Spirit Realty Capital 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Trading Symbol	SRC
Entity Central Index Key	1,308,606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		441,394,341

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate investments:
Land and improvements	$ 2,702,922	$ 2,614,630
Buildings and improvements	4,779,228	4,579,166
Total real estate investments	7,482,150	7,193,796
Less: accumulated depreciation	(826,280)	(752,210)
Real estate investments, net	6,655,870	6,441,586
Loans receivable, net	106,944	109,425
Intangible lease assets, net	543,620	590,073
Real estate assets under direct financing leases, net	44,353	56,564
Real estate assets held for sale, net	78,007	119,912
Net investments	7,428,794	7,317,560
Cash and cash equivalents	28,210	176,181
Deferred costs and other assets, net	143,808	185,507
Goodwill	291,421	291,421
Total assets	7,892,233	7,970,669
Liabilities:
Revolving Credit Facilities	75,000	15,114
Mortgages and notes payable, net	3,242,922	3,629,998
Convertible Notes, net	687,062	678,190
Total debt, net	4,004,984	4,323,302
Intangible lease liabilities, net	200,601	205,968
Accounts payable, accrued expenses and other liabilities	131,426	123,298
Total liabilities	$ 4,337,011	$ 4,652,568
Commitments and contingencies (see Note 7)
Stockholders’ equity:
Common stock, $0.01 par value; 442,054,205 issued shares and 441,411,091 outstanding shares at September 30, 2015 and 411,824,039 issued shares and 411,350,440 outstanding shares at December 31, 2014	$ 4,421	$ 4,118
Capital in excess of par value	4,718,765	4,361,320
Accumulated deficit	(1,159,685)	(1,041,392)
Accumulated other comprehensive loss	(1,717)	(1,083)
Treasury stock, at cost	(6,562)	(4,862)
Total stockholders’ equity	3,555,222	3,318,101
Total liabilities and stockholders’ equity	$ 7,892,233	$ 7,970,669

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	442,054,205	411,824,039
Common stock, shares outstanding (in shares)	441,411,091	411,350,440

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rentals	$ 159,183	$ 145,591	$ 473,308	$ 426,212
Interest income on loans receivable	1,764	1,805	5,216	5,463
Earned income from direct financing leases	725	837	2,299	2,521
Tenant reimbursement income	3,780	3,308	11,903	9,548
Other income and interest from real estate transactions	2,973	754	5,920	4,312
Total revenues	168,425	152,295	498,646	448,056
Expenses:
General and administrative	12,265	11,995	36,837	33,496
Finance restructuring costs	0	(11)	0	13,022
Property costs	6,496	5,357	20,317	17,215
Real estate acquisition costs	576	865	2,122	2,372
Interest	54,673	53,535	168,754	163,926
Depreciation and amortization	64,493	62,069	195,460	184,586
Impairments	20,832	12,727	56,222	42,061
Total expenses	159,335	146,537	479,712	456,678
Income (loss) from continuing operations before other income (expense) and income tax expense	9,090	5,758	18,934	(8,622)
Other income (expense):
Gain (loss) on debt extinguishment	342	212	2,489	(64,496)
Total other income (expense)	342	212	2,489	(64,496)
Income (loss) from continuing operations before income tax expense	9,432	5,970	21,423	(73,118)
Income tax expense	(184)	(242)	(707)	(586)
Income (loss) from continuing operations	9,248	5,728	20,716	(73,704)
Discontinued operations:
(Loss) income from discontinued operations	(41)	288	90	3,621
Gain on disposition of assets	0	403	590	488
(Loss) income from discontinued operations	(41)	691	680	4,109
Income (loss) before gain on disposition of assets	9,207	6,419	21,396	(69,595)
Gain on disposition of assets	7,960	1,251	81,986	1,683
Net income (loss) attributable to common stockholders	$ 17,167	$ 7,670	$ 103,382	$ (67,912)
Net income (loss) per share of common stock—basic:
Continuing operations (in USD per share)	$ 0.04	$ 0.02	$ 0.24	$ (0.19)
Discontinued operations (in USD per share)	0	0	0	0.01
Net income (loss) per share attributable to common stockholders—basic (in USD per share)	0.04	0.02	0.24	(0.18)
Net income (loss) per share of common stock—diluted:
Continuing operations (in USD per share)	0.04	0.02	0.24	(0.19)
Discontinued operations (in USD per share)	0	0	0	0.01
Net income (loss) per share attributable to common stockholders—diluted (in USD per share)	$ 0.04	$ 0.02	$ 0.24	$ (0.18)
Weighted average shares of common stock outstanding:
Basic (in shares)	440,205,348	396,807,656	429,387,707	382,525,614
Diluted (in shares)	440,353,965	397,613,583	429,738,776	382,525,614
Dividends declared per common share issued (in USD per share)	$ 0.17	$ 0.16625	$ 0.51	$ 0.49875

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to common stockholders	$ 17,167	$ 7,670	$ 103,382	$ (67,912)
Other comprehensive income (loss):
Change in net unrealized (losses) gains on cash flow hedges	(797)	237	(1,608)	(1,040)
Net cash flow hedge losses reclassified to operations	277	333	974	987
Total comprehensive income (loss)	$ 16,647	$ 8,240	$ 102,748	$ (67,965)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock Shares	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2014		411,824,039					(473,599)
Beginning balance at Dec. 31, 2014	$ 3,318,101		$ 4,118	$ 4,361,320	$ (1,041,392)	$ (1,083)	$ (4,862)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common stockholders	103,382				103,382
Other comprehensive income	(634)					(634)
Dividends declared on common stock	(221,216)				(221,216)
Repurchase of shares of common stock (in shares)							(169,515)
Repurchase of shares of common stock	(1,700)						$ (1,700)
Issuance of shares of common stock, net (in shares)		29,610,100
Issuance of shares of common stock, net	347,211		296	346,915
Exercise of stock options (in shares)		5,000
Exercise of stock options	46			46
Stock based compensation, net (in shares)		615,066
Stock-based compensation, net	10,032		7	10,484	(459)
Ending balance (in shares) at Sep. 30, 2015		442,054,205					(643,114)
Ending balance at Sep. 30, 2015	$ 3,555,222		$ 4,421	$ 4,718,765	$ (1,159,685)	$ (1,717)	$ (6,562)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income (loss) attributable to common stockholders	$ 103,382	$ (67,912)
Adjustments to reconcile net income (loss) attributable to common stockholders to net cash provided by operating activities:
Depreciation and amortization	195,460	184,586
Impairments	56,256	42,061
Amortization of deferred financing costs	5,893	4,084
Derivative net settlements, amortization and other interest rate hedge losses	(95)	(83)
Amortization of debt discounts (premiums)	1,670	(821)
Stock-based compensation expense	10,757	8,503
(Gain) loss on debt extinguishment	(2,489)	64,496
Debt extinguishment costs	(3,760)	(59,069)
Gains on dispositions of real estate and other assets, net	(82,576)	(2,171)
Non-cash revenue	(15,947)	(12,877)
Other	165	274
Changes in operating assets and liabilities:
Deferred costs and other assets, net	(4,935)	(3,111)
Accounts payable, accrued expenses and other liabilities	7,433	(3,248)
Net cash provided by operating activities	271,214	154,712
Investing activities
Acquisitions of real estate	(703,106)	(569,806)
Capitalized real estate expenditures	(7,449)	(3,244)
Investments in loans receivable	(4,020)	0
Collections of principal on loans receivable and real estate assets under direct financing leases	4,450	4,641
Proceeds from dispositions of real estate and other assets	397,325	37,886
Transfers of net sales proceeds (to) from restricted accounts pursuant to 1031 Exchanges	(2,489)	20,784
Transfers of net sales proceeds from (to) Master Trust Release	40,126	(20,240)
Net cash used in investing activities	(275,163)	(529,979)
Financing activities
Borrowings under Revolving Credit Facilities	535,000	515,535
Repayments under Revolving Credit Facilities	(475,181)	(425,219)
Borrowings under Convertible Notes	0	757,500
Repayments under mortgages and notes payable	(347,242)	(562,104)
Deferred financing costs	(3,782)	(20,011)
Proceeds from issuance of common stock, net of offering costs	347,211	287,454
Proceeds from exercise of stock options	46	183
Offering costs paid on equity component of Convertible Notes	0	(1,609)
Purchase of treasury stock	(1,700)	(2,920)
Dividends paid/distributions to equity owners	(216,231)	(189,510)
Transfers from (to) reserve/escrow deposits with lenders	17,857	(490)
Net cash (used in) provided by financing activities	(144,022)	358,809
Net decrease in cash and cash equivalents	(147,971)	(16,458)
Cash and cash equivalents, beginning of period	176,181	66,588
Cash and cash equivalents, end of period	$ 28,210	$ 50,130

