Spirit Realty Capital 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	4-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Trading Symbol	SRC
Entity Central Index Key	1308606
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		441,445,875

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real estate investments:
Land and improvements	$2,666,746	$2,614,630
Buildings and improvements	4,651,097	4,579,166
Total real estate investments	7,317,843	7,193,796
Less: accumulated depreciation	-779,083	-752,210
Real estate investments, net	6,538,760	6,441,586
Loans receivable, net	107,403	109,425
Intangible lease assets, net	573,925	590,073
Real estate assets under direct financing leases, net	52,852	56,564
Real estate assets held for sale, net	177,237	119,912
Net investments	7,450,177	7,317,560
Cash and cash equivalents	108,134	176,181
Deferred costs and other assets, net	149,789	183,173
Goodwill	291,421	291,421
Total assets	7,999,521	7,968,335
Liabilities:
Revolving Credit Facilities, net	181,518	12,780
Mortgages and notes payable, net	3,456,609	3,629,998
Convertible Notes, net	681,109	678,190
Total debt, net	4,319,236	4,320,968
Intangible lease liabilities, net	204,161	205,968
Accounts payable, accrued expenses and other liabilities	122,973	123,298
Total liabilities	4,646,370	4,650,234
Commitments and contingencies (see Note 7)
Stockholders’ equity:
Common stock, $0.01 par value; 418,935,311 issued shares and 418,401,109 outstanding shares at March 31, 2015 and 411,824,039 issued shares and 411,350,440 outstanding shares at December 31, 2014	4,189	4,118
Capital in excess of par value	4,443,468	4,361,320
Accumulated deficit	-1,087,306	-1,041,392
Accumulated other comprehensive loss	-1,618	-1,083
Treasury stock, at cost	-5,582	-4,862
Total stockholders’ equity	3,353,151	3,318,101
Total liabilities and stockholders’ equity	$7,999,521	$7,968,335

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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)	418,935,311	411,824,039
Common stock, shares outstanding (in shares)	418,401,109	411,350,440

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rentals	$154,518	$137,479
Interest income on loans receivable	1,722	1,837
Earned income from direct financing leases	795	846
Tenant reimbursement income	4,631	3,319
Interest income and other	621	491
Total revenues	162,287	143,972
Expenses:
General and administrative	12,600	11,067
Property costs	7,407	5,282
Real estate acquisition costs	1,093	1,281
Interest	57,914	54,399
Depreciation and amortization	66,296	60,549
Impairments	1,624	1,707
Total expenses	146,934	134,285
Income from continuing operations before other expense and income tax expense	15,353	9,687
Other expense:
Loss on debt extinguishment	-1,230	0
Total other expense	-1,230	0
Income from continuing operations before income tax expense	14,123	9,687
Income tax expense	-362	-217
Income from continuing operations	13,761	9,470
Discontinued operations:
Income from discontinued operations	227	3,054
Loss on dispositions of assets	0	-7
Income from discontinued operations	227	3,047
Income before gain on dispositions of assets	13,988	12,517
Gain on dispositions of assets	11,336	1,722
Net income attributable to common stockholders	$25,324	$14,239
Net income per share of common stock—basic:
Continuing operations (in USD per share)	$0.06	$0.03
Discontinued operations (in USD per share)	$0	$0.01
Net income per share attributable to common stockholders—basic (in USD per share)	$0.06	$0.04
Net income per share of common stock—diluted:
Continuing operations (in USD per share)	$0.06	$0.03
Discontinued operations (in USD per share)	$0	$0.01
Net income per share attributable to common stockholders—diluted (in USD per share)	$0.06	$0.04
Weighted average common shares outstanding:
Basic (in shares)	411,017,895	368,684,942
Diluted (in shares)	411,622,434	369,387,638
Dividends declared per common share issued (in USD per share)	$0.17	$0.17

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$25,324	$14,239
Other comprehensive income (loss):
Change in net unrealized losses on cash flow hedges	-852	-402
Net cash flow hedge losses reclassified to operations	317	323
Total comprehensive income	$24,789	$14,160

Consolidated_Statement_of_Stoc

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, 2014	$3,318,101		$4,118	$4,361,320	($1,041,392)	($1,083)	($4,862)
Beginning balance (in shares) at Dec. 31, 2014		411,824,039					-473,599
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,324				25,324
Other comprehensive income	-535					-535
Dividends declared on common stock	-71,123				-71,123
Repurchase of common shares (in shares)							-60,603
Repurchase of common shares	-720						-720
Issuance of common shares, net (in shares)		6,610,100
Issuance of common shares, net	78,552		66	78,486
Stock based compensation, net (in shares)		501,172
Stock-based compensation, net	3,552		5	3,662	-115
Ending balance at Mar. 31, 2015	$3,353,151		$4,189	$4,443,468	($1,087,306)	($1,618)	($5,582)
Ending balance (in shares) at Mar. 31, 2015		418,935,311					-534,202

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$25,324	$14,239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	66,296	60,549
Impairments	1,658	1,707
Amortization of deferred financing costs	2,072	973
Derivative net settlements, amortization and other interest rate hedge losses	-28	-26
Amortization of debt discounts (premiums)	476	-929
Stock-based compensation expense	3,827	2,452
Loss on debt extinguishment	1,230	0
Debt extinguishment costs	-2,733	0
Gains on dispositions of real estate and other assets, net	-11,336	-1,715
Non-cash revenue	-4,809	-3,962
Other	-14	121
Changes in operating assets and liabilities:
Deferred costs and other assets, net	-1,938	-1,510
Accounts payable, accrued expenses and other liabilities	-420	-6,055
Net cash provided by operating activities	79,605	65,844
Investing activities
Acquisitions/investments of real estate	-265,740	-157,972
Collections of principal on loans receivable and real estate assets under direct financing leases	1,452	1,319
Proceeds from dispositions of real estate and other assets	71,547	6,243
Transfers of net sales proceeds (to) from restricted accounts under 1031 Exchanges	-6,937	20,784
Transfers of net sales proceeds from (to) Master Trust Release	43,412	-6,345
Net cash used in investing activities	-156,266	-135,971
Financing activities
Borrowings under Revolving Credit Facilities	345,000	180,535
Repayments under Revolving Credit Facilities	-175,101	-80,049
Borrowings under Convertible Notes	0	10,000
Repayments under mortgages and notes payable	-167,102	-14,116
Deferred financing costs	-3,562	-503
Proceeds from issuance of common stock, net of offering costs	78,552	0
Proceeds from exercise of stock options	0	183
Purchase of treasury stock	-720	-104
Dividends paid/distributions to equity owners	-70,046	-61,573
Transfers from (to) escrow deposits with lenders	1,593	-850
Net cash provided by financing activities	8,614	33,523
Net decrease in cash and cash equivalents	-68,047	-36,604
Cash and cash equivalents, beginning of period	176,181	66,588
Cash and cash equivalents, end of period	$108,134	$29,984

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Organization	Organization
	Company Organization and Operations
	The Company 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 predominantly to tenants operating within retail, office and industrial property types. 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.
	The Company’s operations are carried out through the Operating Partnership. OP Holdings, one of the Corporation's wholly-owned subsidiaries, is the sole general partner and owns 1.0% of the Operating Partnership. The Corporation and a wholly-owned subsidiary are the only limited partners and together own the remaining 99.0% of the Operating Partnership.
	As of March 31, 2015, our undepreciated gross investment in real estate and loans totaled approximately $8.23 billion, representing investments in 2,547 properties, including properties securing mortgage loans made by the Company. Of this amount, 98.7% consisted of our gross investment in real estate, representing ownership of 2,402 properties, having a gross investment of $8.12 billion, and the remaining 1.3% consisted of commercial mortgage loans receivable, having a gross investment of $107.4 million, secured by the remaining 145 properties or other related assets.
	Recent Developments
	2015 Credit Facility
	On March 31, 2015, the Operating Partnership entered into a new $600.0 million unsecured Credit Agreement with various lenders with an initial term that expires on March 31, 2019 (extendable at the Operating Partnership's option to March 31, 2020, subject to certain requirements). The 2015 Credit Facility initially bears interest at a borrowing margin of LIBOR plus 1.70% and replaces the Operating Partnership’s previous secured $400.0 million revolving credit facility. The Credit Agreement includes an accordion feature to increase the size of the 2015 Credit Facility to up to $1.0 billion, subject to satisfying certain requirements and obtaining additional lender commitments.
	ATM Program Activity
	During the three months ended March 31, 2015, the Corporation sold 6.6 million shares of its common stock having aggregate gross proceeds of $79.8 million and aggregate net sales proceeds of $78.6 million under its ATM Program.
	Acquisitions and Dispositions
	During the three months ended March 31, 2015, the Company purchased 53 properties, representing an aggregate gross investment in real estate properties of $265.5 million, which includes $0.2 million in revenue producing capital expenditures in existing properties. During the same period, the Company sold 15 properties for $77.2 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	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Basis of Accounting and Principles of Consolidation
	The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited 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 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, 2014.
	The unaudited consolidated financial statements include the accounts of the Corporation 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 encumbered by indebtedness (see Note 4). As a result, the majority of the Company’s consolidated assets are held in these wholly-owned special purpose entities. 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 March 31, 2015 and December 31, 2014, net assets totaling $5.2 billion and $5.7 billion, respectively, were held, and net liabilities totaling $3.6 billion and $3.8 billion, respectively, were owed by these special purpose entities and are included in the accompanying 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. During the quarter ended March 31, 2015, the Company elected to early adopt ASU 2015-03 described below. Under the ASU, capitalized deferred financing costs, previously recorded in deferred costs and other assets on the consolidated balance sheet, are presented as a direct deduction from the carrying amount of the debt liability these costs relate to and retrospectively applied to prior periods. As of December 31, 2014, unamortized deferred financing costs of approximately $48.7 million were previously presented in deferred costs and other assets, net on the consolidated balance sheet and are now included as a reduction of debt. At March 31, 2015, unamortized deferred financing costs of $48.5 million are presented as a reduction of debt (see Note 4).
	Segment Reporting
	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 in rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining initial terms of the respective leases plus any fixed-rate renewal periods on those leases. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in the Company’s consolidated statements of operations.
	Allowance for Doubtful Accounts
	The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration 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 in which the tenant operates. The Company provided for reserves for uncollectible amounts totaling $9.2 million and $8.4 million at March 31, 2015 and December 31, 2014, respectively, against accounts receivable balances of $22.4 million and $21.3 million, respectively; receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets.
	For deferred rental revenues related to the straight-line method of reporting rental revenue, the collectability 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. The Company established a provision for losses of $9.0 million and $10.9 million at March 31, 2015 and December 31, 2014, respectively, against deferred rental revenue receivables of $50.7 million and $48.3 million, respectively.
	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 March 31, 2015 or December 31, 2014.
	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 March 31, 2015 and December 31, 2014, 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 consolidated balance sheets consisted of the following (in thousands):
		March 31,		December 31,
		2015		2014
	Collateral deposits (1)	$	29,783	$	29,483
	Tenant improvements, repairs, and leasing commissions (2)	13,130		13,427
	Master Trust Release (3)	9,658		53,069
	Title company escrow (4)	6,937		—
	Loan impounds (5)	671		794
	Other (6)	2,097		3,571
		$	62,276	$	100,344
	(1) Funds held in reserve by lenders which, at their sole discretion, can be applied to the repayment of debt. Any funds remaining on deposit after the debt is paid in full are released to the borrower.
	(2) Deposits held on collateral properties by lenders that are reserved to fund tenant improvements, repairs and leasing commissions incurred to secure a new tenant.
	(3) Proceeds from the sale of assets within the Spirit Master Funding Program, which are held on deposit as collateral until a qualifying substitution is made.
	(4) Includes net sales proceeds from property dispositions that can be released upon qualified re-investment from 1031 Exchanges.
	(5) Funds held in lender controlled accounts generally used to meet future debt service or certain property operating expenses.
	(6) Funds held in lender controlled accounts released within the following month after debt service requirements are met.
	A significant amount of these reserves were established in connection with obtaining lender consents relating to our IPO during 2012 and the Cole II Merger during 2013.
	Income Taxes
	The Company has elected to be taxed as a REIT under the Code. 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 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 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 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 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that deferred financing costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company early adopted the provisions of ASU 2015-03 beginning with the period ended March 31, 2015, and has applied the provisions retrospectively.

