dividends Payable [Line Items]	'		'		'		'	'	'
Dividends	$66,259	[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 statements of operations.

Stockholders_Equity_Narrative_

Stockholders' Equity - Narrative (Details) (USD $)	3 Months Ended	9 Months Ended		0 Months Ended		0 Months Ended	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	20-May-14	31-May-14	20-May-14	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
				Secondary Offering	Secondary Offering	Over-Allotment Option	At the Market	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	0	1,574,320	'
Share price (in USD per share)	'	'	'	'	$10.69	'	'	'	$10.70
Proceeds from issuance of common stock	'	'	'	$271,200,000	'	'	'	$16,300,000	'
Proceeds from issuance of common stock, net of offering costs	'	287,454,000	-518,000	'	'	'	'	16,300,000	'
Shares surrendered to pay associated minimum statutory tax withholdings (in shares)	300,000	'	'	'	'	'	'	'	'
Shares surrendered to pay associated minimum statutory tax withholdings	$2,900,000	'	'	'	'	'	'	'	'

Commitments_and_Contingencies_

Commitments and Contingencies - Narrative (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2014
	tenant	Forecast
	claim
Property, Plant and Equipment [Line Items]	'	'
Outstanding claims	0	'
Total commitments	$95.80	$94.40
Total commitments relating to future acquisitions	93.4	'
Contingently liable amount of debt owed by tenant	$5.70	'
Number of tenants indemnified by	1	'

Fair_Value_Measurements_Financ

Fair Value Measurements - Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $)	Sep. 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]	'	'
Interest rate swaps financial liabilities	($762)	($792)
Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Interest rate swaps financial liabilities	0	0
Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Interest rate swaps financial liabilities	-762	-792
Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Interest rate swaps financial liabilities	$0	$0

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets at Fair Value on Nonrecurring Basis (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 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

'

'

'

'

'

'

$38,270

'

$0

'

$0

'

$38,270

'

Lease intangible assets

'

'

'

'

'

'

720

0

0

0

0

0

720

0

Long-lived assets held for sale

'

'

'

'

'

'

31,018

11,198

0

0

0

0

40,282

38,030

Long-lived assets held and used, Disposition

'

'

'

'

0

'

'

'

'

'

'

'

'

'

Lease intangible assets, Disposition

'

'

'

'

0

0

'

'

'

'

'

'

'

'

Long-lived assets held for sale, Disposition

'

'

'

'

-9,264

-26,832

'

'

'

'

'

'

'

'

Long-lived assets held and used, Impairment Charges

'

'

'

'

-21,474

[1]

'

'

'

'

'

'

'

'

'

Lease intangible assets, Impairment Charges

'

'

'

'

-5,546

[1]

-182

[1]

'

'

'

'

'

'

'

'

Long-lived assets held for sale, Impairment Charges

'

'

'

'

-15,041

[1]

-7,134

[1]

'

'

'

'

'

'

'

'

Total Impairment Charges

($12,727)

($1,963)

($42,061)

($5,668)

($42,061)

[1]

($7,316)

[1]

'

'

'

'

'

'

'

'

[1]

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

Fair_Value_Measurements_Schedu

Fair Value Measurements - Schedule of Carrying Amount And Estimated Fair Value Of Financial Instruments (Details) (USD $)	Sep. 30, 2014		Dec. 31, 2013		Sep. 30, 2014		Dec. 31, 2013		Sep. 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	$111,409,000		$117,721,000		$118,044,000		$131,587,000		'	'
Revolving credit facilities	125,436,000		35,120,000		125,334,000		34,911,000		'	'
Mortgages and notes payable, net	3,188,547,000		3,743,098,000		3,359,620,000		3,892,621,000		'	'
Convertible senior notes, net	693,845,000	[1]	0	[1]	728,013,000	[1]	0	[1]	'	'
Value of the embedded conversion premium, included in net debt (discount)	'		'		'		'		$53,700,000	$56,700,000
[1]	The carrying amount of the Convertible Notes is net of an embedded conversion premium totaling $53.7 million.

Significant_Credit_and_Revenue1

Significant Credit and Revenue Concentration - Narrative (Detail)	9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Revenue, Major Customer [Line Items]	'	'	'
Number of tenants	421	'	377
Shopko And Pamida	'	'	'
Revenue, Major Customer [Line Items]	'	'	'
Rental revenue in percentage of total revenue	14.30%	14.40%	'
Rental revenue by combined properties operated by tenants	13.50%	'	14.40%
Revenues	'	'	'
Revenue, Major Customer [Line Items]	'	'	'
Number of tenants	0	0	'
Revenues | Minimum	'	'	'
Revenue, Major Customer [Line Items]	'	'	'
Rental revenue in percentage of total revenue	10.00%	10.00%	'

Discontinued_Operations_Net_Ga

Discontinued Operations - Net Gains or Losses from Discontinued Operations (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
	Property		Property		Property		Property
Revenues:	'		'		'		'
Rent	$300		$2,811		$917		$7,261
Non-cash rent	27		141		0		16
Other	3		306		2,953		313
Total revenues	330		3,258		3,870		7,590
Expenses:	'		'		'		'
General and administrative	1		-11		13		5
Property costs	41		424		236		763
Interest	0		47		0		241
Depreciation and amortization	0		864		0		3,454
Impairments	0		1,963		0		5,853
Total expenses	42		3,287		249		10,316
Gain (loss) from discontinued operations before other income	288		-29		3,621		-2,726
Other income:	'		'		'		'
Gain on debt extinguishment	0		0		0		1,028
Other	0		23		0		68
Total other income	0		23		0		1,096
Income (loss) from discontinued operations	288		-6		3,621		-1,630
Gain on dispositions of assets	403		1,237		488		1,226
Income (loss) from discontinued operations	$691		$1,231		$4,109		($404)
Number of properties disposed of during period (a)	1	[1]	7	[1]	6	[1]	17	[1]
Number of properties disposed of, including continuing and discontinued operations	'		'		19		'
[1]	During the nine months ended September 30, 2014, 19 properties were sold, but only six of them were held for sale at December 31, 2013 and not subject to early adoption of ASU 2014-08 and are recorded as discontinued operations.