Organization

Organization	9 Months Ended
	Sep. 30, 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 to tenants operating within predominantly retail, but also 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 generally 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 September 30, 2015 , our undepreciated investment in real estate and loans totaled approximately $8.26 billion , representing investments in 2,634 properties, including properties securing mortgage loans made by the Company. Of this amount, 98.7% consisted of our $8.15 billion investment in real estate, representing ownership of 2,489 properties, and the remaining 1.3% consisted of $106.9 million in commercial mortgage and other loans receivable, primarily secured by the remaining 145 properties or other related assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 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 affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted under their governing documents. At September 30, 2015 and December 31, 2014 , net assets totaling $4.76 billion and $5.68 billion , respectively, were held, and net liabilities totaling $3.37 billion and $3.77 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 "New Accounting Pronouncements." Under ASU 2015-03, 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 to which these costs relate, and this presentation is retrospectively applied to prior periods. For capitalized deferred financing costs that have been incurred relating to the 2013 Credit Facility and 2015 Credit Facility, the Company continues to present these costs in deferred costs and other assets, net on the accompanying consolidated balance sheets as amounts can be drawn and repaid periodically, which is in accordance with ASU 2015-15. As of December 31, 2014, unamortized deferred financing costs of approximately $46.3 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 (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. Allowance for Doubtful Accounts The Company provided for reserves for uncollectible amounts related to its rent and other tenant receivables totaling $9.6 million and $8.4 million at September 30, 2015 and December 31, 2014 , respectively, against accounts receivable balances of $27.3 million and $20.5 million , respectively. Receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. The Company established a reserve for losses of $10.5 million and $10.9 million at September 30, 2015 and December 31, 2014 , respectively, against deferred rental revenue receivables of $62.2 million and $48.3 million , respectively. Deferred rental revenue receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. 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): September 30, December 31, Collateral deposits (1) $ 14,249 $ 29,483 Tenant improvements, repairs, and leasing commissions (2) 9,360 13,427 Master Trust Release (3) 12,943 53,069 1031 Exchange proceeds, net 2,489 — Loan impounds (4) 663 794 Other (5) 969 3,571 $ 40,673 $ 100,344 (1) Funds held in reserve by lenders which can be applied by lenders 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 as additional collateral support by lenders to fund tenant improvements, repairs and leasing commissions incurred to secure a new tenant. (3) Proceeds from the sale of assets pledged as collateral under the Spirit Master Funding Program, which are held on deposit until a qualifying substitution is made or the funds are applied as prepayment of principal. (4) Funds held in lender controlled accounts generally used to meet future debt service or certain property operating expenses. (5) Funds held in lender controlled accounts released after debt service requirements are met. 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 subsidiaries are 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers , for all entities by one ye ar. With the deferral, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 with early application permitted for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the financial statement impact of this ASU. Also in August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies the treatment of debt issuance costs from line-of-credit arrangements after adoption of ASU 2015-03. ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line- of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company has applied the provisions of ASU 2015-15 to the capitalized deferred financing costs related to its 2013 Credit Facility and 2015 Credit Facility.

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments	Investments Real Estate Investments As of September 30, 2015 , the Company's investment in real estate and loans totaled approximately $8.26 billion , representing investments in 2,634 properties, including 145 properties securing mortgage loans. The 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 a real estate investment of 12.1% , accounting for more than 10.0% of the total dollar amount of the Company’s real estate 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 triple-net lease agreement or becomes vacant. Generally, the Company's single-tenant leases contain contractual provisions increasing the rental revenue over the term of the lease at specified dates by: (1) a fixed amount or (2) increases in CPI over a specified period (typically subject to ceilings) or (b) a fixed percentage. During the nine months ended September 30, 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 (4) 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) 198 — 198 710,555 4,020 714,575 Dispositions of real estate (2) (3) (72 ) — (72 ) (433,412 ) — (433,412 ) Principal payments and payoffs — — — — (4,308 ) (4,308 ) Impairments — — — (55,765 ) (338 ) (56,103 ) Write-off of gross lease intangibles — — — (6,655 ) — (6,655 ) Loan premium amortization and other (1 ) — (1 ) (142 ) (1,855 ) (1,997 ) Gross balance, September 30, 2015 2,489 145 2,634 $ 8,149,519 $ 106,944 $ 8,256,463 Accumulated depreciation and amortization (1,029,332 ) — (1,029,332 ) Other non-real estate assets held for sale 1,062 — 1,062 Net balance, September 30, 2015 $ 7,121,249 $ 106,944 $ 7,228,193 (1) Includes investments of $6.7 million in revenue producing capitalized expenditures, as well as $0.7 million of non-revenue producing capitalized maintenance expenditures. Capitalized maintenance expenditures are not included in the Company's investment in real estate disclosed elsewhere. (2) The total accumulated depreciation and amortization associated with these dispositions of real estate was $86.2 million . (3) During the nine months ended September 30, 2015 , pursuant to 1031 Exchanges, the Company sold 26 properties for $235.4 million and used $233.0 million of this amount to partially fund 97 property acquisitions. (4) At both September 30, 2015 and December 31, 2014 , 37 of the Company's properties were vacant and in the Company’s possession; of these vacant properties, 14 and 8 , respectively, were held for sale. Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases at September 30, 2015 (in thousands): Remainder of 2015 $ 148,183 2016 578,651 2017 563,507 2018 548,796 2019 531,047 Thereafter 4,432,365 Total future minimum rentals $ 6,802,549 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 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 and allowance for loan losses (in thousands): September 30, December 31, Mortgage loans - principal $ 92,374 $ 96,594 Mortgage loans - premium, net 10,598 12,452 Mortgages loans, net 102,972 109,046 Other note receivables - principal 4,310 379 Allowance for loan losses (338 ) — Other note receivables, net 3,972 379 Total loans receivable, net $ 106,944 $ 109,425 The mortgage loans are secured by single-tenant commercial properties and generally have fixed interest rates over the term of the loans. There are two other notes receivable, one $4.0 million note is secured by tenant assets and stock and the other is unsecured. Allowance for Loan Losses At September 30, 2015 , there was an allowance for loan losses on an unsecured note receivable of $0.3 million compared to no allowance for loan losses at December 31, 2014 . At September 30, 2015 , one note receivable was on non-accrual status and no mortgage loans were on non-accrual status compared to no mortgage loans or note receivables on non-accrual status at December 31, 2014 . Lease Intangibles, Net The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): September 30, December 31, In-place leases $ 656,217 $ 676,665 Above-market leases 98,806 100,568 Less: accumulated amortization (211,403 ) (187,160 ) Intangible lease assets, net $ 543,620 $ 590,073 Below-market leases $ 242,336 $ 237,593 Less: accumulated amortization (41,735 ) (31,625 ) Intangible lease liabilities, net $ 200,601 $ 205,968 The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases were $4.3 million and $4.6 million for the nine months ended September 30, 2015 and 2014 , respectively, and $1.5 million and $1.6 million for the three months ended September 30, 2015 and 2014 , respectively. The value of in-place leases amortized and included in depreciation and amortization expense was $37.8 million and $40.0 million for the nine months ended September 30, 2015 and 2014 , respectively, and $12.4 million and $13.1 million for the three months ended September 30, 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): September 30, December 31, Minimum lease payments receivable $ 13,456 $ 15,897 Estimated residual value of leased assets 43,789 55,858 Unearned income (12,892 ) (15,191 ) Real estate assets under direct financing leases, net $ 44,353 $ 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 nine months ended September 30, 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 43 — 43 162,869 (34 ) 162,835 Sales (35 ) (2 ) (37 ) (200,265 ) (4,475 ) (204,740 ) Balance, September 30, 2015 27 3 30 $ 73,522 $ 4,485 $ 78,007 Properties included in discontinued operations as of September 30, 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): September 30, December 31, Assets Land and improvements $ 2,922 $ 5,351 Buildings and improvements 2,916 5,798 Total real estate investments 5,838 11,149 Less: accumulated depreciation (1,202 ) (2,167 ) Intangible lease assets, net 297 460 Total assets $ 4,933 $ 9,442 Liabilities Intangible lease liabilities, net $ 448 $ 448 Total liabilities $ 448 $ 448 Net assets $ 4,485 $ 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 Nine Months Ended 2015 2014 2015 2014 Real estate and intangible asset impairment $ 19,724 $ 10,783 $ 54,497 $ 37,030 Write-off of lease intangibles due to lease terminations, net 713 1,910 1,268 4,509 Loans receivable impairment 338 — 338 — Total impairments from real estate investment net assets 20,775 12,693 56,103 41,539 Other impairment 57 34 153 522 Total impairment loss in continuing and discontinued operations $ 20,832 $ 12,727 $ 56,256 $ 42,061