Investments

Investments	3 Months Ended
	Mar. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments	Investments
	Real Estate Investments
	As of March 31, 2015, the Company's gross investment in real estate and loans totaled approximately $8.23 billion, representing investments in 2,547 properties, including 145 properties securing mortgage loans. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and the carrying amount of loans receivable, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with only one state, Texas, with an 11.9% investment, accounting for more than 10% of the total dollar amount of the Company’s investment portfolio.
	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.
	During the three months ended March 31, 2015, the Company had the following real estate and loan activity, net of accumulated depreciation and amortization:
		Number of Properties								Dollar Amount of Investments, net
		Owned (3)			Financed			Total		Owned			Financed			Total
										(In Thousands)
	Gross balance, December 31, 2014	2,364			145			2,509		$	7,934,938		$	109,425		$	8,044,363
	Acquisitions/improvements (1) (3)	53			—			53		265,740			—			265,740
	Dispositions of real estate (2) (3)	(15	)		—			(15	)	(78,428		)	—			(78,428		)
	Principal payments and payoffs	—			—			—		—			(1,403		)	(1,403		)
	Impairments	—			—			—		(1,555		)	—			(1,555		)
	Write off of gross lease intangibles	—			—			—		(1,844		)	—			(1,844		)
	Loan premium amortization and other	—			—			—		(49		)	(619		)	(668		)
	Gross balance, March 31, 2015	2,402			145			2,547		$	8,118,802		$	107,403		$	8,226,205
	Accumulated depreciation and amortization									(981,784		)	—			(981,784		)
	Other non-real estate assets held for sale									1,595			—			1,595
	Net balance, March 31, 2015									$	7,138,613		$	107,403		$	7,246,016
	(1) Includes investments of $0.2 million in revenue producing capitalized expenditures, as well as $0.2 million of non-revenue producing capitalized maintenance expenditures. Capitalized maintenance expenditures are not included in the Company's gross investments in real estate disclosed elsewhere.
	(2) The total accumulated depreciation and amortization associated with these dispositions of real estate was $12.5 million.
	(3) During the three months ended March 31, 2015, the Company sold 6 properties for $39.4 million under 1031 Exchanges of which $32.5 million of this amount was used to partially fund 4 property acquisitions.
	(4) At March 31, 2015 and December 31, 2014, 42 and 37, respectively, of the Company's properties were vacant, not subject to a lease and in the Company’s possession; of this amount 14 and 8, respectively, of these properties were held for sale.
	Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases at March 31, 2015 (in thousands):
	Remainder of 2015	$	459,105
	2016	600,209
	2017	585,456
	2018	570,474
	2019	550,798
	Thereafter	4,320,779
	Total future minimum rentals	$	7,086,821
	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 CPI or other stipulated reference rate.
	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.
	Loans Receivable
	The following table details loans receivable, net of premium (in thousands):
		March 31,				December 31,
		2015				2014
	Mortgage - principal	$	95,204			$	96,594
	Mortgage - premium	11,833				12,452
	Mortgages, net	107,037				109,046
	Other note - principal	366				379
	Total loans receivable, net	$	107,403			$	109,425
	The mortgage loans are secured by single-tenant commercial properties and may provide for scheduled increases in interest rates over the term of the loans. The other note receivable is unsecured.
	Lease Intangibles, Net
	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands):
		March 31,				December 31,
		2015				2014
	In-place leases	$	670,127			$	676,665
	Above-market leases	100,125				100,568
	Less: accumulated amortization	(196,327		)		(187,160		)
	Intangible lease assets, net	$	573,925			$	590,073
	Below-market leases	$	239,050			$	237,593
	Less: accumulated amortization	(34,889		)		(31,625		)
	Intangible lease liabilities, net	$	204,161			$	205,968
	The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases was $1.4 million and $1.3 million for the three months ended March 31, 2015 and 2014, respectively. The value of in-place leases amortized and included in depreciation and amortization expense was $12.8 million and $13.4 million for the three months ended March 31, 2015 and 2014, respectively.
	Real Estate Assets Under Direct Financing Leases
	The components of real estate investments held under direct financing leases were as follows (in thousands):
		March 31,				December 31,
		2015				2014
	Minimum lease payments receivable	$	15,053			$	15,897
	Estimated residual value of leased assets	52,195				55,858
	Unearned income	(14,396		)		(15,191		)
	Total	$	52,852			$	56,564
	Real Estate Assets Held for Sale
The following table shows the activity in real estate assets held for sale, for continuing and discontinued operations, for the three months ended March 31, 2015:
	Number of Properties								Carrying Value
	Continuing Operations			Discontinued Operations			Total		Continuing Operations			Discontinued Operations			Total
									(In Thousands)
Balance, December 31, 2014	19			5			24		$	110,918		$	8,994		$	119,912
Transfers from real estate investments	23			—			23		105,976			(34		)	105,942
Sales	(10	)		—			(10	)	(48,617		)	—			(48,617		)
Balance, March 31, 2015	32			5			37		$	168,277		$	8,960		$	177,237
Properties included in discontinued operations as of March 31, 2015, are collateral assets under the 2014 Master Trust securitization. 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 accompanying consolidated balance sheets (in thousands):
	March 31,				December 31,
	2015				2014
Assets
Land and improvements	$	5,335			$	5,351
Buildings and improvements	5,780				5,798
Total real estate investments	11,115				11,149
Less: accumulated depreciation	(2,167		)		(2,167		)
Intangible lease assets, net	460				460
Total assets	$	9,408			$	9,442
Liabilities
Intangible lease liabilities, net	$	448			$	448
Total liabilities	$	448			$	448
Net assets	$	8,960			$	8,994
Impairments
The following table summarizes total impairment losses recognized in continuing and discontinued operations on the accompanying consolidated statements of operations (in thousands):
	Three Months Ended
	March 31,
	2015				2014
Real estate and intangible asset impairment	$	1,043			$	1,637
Write-off of lease intangibles due to lease terminations, net	512				70
Total impairments from real estate investment net assets	1,555				1,707
Other impairment	103				—
Total impairment loss in continuing and discontinued operations	$	1,658			$	1,707