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013
Supplemental Cash Flow Elements [Abstract]	'		'
Distributions declared and unpaid	($66,259)		($50,194)
Real estate properties acquired under 1031 exchange	26,677		0
Real estate properties sold under 1031 exchange	-5,893		0
Gross equity component of Convertible Notes	-56,740		0
Net assets acquired in Merger in exchange for common stock	0		1,735,682
Common stock registered in exchange for net assets acquired	0		-2,025,736
Reduction of debt included in consideration on sale of certain real estate properties	5,001		149,156
Reduction of debt, net of assets surrendered to lender	0		1,069
Accrued interest capitalized to principal	997	[1]	0	[1]
Accrued performance share dividend rights	-420		-73
Accrued deferred financing costs	$0		($1,057)
[1]	Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Incentive_Award_Plan_and_Stock1

Incentive Award Plan and Stock Option Plan - Narrative (Detail) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 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)	2,500,000	'	'	'	'	'	'	'	'	'	'
Grants in period (in shares)	'	'	'	'	'	'	400,000	'	'	'	'
Deferred compensation expense	'	'	'	'	'	$4	'	'	'	'	'
Outstanding non vested restricted shares (in shares)	'	'	'	'	'	1,300,000	'	'	'	'	'
Shares of common stock available for issuance (in shares)	'	'	'	'	'	'	'	242,883	'	'	'
Multiplier for shares granted	'	'	'	'	'	'	'	'	'	0.00%	250.00%
Stock-based compensation expense	'	3	2.8	8.5	6.9	'	'	3.3	'	'	'
Potential grants in period based on total shareholder return (in shares)	'	'	'	'	'	'	'	1,500,000	'	'	'
Dividend rights accrued	'	'	'	'	'	'	'	0.6	'	'	'
Unamortized stock based compensation expense	'	'	'	'	'	'	'	$14.70	$15.60	'	'

Income_Per_Share_Computation_o

Income Per Share - Computation of Basic and Diluted Loss Per Share (Detail) (USD $)	3 Months Ended				9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Basic and diluted income (loss):	'		'		'		'
Income (loss) from continuing operations	$5,728		($23,139)		($73,704)		($41,505)
Gain on dispositions of assets	1,251		0		1,683		0
Less: income attributable to unvested restricted stock	-215		-303		-882		-1,001
Income (loss) used in basic and diluted income (loss) per share from continuing operations	6,764		-23,442		-72,903		-42,506
Income (loss) from discontinued operations	691		1,231		4,109		-404
Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share	$7,455		($22,211)		($68,794)		($42,910)
Basic and diluted weighted average shares of common stock outstanding:	'		'		'		'
Weighted average shares of common stock outstanding (in shares)	398,799,661		331,946,412		384,485,286		219,005,588
Less: unvested weighted average shares of restricted stock (in shares)	-1,992,005		-2,418,538		-1,959,672		-2,256,210
Weighted average number of shares outstanding used in basic income (loss) per share (in shares)	396,807,656		329,527,874		382,525,614		216,749,378
Dilutive weighted average shares of common stock	'		'		'		'
Weighted average number of shares of common stock used in dilutive income (loss) per share (in shares)	397,613,583	[1]	329,527,874	[1]	382,525,614	[1]	216,749,378	[1]
Dilutive shares (in shares)	761,523		702,216		1,528,683		793,534
Unvested shares of restricted stock	'		'		'		'
Dilutive weighted average shares of common stock	'		'		'		'
Dilutive shares (in shares)	761,523		607,505		787,546		761,617
Unvested performance shares	'		'		'		'
Dilutive weighted average shares of common stock	'		'		'		'
Dilutive shares (in shares)	0		94,711		736,104		31,917
Stock options	'		'		'		'
Dilutive weighted average shares of common stock	'		'		'		'
Dilutive shares (in shares)	0		0		5,033		0
Convertible notes	'		'		'		'
Dilutive weighted average shares of common stock	'		'		'		'
Dilutive shares (in shares)	'		'		0		'
Unvested performance shares	'		'		'		'
Dilutive weighted average shares of common stock	'		'		'		'
Dilutive weighted average share of common stock (in shares)	800,717	[1]	0	[1]	0	[1]	0	[1]
Stock options	'		'		'		'
Dilutive weighted average shares of common stock	'		'		'		'
Dilutive weighted average share of common stock (in shares)	5,210	[1]	0	[1]	0	[1]	0	[1]
[1]	Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Income_Per_Share_Narrative_Det

Income Per Share - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Dilutive shares (in shares)	761,523	702,216	1,528,683	793,534
Convertible notes	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Dilutive shares (in shares)	'	'	0	'