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company's debt is summarized below: Weighted Average Effective (1) Weighted Average Stated Rates (2) Weighted Average Term (3) September 30, December 31, (in Years) (In Thousands) Revolving Credit Facilities NM 1.74 % 3.5 $ 75,000 $ 15,181 Master Trust Notes 5.44 % 5.03 % 7.5 1,696,766 1,710,380 CMBS - fixed-rate 5.40 % 5.89 % 2.7 1,512,777 1,836,181 CMBS - variable-rate (4) 3.14 % 3.56 % 2.9 68,305 110,685 Convertible Notes 4.88 % 3.28 % 4.5 747,500 747,500 Unsecured fixed rate promissory note (5) — — 0.0 — 1,293 Total debt 5.32 % 4.95 % 5.0 4,100,348 4,421,220 Debt discount, net (54,181 ) (51,586 ) Deferred financing costs, net (6) (41,183 ) (46,332 ) Total debt, net $ 4,004,984 $ 4,323,302 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs and non-utilization fees, where applicable, calculated for the three months ended September 30, 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 September 30, 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 September 30, 2015 . (3) Represents the weighted average time to maturity based on the outstanding principal balance as of September 30, 2015 . (4) Variable-rate notes are predominantly hedged with interest rate swaps (see Note 5). (5) During the three months ended September 30, 2015 , the Company repaid the outstanding balance of the unsecured fixed rate promissory note prior to maturity and recognized a loss on debt extinguishment of $0.1 million . (6) 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. The Company records deferred financing costs for its 2013 Credit Facility and 2015 Credit Facility in deferred costs and other assets, net on its consolidated balance sheets, which is in accordance with ASU 2015-15. Revolving Credit Facilities 2015 Credit Facility On March 31, 2015, the Operating Partnership entered into the Credit Agreement that 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 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. During the quarter ended September 30, 2015 , the 2015 Credit Facility bore interest at LIBOR plus 1.55% based on the Company's leverage and incurred non-utilization fees of 0.25% per annum. 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 from leverage based to credit rating based pricing. Upon such an event, the 2015 Credit Facility will bear interest at a rate equal to LIBOR plus 0.875% to 1.55% per annum and requires 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 its 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 $3.7 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the 2015 Credit Facility. As of September 30, 2015 , the unamortized deferred financing costs relating to the 2015 Credit Facility were $3.2 million and recorded in deferred costs and other assets, net on the accompanying consolidated balance sheets. As of September 30, 2015 , $75.0 million of borrowings were outstanding, $18.0 million of letters of credit were issued and $507.0 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 September 30, 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 leverage, 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 September 30, 2015 , the Line of Credit was undrawn and had $40.0 million of borrowing capacity available. 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 September 30, 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 special purpose entity subsidiary of the Corporation. The Master Trust Notes are summarized below: Effective (1) Stated Rates (2) Remaining Term September 30, December 31, (in Years) (in Thousands) Series 2014-1 Class A1 6.0 % 5.1 % 4.7 $ 67,701 $ 75,489 Series 2014-1 Class A2 6.0 % 5.4 % 4.8 253,300 253,300 Series 2014-2 6.1 % 5.8 % 5.5 230,490 232,867 Series 2014-3 6.0 % 5.7 % 6.5 312,385 312,705 Series 2014-4 Class A1 3.9 % 3.5 % 4.3 150,000 150,000 Series 2014-4 Class A2 4.8 % 4.6 % 14.3 360,000 360,000 Total Master Trust 2014 notes 5.5 % 5.1 % 7.7 1,373,876 1,384,361 Series 2013-1 Class A 4.6 % 3.9 % 3.2 125,000 125,000 Series 2013-2 Class A 5.6 % 5.3 % 8.2 197,890 201,019 Total Master Trust 2013 notes 5.3 % 4.7 % 6.3 322,890 326,019 Total Master Trust Notes 1,696,766 1,710,380 Debt discount, net (23,919 ) (26,903 ) Deferred financing costs, net (20,080 ) (22,113 ) Total Master Trust Notes, net $ 1,652,767 $ 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 September 30, 2015 based on the average principal balance outstanding during the period. (2) Represents the individual series stated interest rate as of September 30, 2015 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of September 30, 2015 . As of September 30, 2015 , the Master Trust 2014 notes were secured by 955 owned and financed properties 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 September 30, 2015 , the Master Trust 2013 notes were secured by 316 owned and financed properties issued by a single indirect wholly-owned subsidiary of the Corporation. CMBS As of September 30, 2015 , indirect wholly-owned special purpose entity subsidiaries of the Corporation were borrowers under 149 fixed and 9 variable-rate non-recourse loans, excluding the defaulted 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 September 30, 2015 for these fixed-rate notes, excluding the defaulted loans, ranged from 3.90% to 8.39% . The stated interest rates as of September 30, 2015 for the variable-rate notes ranged from 3.20% to 3.60% . As of September 30, 2015 , these fixed and variable-rate loans were secured by 468 and 86 properties, respectively. The Company entered into interest rate swaps that effectively fixed the interest rates at approximately 5.2% on a significant portion of the variable-rate debt (see Note 5). As of September 30, 2015 and December 31, 2014 , the unamortized deferred financing costs relating to certain of the CMBS loans were $5.6 million and $6.4 million , respectively. The deferred financing costs are being amortized to expense over the term of the respective loans. As of September 30, 2015 , certain borrowers were in default under the loan agreements relating to four separate CMBS fixed-rate loans where the ten properties securing the respective loans are no longer generating sufficient revenue to pay the scheduled debt service. The default interest rate on these loans was between 9.67% 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 September 30, 2015 , the aggregate principal balance under the defaulted CMBS loans was $80.1 million , which includes $6.9 million of interest added to principal. In addition, approximately $12.2 million of lender controlled reserves, within restricted cash, are being held in connection with these loans that may be applied to reduce amounts owed. During the nine months ended September 30, 2015 , defaulted loan balances aggregating $25.4 million , which included $0.4 million of capitalized interest, were retired upon the disposition of 5 properties and the application of $3.6 million of lender reserves securing these defaulted loans. One of the properties disposed was surrendered to the lender pursuant to a consensual foreclosure and release of the debt. The remaining four properties were sold by the Company to third parties pursuant to an amendment to the loan agreement, which provided for a specified reduction in principal balance associated with the sale of those individual properties. 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 of the common stock offered concurrently at the time the Convertible Notes were issued). Earlier conversion may be triggered if shares of the Corporation's common stock trades 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 September 30, 2015 and December 31, 2014 , the unamortized discount was $45.0 million and $51.5 million , respectively. 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 of the 2019 Notes and 2021 Notes. As of September 30, 2015 and December 31, 2014 , the unamortized deferred financing costs relating to the Convertible Notes were $15.5 million and $17.8 million , respectively. Debt Extinguishment During the nine months ended September 30, 2015 , the Company extinguished a total of $378.6 million aggregate principal amount of senior mortgage indebtedness with a weighted average contractual interest rate of 5.64% and terminated the 2013 Credit Facility. As a result of these transactions, the Company recognized a net gain on debt extinguishment of approximately $2.5 million . The gain was primarily attributable to the write-off of net debt premiums and the reduction of $17.5 million of debt using net sales proceeds of $14.0 million from the sale of four properties securing a portion of a defaulted CMBS note, partially offset by defeasance costs. Net proceeds raised from the concurrent registered offerings of Convertible Notes and common stock in May 2014 were partially used to retire the senior mortgage notes payable encumbering the Shopko properties with an aggregate principal balance of $488.7 million , redeem $18.0 million of net-lease mortgage notes that were not tendered in connection with the Exchange Offer and repay all amounts then drawn against the 2013 Credit Facility. During the nine months ended September 30, 2014 , the Company extinguished a total of $532.8 million aggregate principal amount of senior mortgage indebtedness with a weighted average contractual interest rate of 6.53% . As a result of these transactions, the Company recognized a loss on debt extinguishment during the nine months ended September 30, 2014 of approximately $64.5 million primarily from costs incurred related to the defeasance of the Shopko indebtedness. Debt Maturities As of September 30, 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 Principal Balloon Payment Total Remainder of 2015 (1) $ 7,212 $ 80,127 $ 87,339 2016 28,012 273,059 301,071 2017 27,782 773,309 801,091 2018 42,115 244,537 286,652 2019 44,325 527,000 571,325 Thereafter 288,888 1,763,982 2,052,870 Total $ 438,334 $ 3,662,014 $ 4,100,348 (1) The balloon payment balance in 2015 includes $80.1 million , including $6.9 million of capitalized interest, for the acceleration of principal payable following an event of default under four separate non-recourse CMBS loans with stated maturities in 2015 and 2017 of $25.3 million and $54.8 million , respectively. 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 Nine Months Ended 2015 2014 2015 2014 Interest expense – Revolving Credit Facilities (1) $ 608 $ 538 $ 1,997 $ 2,358 Interest expense – mortgages and notes payable 45,460 44,858 140,731 149,231 Interest expense – Convertible Notes 6,127 6,098 18,382 8,970 Interest expense – other — — — 6 Non-cash interest expense: Amortization of deferred financing costs 1,920 1,787 5,893 4,084 Amortization of net losses related to interest rate swaps 27 32 81 98 Amortization of debt (premium)/discount, net 531 222 1,670 (821 ) Total interest expense $ 54,673 $ 53,535 $ 168,754 $ 163,926 (1) Includes interest expense associated with non-utilization fees of approximately $0.4 million for both the three months ended September 30, 2015 and 2014 and approximately $1.2 million and $0.9 million for the nine months ended September 30, 2015 and 2014 , respectively.