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt
	The Company's debt is summarized below:
		Weighted Average Effective		Weighted Average			Weighted Average Term (3)	March 31,			December 31,
		Interest Rates (1)		Stated				2015			2014
				Rates (2)
							(in Years)	(In Thousands)
	Revolving Credit Facilities	NM		2.23	%		3.8	$	185,081		$	15,181
	Master Trust Notes	5.44	%	5.04	%		7.9	1,705,910			1,710,380
	CMBS - fixed-rate	5.45	%	5.86	%		3	1,671,951			1,836,181
	CMBS - variable-rate (4)	3.5	%	3.3	%		2.5	110,598			110,685
	Convertible Notes	4.84	%	3.28	%		5	747,500			747,500
	Unsecured fixed rate promissory note	9.12	%	7	%		6.8	1,269			1,293
		5.33	%	4.89	%		5.3	4,422,309			4,421,220
	Debt discount, net							(54,574		)	(51,586		)
	Deferred financing costs, net (5)							(48,499		)	(48,666		)
	Total debt, net							$	4,319,236		$	4,320,968
	(1) The effective interest rates include amortization of debt discount, amortization of deferred financing costs and non-utilization fees, where applicable, calculated for the three months ended March 31, 2015 and based on the average principal balance outstanding during the period. The average outstanding principal balance of the Revolving Credit Facilities was not significant during the three months ended March 31, 2015, resulting in an effective interest rate that was not meaningful.
	(2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2015.
	(3) Represents the weighted average time to maturity based on the outstanding principal balance as of March 31, 2015.
	(4) Variable-rate notes are predominantly hedged with interest rate swaps (see Note 5).
	(5) The Company early adopted ASU 2015-03 requiring deferred financing costs to be presented as a direct deduction from the carrying amount of the related indebtedness.
	Revolving Credit Facilities
	2015 Credit Facility
	On March 31, 2015, the Operating Partnership entered into the Credit Agreement and established a new $600.0 million unsecured credit facility and terminated its secured $400.0 million 2013 Credit Facility. The 2015 Credit Facility matures on March 31, 2019 (extendable at the Operating Partnership's option to March 31, 2020, subject to satisfaction of certain requirements). The 2015 Credit Facility includes an accordion feature to increase the committed facility size to up to $1.0 billion, subject to satisfying certain requirements and obtaining additional lender commitments. The 2015 Credit Facility includes a $50.0 million sublimit for swingline loans and up to $60.0 million available for issuances of letters of credit. Swingline loans and letters of credit reduce availability under the 2015 Credit Facility on a dollar-for-dollar basis.
	The 2015 Credit Facility bears interest at LIBOR plus 1.70% based the Company's current leverage grid pricing per annum, with an unused fee of 0.15%. If the Corporation obtains an investment grade rating of its senior unsecured long-term indebtedness of at least BBB- or Baa3 from S&P or Moody's, respectively, the Operating Partnership may make an irrevocable election to change the grid pricing for the 2015 Credit Facility from leverage based to credit rating based pricing. Upon such an event, the 2015 Credit Facility will bear interest at a rate equal to either LIBOR plus 0.875% to 1.55% per annum. In each case, the applicable borrowing margin depends on the credit rating for the Corporation.
	If the Corporation obtains an investment grade credit rating from either S&P or Moody’s, the Operating Partnership will be required to pay a facility fee in an amount equal to the aggregate revolving credit commitments (whether or not utilized) multiplied by a rate equal to 0.125% to 0.30% per annum, depending on the credit rating for the Corporation.
	The Operating Partnership may voluntarily prepay the 2015 Credit Facility, in whole or in part, at any time, without premium or penalty, but subject to applicable LIBOR breakage fees, if any. Payment of the 2015 Credit Facility is unconditionally guaranteed by the Corporation and certain of the existing and future subsidiaries that are not currently securing or anticipated to secure other indebtedness. The 2015 Credit Facility is full recourse to the Operating Partnership and the aforementioned guarantors.
	As a result of entering into the 2015 Credit Facility, the Company incurred origination costs of $3.5 million. These costs are being amortized to interest expense over the remaining initial term of the 2015 Credit Facility.
	As of March 31, 2015, $170.0 million was outstanding and $430.0 million of borrowing capacity was available under the 2015 Credit Facility. The Operating Partnership's ability to borrow under the 2015 Credit Facility is subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of March 31, 2015, the Corporation and the Operating Partnership were in compliance with these financial covenants.
	2013 Credit Facility
	On March 31, 2015, the secured 2013 Credit Facility was terminated and its outstanding borrowings were repaid with proceeds from the 2015 Credit Facility.  Properties securing this facility became unencumbered upon its termination. The 2013 Credit Facility's borrowing margin was LIBOR plus 2.50% based on the Company's current leverage grid pricing per annum, with an unused fee of 0.35%. Upon terminating the 2013 Credit Facility, the Company recognized debt extinguishment costs of $2.0 million, resulting from the write-off of unamortized deferred financing costs.
	Line of Credit
	A special purpose entity indirectly owned by the Corporation has access to a $40.0 million secured revolving 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. As of March 31, 2015, $15.1 million was outstanding on the Line of Credit under three separate advances and secured by three properties. Outstanding advances under the Line of Credit incurred a weighted average effective interest rate of 3.89% during the three months ended March 31, 2015. The weighted average stated rate as of March 31, 2015 was 3.58%. The ability to borrow under the Line of Credit is subject to the Operating Partnership and special purpose entity's ongoing compliance with a number of customary financial covenants. As of March 31, 2015, the Operating Partnership and, if applicable, the special purpose entity were in compliance with these financial covenants.
	Master Trust Notes
	The Company has access to an asset-backed securitization platform, the Spirit Master Funding Program, to raise capital through the issuance of non-recourse net-lease mortgage notes collateralized by commercial real estate, net-leases and mortgage loans. The Spirit Master Funding Program consists of two separate securitization trusts, Master Trust 2013 and Master Trust 2014, each of which have one or multiple bankruptcy-remote, special purpose entities as issuers or co-issuers of the notes. Each issuer is an indirect wholly-owned subsidiary of the Corporation.
	The Master Trust Notes are summarized below:
		Effective		Stated			Remaining Term	March 31,			December 31,
		Interest Rates (1)		Rates (2)				2015			2014
							(in Years)	(in Thousands)
	Series 2014-1 Class A1	6	%	5.1	%		5.2	$	72,933		$	75,489
	Series 2014-1 Class A2	6	%	5.4	%		5.3	253,300			253,300
	Series 2014-2	6.1	%	5.8	%		6	232,086			232,867
	Series 2014-3	6	%	5.7	%		7	312,600			312,705
	Series 2014-4 Class A1	3.9	%	3.5	%		4.8	150,000			150,000
	Series 2014-4 Class A2	4.8	%	4.6	%		14.8	360,000			360,000
	Total Master Trust 2014 notes	5.5	%	5.1	%		8.2	1,380,919			1,384,361
	Series 2013-1 Class A	4.6	%	3.9	%		3.7	125,000			125,000
	Series 2013-2 Class A	5.6	%	5.3	%		8.7	199,991			201,019
	Total Master Trust 2013 notes	5.2	%	4.7	%		6.8	324,991			326,019
								1,705,910			1,710,380
	Debt discount, net							(25,916		)	(26,903		)
	Deferred financing costs, net							(21,808		)	(22,113		)
	Total Master Trust Notes, net							$	1,658,186		$	1,661,364
	(1) The effective interest rates include amortization of debt discount and amortization of deferred financing costs calculated for the three months ended March 31, 2015 based on the average principal balance outstanding during the period.
	(2) Represents the individual series stated interest rate as of March 31, 2015 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of March 31, 2015.
	As of March 31, 2015, the Master Trust 2014 notes were secured by 963 properties, including 82 properties securing mortgage loans issued by five indirect wholly-owned subsidiaries of the Corporation. The notes issued under Master Trust 2014 are cross-collateralized by the assets of all issuers within this trust. As of March 31, 2015, the Master Trust 2013 notes were secured by 313 properties, including 77 properties securing mortgage loans, issued by a single indirect wholly-owned subsidiary of the Corporation.
	CMBS
	As of March 31, 2015, indirect wholly-owned subsidiaries of the Corporation were borrowers under 163 fixed and 11 variable-rate non-recourse loans which have been securitized into CMBS and are secured by the borrowers' respective leased properties and related assets. The stated interest rates as of March 31, 2015 for these fixed-rate notes ranged from 3.90% to 8.39%. The stated interest rates as of March 31, 2015 for the variable-rate notes ranged from 2.67% to 3.68%. As of March 31, 2015, these fixed and variable-rate loans were secured by 505 and 123 properties, respectively. The Company entered into interest rate swaps that effectively fixed the interest rates at approximately 4.55% on a significant portion of the variable-rate debt (see Note 5).
	As of March 31, 2015, certain borrowers were in default under the loan agreements relating to four separate CMBS fixed-rate loans where the 12 properties securing the respective loans are no longer generating sufficient revenue to pay the required debt service. The default interest rate on these loans was between 9.52% and 10.88%. Each defaulted borrower is a bankruptcy remote special purpose entity and the sole owner of the collateral securing the loan obligations. As of March 31, 2015, the aggregate principal balance under the defaulted CMBS loans was $77.4 million, which includes $4.4 million of interest added to principal. In addition, approximately $14.0 million of lender controlled restricted cash is being held in connection these loans that may be applied to reduce amounts owed.
	Convertible Notes
	In May 2014, the Corporation issued $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. The 2019 Notes will mature on May 15, 2019 and the 2021 Notes will mature on May 15, 2021.
	The Convertible Notes are convertible only during certain periods and, subject to certain circumstances, into cash, shares of the Corporation'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 the Corporation's common stock trade higher than the established thresholds, if the Convertible Notes trade below 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 feature for each of the Convertible Notes. The discount is being amortized to interest expense using the effective interest method over the term of each of the 2019 Notes and 2021 Notes. As of March 31, 2015, the unamortized discount was $49.4 million. The discount is shown net against the aggregate outstanding principal balance of the Convertible Notes on the accompanying consolidated balance sheets. The equity component of the conversion feature is recorded in capital in excess of par value in the accompanying consolidated balance sheet, net of financing transaction costs.
	In connection with the offering, the Company also incurred $19.6 million in deferred financing costs. 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. As of March 31, 2015, the unamortized deferred financing costs relating to the Convertible Notes was $17.0 million.
Debt Extinguishment
During the quarter ended March 31, 2015, the Company extinguished a total of $162.8 million aggregate principal amount of senior mortgage indebtedness with a weighted average contractual interest rate of 5.76% and terminated the 2013 Credit Facility. As a result of these transactions, the Company recognized a net loss on debt extinguishment of approximately $1.2 million.
Debt Maturities
As of March 31, 2015, 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 2015 (1)	$	22,363		$	230,032		$	252,395
2016	29,090			284,930			314,020
2017	28,535			816,108			844,643
2018	42,560			248,851			291,411
2019	44,520			622,000			666,520
Thereafter	289,321			1,763,999			2,053,320
Total	$	456,389		$	3,965,920		$	4,422,309
(1) The balloon payment balance in 2015 includes $77.4 million for the acceleration of principal payable following an event of default under four separate non-recourse CMBS loans.
Interest Expense
The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands):
	Three Months
	Ended March 31,
	2015			2014
Interest expense – Revolving Credit Facilities (1)	$	803		$	720
Interest expense – mortgages and notes payable	48,408			53,596
Interest expense – Convertible Notes	6,127			—
Interest expense – other	—			6
Non-cash interest expense:
Amortization of deferred financing costs	2,072			973
Amortization of net losses related to interest rate swaps	28			33
Amortization of debt (premium)/discount	476			(929		)
Total interest expense	$	57,914		$	54,399
(1) Includes interest expense associated with non-utilization fees of approximately $0.4 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively.

Derivative_and_Hedging_Activit

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	Derivative and Hedging Activities
	The Company uses interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value and included in accounts payable, accrued expenses and other liabilities on the accompanying 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 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				Fixed		Effective	Maturity	March 31,			December 31,
				Amount				Interest		Date	Date	2015			2014
								Rate
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	10,787			4.62	%	6/28/12	7/6/17	$	(85	)	$	(46	)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,627			5.75	%	7/17/13	3/1/16	(147		)	(180		)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	32,400			3.15	%	7/17/13	9/5/15	(63		)	(93		)
	Interest Rate Swaps(1)	Accounts payable, accrued expenses and other liabilities		$	61,758			5.14	%	1/2/14	12/13/18	(1,335		)	(803		)
												$	(1,630	)	$	(1,122	)
	(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.
	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 months ended March 31, 2015 and 2014, respectively (in thousands):
		Amount of Loss Recognized
		in AOCL on Derivative
		(Effective Portion)
		Three Months
		Ended March 31,
	Derivatives in Cash Flow Hedging Relationships	2015				2014
	Interest rate swaps	$	(852	)		$	(402	)
		Amount of Loss Reclassified from
		AOCL into Operations
		(Effective Portion)
		Three Months
		Ended March 31,
	Location of Loss Reclassified from AOCL into Operations	2015				2014
	Interest expense	$	(317	)		$	(323	)
		Amount of Loss Recognized in
		Operations on Derivative
		(Ineffective Portion)
		Three Months
		Ended March 31,
	Location of Loss Recognized in Operations on Derivatives	2015				2014
	General and administrative expense	$	(4	)		$	—
	Approximately $1.1 million of the remaining balance in AOCL is estimated to be reclassified as an increase to interest expense during the next twelve 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 March 31, 2015 and December 31, 2014, there were no termination events or events of default related to the interest rate swaps.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity
	ATM Program
	During the three months ended March 31, 2015, the Corporation sold 6.6 million shares of its common stock at the weighted average share price of $12.07 under its ATM Program, for aggregate gross proceeds of $79.8 million and aggregate net proceeds of $78.6 million. The ATM Program was not in existence during the first quarter of 2014.
	Dividends Declared
	For the three months ended March 31, 2015, the Corporation's Board of Directors declared the following dividends:
	Declaration Date	Dividend Per Share		Record Date	Total Amount (1)		Payment Date
					(in thousands)
	March 16, 2015	$	0.17	March 31, 2015	$	71,123	April 15, 2015
	(1) Net of estimated forfeitures of approximately $5,000 for dividends declared on employee restricted stock awards that are reported in general and administrative on the accompanying consolidated statements of operations.
	The dividend declared on March 16, 2015 was paid on April 15, 2015 and is included in accounts payable, accrued expenses and other liabilities as of March 31, 2015.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
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 typically insured against such claims.
	As of March 31, 2015, 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 March 31, 2015, the Company had commitments totaling $194.7 million, of which $185.3 million relates to future acquisitions with the remainder to fund improvements on properties the Company currently owns. Commitments related to acquisitions contain standard cancellation clauses contingent on results of due diligence. All commitments are expected to be funded during fiscal year 2015. 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 consolidated financial statements.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements
	Recurring Fair Value Measurements
	The Company’s assets and liabilities that are required to be measured at fair value in the accompanying consolidated financial statements are summarized below. The following table sets forth the Company’s financial liabilities that were accounted for at fair value on a recurring basis (in thousands):
					Fair Value Hierarchy Level
		Fair Value			Level 1			Level 2			Level 3
	March 31, 2015
	Derivatives:
	Interest rate swaps financial liabilities	$	(1,630	)	$	—		$	(1,630	)	$	—
	31-Dec-14
	Derivatives:
	Interest rate swaps financial liabilities	$	(1,122	)	$	—		$	(1,122	)	$	—
	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 volatilities. These measurements are classified as Level 2 of the fair value hierarchy.
	Nonrecurring Fair Value Measurements
	Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis (in thousands):
								Fair Value Hierarchy Level							Impairment
	Description	Fair Value			Dispositions			Level 1			Level 2		Level 3		Charges (1)
	March 31, 2015
	Lease intangible assets	$	—		$	—		$	—		$	—	$	—	$	(615	)
	Long-lived assets held for sale	4,495			—			—			—		4,495		(1,043		)
															$	(1,658	)
	31-Dec-14
	Long-lived assets held and used	$	37,278		$	—		$	—		$	—	$	37,278	$	(20,679	)
	Lease intangible assets	10,013			—			—			—		10,013		4,317
	Long-lived assets held for sale	65,958			(26,721		)	—			—		92,679		(20,074		)
															$	(36,436	)
	(1) Impairment charges are presented for the three months ended March 31, 2015 and for the year ended December 31, 2014.
	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.
	Estimated Fair Value of Financial Instruments
	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 cost, which approximates fair value, on the accompanying consolidated balance sheets.
	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 March 31, 2015 and December 31, 2014. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.
	The estimated fair values of the loans receivable, Revolving Credit Facilities, Convertible Notes and the fixed-rate mortgages and notes payable have been derived based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. The loans receivable, Revolving Credit Facilities, Convertible Notes and mortgages and notes payable were measured using a market approach from nationally recognized financial institutions with market observable inputs such as interest rates and credit analytics. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands):
		March 31, 2015						December 31, 2014
		Carrying			Estimated			Carrying			Estimated
		Value (1)			Fair Value			Value (1)			Fair Value
	Loans receivable, net	$	107,403		$	113,495		$	109,425		$	115,747
	Revolving Credit Facilities, net	181,518			185,212			12,780			15,254
	Mortgages and notes payable, net	3,456,609			3,697,971			3,629,998			3,899,950
	Convertible Notes, net	681,109			747,589			678,190			729,231
	(1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts.