Derivative and Hedging Activiti

Derivative and Hedging Activities	9 Months Ended
	Sep. 30, 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. 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 Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate its credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings. As of September 30, 2015 and December 31, 2014 , there were no termination events or events of default related to the interest rate swaps. 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 Interest Effective Maturity September 30, December 31, Interest Rate Swap (1) Accounts payable, accrued expenses and other liabilities $ 10,741 4.62 % 06/28/12 07/06/17 $ — $ (46 ) Interest Rate Swap Accounts payable, accrued expenses and other liabilities $ 6,547 5.75 % 07/17/13 03/01/16 (68 ) (180 ) Interest Rate Swap (1) Accounts payable, accrued expenses and other liabilities $ 32,400 3.15 % 07/17/13 09/05/15 — (93 ) Interest Rate Swaps (2) Accounts payable, accrued expenses and other liabilities $ 61,758 5.14 % 01/02/14 12/13/18 (1,594 ) (803 ) $ (1,662 ) $ (1,122 ) (1) During June 2015, the Company terminated certain interest rate swap agreements upon the repayment of two CMBS variable-rate loans. The Company paid $0.1 million to terminate these swaps and recognized a loss of $0.1 million , which is included in general and administrative expenses. (2) Represents a tranche of eight individual interest rate swap agreements with notional amounts ranging from $7.6 million to $7.9 million . The swap agreements contain the same payment terms, stated interest rate, effective date, and maturity date. The following tables provide information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three and nine months ended September 30, 2015 and 2014 , respectively (in thousands): Amount of Gain or (Loss) Recognized in AOCL on Derivative (Effective Portion) Three Months Ended Nine Months Ended Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Interest rate swaps $ (797 ) $ 237 $ (1,608 ) $ (1,040 ) Amount of Loss Reclassified from AOCL into Operations (Effective Portion) Three Months Ended Nine Months Ended Location of Loss Reclassified from AOCL into Operations 2015 2014 2015 2014 Interest expense $ (277 ) $ (333 ) $ (898 ) $ (987 ) Amount of Gain or (Loss) Recognized in Operations on Derivative (Ineffective Portion) (1) Three Months Ended Nine Months Ended Location of Gain or (Loss) Recognized in Operations on Derivatives 2015 2014 2015 2014 General and administrative expense $ — $ 5 $ (78 ) $ 2 (1) Nine months ended September 30, 2015 includes a loss of $76 thousand that was reclassified from accumulated other comprehensive loss in the balance sheet resulting from hedged transactions that were no longer probable of occurring as the swaps were terminated prior to their respective maturity dates. Approximately $0.9 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.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Issuance of Common Stock 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 sold pursuant to the underwriter’s option to purchase additional shares. Gross proceeds raised were approximately $272.6 million ; net proceeds were approximately $268.8 million after deducting the underwriting discounts and offering costs paid by the Company. The 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 (including additional repayments of borrowings outstanding from time to time under the Revolving Credit Facilities). ATM Program During the nine months ended September 30, 2015 , the Corporation sold 6.6 million shares of its common stock under its ATM Program, at a weighted average share price of $12.07 , for aggregate gross proceeds of $79.8 million and aggregate net proceeds of $78.5 million after payment of commissions and other issuance costs of $1.3 million . The net proceeds were used to fund acquisitions, repay borrowings under the Revolving Credit Facilities and for general corporate purposes. During the three months ended September 30, 2015 , no shares were sold under our ATM program. As of September 30, 2015 , $103.6 million in gross proceeds capacity remained available under the ATM Program. Treasury Shares During the nine months ended September 30, 2015 , portions of awards of restricted common stock granted to certain of the Company's officers and other employees vested. The vesting of these shares, granted pursuant to the Incentive Award Plan, resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender 0.2 million shares of common stock, valued at $1.7 million , solely to pay the associated minimum statutory tax withholdings. The surrendered shares are held as treasury stock and included in stockholders' equity. Dividends Declared For the nine months ended September 30, 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 $ 0.17000 March 31, 2015 $ 71,123 April 15, 2015 June 15, 2015 $ 0.17000 June 30, 2015 $ 75,054 July 15, 2015 September 15, 2015 $ 0.17000 September 30, 2015 $ 75,039 October 15, 2015 (1) Net of estimated forfeitures of approximately $1,000 and $9,000 during the three and nine months ended September 30, 2015 , respectively, 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 September 15, 2015 was paid on October 15, 2015 and is included in accounts payable, accrued expenses and other liabilities as of September 30, 2015 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. On September 8, 2015, Haggen Holdings, LLC and a number of its affiliates, including Haggen Operations Holdings, LLC, filed petitions for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Haggen Operations Holdings, LLC leases 20 properties on a triple net basis from a subsidiary of the Company under a master lease with current monthly rents of $1.4 million and an initial lease expiration date of February 28, 2035. Haggen Holdings, LLC is the guarantor of the tenant’s obligations under that master lease. As of September 30, 2015, the debtors had not determined whether to assume or reject the unexpired master lease in the bankruptcy proceeding. While the Company cannot predict the final outcome of the bankruptcy proceedings, it does not currently believe the debtor’s rejection of the master lease or the court’s refusal to uphold its terms would result in a material impact on the Company’s financial position or results of operations in future periods. As of September 30, 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 September 30, 2015 , the Company had commitments totaling $186.7 million , of which $180.6 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 the 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	9 Months Ended
	Sep. 30, 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 September 30, 2015 Derivatives: Interest rate swaps financial liabilities $ (1,662 ) $ — $ (1,662 ) $ — December 31, 2014 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 Charges (1) Description Fair Value Dispositions Level 1 Level 2 Level 3 September 30, 2015 Long-lived assets held and used $ 37,589 $ (3,207 ) $ — $ — $ 40,796 $ (41,294 ) Lease intangible assets 4,294 — — — 4,294 (3,730 ) Other assets — — — — — (338 ) Long-lived assets held for sale 18,583 (30,954 ) — — 49,537 (10,894 ) $ (56,256 ) December 31, 2014 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 nine months ended September 30, 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 September 30, 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): September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 106,944 $ 112,999 $ 109,425 $ 115,747 Revolving Credit Facilities, net (1) 75,000 79,067 15,114 15,254 Mortgages and notes payable, net (2) 3,242,922 3,435,150 3,629,998 3,899,950 Convertible Notes, net (2) 687,062 690,975 678,190 729,231 (1) As of September 30, 2015 , only amounts under the 2015 Credit Facility were outstanding. As of December 31, 2014 , only amounts under the Line of Credit were outstanding and net of unamortized deferred financing costs. (2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Significant Credit and Revenue

Significant Credit and Revenue Concentration	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Significant Credit and Revenue Concentration	Significant Credit and Revenue Concentration As of September 30, 2015 and December 31, 2014 , the Company’s real estate investments are leased to 435 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 Normalized Revenue. Total rental revenues from properties leased to Shopko for the three months ended September 30, 2015 and 2014 , contributed 9.9% and 14.3% of the Company's Normalized Revenue from continuing operations, respectively. No other tenant contributed 5% or more of the Company’s Normalized Revenue during any of the periods presented. As of September 30, 2015 and December 31, 2014 , the Company's net investment in Shopko properties represents approximately 7.7% and 10.7% , respectively, of the Company’s total assets and the Company's real estate investment in Shopko represents approximately 9.9% and 13.1% , respectively, of the Company's total real estate investment portfolio.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2015 2014 2015 2014 Revenues: Rent $ 56 $ 300 $ 391 $ 917 Non-cash rent — 27 — — Other 1 3 17 2,953 Total revenues 57 330 408 3,870 Expenses: General and administrative 1 1 3 13 Property costs 97 41 281 236 Impairments — — 34 — Total expenses 98 42 318 249 Income from discontinued operations (41 ) 288 90 3,621 Gain on disposition of assets — 403 590 488 Total discontinued operations $ (41 ) $ 691 $ 680 $ 4,109 Number of properties disposed of during period — 1 2 6

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 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): Nine Months Ended 2015 2014 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Reduction of debt through sale of certain real estate properties $ 30,555 $ 5,001 Reduction of debt in exchange for collateral assets 7,904 — Net real estate and other collateral assets surrendered to lender 7,384 — Accrued interest capitalized to principal (1) 4,686 997 Accrued performance share dividend rights 459 420 (1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Incentive Award Plan