Significant_Credit_and_Revenue

Significant Credit and Revenue Concentration	3 Months Ended
	Mar. 31, 2015
Risks and Uncertainties [Abstract]
Significant Credit and Revenue Concentration	Significant Credit and Revenue Concentration
	As of March 31, 2015 and December 31, 2014, the Company’s real estate investments are leased to 474 and 454 tenants, respectively, which operate within retail, office and industrial property types across various industries throughout the United States. Shopko operates in the general merchandise industry and is the Company’s largest tenant as a percentage of total revenue. Total rental revenues from properties leased to Shopko for the three months ended March 31, 2015 and 2014, contributed 12.8% and 14.0% of the Company's total revenues from continuing operations, respectively. No other tenant contributed 5% or more of the Company’s total revenues during any of the periods presented. As of March 31, 2015 and December 31, 2014, the combined properties that are operated by Shopko represent approximately 12.3% and 13.1%, respectively, of the Company’s total gross investment portfolio.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations
	Properties that were reported as held for sale as of December 31, 2013, will be presented in discontinued operations until the properties 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, will continue to be reclassified to discontinued operations. The following sets forth the results of discontinued operations (dollars in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Revenues:
	Rent	$	310	$	308
	Non-cash rent	—		(29		)
	Other	13		2,917
	Total revenues	323		3,196
	Expenses:
	General and administrative	1		3
	Property costs	61		139
	Impairments	34		—
	Total expenses	96		142
	Income from discontinued operations	227		3,054
	Loss on dispositions of assets	—		(7		)
	Total discontinued operations	$	227	$	3,047
	Number of properties disposed of during period	—		2

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information
	The following table presents the supplemental cash flow disclosures (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Supplemental Disclosures of Non-Cash Investing and Financing Activities:
	Reduction of debt through sale of certain real estate properties	$	3,615	$	—
	Accrued interest capitalized to principal (1)	1,799		—
	Accrued performance share dividend rights	115		—
	Accrued deferred financing costs	304		—
	(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	3 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Incentive Award Plan and Stock Option Plan	Incentive Award Plan
	As of March 31, 2015, 2.0 million shares remained available for award under the Incentive Award Plan.
	Restricted Shares of Common Stock
	During the three months ended March 31, 2015, the Company granted 0.4 million restricted shares under the Incentive Award Plan to certain officers and employees. The Company recorded $4.3 million in deferred compensation associated with these grants, which will be recognized in expense over the service period of the awards. As of March 31, 2015, there were approximately 1.3 million unvested restricted shares outstanding.
	Performance Share Awards
	During the three months ended March 31, 2015, the Compensation Committee of the Board of Directors approved an initial target grant of 236,826 performance shares to certain executive officers of the Company. The performance period of this grant runs from January 1, 2015 through December 31, 2017. Pursuant to the performance share award agreement, each participant is eligible to vest in and receive shares of the Corporation'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 TSR of the Corporation compared to certain specified peer groups 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 were declared during the performance period as if the shares had been issued and outstanding on each dividend record date. Based on the grant date fair value, the Corporation expects to recognize $3.5 million in compensation expense on a straight-line basis over the requisite service period associated with this market-based grant.
	As of March 31, 2015, under each separate annual performance share award, the Corporation's TSR compared to the specified peer groups during the performance periods would have resulted in the release of 1.0 million shares, in the aggregate. In addition, approximately $0.7 million in dividend rights have been accrued. The projected shares to be released are not considered issued under the Incentive Award 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-based Compensation Expense
	For the three months ended March 31, 2015 and 2014, the Company recognized $3.8 million and $2.5 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations.
	As of March 31, 2015, the remaining unamortized stock-based compensation expense, including amounts relating to the performance share awards, totaled $16.2 million, 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	3 Months Ended
	Mar. 31, 2015
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 in the computation of net income attributable to common stockholders. 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
		Ended March 31,
		2015			2014
	Basic and diluted earnings:
	Income from continuing operations	$	13,761		$	9,470
	Gain on dispositions of assets	11,336			1,722
	Less: income attributable to unvested restricted stock	(209		)	(333		)
	Income used in basic and diluted income per share from continuing operations	24,888			10,859
	Income from discontinued operations	227			3,047
	Net income attributable to common stockholders used in basic and diluted income per share	$	25,115		$	13,906
	Basic weighted average shares of common stock outstanding:
	Weighted average shares of common stock outstanding	412,195,685			370,535,587
	Less: unvested weighted average shares of restricted stock	(1,177,790		)	(1,850,645		)
	Weighted average number of shares outstanding used in basic and diluted income per share	411,017,895			368,684,942
	Diluted weighted average shares of common stock outstanding: (1)
	Unvested performance shares	598,015			697,638
	Stock options	6,524			5,058
	Weighted average number of shares of common stock used in diluted income per share	411,622,434			369,387,638
	Potentially dilutive shares of common stock
	Unvested shares of restricted stock	457,283			688,348
	Total	457,283			688,348
	(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.
	The Corporation intends to satisfy its exchange obligation for the principal amount of the Convertible Notes to the note holders entirely in cash, therefore, the "if-converted" method does not apply and the treasury stock method is being used. As the Corporation's stock price is below the conversion price, there are no potentially dilutive shares associated with the Convertible Notes.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	On April 14, 2015, the Company completed an underwritten public offering of 23.0 million shares of its common stock, at $11.85 per share, including 3.0 million shares issued pursuant to the underwriter’s option to purchase additional shares. Gross proceeds raised were approximately $272.6 million; net proceeds were approximately $268.9 million after underwriter discounts and offering costs paid by the Company. Net proceeds from the common stock offering were used to repay the outstanding balances under the 2015 Credit Facility and Line of Credit. The remaining net proceeds were retained to fund potential future acquisitions and for general corporate purposes.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation
	The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited 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 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, 2014.
	The unaudited consolidated financial statements include the accounts of the Corporation 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 encumbered by indebtedness (see Note 4). As a result, the majority of the Company’s consolidated assets are held in these wholly-owned special purpose entities. 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. During the quarter ended March 31, 2015, the Company elected to early adopt ASU 2015-03 described below. Under the ASU, capitalized deferred financing costs, previously recorded in deferred costs and other assets on the consolidated balance sheet, are presented as a direct deduction from the carrying amount of the debt liability these costs relate to and retrospectively applied to prior periods.
Segment Reporting	Segment Reporting
	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 in rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining initial terms of the respective leases plus any fixed-rate renewal periods on those leases. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in the Company’s consolidated statements of operations.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
	The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration 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 in which the tenant operates.
	For deferred rental revenues related to the straight-line method of reporting rental revenue, the collectability 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	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.
	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.
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 consolidated balance sheets
Income Taxes	Income Taxes
	The Company has elected to be taxed as a REIT under the Code. 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 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 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 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 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that deferred financing costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company early adopted the provisions of ASU 2015-03 beginning with the period ended March 31, 2015, and has applied the provisions retrospectively.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of Restricted Cash and Escrow Deposits	Restricted cash and deposits in escrow, classified within deferred costs and other assets, net in the accompanying consolidated balance sheets consisted of the following (in thousands):
		March 31,		December 31,
		2015		2014
	Collateral deposits (1)	$	29,783	$	29,483
	Tenant improvements, repairs, and leasing commissions (2)	13,130		13,427
	Master Trust Release (3)	9,658		53,069
	Title company escrow (4)	6,937		—
	Loan impounds (5)	671		794
	Other (6)	2,097		3,571
		$	62,276	$	100,344
	(1) Funds held in reserve by lenders which, at their sole discretion, can be applied to the repayment of debt. Any funds remaining on deposit after the debt is paid in full are released to the borrower.
	(2) Deposits held on collateral properties by lenders that are reserved to fund tenant improvements, repairs and leasing commissions incurred to secure a new tenant.
	(3) Proceeds from the sale of assets within the Spirit Master Funding Program, which are held on deposit as collateral until a qualifying substitution is made.
	(4) Includes net sales proceeds from property dispositions that can be released upon qualified re-investment from 1031 Exchanges.
	(5) Funds held in lender controlled accounts generally used to meet future debt service or certain property operating expenses.
	(6) Funds held in lender controlled accounts released within the following month after debt service requirements are met.

Investments_Tables

Investments (Tables)	3 Months Ended
	Mar. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization	During the three months ended March 31, 2015, the Company had the following real estate and loan activity, net of accumulated depreciation and amortization:
		Number of Properties								Dollar Amount of Investments, net
		Owned (3)			Financed			Total		Owned			Financed			Total
										(In Thousands)
	Gross balance, December 31, 2014	2,364			145			2,509		$	7,934,938		$	109,425		$	8,044,363
	Acquisitions/improvements (1) (3)	53			—			53		265,740			—			265,740
	Dispositions of real estate (2) (3)	(15	)		—			(15	)	(78,428		)	—			(78,428		)
	Principal payments and payoffs	—			—			—		—			(1,403		)	(1,403		)
	Impairments	—			—			—		(1,555		)	—			(1,555		)
	Write off of gross lease intangibles	—			—			—		(1,844		)	—			(1,844		)
	Loan premium amortization and other	—			—			—		(49		)	(619		)	(668		)
	Gross balance, March 31, 2015	2,402			145			2,547		$	8,118,802		$	107,403		$	8,226,205
	Accumulated depreciation and amortization									(981,784		)	—			(981,784		)
	Other non-real estate assets held for sale									1,595			—			1,595
	Net balance, March 31, 2015									$	7,138,613		$	107,403		$	7,246,016
	(1) Includes investments of $0.2 million in revenue producing capitalized expenditures, as well as $0.2 million of non-revenue producing capitalized maintenance expenditures. Capitalized maintenance expenditures are not included in the Company's gross investments in real estate disclosed elsewhere.
	(2) The total accumulated depreciation and amortization associated with these dispositions of real estate was $12.5 million.
	(3) During the three months ended March 31, 2015, the Company sold 6 properties for $39.4 million under 1031 Exchanges of which $32.5 million of this amount was used to partially fund 4 property acquisitions.
	(4) At March 31, 2015 and December 31, 2014, 42 and 37, respectively, of the Company's properties were vacant, not subject to a lease and in the Company’s possession; of this amount 14 and 8, respectively, of these properties were held for sale.
Schedule of Minimum Future Contractual Rent to be Received	Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases at March 31, 2015 (in thousands):
	Remainder of 2015	$	459,105
	2016	600,209
	2017	585,456
	2018	570,474
	2019	550,798
	Thereafter	4,320,779
	Total future minimum rentals	$	7,086,821
Schedule of Loans Receivable, Net of Premium	The following table details loans receivable, net of premium (in thousands):
		March 31,				December 31,
		2015				2014
	Mortgage - principal	$	95,204			$	96,594
	Mortgage - premium	11,833				12,452
	Mortgages, net	107,037				109,046
	Other note - principal	366				379
	Total loans receivable, net	$	107,403			$	109,425
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands):
		March 31,				December 31,
		2015				2014
	In-place leases	$	670,127			$	676,665
	Above-market leases	100,125				100,568
	Less: accumulated amortization	(196,327		)		(187,160		)
	Intangible lease assets, net	$	573,925			$	590,073
	Below-market leases	$	239,050			$	237,593
	Less: accumulated amortization	(34,889		)		(31,625		)
	Intangible lease liabilities, net	$	204,161			$	205,968
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases	The components of real estate investments held under direct financing leases were as follows (in thousands):
		March 31,				December 31,
		2015				2014
	Minimum lease payments receivable	$	15,053			$	15,897
	Estimated residual value of leased assets	52,195				55,858
	Unearned income	(14,396		)		(15,191		)
	Total	$	52,852			$	56,564
Schedule of Activity in Real Estate Assets Held for Sale	The following table shows the activity in real estate assets held for sale, for continuing and discontinued operations, for the three months ended March 31, 2015:
		Number of Properties								Carrying Value
		Continuing Operations			Discontinued Operations			Total		Continuing Operations			Discontinued Operations			Total
										(In Thousands)
	Balance, December 31, 2014	19			5			24		$	110,918		$	8,994		$	119,912
	Transfers from real estate investments	23			—			23		105,976			(34		)	105,942
	Sales	(10	)		—			(10	)	(48,617		)	—			(48,617		)
	Balance, March 31, 2015	32			5			37		$	168,277		$	8,960		$	177,237
Schedule of Reconciliation of Major Classes of Assets and Liabilities 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 accompanying consolidated balance sheets (in thousands):
		March 31,				December 31,
		2015				2014
	Assets
	Land and improvements	$	5,335			$	5,351
	Buildings and improvements	5,780				5,798
	Total real estate investments	11,115				11,149
	Less: accumulated depreciation	(2,167		)		(2,167		)
	Intangible lease assets, net	460				460
	Total assets	$	9,408			$	9,442
	Liabilities
	Intangible lease liabilities, net	$	448			$	448
	Total liabilities	$	448			$	448
	Net assets	$	8,960			$	8,994
	The following sets forth the results of discontinued operations (dollars in thousands):
		Three Months Ended
		March 31,
		2015				2014
	Revenues:
	Rent	$	310			$	308
	Non-cash rent	—				(29		)
	Other	13				2,917
	Total revenues	323				3,196
	Expenses:
	General and administrative	1				3
	Property costs	61				139
	Impairments	34				—
	Total expenses	96				142
	Income from discontinued operations	227				3,054
	Loss on dispositions of assets	—				(7		)
	Total discontinued operations	$	227			$	3,047
	Number of properties disposed of during period	—				2
Summary of Total Impairment Losses Recognized	The following table summarizes total impairment losses recognized in continuing and discontinued operations on the accompanying consolidated statements of operations (in thousands):
		Three Months Ended
		March 31,
		2015				2014
	Real estate and intangible asset impairment	$	1,043			$	1,637
	Write-off of lease intangibles due to lease terminations, net	512				70
	Total impairments from real estate investment net assets	1,555				1,707
	Other impairment	103				—
	Total impairment loss in continuing and discontinued operations	$	1,658			$	1,707

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Instrument [Line Items]
Summary of Debt	The Company's debt is summarized below:
		Weighted Average Effective		Weighted Average			Weighted Average Term (3)	March 31,			December 31,
		Interest Rates (1)		Stated				2015			2014
				Rates (2)
							(in Years)	(In Thousands)
	Revolving Credit Facilities	NM		2.23	%		3.8	$	185,081		$	15,181
	Master Trust Notes	5.44	%	5.04	%		7.9	1,705,910			1,710,380
	CMBS - fixed-rate	5.45	%	5.86	%		3	1,671,951			1,836,181
	CMBS - variable-rate (4)	3.5	%	3.3	%		2.5	110,598			110,685
	Convertible Notes	4.84	%	3.28	%		5	747,500			747,500
	Unsecured fixed rate promissory note	9.12	%	7	%		6.8	1,269			1,293
		5.33	%	4.89	%		5.3	4,422,309			4,421,220
	Debt discount, net							(54,574		)	(51,586		)
	Deferred financing costs, net (5)							(48,499		)	(48,666		)
	Total debt, net							$	4,319,236		$	4,320,968
	(1) The effective interest rates include amortization of debt discount, amortization of deferred financing costs and non-utilization fees, where applicable, calculated for the three months ended March 31, 2015 and based on the average principal balance outstanding during the period. The average outstanding principal balance of the Revolving Credit Facilities was not significant during the three months ended March 31, 2015, resulting in an effective interest rate that was not meaningful.
	(2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2015.
	(3) Represents the weighted average time to maturity based on the outstanding principal balance as of March 31, 2015.
	(4) Variable-rate notes are predominantly hedged with interest rate swaps (see Note 5).
	(5) The Company early adopted ASU 2015-03 requiring deferred financing costs to be presented as a direct deduction from the carrying amount of the related indebtedness.
Schedule of Debt Maturities	As of March 31, 2015, 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 2015 (1)	$	22,363		$	230,032		$	252,395
	2016	29,090			284,930			314,020
	2017	28,535			816,108			844,643
	2018	42,560			248,851			291,411
	2019	44,520			622,000			666,520
	Thereafter	289,321			1,763,999			2,053,320
	Total	$	456,389		$	3,965,920		$	4,422,309
	(1) The balloon payment balance in 2015 includes $77.4 million for the acceleration of principal payable following an event of default under four separate non-recourse CMBS loans.
Summary of Components of Interest Expense Related to Borrowings	The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands):
		Three Months
		Ended March 31,
		2015			2014
	Interest expense – Revolving Credit Facilities (1)	$	803		$	720
	Interest expense – mortgages and notes payable	48,408			53,596
	Interest expense – Convertible Notes	6,127			—
	Interest expense – other	—			6
	Non-cash interest expense:
	Amortization of deferred financing costs	2,072			973
	Amortization of net losses related to interest rate swaps	28			33
	Amortization of debt (premium)/discount	476			(929		)
	Total interest expense	$	57,914		$	54,399
Master Trust Notes
Debt Instrument [Line Items]
Summary of Debt	The Master Trust Notes are summarized below:
		Effective		Stated			Remaining Term	March 31,			December 31,
		Interest Rates (1)		Rates (2)				2015			2014
							(in Years)	(in Thousands)
	Series 2014-1 Class A1	6	%	5.1	%		5.2	$	72,933		$	75,489
	Series 2014-1 Class A2	6	%	5.4	%		5.3	253,300			253,300
	Series 2014-2	6.1	%	5.8	%		6	232,086			232,867
	Series 2014-3	6	%	5.7	%		7	312,600			312,705
	Series 2014-4 Class A1	3.9	%	3.5	%		4.8	150,000			150,000
	Series 2014-4 Class A2	4.8	%	4.6	%		14.8	360,000			360,000
	Total Master Trust 2014 notes	5.5	%	5.1	%		8.2	1,380,919			1,384,361
	Series 2013-1 Class A	4.6	%	3.9	%		3.7	125,000			125,000
	Series 2013-2 Class A	5.6	%	5.3	%		8.7	199,991			201,019
	Total Master Trust 2013 notes	5.2	%	4.7	%		6.8	324,991			326,019
								1,705,910			1,710,380
	Debt discount, net							(25,916		)	(26,903		)
	Deferred financing costs, net							(21,808		)	(22,113		)
	Total Master Trust Notes, net							$	1,658,186		$	1,661,364
	(1) The effective interest rates include amortization of debt discount and amortization of deferred financing costs calculated for the three months ended March 31, 2015 based on the average principal balance outstanding during the period.
	(2) Represents the individual series stated interest rate as of March 31, 2015 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of March 31, 2015.

Derivative_and_Hedging_Activit1

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2015
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				Fixed		Effective	Maturity	March 31,			December 31,
				Amount				Interest		Date	Date	2015			2014
								Rate
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	10,787			4.62	%	6/28/12	7/6/17	$	(85	)	$	(46	)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	6,627			5.75	%	7/17/13	3/1/16	(147		)	(180		)
	Interest Rate Swap	Accounts payable, accrued expenses and other liabilities		$	32,400			3.15	%	7/17/13	9/5/15	(63		)	(93		)
	Interest Rate Swaps(1)	Accounts payable, accrued expenses and other liabilities		$	61,758			5.14	%	1/2/14	12/13/18	(1,335		)	(803		)
												$	(1,630	)	$	(1,122	)
	(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.
Summary of Amounts Recorded in 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 months ended March 31, 2015 and 2014, respectively (in thousands):
		Amount of Loss Recognized
		in AOCL on Derivative
		(Effective Portion)
		Three Months
		Ended March 31,
	Derivatives in Cash Flow Hedging Relationships	2015				2014
	Interest rate swaps	$	(852	)		$	(402	)
		Amount of Loss Reclassified from
		AOCL into Operations
		(Effective Portion)
		Three Months
		Ended March 31,
	Location of Loss Reclassified from AOCL into Operations	2015				2014
	Interest expense	$	(317	)		$	(323	)
		Amount of Loss Recognized in
		Operations on Derivative
		(Ineffective Portion)
		Three Months
		Ended March 31,
	Location of Loss Recognized in Operations on Derivatives	2015				2014
	General and administrative expense	$	(4	)		$	—