Incentive Award Plan	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Incentive Award Plan	Incentive Award Plan As of September 30, 2015 , 1.9 million shares remained available for award under the Incentive Award Plan. Restricted Shares of Common Stock During the nine months ended September 30, 2015 , the Company granted 0.5 million restricted shares under the Incentive Award Plan to certain officers and employees. The Company recorded $5.6 million in deferred compensation associated with these grants, which will be recognized in expense over the service period of the awards. As of September 30, 2015 , there were approximately 0.8 million unvested restricted shares outstanding. Performance Share Awards During the nine months ended September 30, 2015 , the Compensation Committee of the Board of Directors approved an initial target grant of 279,199 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 $4.1 million in compensation expense on a straight-line basis over the requisite service period associated with this market-based grant. As of September 30, 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 0.7 million shares, in the aggregate. In addition, approximately $1.1 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 September 30, 2015 and 2014 , the Company recognized $3.5 million and $3.0 million , respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations. For the nine months ended September 30, 2015 and 2014 , the Company recognized $10.8 million and $8.5 million , respectively, in stock-based compensation expense. As of September 30, 2015 , the remaining unamortized stock-based compensation expense, including amounts relating to the performance share awards, totaled $11.4 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 (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share Income (loss) per share has been computed using the two-class method. Income (loss) per common share under the two-class method is computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both shares of common stock 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 (loss) from continuing operations in the computation of net income (loss) attributable to common stockholders. The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted income (loss) per share (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic and diluted income (loss): Income (loss) from continuing operations $ 9,248 $ 5,728 $ 20,716 $ (73,704 ) Gain on disposition of assets 7,960 1,251 81,986 1,683 Less: income attributable to unvested restricted stock (132 ) (215 ) (566 ) (882 ) Income (loss) used in basic and diluted income (loss) per share from continuing operations 17,076 6,764 102,136 (72,903 ) (Loss) income from discontinued operations (41 ) 691 680 4,109 Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share $ 17,035 $ 7,455 $ 102,816 $ (68,794 ) Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 441,512,930 398,799,661 430,650,925 384,485,286 Less: unvested weighted average shares of restricted stock (1,307,582 ) (1,992,005 ) (1,263,218 ) (1,959,672 ) Weighted average number of shares outstanding used in basic income (loss) per share 440,205,348 396,807,656 429,387,707 382,525,614 Net income (loss) per share attributable to common stockholders—basic $ 0.04 $ 0.02 $ 0.24 $ (0.18 ) Diluted weighted average shares of common stock outstanding: (1) Unvested performance shares 147,098 800,717 347,055 — Stock options 1,519 5,210 4,014 — Weighted average number of shares of common stock used in diluted income (loss) per share 440,353,965 397,613,583 429,738,776 382,525,614 Net income (loss) per share attributable to common stockholders—diluted $ 0.04 $ 0.02 $ 0.24 $ (0.18 ) Potentially dilutive shares of common stock Unvested shares of restricted stock 271,462 761,523 393,164 787,546 Unvested performance shares — — — 736,104 Stock options — — — 5,033 Total 271,462 761,523 393,164 1,528,683 (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	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 3, 2015, the Company entered into a Term Loan Agreement among the Operating Partnership as borrower, the Corporation as guarantor and the lenders that are parties thereto. The Term Loan Agreement provides for a $325.0 million senior unsecured term facility that has an initial maturity date of November 2, 2018, which may be extended at the Company's option pursuant to two one -year extension options, subject to the satisfaction of certain conditions and payment of an extension fee. In addition, an accordion feature allows the facility to be increased up to $600.0 million , subject to obtaining additional lender commitments. Borrowings may be repaid without premium or penalty, and may be reborrowed within 30 days up to the then available loan commitment. Borrowings bear interest at either prime or LIBOR plus a margin, at the Operating Partnership’s option. Initial pricing under the Term Loan is currently at LIBOR plus 145 basis points. Concurrently, the Company entered into a first amendment to the Credit Agreement. The amendment provides for the release of the subsidiary guarantors that were parties thereto and conforms certain of the terms and covenants to those in the Term Loan Agreement. Additionally, the Operating Partnership’s election to change the grid pricing from leverage based to credit rating based pricing will require at least two credit ratings of BBB- or better from S&P or Fitch or Baa3 or better from Moody’s. Proceeds of the Term Loan were used primarily to refinance borrowings under the 2015 Credit Facility.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 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 affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted under their governing documents.
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 "New Accounting Pronouncements." Under ASU 2015-03, 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 to which these costs relate, and this presentation is retrospectively applied to prior periods. For capitalized deferred financing costs that have been incurred relating to the 2013 Credit Facility and 2015 Credit Facility, the Company continues to present these costs in deferred costs and other assets, net on the accompanying consolidated balance sheets as amounts can be drawn and repaid periodically, which is in accordance with ASU 2015-15.
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.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company provided for reserves for uncollectible amounts related to its rent and other tenant receivables totaling $9.6 million and $8.4 million at September 30, 2015 and December 31, 2014 , respectively, against accounts receivable balances of $27.3 million and $20.5 million , respectively. Receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. The Company established a reserve for losses of $10.5 million and $10.9 million at September 30, 2015 and December 31, 2014 , respectively, against deferred rental revenue receivables of $62.2 million and $48.3 million , respectively. Deferred rental revenue receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets.
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 subsidiaries are 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers , for all entities by one ye ar. With the deferral, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 with early application permitted for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the financial statement impact of this ASU. Also in August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies the treatment of debt issuance costs from line-of-credit arrangements after adoption of ASU 2015-03. ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line- of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company has applied the provisions of ASU 2015-15 to the capitalized deferred financing costs related to its 2013 Credit Facility and 2015 Credit Facility.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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): September 30, December 31, Collateral deposits (1) $ 14,249 $ 29,483 Tenant improvements, repairs, and leasing commissions (2) 9,360 13,427 Master Trust Release (3) 12,943 53,069 1031 Exchange proceeds, net 2,489 — Loan impounds (4) 663 794 Other (5) 969 3,571 $ 40,673 $ 100,344 (1) Funds held in reserve by lenders which can be applied by lenders 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 as additional collateral support by lenders to fund tenant improvements, repairs and leasing commissions incurred to secure a new tenant. (3) Proceeds from the sale of assets pledged as collateral under the Spirit Master Funding Program, which are held on deposit until a qualifying substitution is made or the funds are applied as prepayment of principal. (4) Funds held in lender controlled accounts generally used to meet future debt service or certain property operating expenses. (5) Funds held in lender controlled accounts released after debt service requirements are met.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 (4) 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) 198 — 198 710,555 4,020 714,575 Dispositions of real estate (2) (3) (72 ) — (72 ) (433,412 ) — (433,412 ) Principal payments and payoffs — — — — (4,308 ) (4,308 ) Impairments — — — (55,765 ) (338 ) (56,103 ) Write-off of gross lease intangibles — — — (6,655 ) — (6,655 ) Loan premium amortization and other (1 ) — (1 ) (142 ) (1,855 ) (1,997 ) Gross balance, September 30, 2015 2,489 145 2,634 $ 8,149,519 $ 106,944 $ 8,256,463 Accumulated depreciation and amortization (1,029,332 ) — (1,029,332 ) Other non-real estate assets held for sale 1,062 — 1,062 Net balance, September 30, 2015 $ 7,121,249 $ 106,944 $ 7,228,193 (1) Includes investments of $6.7 million in revenue producing capitalized expenditures, as well as $0.7 million of non-revenue producing capitalized maintenance expenditures. Capitalized maintenance expenditures are not included in the Company's investment in real estate disclosed elsewhere. (2) The total accumulated depreciation and amortization associated with these dispositions of real estate was $86.2 million . (3) During the nine months ended September 30, 2015 , pursuant to 1031 Exchanges, the Company sold 26 properties for $235.4 million and used $233.0 million of this amount to partially fund 97 property acquisitions. (4) At both September 30, 2015 and December 31, 2014 , 37 of the Company's properties were vacant and in the Company’s possession; of these vacant properties, 14 and 8 , respectively, 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 September 30, 2015 (in thousands): Remainder of 2015 $ 148,183 2016 578,651 2017 563,507 2018 548,796 2019 531,047 Thereafter 4,432,365 Total future minimum rentals $ 6,802,549
Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses	The following table details loans receivable, net of premium and allowance for loan losses (in thousands): September 30, December 31, Mortgage loans - principal $ 92,374 $ 96,594 Mortgage loans - premium, net 10,598 12,452 Mortgages loans, net 102,972 109,046 Other note receivables - principal 4,310 379 Allowance for loan losses (338 ) — Other note receivables, net 3,972 379 Total loans receivable, net $ 106,944 $ 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): September 30, December 31, In-place leases $ 656,217 $ 676,665 Above-market leases 98,806 100,568 Less: accumulated amortization (211,403 ) (187,160 ) Intangible lease assets, net $ 543,620 $ 590,073 Below-market leases $ 242,336 $ 237,593 Less: accumulated amortization (41,735 ) (31,625 ) Intangible lease liabilities, net $ 200,601 $ 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): September 30, December 31, Minimum lease payments receivable $ 13,456 $ 15,897 Estimated residual value of leased assets 43,789 55,858 Unearned income (12,892 ) (15,191 ) Real estate assets under direct financing leases, net $ 44,353 $ 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 nine months ended September 30, 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 43 — 43 162,869 (34 ) 162,835 Sales (35 ) (2 ) (37 ) (200,265 ) (4,475 ) (204,740 ) Balance, September 30, 2015 27 3 30 $ 73,522 $ 4,485 $ 78,007
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): September 30, December 31, Assets Land and improvements $ 2,922 $ 5,351 Buildings and improvements 2,916 5,798 Total real estate investments 5,838 11,149 Less: accumulated depreciation (1,202 ) (2,167 ) Intangible lease assets, net 297 460 Total assets $ 4,933 $ 9,442 Liabilities Intangible lease liabilities, net $ 448 $ 448 Total liabilities $ 448 $ 448 Net assets $ 4,485 $ 8,994 The following sets forth the results of discontinued operations (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues: Rent $ 56 $ 300 $ 391 $ 917 Non-cash rent — 27 — — Other 1 3 17 2,953 Total revenues 57 330 408 3,870 Expenses: General and administrative 1 1 3 13 Property costs 97 41 281 236 Impairments — — 34 — Total expenses 98 42 318 249 Income from discontinued operations (41 ) 288 90 3,621 Gain on disposition of assets — 403 590 488 Total discontinued operations $ (41 ) $ 691 $ 680 $ 4,109 Number of properties disposed of during period — 1 2 6
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 Nine Months Ended 2015 2014 2015 2014 Real estate and intangible asset impairment $ 19,724 $ 10,783 $ 54,497 $ 37,030 Write-off of lease intangibles due to lease terminations, net 713 1,910 1,268 4,509 Loans receivable impairment 338 — 338 — Total impairments from real estate investment net assets 20,775 12,693 56,103 41,539 Other impairment 57 34 153 522 Total impairment loss in continuing and discontinued operations $ 20,832 $ 12,727 $ 56,256 $ 42,061

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Instrument [Line Items]
Summary of Debt	The Company's debt is summarized below: Weighted Average Effective (1) Weighted Average Stated Rates (2) Weighted Average Term (3) September 30, December 31, (in Years) (In Thousands) Revolving Credit Facilities NM 1.74 % 3.5 $ 75,000 $ 15,181 Master Trust Notes 5.44 % 5.03 % 7.5 1,696,766 1,710,380 CMBS - fixed-rate 5.40 % 5.89 % 2.7 1,512,777 1,836,181 CMBS - variable-rate (4) 3.14 % 3.56 % 2.9 68,305 110,685 Convertible Notes 4.88 % 3.28 % 4.5 747,500 747,500 Unsecured fixed rate promissory note (5) — — 0.0 — 1,293 Total debt 5.32 % 4.95 % 5.0 4,100,348 4,421,220 Debt discount, net (54,181 ) (51,586 ) Deferred financing costs, net (6) (41,183 ) (46,332 ) Total debt, net $ 4,004,984 $ 4,323,302 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs and non-utilization fees, where applicable, calculated for the three months ended September 30, 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 September 30, 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 September 30, 2015 . (3) Represents the weighted average time to maturity based on the outstanding principal balance as of September 30, 2015 . (4) Variable-rate notes are predominantly hedged with interest rate swaps (see Note 5). (5) During the three months ended September 30, 2015 , the Company repaid the outstanding balance of the unsecured fixed rate promissory note prior to maturity and recognized a loss on debt extinguishment of $0.1 million . (6) 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. The Company records deferred financing costs for its 2013 Credit Facility and 2015 Credit Facility in deferred costs and other assets, net on its consolidated balance sheets, which is in accordance with ASU 2015-15.
Schedule of Debt Maturities	As of September 30, 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 Principal Balloon Payment Total Remainder of 2015 (1) $ 7,212 $ 80,127 $ 87,339 2016 28,012 273,059 301,071 2017 27,782 773,309 801,091 2018 42,115 244,537 286,652 2019 44,325 527,000 571,325 Thereafter 288,888 1,763,982 2,052,870 Total $ 438,334 $ 3,662,014 $ 4,100,348 (1) The balloon payment balance in 2015 includes $80.1 million , including $6.9 million of capitalized interest, for the acceleration of principal payable following an event of default under four separate non-recourse CMBS loans with stated maturities in 2015 and 2017 of $25.3 million and $54.8 million , respectively.
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 Nine Months Ended 2015 2014 2015 2014 Interest expense – Revolving Credit Facilities (1) $ 608 $ 538 $ 1,997 $ 2,358 Interest expense – mortgages and notes payable 45,460 44,858 140,731 149,231 Interest expense – Convertible Notes 6,127 6,098 18,382 8,970 Interest expense – other — — — 6 Non-cash interest expense: Amortization of deferred financing costs 1,920 1,787 5,893 4,084 Amortization of net losses related to interest rate swaps 27 32 81 98 Amortization of debt (premium)/discount, net 531 222 1,670 (821 ) Total interest expense $ 54,673 $ 53,535 $ 168,754 $ 163,926 (1) Includes interest expense associated with non-utilization fees of approximately $0.4 million for both the three months ended September 30, 2015 and 2014 and approximately $1.2 million and $0.9 million for the nine months ended September 30, 2015 and 2014 , respectively.
Master Trust Notes
Debt Instrument [Line Items]
Summary of Debt	The Master Trust Notes are summarized below: Effective (1) Stated Rates (2) Remaining Term September 30, December 31, (in Years) (in Thousands) Series 2014-1 Class A1 6.0 % 5.1 % 4.7 $ 67,701 $ 75,489 Series 2014-1 Class A2 6.0 % 5.4 % 4.8 253,300 253,300 Series 2014-2 6.1 % 5.8 % 5.5 230,490 232,867 Series 2014-3 6.0 % 5.7 % 6.5 312,385 312,705 Series 2014-4 Class A1 3.9 % 3.5 % 4.3 150,000 150,000 Series 2014-4 Class A2 4.8 % 4.6 % 14.3 360,000 360,000 Total Master Trust 2014 notes 5.5 % 5.1 % 7.7 1,373,876 1,384,361 Series 2013-1 Class A 4.6 % 3.9 % 3.2 125,000 125,000 Series 2013-2 Class A 5.6 % 5.3 % 8.2 197,890 201,019 Total Master Trust 2013 notes 5.3 % 4.7 % 6.3 322,890 326,019 Total Master Trust Notes 1,696,766 1,710,380 Debt discount, net (23,919 ) (26,903 ) Deferred financing costs, net (20,080 ) (22,113 ) Total Master Trust Notes, net $ 1,652,767 $ 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 September 30, 2015 based on the average principal balance outstanding during the period. (2) Represents the individual series stated interest rate as of September 30, 2015 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of September 30, 2015 .

Derivative and Hedging Activi26

Derivative and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 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 Interest Effective Maturity September 30, December 31, Interest Rate Swap (1) Accounts payable, accrued expenses and other liabilities $ 10,741 4.62 % 06/28/12 07/06/17 $ — $ (46 ) Interest Rate Swap Accounts payable, accrued expenses and other liabilities $ 6,547 5.75 % 07/17/13 03/01/16 (68 ) (180 ) Interest Rate Swap (1) Accounts payable, accrued expenses and other liabilities $ 32,400 3.15 % 07/17/13 09/05/15 — (93 ) Interest Rate Swaps (2) Accounts payable, accrued expenses and other liabilities $ 61,758 5.14 % 01/02/14 12/13/18 (1,594 ) (803 ) $ (1,662 ) $ (1,122 ) (1) During June 2015, the Company terminated certain interest rate swap agreements upon the repayment of two CMBS variable-rate loans. The Company paid $0.1 million to terminate these swaps and recognized a loss of $0.1 million , which is included in general and administrative expenses. (2) 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 and nine months ended September 30, 2015 and 2014 , respectively (in thousands): Amount of Gain or (Loss) Recognized in AOCL on Derivative (Effective Portion) Three Months Ended Nine Months Ended Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Interest rate swaps $ (797 ) $ 237 $ (1,608 ) $ (1,040 ) Amount of Loss Reclassified from AOCL into Operations (Effective Portion) Three Months Ended Nine Months Ended Location of Loss Reclassified from AOCL into Operations 2015 2014 2015 2014 Interest expense $ (277 ) $ (333 ) $ (898 ) $ (987 ) Amount of Gain or (Loss) Recognized in Operations on Derivative (Ineffective Portion) (1) Three Months Ended Nine Months Ended Location of Gain or (Loss) Recognized in Operations on Derivatives 2015 2014 2015 2014 General and administrative expense $ — $ 5 $ (78 ) $ 2 (1) Nine months ended September 30, 2015 includes a loss of $76 thousand that was reclassified from accumulated other comprehensive loss in the balance sheet resulting from hedged transactions that were no longer probable of occurring as the swaps were terminated prior to their respective maturity dates.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Summary of Dividends Declared	For the nine months ended September 30, 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 $ 0.17000 March 31, 2015 $ 71,123 April 15, 2015 June 15, 2015 $ 0.17000 June 30, 2015 $ 75,054 July 15, 2015 September 15, 2015 $ 0.17000 September 30, 2015 $ 75,039 October 15, 2015 (1) Net of estimated forfeitures of approximately $1,000 and $9,000 during the three and nine months ended September 30, 2015 , respectively, 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)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Financial 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 September 30, 2015 Derivatives: Interest rate swaps financial liabilities $ (1,662 ) $ — $ (1,662 ) $ — December 31, 2014 Derivatives: Interest rate swaps financial liabilities $ (1,122 ) $ — $ (1,122 ) $ —
Schedule of 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 Charges (1) Description Fair Value Dispositions Level 1 Level 2 Level 3 September 30, 2015 Long-lived assets held and used $ 37,589 $ (3,207 ) $ — $ — $ 40,796 $ (41,294 ) Lease intangible assets 4,294 — — — 4,294 (3,730 ) Other assets — — — — — (338 ) Long-lived assets held for sale 18,583 (30,954 ) — — 49,537 (10,894 ) $ (56,256 ) December 31, 2014 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 nine months ended September 30, 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): September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 106,944 $ 112,999 $ 109,425 $ 115,747 Revolving Credit Facilities, net (1) 75,000 79,067 15,114 15,254 Mortgages and notes payable, net (2) 3,242,922 3,435,150 3,629,998 3,899,950 Convertible Notes, net (2) 687,062 690,975 678,190 729,231 (1) As of September 30, 2015 , only amounts under the 2015 Credit Facility were outstanding. As of December 31, 2014 , only amounts under the Line of Credit were outstanding and net of unamortized deferred financing costs. (2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 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): September 30, December 31, Assets Land and improvements $ 2,922 $ 5,351 Buildings and improvements 2,916 5,798 Total real estate investments 5,838 11,149 Less: accumulated depreciation (1,202 ) (2,167 ) Intangible lease assets, net 297 460 Total assets $ 4,933 $ 9,442 Liabilities Intangible lease liabilities, net $ 448 $ 448 Total liabilities $ 448 $ 448 Net assets $ 4,485 $ 8,994 The following sets forth the results of discontinued operations (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues: Rent $ 56 $ 300 $ 391 $ 917 Non-cash rent — 27 — — Other 1 3 17 2,953 Total revenues 57 330 408 3,870 Expenses: General and administrative 1 1 3 13 Property costs 97 41 281 236 Impairments — — 34 — Total expenses 98 42 318 249 Income from discontinued operations (41 ) 288 90 3,621 Gain on disposition of assets — 403 590 488 Total discontinued operations $ (41 ) $ 691 $ 680 $ 4,109 Number of properties disposed of during period — 1 2 6

Supplemental Cash Flow Inform30

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following table presents the supplemental cash flow disclosures (in thousands): Nine Months Ended 2015 2014 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Reduction of debt through sale of certain real estate properties $ 30,555 $ 5,001 Reduction of debt in exchange for collateral assets 7,904 — Net real estate and other collateral assets surrendered to lender 7,384 — Accrued interest capitalized to principal (1) 4,686 997 Accrued performance share dividend rights 459 420 (1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 (loss) per share (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic and diluted income (loss): Income (loss) from continuing operations $ 9,248 $ 5,728 $ 20,716 $ (73,704 ) Gain on disposition of assets 7,960 1,251 81,986 1,683 Less: income attributable to unvested restricted stock (132 ) (215 ) (566 ) (882 ) Income (loss) used in basic and diluted income (loss) per share from continuing operations 17,076 6,764 102,136 (72,903 ) (Loss) income from discontinued operations (41 ) 691 680 4,109 Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share $ 17,035 $ 7,455 $ 102,816 $ (68,794 ) Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 441,512,930 398,799,661 430,650,925 384,485,286 Less: unvested weighted average shares of restricted stock (1,307,582 ) (1,992,005 ) (1,263,218 ) (1,959,672 ) Weighted average number of shares outstanding used in basic income (loss) per share 440,205,348 396,807,656 429,387,707 382,525,614 Net income (loss) per share attributable to common stockholders—basic $ 0.04 $ 0.02 $ 0.24 $ (0.18 ) Diluted weighted average shares of common stock outstanding: (1) Unvested performance shares 147,098 800,717 347,055 — Stock options 1,519 5,210 4,014 — Weighted average number of shares of common stock used in diluted income (loss) per share 440,353,965 397,613,583 429,738,776 382,525,614 Net income (loss) per share attributable to common stockholders—diluted $ 0.04 $ 0.02 $ 0.24 $ (0.18 ) Potentially dilutive shares of common stock Unvested shares of restricted stock 271,462 761,523 393,164 787,546 Unvested performance shares — — — 736,104 Stock options — — — 5,033 Total 271,462 761,523 393,164 1,528,683 (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 (Detai

Organization - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Property	Dec. 31, 2014USD ($)Property
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties | $	$ 8,256,463	$ 8,044,363
Number of real estate properties	2,634	2,509
Owned Properties
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties | $	$ 8,149,519	$ 7,934,938
Number of real estate properties	2,489	2,364
Gross investment in real estate, percentage	98.70%
Number of owned real estate properties	2,489
Financed Properties
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties | $	$ 106,944	$ 109,425
Number of real estate properties	145	145
Securing mortgage properties, percentage	1.30%
Securing mortgage properties	145
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%

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)segment	Dec. 31, 2014USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 7,892,233,000	$ 7,970,669,000
Net liabilities	$ 4,337,011,000	4,652,568,000
Number of segments | segment	1
Reserves for uncollectible amounts	$ 9,600,000	8,400,000
Accounts receivable	27,300,000	20,500,000
Provision for losses	10,500,000	10,900,000
Deferred rental revenue receivables	62,200,000	48,300,000
Provision for income taxes	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		46,300,000
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	4,760,000,000	5,680,000,000
Net liabilities	$ 3,370,000,000	$ 3,770,000,000

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Schedule of Restricted Cash and Escrow Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	$ 40,673	$ 100,344
Collateral Deposits
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	14,249	29,483
Tenant Improvements, Repairs and Leasing Commissions
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	9,360	13,427
Master Trust Release
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	12,943	53,069
1031 Exchange Proceeds, Net
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	2,489	0
Loan Impounds
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	663	794
Other
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investments	$ 969	$ 3,571