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Summary of Dividends Declared	For the three months ended March 31, 2015, the Corporation's Board of Directors declared the following dividends:
	Declaration Date	Dividend Per Share		Record Date	Total Amount (1)		Payment Date
					(in thousands)
	March 16, 2015	$	0.17	March 31, 2015	$	71,123	April 15, 2015
	(1) Net of estimated forfeitures of approximately $5,000 for dividends declared on employee restricted stock awards that are reported in general and administrative on the accompanying consolidated statements of operations.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities at Fair Value on Recurring Basis	The following table sets forth the Company’s financial liabilities that were accounted for at fair value on a recurring basis (in thousands):
					Fair Value Hierarchy Level
		Fair Value			Level 1			Level 2			Level 3
	March 31, 2015
	Derivatives:
	Interest rate swaps financial liabilities	$	(1,630	)	$	—		$	(1,630	)	$	—
	31-Dec-14
	Derivatives:
	Interest rate swaps financial liabilities	$	(1,122	)	$	—		$	(1,122	)	$	—
Assets at Fair Value on Nonrecurring Basis	Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis (in thousands):
								Fair Value Hierarchy Level							Impairment
	Description	Fair Value			Dispositions			Level 1			Level 2		Level 3		Charges (1)
	March 31, 2015
	Lease intangible assets	$	—		$	—		$	—		$	—	$	—	$	(615	)
	Long-lived assets held for sale	4,495			—			—			—		4,495		(1,043		)
															$	(1,658	)
	31-Dec-14
	Long-lived assets held and used	$	37,278		$	—		$	—		$	—	$	37,278	$	(20,679	)
	Lease intangible assets	10,013			—			—			—		10,013		4,317
	Long-lived assets held for sale	65,958			(26,721		)	—			—		92,679		(20,074		)
															$	(36,436	)
	(1) Impairment charges are presented for the three months ended March 31, 2015 and for the year ended December 31, 2014.
Schedule Of Carrying Amount And Estimated Fair Value Of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands):
		March 31, 2015						December 31, 2014
		Carrying			Estimated			Carrying			Estimated
		Value (1)			Fair Value			Value (1)			Fair Value
	Loans receivable, net	$	107,403		$	113,495		$	109,425		$	115,747
	Revolving Credit Facilities, net	181,518			185,212			12,780			15,254
	Mortgages and notes payable, net	3,456,609			3,697,971			3,629,998			3,899,950
	Convertible Notes, net	681,109			747,589			678,190			729,231
	(1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts.

Discontinued_Operations_Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summary of Results of 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 accompanying consolidated balance sheets (in thousands):
		March 31,			December 31,
		2015			2014
	Assets
	Land and improvements	$	5,335		$	5,351
	Buildings and improvements	5,780			5,798
	Total real estate investments	11,115			11,149
	Less: accumulated depreciation	(2,167		)	(2,167		)
	Intangible lease assets, net	460			460
	Total assets	$	9,408		$	9,442
	Liabilities
	Intangible lease liabilities, net	$	448		$	448
	Total liabilities	$	448		$	448
	Net assets	$	8,960		$	8,994
	The following sets forth the results of discontinued operations (dollars in thousands):
		Three Months Ended
		March 31,
		2015			2014
	Revenues:
	Rent	$	310		$	308
	Non-cash rent	—			(29		)
	Other	13			2,917
	Total revenues	323			3,196
	Expenses:
	General and administrative	1			3
	Property costs	61			139
	Impairments	34			—
	Total expenses	96			142
	Income from discontinued operations	227			3,054
	Loss on dispositions of assets	—			(7		)
	Total discontinued operations	$	227		$	3,047
	Number of properties disposed of during period	—			2

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following table presents the supplemental cash flow disclosures (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Supplemental Disclosures of Non-Cash Investing and Financing Activities:
	Reduction of debt through sale of certain real estate properties	$	3,615	$	—
	Accrued interest capitalized to principal (1)	1,799		—
	Accrued performance share dividend rights	115		—
	Accrued deferred financing costs	304		—
	(1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Income_Per_Share_Tables

Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income 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
		Ended March 31,
		2015			2014
	Basic and diluted earnings:
	Income from continuing operations	$	13,761		$	9,470
	Gain on dispositions of assets	11,336			1,722
	Less: income attributable to unvested restricted stock	(209		)	(333		)
	Income used in basic and diluted income per share from continuing operations	24,888			10,859
	Income from discontinued operations	227			3,047
	Net income attributable to common stockholders used in basic and diluted income per share	$	25,115		$	13,906
	Basic weighted average shares of common stock outstanding:
	Weighted average shares of common stock outstanding	412,195,685			370,535,587
	Less: unvested weighted average shares of restricted stock	(1,177,790		)	(1,850,645		)
	Weighted average number of shares outstanding used in basic and diluted income per share	411,017,895			368,684,942
	Diluted weighted average shares of common stock outstanding: (1)
	Unvested performance shares	598,015			697,638
	Stock options	6,524			5,058
	Weighted average number of shares of common stock used in diluted income per share	411,622,434			369,387,638
	Potentially dilutive shares of common stock
	Unvested shares of restricted stock	457,283			688,348
	Total	457,283			688,348
	(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.

Organization_Narrative_Details

Organization - Narrative (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
	Property		Property
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties	$8,226,205,000	8,226,205,000	$8,044,363,000
Number of real estate properties	2,547	2,547	2,509
Number of shares sold (in shares)	418,935,311	418,935,311	411,824,039
Revenues	200,000
Number of properties sold	15
Gross sales proceeds from sale of real estate	77,200,000
Current Year Acquisitions
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties	265,500,000	265,500,000
Number of properties acquired	53
Unsecured Debt
Summary Of Business And Significant Accounting Policies [Line Items]
Line of credit facility maximum borrowing capacity	600,000,000	600,000,000
Maximum borrowing capacity increase, accordion feature	1,000,000,000	1,000,000,000
Revolving Credit Facility
Summary Of Business And Significant Accounting Policies [Line Items]
Line of credit facility maximum borrowing capacity	400,000,000	400,000,000
ATM Program
Summary Of Business And Significant Accounting Policies [Line Items]
Number of shares sold (in shares)	6,600,000	6,600,000
Aggregate gross proceeds from issuance of common stock	79,800,000
Aggregate net sales proceeds from Issuance of common stock	78,600,000
General Partner
Summary Of Business And Significant Accounting Policies [Line Items]
Percentage ownership of operating partnership	1.00%
Limited Partner
Summary Of Business And Significant Accounting Policies [Line Items]
Percentage ownership of operating partnership	99.00%
LIBOR | Unsecured Debt
Summary Of Business And Significant Accounting Policies [Line Items]
Basis spread on variable rate		1.70%
Owned Properties
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties	8,118,802,000	8,118,802,000	7,934,938,000
Number of real estate properties	2,402	2,402	2,364
Gross investment in real estate, percentage	98.70%
Number of owned real estate properties	2,402	2,402
Financed Properties
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties	$107,403,000	107,403,000	$109,425,000
Number of real estate properties	145	145	145
Securing mortgage properties, percentage	1.30%
Securing mortgage properties	145	145

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Narrative (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
	segment
Summary Of Significant Accounting Policies [Line Items]
Net assets	$7,999,521,000	$7,968,335,000
Net liabilities	4,646,370,000	4,650,234,000
Net unamortized deferred financing costs included as a reduction of debt	48,500,000
Number of segments	1
Allowance for doubtful accounts	9,200,000	8,400,000
Accounts receivable	22,400,000	21,300,000
Provision for losses	9,000,000	10,900,000
Deferred rental revenue receivables	50,700,000	48,300,000
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
Accounting Standards Update 2015-03 | Adjustments for New Accounting Principle, Early Adoption
Summary Of Significant Accounting Policies [Line Items]
Amount of reclassification of unamortized deferred financing costs now included as reduction of debt		48,700,000
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	5,200,000,000	5,700,000,000
Net liabilities	$3,600,000,000	$3,800,000,000

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Schedule of Restricted Cash and Escrow Deposits (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	$62,276	$100,344
Collateral Deposits
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	29,783	29,483
Tenant Improvements, Repairs and Leasing Commissions
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	13,130	13,427
Master Trust Release
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	9,658	53,069
Title Company Escrow
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	6,937	0
Loan Impounds
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	671	794
Other Restricted Cash and Escrow Deposits
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	$2,097	$3,571

Investments_Narrative_Details

Investments - Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	State		Property
	Property
Investment [Line Items]
Gross investment in real estate properties	$8,226,205,000		$8,044,363,000
Number of real estate properties	2,547		2,509
Number of properties securing borrowings	145
Properties dispersed geographically	49
Minimum percentage of investment in real estate properties	10.00%
Amortization amount to rental revenue for capitalized leases	1,400,000	1,300,000
Texas
Investment [Line Items]
Number of states exceeding disclosure threshold	1
Percentage of investment in real estate properties	11.90%
In-Place Leases
Investment [Line Items]
Leases amortization expenses	$12,800,000	$13,400,000

Investments_Summary_of_Real_Es

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
	Property
Number of Properties Owned or Financed
Gross balance, December 31, 2014	2,509
Acquisitions/improvements	53
Dispositions of real estate	-15
Principal payments and payoffs	0
Impairments	0
Write off of gross lease intangibles	0
Loan premium amortization and other	0
Gross balance, March 31, 2015	2,547
Dollar Amount of Investments
Gross balance, December 31, 2014	$8,044,363
Acquisitions/improvements	265,740
Dispositions of real estate	-78,428
Principal payments and payoffs	-1,403
Impairments	-1,555
Write off of gross lease intangibles	-1,844
Loan premium amortization and other	-668
Gross balance, March 31, 2015	8,226,205
Accumulated depreciation and amortization	-981,784
Other non-real estate assets held for sale	1,595
Net balance, March 31, 2015	7,246,016
Owned Properties
Number of Properties Owned or Financed
Gross balance, December 31, 2014	2,364
Acquisitions/improvements	53
Dispositions of real estate	-15
Principal payments and payoffs	0
Impairments	0
Write off of gross lease intangibles	0
Loan premium amortization and other	0
Gross balance, March 31, 2015	2,402
Dollar Amount of Investments
Gross balance, December 31, 2014	7,934,938
Acquisitions/improvements	265,740
Dispositions of real estate	-78,428
Principal payments and payoffs	0
Impairments	-1,555
Write off of gross lease intangibles	-1,844
Loan premium amortization and other	-49
Gross balance, March 31, 2015	8,118,802
Accumulated depreciation and amortization	-981,784
Other non-real estate assets held for sale	1,595
Net balance, March 31, 2015	7,138,613
Financed Properties
Number of Properties Owned or Financed
Gross balance, December 31, 2014	145
Acquisitions/improvements	0
Dispositions of real estate	0
Principal payments and payoffs	0
Impairments	0
Write off of gross lease intangibles	0
Loan premium amortization and other	0
Gross balance, March 31, 2015	145
Dollar Amount of Investments
Gross balance, December 31, 2014	109,425
Acquisitions/improvements	0
Dispositions of real estate	0
Principal payments and payoffs	-1,403
Impairments	0
Write off of gross lease intangibles	0
Loan premium amortization and other	-619
Gross balance, March 31, 2015	107,403
Accumulated depreciation and amortization	0
Other non-real estate assets held for sale	0
Net balance, March 31, 2015	$107,403

Investments_Summary_of_Real_Es1

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Footnote) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	Property	Property
Real Estate Properties [Line Items]
Revenue producing capitalized expenditures	$0.20
Capitalized maintenance expenditures	0.2
Accumulated depreciation and amortization associated with dispositions of real estate	12.5
Number of properties sold under 1031 Exchanges	6
Amount of properties sold under 1031 Exchanges	39.4
Amount of properties acquired under 1031 Exchanges	($32.50)
Number of properties acquired under 1031 Exchanges	4
Properties Vacant
Real Estate Properties [Line Items]
Number of properties	42	37
Property Held For Sale
Real Estate Properties [Line Items]
Number of properties	14	8

Investments_Schedule_of_Minimu

Investments - Schedule of Minimum Future Contractual Rent to be Received (Details) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Remainder of 2015	$459,105
2016	600,209
2017	585,456
2018	570,474
2019	550,798
Thereafter	4,320,779
Total future minimum rentals	$7,086,821

Investments_Schedule_of_Loans_

Investments - Schedule of Loans Receivable, Net of Premium (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Mortgage - principal	$95,204	$96,594
Mortgage - premium	11,833	12,452
Mortgages, net	107,037	109,046
Other note - principal	366	379
Total loans receivable, net	$107,403	$109,425

Investments_Schedule_of_Lease_

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Capital Leased Assets [Line Items]
Less: accumulated amortization	($196,327)	($187,160)
Intangible lease assets, net	573,925	590,073
Less: accumulated amortization	-34,889	-31,625
Intangible lease liabilities, net	204,161	205,968
In-Place Leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	670,127	676,665
Above-Market Leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	100,125	100,568
Below-Market Leases
Capital Leased Assets [Line Items]
Intangible lease liabilities, gross	$239,050	$237,593

Investments_Schedule_of_Compon

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Minimum lease payments receivable	$15,053	$15,897
Estimated residual value of leased assets	52,195	55,858
Unearned income	-14,396	-15,191
Total	$52,852	$56,564

Investments_Schedule_of_Activi

Investments - Schedule of Activity in Real Estate Assets Held for Sale (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
	Property
Number of Properties
Balance, December 31, 2014	24
Transfers from real estate investments	23
Sales	-10
Balance, March 31, 2015	37
Carrying Value
Balance, December 31, 2014	$119,912
Transfers from real estate investments	105,942
Sales	-48,617
Balance, March 31, 2015	177,237
Continuing Operations
Number of Properties
Balance, December 31, 2014	19
Transfers from real estate investments	23
Sales	-10
Balance, March 31, 2015	32
Carrying Value
Balance, December 31, 2014	110,918
Transfers from real estate investments	105,976
Sales	-48,617
Balance, March 31, 2015	168,277
Discontinued Operations
Number of Properties
Balance, December 31, 2014	5
Transfers from real estate investments	0
Sales	0
Balance, March 31, 2015	5
Carrying Value
Balance, December 31, 2014	8,994
Transfers from real estate investments	-34
Sales	0
Balance, March 31, 2015	$8,960

Investments_Schedule_of_Reconc

Investments - Schedule of Reconciliation of Major Classes of Assets and Liabilities from Discontinued Operations (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Land and improvements	$5,335	$5,351
Buildings and improvements	5,780	5,798
Total real estate investments	11,115	11,149
Less: accumulated depreciation	-2,167	-2,167
Intangible lease assets, net	460	460
Total assets	9,408	9,442
Liabilities
Intangible lease liabilities, net	448	448
Total liabilities	448	448
Net assets	$8,960	$8,994

Investments_Summary_of_Total_I

Investments - Summary of Total Impairment Losses Recognized (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Impairment of Real Estate Investments	$1,555	$1,707
Real estate and intangible asset impairment	1,043	1,637
Write-off of lease intangibles due to lease terminations, net	512	70
Other impairment	103	0
Total impairment loss in continuing and discontinued operations	$1,658	$1,707

Debt_Summary_of_Debt_Details

Debt - Summary of Debt (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	31-May-14
Debt Instrument [Line Items]
Long-term debt, gross	4,422,309	$4,421,220
Debt discount, net	-54,574	-51,586
Deferred financing costs, net	-48,499	-48,666
Total debt, net	4,319,236	4,320,968
Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.33%
Weighted Average Stated Rates	4.89%
Weighted Average Term	5 years 3 months 18 days
Revolving Credit Facilities
Debt Instrument [Line Items]
Long-term debt, gross	185,081	15,181
Revolving Credit Facilities | Weighted Average
Debt Instrument [Line Items]
Weighted Average Stated Rates	2.23%
Weighted Average Term	3 years 9 months 18 days
Master Trust Notes
Debt Instrument [Line Items]
Long-term debt, gross	1,705,910	1,710,380
Debt discount, net	-25,916	-26,903
Deferred financing costs, net	-21,808	-22,113
Total debt, net	1,658,186	1,661,364
Master Trust Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.44%
Weighted Average Stated Rates	5.04%
Weighted Average Term	7 years 10 months 24 days
CMBS - fixed-rate
Debt Instrument [Line Items]
Long-term debt, gross	1,671,951	1,836,181
CMBS - fixed-rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.45%
Weighted Average Stated Rates	5.86%
Weighted Average Term	3 years
CMBS - variable-rate
Debt Instrument [Line Items]
Long-term debt, gross	110,598	110,685
CMBS - variable-rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	3.50%
Weighted Average Stated Rates	3.30%
Weighted Average Term	2 years 6 months
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	747,500	747,500
Deferred financing costs, net			-19,600
Convertible Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	4.84%
Weighted Average Stated Rates	3.28%
Weighted Average Term	5 years
Unsecured fixed rate promissory note
Debt Instrument [Line Items]
Long-term debt, gross	1,269	$1,293
Unsecured fixed rate promissory note | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	9.12%
Weighted Average Stated Rates	7.00%
Weighted Average Term	6 years 9 months 18 days

Debt_Revolving_Credit_Faciliti

Debt - Revolving Credit Facilities - Narrative (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Amount outstanding	181,518,000	$181,518,000	$12,780,000
Number of properties securing borrowings	145	145
Weighted Average
Line of Credit Facility [Line Items]
Weighted Average Term	5 years 3 months 18 days
Weighted Average Effective Interest Rates	5.33%	5.33%
Weighted Average Stated Rates	4.89%	4.89%
Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	600,000,000	600,000,000
Line of credit facility, accordion feature, increase limit	1,000,000,000	1,000,000,000
Maximum borrowing capacity increase, accordion feature	1,000,000,000	1,000,000,000
Commitment fee on unused capacity		0.15%
Origination costs		3,500,000
Amount outstanding	170,000,000	170,000,000
Line of credit facility remaining borrowing capacity	430,000,000	430,000,000
Unsecured Debt | Minimum
Line of Credit Facility [Line Items]
Commitment fee on unused capacity		0.13%
Unsecured Debt | Maximum
Line of Credit Facility [Line Items]
Commitment fee on unused capacity		0.30%
Unsecured Debt | Weighted Average
Line of Credit Facility [Line Items]
Weighted Average Term	6 years 9 months 18 days
Weighted Average Effective Interest Rates	9.12%	9.12%
Weighted Average Stated Rates	7.00%	7.00%
Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.70%
Unsecured Debt | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.88%
Unsecured Debt | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.55%
Line of Credit
Line of Credit Facility [Line Items]
Commitment fee on unused capacity		0.35%
Debt extinguishment costs		2,000,000
Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	400,000,000	400,000,000
Revolving Credit Facility | Special Purpose Entity
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	40,000,000	40,000,000
Amount outstanding	15,100,000	15,100,000
Weighted Average Term	24 months
Number of separate advances	3	3
Number of properties securing borrowings	3	3
Weighted Average Effective Interest Rates	3.89%	3.89%
Revolving Credit Facility | Weighted Average | Special Purpose Entity
Line of Credit Facility [Line Items]
Weighted Average Stated Rates	3.58%	3.58%
Swingline Loans | Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	50,000,000	50,000,000
Letters of Credit | Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	60,000,000	$60,000,000

Debt_Summary_of_Debt_Master_Tr

Debt - Summary of Debt - Master Trust Notes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt, gross	$4,422,309	$4,421,220
Debt discount, net	-54,574	-51,586
Deferred financing costs, net	-48,499	-48,666
Total debt, net	4,319,236	4,320,968
Master Trust Notes
Debt Instrument [Line Items]
Long-term debt, gross	1,705,910	1,710,380
Debt discount, net	-25,916	-26,903
Deferred financing costs, net	-21,808	-22,113
Total debt, net	1,658,186	1,661,364
Master Trust Notes | Series 2014-1 Class A1
Debt Instrument [Line Items]
Effective Interest Rates	6.00%
Stated Rates	5.10%
Remaining Term	5 years 2 months 12 days
Long-term debt, gross	72,933	75,489
Master Trust Notes | Series 2014-1 Class A2
Debt Instrument [Line Items]
Effective Interest Rates	6.00%
Stated Rates	5.40%
Remaining Term	5 years 3 months 18 days
Long-term debt, gross	253,300	253,300
Master Trust Notes | Series 2014-2
Debt Instrument [Line Items]
Effective Interest Rates	6.10%
Stated Rates	5.80%
Remaining Term	6 years
Long-term debt, gross	232,086	232,867
Master Trust Notes | Series 2014-3
Debt Instrument [Line Items]
Effective Interest Rates	6.00%
Stated Rates	5.70%
Remaining Term	7 years
Long-term debt, gross	312,600	312,705
Master Trust Notes | Series 2014-4 Class A1
Debt Instrument [Line Items]
Effective Interest Rates	3.90%
Stated Rates	3.50%
Remaining Term	4 years 9 months 18 days
Long-term debt, gross	150,000	150,000
Master Trust Notes | Series 2014-4 Class A2
Debt Instrument [Line Items]
Effective Interest Rates	4.80%
Stated Rates	4.60%
Remaining Term	14 years 9 months 18 days
Long-term debt, gross	360,000	360,000
Master Trust Notes | Total Master Trust 2014 notes
Debt Instrument [Line Items]
Effective Interest Rates	5.50%
Stated Rates	5.10%
Remaining Term	8 years 2 months 12 days
Long-term debt, gross	1,380,919	1,384,361
Master Trust Notes | Series 2013-1 Class A
Debt Instrument [Line Items]
Effective Interest Rates	4.60%
Stated Rates	3.90%
Remaining Term	3 years 8 months 12 days
Long-term debt, gross	125,000	125,000
Master Trust Notes | Series 2013-2 Class A
Debt Instrument [Line Items]
Effective Interest Rates	5.60%
Stated Rates	5.30%
Remaining Term	8 years 8 months 12 days
Long-term debt, gross	199,991	201,019
Master Trust Notes | Total Master Trust 2013 notes
Debt Instrument [Line Items]
Effective Interest Rates	5.20%
Stated Rates	4.70%
Remaining Term	6 years 9 months 18 days
Long-term debt, gross	$324,991	$326,019

Debt_Master_Trust_Notes_Narrat

Debt - Master Trust Notes - Narrative (Details)	Mar. 31, 2015
	Property
Debt Instrument [Line Items]
Number of properties securing borrowings	145
Master Trust 2014 notes
Debt Instrument [Line Items]
Number of properties securing borrowings	963
Master Trust 2014 notes | Mortgages
Debt Instrument [Line Items]
Number of properties securing borrowings	82
Master Trust 2013 notes
Debt Instrument [Line Items]
Number of properties securing borrowings	313
Master Trust 2013 notes | Mortgages
Debt Instrument [Line Items]
Number of properties securing borrowings	77