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)StatePropertyloan	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)StatePropertyloanrenewal_option	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)Propertyloan
Investment [Line Items]
Gross investment in real estate properties	$ 8,256,463,000		$ 8,256,463,000		$ 8,044,363,000
Number of real estate properties | Property	2,634		2,634		2,509
Number of properties securing borrowings | Property	145		145
Properties dispersed geographically | State	49		49
Minimum percentage of investment in real estate properties	10.00%		10.00%
Number of other notes receivable | loan			2
Allowance for loan losses	$ 300,000		$ 300,000		$ 0
Amortization amount to rental revenue for capitalized leases	1,500,000	$ 1,600,000	4,300,000	$ 4,600,000
In-Place Leases
Investment [Line Items]
Leases amortization expenses	$ 12,400,000	$ 13,100,000	$ 37,800,000	$ 40,000,000
Mortgages
Investment [Line Items]
Number of mortgages or notes on nonaccruals status | loan	1		1		0
Notes
Investment [Line Items]
Number of mortgages or notes on nonaccruals status | loan	0		0		0
Secured Debt
Investment [Line Items]
Notes receivable	$ 4,000,000		$ 4,000,000
Minimum
Investment [Line Items]
Number of lease renewal options | renewal_option			1
Texas
Investment [Line Items]
Number of states exceeding disclosure threshold | State			1
Percentage of investment in real estate properties	12.10%		12.10%

Investments - Summary of Real E

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Property
Number of Properties
Gross balance, December 31, 2014 | Property	2,509
Acquisitions/improvements | Property	198
Dispositions of real estate | Property	(72)
Principal payments and payoffs | Property	0
Impairments | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	(1)
Gross balance, September 30, 2015 | Property	2,634
Dollar Amount of Investments, Net
Gross balance, December 31, 2014	$ 8,044,363
Acquisitions/improvements	714,575
Dispositions of real estate	(433,412)
Principal payments and payoffs	(4,308)
Impairments	(56,103)
Write-off of gross lease intangibles	(6,655)
Loan premium amortization and other	(1,997)
Gross balance, September 30, 2015	8,256,463
Accumulated depreciation and amortization	(1,029,332)
Other non-real estate assets held for sale	1,062
Net balance, September 30, 2015	$ 7,228,193
Owned Properties
Number of Properties
Gross balance, December 31, 2014 | Property	2,364
Acquisitions/improvements | Property	198
Dispositions of real estate | Property	(72)
Principal payments and payoffs | Property	0
Impairments | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	(1)
Gross balance, September 30, 2015 | Property	2,489
Dollar Amount of Investments, Net
Gross balance, December 31, 2014	$ 7,934,938
Acquisitions/improvements	710,555
Dispositions of real estate	(433,412)
Principal payments and payoffs	0
Impairments	(55,765)
Write-off of gross lease intangibles	(6,655)
Loan premium amortization and other	(142)
Gross balance, September 30, 2015	8,149,519
Accumulated depreciation and amortization	(1,029,332)
Other non-real estate assets held for sale	1,062
Net balance, September 30, 2015	$ 7,121,249
Financed Properties
Number of Properties
Gross balance, December 31, 2014 | Property	145
Acquisitions/improvements | Property	0
Dispositions of real estate | Property	0
Principal payments and payoffs | Property	0
Impairments | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	0
Gross balance, September 30, 2015 | Property	145
Dollar Amount of Investments, Net
Gross balance, December 31, 2014	$ 109,425
Acquisitions/improvements	4,020
Dispositions of real estate	0
Principal payments and payoffs	(4,308)
Impairments	(338)
Write-off of gross lease intangibles	0
Loan premium amortization and other	(1,855)
Gross balance, September 30, 2015	106,944
Accumulated depreciation and amortization	0
Other non-real estate assets held for sale	0
Net balance, September 30, 2015	$ 106,944

Investments - Summary of Real37

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Footnote) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)Property	Dec. 31, 2014Property
Real Estate Properties [Line Items]
Revenue producing capitalized expenditures	$ 6.7
Capitalized maintenance expenditures	0.7
Accumulated depreciation and amortization associated with dispositions of real estate	$ 86.2
Number of properties sold under 1031 Exchanges | Property	26
Amount of properties sold under 1031 Exchanges	$ 235.4
Amount of properties acquired under 1031 Exchanges	$ 233
Number of properties acquired under 1031 Exchanges | Property	97
Properties Vacant
Real Estate Properties [Line Items]
Number of properties | Property	37	37
Property Held For Sale
Real Estate Properties [Line Items]
Number of properties | Property	14	8

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received (Details) $ in Thousands	Sep. 30, 2015USD ($)
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Remainder of 2015	$ 148,183
2,016	578,651
2,017	563,507
2,018	548,796
2,019	531,047
Thereafter	4,432,365
Total future minimum rentals	$ 6,802,549

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Mortgage loans - principal	$ 92,374	$ 96,594
Mortgage loans - premium, net	10,598	12,452
Mortgages loans, net	102,972	109,046
Other note receivables - principal	4,310	379
Allowance for loan losses	(338)	0
Other note receivables, net	3,972	379
Total loans receivable, net	$ 106,944	$ 109,425

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Capital Leased Assets [Line Items]
Less: accumulated amortization	$ (211,403)	$ (187,160)
Intangible lease assets, net	543,620	590,073
Less: accumulated amortization	(41,735)	(31,625)
Intangible lease liabilities, net	200,601	205,968
In-Place Leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	656,217	676,665
Above-Market Leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	98,806	100,568
Below-Market Leases
Capital Leased Assets [Line Items]
Intangible lease liabilities, gross	$ 242,336	$ 237,593

Investments - Schedule of Compo

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Minimum lease payments receivable	$ 13,456	$ 15,897
Estimated residual value of leased assets	43,789	55,858
Unearned income	(12,892)	(15,191)
Real estate assets under direct financing leases, net	$ 44,353	$ 56,564

Investments - Schedule of Activ

Investments - Schedule of Activity in Real Estate Assets Held for Sale (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Property
Number of Properties
Balance, December 31, 2014 | Property	24
Transfers from real estate investments | Property	43
Sales | Property	(37)
Balance, September 30, 2015 | Property	30
Carrying Value
Balance, December 31, 2014	$ 119,912
Transfers from real estate investments	162,835
Sales	(204,740)
Balance, September 30, 2015	$ 78,007
Continuing Operations
Number of Properties
Balance, December 31, 2014 | Property	19
Transfers from real estate investments | Property	43
Sales | Property	(35)
Balance, September 30, 2015 | Property	27
Carrying Value
Balance, December 31, 2014	$ 110,918
Transfers from real estate investments	162,869
Sales	(200,265)
Balance, September 30, 2015	$ 73,522
Discontinued Operations
Number of Properties
Balance, December 31, 2014 | Property	5
Transfers from real estate investments | Property	0
Sales | Property	(2)
Balance, September 30, 2015 | Property	3
Carrying Value
Balance, December 31, 2014	$ 8,994
Transfers from real estate investments	(34)
Sales	(4,475)
Balance, September 30, 2015	$ 4,485

Investments - Schedule of Recon

Investments - Schedule of Reconciliation of Major Classes of Assets and Liabilities from Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Land and improvements	$ 2,922	$ 5,351
Buildings and improvements	2,916	5,798
Total real estate investments	5,838	11,149
Less: accumulated depreciation	(1,202)	(2,167)
Intangible lease assets, net	297	460
Total assets	4,933	9,442
Liabilities
Intangible lease liabilities, net	448	448
Total liabilities	448	448
Net assets	$ 4,485	$ 8,994

Investments - Summary of Total

Investments - Summary of Total Impairment Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Real estate and intangible asset impairment	$ 19,724	$ 10,783	$ 54,497	$ 37,030
Write-off of lease intangibles due to lease terminations, net	713	1,910	1,268	4,509
Loans receivable impairment	338	0	338	0
Total impairments from real estate investment net assets	20,775	12,693	56,103	41,539
Other impairment	57	34	153	522
Total impairment loss in continuing and discontinued operations	$ 20,832	$ 12,727	$ 56,256	$ 42,061

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	May. 31, 2014
Debt Instrument [Line Items]
Total debt, gross	$ 4,100,348	$ 4,421,220
Debt discount, net	(54,181)	(51,586)
Deferred financing costs, net	(41,183)	(46,332)
Total debt, net	$ 4,004,984	4,323,302
Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.32%
Weighted Average Stated Rates	4.95%
Weighted Average Term	5 years
Revolving Credit Facilities
Debt Instrument [Line Items]
Total debt, gross	$ 75,000	15,181
Revolving Credit Facilities | Weighted Average
Debt Instrument [Line Items]
Weighted Average Stated Rates	1.74%
Weighted Average Term	3 years 6 months
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	$ 1,696,766	1,710,380
Debt discount, net	(23,919)	(26,903)
Deferred financing costs, net	(20,080)	(22,113)
Total debt, net	$ 1,652,767	1,661,364
Master Trust Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.44%
Weighted Average Stated Rates	5.03%
Weighted Average Term	7 years 6 months
CMBS - fixed-rate
Debt Instrument [Line Items]
Total debt, gross	$ 1,512,777	1,836,181
CMBS - fixed-rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.40%
Weighted Average Stated Rates	5.89%
Weighted Average Term	2 years 8 months 12 days
CMBS - variable-rate
Debt Instrument [Line Items]
Total debt, gross	$ 68,305	110,685
CMBS - variable-rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	3.14%
Weighted Average Stated Rates	3.56%
Weighted Average Term	2 years 10 months 24 days
Convertible Notes
Debt Instrument [Line Items]
Total 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	4.88%
Weighted Average Stated Rates	3.28%
Weighted Average Term	4 years 6 months
Unsecured fixed rate promissory note
Debt Instrument [Line Items]
Total debt, gross	$ 0	$ 1,293
Unsecured fixed rate promissory note | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	0.00%
Weighted Average Stated Rates	0.00%
Weighted Average Term	0 years

Debt - Summary of Debt (Footnot

Debt - Summary of Debt (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Extinguishment of Debt [Line Items]
Gain (loss) on debt extinguishment	$ 342	$ 212	$ 2,489	$ (64,496)
Unsecured fixed rate promissory note
Extinguishment of Debt [Line Items]
Gain (loss) on debt extinguishment	$ (100)