Debt_CMBS_Narrative_Details

Debt - CMBS - Narrative (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
	Property
	loan
Debt Instrument [Line Items]
Number of properties securing borrowings	145
CMBS Loans | CMBS - fixed-rate
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets	163
Effective percentage rate minimum	3.90%
Effective percentage rate maximum	8.39%
Number of properties securing borrowings	505
CMBS Loans | CMBS - variable-rate
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets	11
Number of properties securing borrowings	123
Fixed interest rate, interest rate swaps	4.55%
CMBS Loans | Mortgages
Debt Instrument [Line Items]
Number of CMBS loans in default	4
Number of properties securing loans	12
Debt default amount	77.4
Interest added to principal	4.4
Lender controlled restricted cash	14
Minimum | CMBS Loans | CMBS - variable-rate
Debt Instrument [Line Items]
Weighted Average Stated Rates	2.67%
Minimum | CMBS Loans | Mortgages
Debt Instrument [Line Items]
Default interest rate	9.52%
Maximum | CMBS Loans | CMBS - variable-rate
Debt Instrument [Line Items]
Weighted Average Stated Rates	3.68%
Maximum | CMBS Loans | Mortgages
Debt Instrument [Line Items]
Default interest rate	10.88%

Debt_Convertible_Notes_Narrati

Debt - Convertible Notes - Narrative (Details) (USD $)	0 Months Ended
	31-May-14	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Deferred financing costs		$48,499,000	$48,666,000
Convertible Senior Notes
Debt Instrument [Line Items]
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)	56,700,000	49,400,000
Deferred financing costs	19,600,000
Unamortized deferred financing costs		17,000,000
Convertible Senior Notes | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt	402,500,000
Weighted Average Stated Rates	2.88%
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$345,000,000
Weighted Average Stated Rates	3.75%

Debt_Debt_Extinguishment_Narra

Debt - Debt Extinguishment - Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Net gain (loss) on debt extinguishment	($1,230,000)	$0
Mortgages
Debt Instrument [Line Items]
Amount of debt defeasance	162,800,000
Weighted average contractual interest rate	5.76%
Net gain (loss) on debt extinguishment	($1,200,000)

Debt_Schedule_of_Debt_Maturiti

Debt - Schedule of Debt Maturities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Scheduled Principal Payments For Borrowings [Line Items]
Total debt, net	$4,319,236	$4,320,968
Mortgages and Notes Payable
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2015	252,395
2016	314,020
2017	844,643
2018	291,411
2019	666,520
Thereafter	2,053,320
Total debt, net	4,422,309
Mortgages and Notes Payable | Scheduled Principal
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2015	22,363
2016	29,090
2017	28,535
2018	42,560
2019	44,520
Thereafter	289,321
Total debt, net	456,389
Mortgages and Notes Payable | Balloon Payment
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2015	230,032
2016	284,930
2017	816,108
2018	248,851
2019	622,000
Thereafter	1,763,999
Total debt, net	$3,965,920

Debt_Schedule_of_Debt_Maturiti1

Debt - Schedule of Debt Maturities (Footnote) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
	Loan
Mortgages and Notes Payable
Debt Instrument [Line Items]
Debt default amount	$77.40
CMBS Loans | Mortgages
Debt Instrument [Line Items]
Debt default amount	$77.40
Number of CMBS loans in default	4

Debt_Summary_of_Components_of_

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Schedule Of Interest Expenses [Line Items]
Amortization of deferred financing costs	$2,072	$973
Amortization of net losses related to interest rate swaps	28	33
Amortization of debt (premium)/discount	476	-929
Total interest expense	57,914	54,399
Revolving Credit Facilities
Schedule Of Interest Expenses [Line Items]
Interest expense	803	720
Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	48,408	53,596
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	6,127	0
Other Interest Expense
Schedule Of Interest Expenses [Line Items]
Interest expense	0	6
Interest Expense
Schedule Of Interest Expenses [Line Items]
Amortization of debt (premium)/discount	$476	($929)

Debt_Summary_of_Components_of_1

Debt - Summary of Components of Interest Expense Related to Borrowings (Footnote) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Debt Disclosure [Abstract]
Interest expense associated with non-utilization fees	$0.40	$0.30

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 $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]
Fair Value of Liability	($1,630)	($1,122)
Derivative Instrument 1 | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	10,787
Fixed Interest Rate	4.62%
Fair Value of Liability	-85	-46
Derivative Instrument 2 | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	6,627
Fixed Interest Rate	5.75%
Fair Value of Liability	-147	-180
Derivative Instrument 3 | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	32,400
Fixed Interest Rate	3.15%
Fair Value of Liability	-63	-93
Derivative Instrument 4 | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	61,758
Fixed Interest Rate	5.14%
Fair Value of Liability	($1,335)	($803)

Derivative_and_Hedging_Activit3

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Derivative Instruments (Footnote) (Details) (Derivative Instrument 4, Designated as Hedging Instrument, Accounts payable, accrued expenses and other liabilities, Interest Rate Swap, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Derivative
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives held	8
Notional amount	$61,758
Minimum
Derivatives, Fair Value [Line Items]
Notional amount	7,600
Maximum
Derivatives, Fair Value [Line Items]
Notional amount	$7,900

Derivative_and_Hedging_Activit4

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCL (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	($317)	($323)
General and Administrative Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Operations on Derivative (Ineffective Portion)	-4	0
Cash Flow Hedging | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCL on Derivative (Effective Portion)	($852)	($402)

Derivative_and_Hedging_Activit5

Derivative and Hedging Activities - Narrative (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments loss estimated to be reclassified from accumulated OCI as an increase to interest expense within 12 months	$1.10

Stockholders_Equity_Narrative_

Stockholders' Equity - Narrative (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares)	418,935,311	411,824,039
Weighted Average
Subsidiary, Sale of Stock [Line Items]
Price per share (in USD per share)	$12.07
ATM Program
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares)	6,600,000
Proceeds from issuance of common stock	$79.80
Net proceeds from common stock offering	$78.60

Stockholders_Equity_Summary_of

Stockholders' Equity - Summary of Dividends Declared (Details) (USD $)	0 Months Ended	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 16, 2015	Mar. 31, 2015	Mar. 31, 2014
Equity [Abstract]
Dividend per share (in USD per share)	$0.17	$0.17	$0.17
Dividends	$71,123

Stockholders_Equity_Summary_of1

Stockholders' Equity - Summary of Dividends Declared (Footnote) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Equity [Abstract]
Estimated forfeitures for dividends declared on employee restricted stock awards	$5

Commitments_and_Contingencies_

Commitments and Contingencies - Narrative (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
	tenant
	claim
Commitments and Contingencies Disclosure [Abstract]
Outstanding claims	0
Total commitments	$194.70
Total commitments relating to future acquisitions	185.3
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 $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
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	-1,630	-1,122
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	0	0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	($1,630)	($1,122)

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets at Fair Value on Nonrecurring Basis (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Impairment Charges	($1,658)	($1,707)
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used, Dispositions			0
Lease intangible assets, Dispositions	0		0
Long-lived assets held for sale, Dispositions	0		-26,721
Long-lived assets held and used, Impairment Charges			-20,679
Lease intangible assets, Impairment Charges	-615		4,317
Long-lived assets held for sale, Impairment Charges	-1,043		-20,074
Total Impairment Charges	-1,658		-36,436
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used			0
Lease intangible assets	0		0
Long-lived assets held for sale	0		0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used			0
Lease intangible assets	0		0
Long-lived assets held for sale	0		0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used			37,278
Lease intangible assets	0		10,013
Long-lived assets held for sale	4,495		92,679
Fair Value | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used			37,278
Lease intangible assets	0		10,013
Long-lived assets held for sale	$4,495		$65,958

Fair_Value_Measurements_Schedu

Fair Value Measurements - Schedule of Carrying Amount And Estimated Fair Value Of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$107,403	$109,425
Revolving Credit Facilities, net	181,518	12,780
Mortgages and notes payable, net	3,456,609	3,629,998
Convertible Notes, net	681,109	678,190
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	113,495	115,747
Revolving Credit Facilities, net	185,212	15,254
Mortgages and notes payable, net	3,697,971	3,899,950
Convertible Notes, net	$747,589	$729,231

Significant_Credit_and_Revenue1

Significant Credit and Revenue Concentration - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Revenue, Major Customer [Line Items]
Number of tenants	474		454
Shopko
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue	12.80%	14.00%
Rental revenue by combined properties operated by tenants	12.30%		13.10%
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	5.00%	5.00%

Discontinued_Operations_Summar

Discontinued Operations - Summary of Results of Discontinued Operations (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	Property	Property
Revenues:
Rent	$310	$308
Non-cash rent	0	-29
Other	13	2,917
Total revenues	323	3,196
Expenses:
General and administrative	1	3
Property costs	61	139
Impairments	34	0
Total expenses	96	142
Income from discontinued operations	227	3,054
Loss on dispositions of assets	0	-7
Income from discontinued operations	$227	$3,047
Number of properties disposed of during period	0	2

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Disclosures (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Reduction of debt through sale of certain real estate properties	$3,615	$0
Accrued interest capitalized to principal	1,799	0
Accrued performance share dividend rights	115	0
Accrued deferred financing costs	$304	$0

Incentive_Award_Plan_and_Stock1

Incentive Award Plan and Stock Option Plan - Narrative (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan (in shares)	2,000,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$3.80	$2.50
Non-vested shares of restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense	4.3
Outstanding non vested restricted shares (in shares)	1,300,000
Non-vested shares of restricted stock | Directors Officers And Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	400,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)	236,826
Stock-based compensation expense	3.5
Potential grants in period based on total shareholder return (in shares)	1,000,000
Dividend rights accrued	0.7
Unamortized stock based compensation expense	$16.20
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted	0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted	250.00%

Income_Per_Share_Schedule_of_R

Income Per Share - Schedule of Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Basic and diluted earnings:
Income from continuing operations	$13,761	$9,470
Gain on dispositions of assets	11,336	1,722
Less: income attributable to unvested restricted stock	-209	-333
Income used in basic and diluted income per share from continuing operations	24,888	10,859
Income from discontinued operations	227	3,047
Net income attributable to common stockholders used in basic and diluted income per share	$25,115	$13,906
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding (in shares)	412,195,685	370,535,587
Less: unvested weighted average shares of restricted stock (in shares)	-1,177,790	-1,850,645
Weighted average number of shares outstanding used in basic income (loss) per share (in shares)	411,017,895	368,684,942
Dilutive weighted average shares of common stock
Weighted average number of shares of common stock used in dilutive income (loss) per share (in shares)	411,622,434	369,387,638
Dilutive shares (in shares)	457,283	688,348
Unvested shares of restricted stock
Dilutive weighted average shares of common stock
Dilutive shares (in shares)	457,283	688,348
Unvested performance shares
Dilutive weighted average shares of common stock
Dilutive weighted average share of common stock (in shares)	598,015	697,638
Stock options
Dilutive weighted average shares of common stock
Dilutive weighted average share of common stock (in shares)	6,524	5,058

Income_Per_Share_Narrative_Det

Income Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares (in shares)	457,283	688,348
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares (in shares)	0

Subsequent_Events_Narrative_De

Subsequent Events - Narrative (Details) (Subsequent Event, USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Apr. 14, 2015	Apr. 14, 2015
Subsequent Event [Line Items]
Issuance of common shares (in shares)	23,000,000
Price per share (in USD per share)	$11.85	$11.85
Aggregate gross proceeds from issuance of common stock	$272.60
Aggregate net sales proceeds from Issuance of common stock	$268.90
Underwriter Option
Subsequent Event [Line Items]
Issuance of common shares (in shares)	3,000,000