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details) - USD ($)	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2013	Dec. 31, 2014
Line of Credit Facility [Line Items]
Amount outstanding		$ 75,000,000	$ 75,000,000		$ 15,114,000
Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 600,000,000
Line of credit facility, accordion feature, increase limit	1,000,000,000
Commitment fee on unused capacity		0.25%
Origination costs	$ 3,700,000
Unamortized deferred financing costs		$ 3,200,000	3,200,000
Amount outstanding		75,000,000	75,000,000
Letters of credit issued		18,000,000	18,000,000
Line of credit facility remaining borrowing capacity		$ 507,000,000	507,000,000
Unsecured Debt | Minimum
Line of Credit Facility [Line Items]
Commitment fee on unused capacity	0.125%
Unsecured Debt | Maximum
Line of Credit Facility [Line Items]
Commitment fee on unused capacity	0.30%
Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.55%
Unsecured Debt | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.875%
Unsecured Debt | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.55%
Unsecured Debt | Swingline Loans
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 50,000,000
Unsecured Debt | Letters of Credit
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	60,000,000
Credit Facility
Line of Credit Facility [Line Items]
Commitment fee on unused capacity				0.35%
Debt extinguishment costs	$ 2,000,000
Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				2.50%
Secured Debt
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity				$ 400,000,000
Revolving Line of Credit | Special Purpose Entity
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity		$ 40,000,000	40,000,000
Line of credit facility remaining borrowing capacity		$ 40,000,000	$ 40,000,000
Weighted Average Term			24 months

Debt - Summary of Debt - Master

Debt - Summary of Debt - Master Trust Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt, gross	$ 4,100,348	$ 4,421,220
Debt discount, net	(54,181)	(51,586)
Deferred financing costs, net	(41,183)	(46,332)
Total debt, net	4,004,984	4,323,302
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	1,696,766	1,710,380
Debt discount, net	(23,919)	(26,903)
Deferred financing costs, net	(20,080)	(22,113)
Total debt, net	$ 1,652,767	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	4 years 8 months 12 days
Total debt, gross	$ 67,701	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	4 years 9 months 18 days
Total 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	5 years 6 months
Total debt, gross	$ 230,490	232,867
Master Trust Notes | Series 2014-3
Debt Instrument [Line Items]
Effective Interest Rates	6.00%
Stated Rates	5.70%
Remaining Term	6 years 6 months
Total debt, gross	$ 312,385	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 3 months 18 days
Total 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 3 months 18 days
Total 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	7 years 8 months 12 days
Total debt, gross	$ 1,373,876	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 2 months 12 days
Total 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 2 months 12 days
Total debt, gross	$ 197,890	201,019
Master Trust Notes | Total Master Trust 2013 notes
Debt Instrument [Line Items]
Effective Interest Rates	5.30%
Stated Rates	4.70%
Remaining Term	6 years 3 months 18 days
Total debt, gross	$ 322,890	$ 326,019

Debt - Master Trust Notes - Nar

Debt - Master Trust Notes - Narrative (Details)	Sep. 30, 2015PropertySubsidiary
Debt Instrument [Line Items]
Number of properties securing borrowings	145
Master Trust 2014 notes
Debt Instrument [Line Items]
Number of properties securing borrowings	955
Debt issued by, number of subsidiaries | Subsidiary	5
Master Trust 2013 notes
Debt Instrument [Line Items]
Number of properties securing borrowings	316

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Propertyloan	Sep. 30, 2014Property	Sep. 30, 2015USD ($)PropertyLoanloan	Sep. 30, 2014USD ($)Property	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Number of properties securing borrowings | Property	145		145
Capitalized interest			$ 4,686	$ 997
Number of properties disposed of during period | Property	0	1	2	6
CMBS Loans
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 5,600		$ 5,600		$ 6,400
Debt default amount	25,400		25,400
Restricted cash	$ 3,600		3,600
Capitalized interest			$ 400
Number of properties disposed of during period | Property			5
Number of properties surrendered | Property			1
CMBS Loans | Disposed of by sale
Debt Instrument [Line Items]
Number of properties disposed of during period | Property			4
CMBS Loans | CMBS - fixed-rate
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	149		149
Number of properties securing borrowings | Property	468		468
Number of CMBS loans in default | Loan			4
Number of properties securing loans | Property	10		10
Debt default amount	$ 80,100		$ 80,100
Interest added to principal			6,900
Restricted cash	$ 12,200		$ 12,200
CMBS Loans | CMBS - fixed-rate | Minimum
Debt Instrument [Line Items]
Stated Rates	3.90%		3.90%
Default interest rate	9.67%		9.67%
CMBS Loans | CMBS - fixed-rate | Maximum
Debt Instrument [Line Items]
Stated Rates	8.39%		8.39%
Default interest rate	10.88%		10.88%
CMBS Loans | CMBS - variable-rate
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	9		9
Number of properties securing borrowings | Property	86		86
Fixed interest rate, interest rate swaps	5.20%		5.20%
CMBS Loans | CMBS - variable-rate | Minimum
Debt Instrument [Line Items]
Stated Rates	3.20%		3.20%
CMBS Loans | CMBS - variable-rate | Maximum
Debt Instrument [Line Items]
Stated Rates	3.60%		3.60%

Debt - Convertible Notes - Narr

Debt - Convertible Notes - Narrative (Details)	May. 31, 2014USD ($)$ / shares	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Deferred financing costs		$ 41,183,000	$ 46,332,000
Convertible Senior Notes
Debt Instrument [Line Items]
Conversion rate	0.0763636
Conversion price | $ / shares	$ 13.10
Premium above public offering price	22.50%
Value of the embedded conversion premium, included in net debt (discount)	$ 56,700,000	45,000,000	51,500,000
Deferred financing costs	19,600,000
Unamortized deferred financing costs		$ 15,500,000	$ 17,800,000
Convertible Senior Notes | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 402,500,000
Stated Rates	2.875%
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 345,000,000
Stated Rates	3.75%

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)Property	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)Property
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment	$ 342	$ 212	$ 2,489	$ (64,496)
Number of properties disposed of during period | Property	0	1	2	6
CMBS Loans
Debt Instrument [Line Items]
Number of properties disposed of during period | Property			5
Mortgages
Debt Instrument [Line Items]
Amount of debt defeasance			$ 378,600	$ 532,800
Weighted average contractual interest rate	5.64%	6.53%	5.64%	6.53%
Gain (loss) on debt extinguishment			$ 2,500	$ (64,500)
Reduction of debt			17,500
Proceeds from sale of properties			$ 14,000
Mortgages | CMBS Loans
Debt Instrument [Line Items]
Number of properties disposed of during period | Property			4
Mortgages | Shopko properties
Debt Instrument [Line Items]
Amount of debt defeasance			$ 488,700
Net-lease Mortgage Notes
Debt Instrument [Line Items]
Amount of debt defeasance			$ 18,000

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Scheduled Principal Payments For Borrowings [Line Items]
Total debt, net	$ 4,004,984	$ 4,323,302
Mortgages and Notes Payable
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2015	87,339
2,016	301,071
2,017	801,091
2,018	286,652
2,019	571,325
Thereafter	2,052,870
Total debt, net	4,100,348
Mortgages and Notes Payable | Scheduled Principal
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2015	7,212
2,016	28,012
2,017	27,782
2,018	42,115
2,019	44,325
Thereafter	288,888
Total debt, net	438,334
Mortgages and Notes Payable | Balloon Payment
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2015	80,127
2,016	273,059
2,017	773,309
2,018	244,537
2,019	527,000
Thereafter	1,763,982
Total debt, net	$ 3,662,014

Debt - Schedule of Debt Matur54

Debt - Schedule of Debt Maturities (Footnote) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Loan	Sep. 30, 2014USD ($)
Debt Instrument [Line Items]
Capitalized interest	$ 4,686	$ 997
CMBS Loans
Debt Instrument [Line Items]
Debt default amount	25,400
Capitalized interest	400
Mortgages and Notes Payable
Debt Instrument [Line Items]
Debt default amount	80,100
Capitalized interest	6,900
Stated maturity in 2015	87,339
Stated maturity in 2017	$ 801,091
Mortgages | CMBS Loans
Debt Instrument [Line Items]
Number of CMBS loans in default | Loan	4
Stated maturity in 2015	$ 25,300
Stated maturity in 2017	$ 54,800

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule Of Interest Expenses [Line Items]
Amortization of deferred financing costs	$ 1,920	$ 1,787	$ 5,893	$ 4,084
Amortization of net losses related to interest rate swaps	27	32	81	98
Amortization of debt (premium)/discount, net			1,670	(821)
Total interest expense	54,673	53,535	168,754	163,926
Revolving Credit Facilities
Schedule Of Interest Expenses [Line Items]
Interest expense	608	538	1,997	2,358
Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	45,460	44,858	140,731	149,231
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	6,127	6,098	18,382	8,970
Other Interest Expense
Schedule Of Interest Expenses [Line Items]
Interest expense	0	0	0	6
Interest Expense
Schedule Of Interest Expenses [Line Items]
Amortization of debt (premium)/discount, net	$ 531	$ 222	$ 1,670	$ (821)

Debt - Summary of Components 56

Debt - Summary of Components of Interest Expense Related to Borrowings (Footnote) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Interest expense associated with non-utilization fees	$ 0.4	$ 0.4	$ 1.2	$ 0.9

Derivative and Hedging Activi57

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Derivative Instruments (Details) - Interest Rate Swap - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Fair Value of Liability	$ (1,662)	$ (1,122)
Cash Flow Hedging | Derivative Instrument 1 | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	$ 10,741
Fixed Interest Rate	4.62%
Fair Value of Liability	$ 0	(46)
Cash Flow Hedging | Derivative Instrument 2 | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	$ 6,547
Fixed Interest Rate	5.75%
Fair Value of Liability	$ (68)	(180)
Cash Flow Hedging | 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	$ 0	(93)
Cash Flow Hedging | 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	$ (1,594)	$ (803)

Derivative and Hedging Activi58

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Derivative Instruments (Footnote) (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2015USD ($)loan	Sep. 30, 2015USD ($)Derivative
Derivatives, Fair Value [Line Items]
Loss recognized on termination of interest rate swap agreements		$ 76
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Payments to terminate interest rate swap agreements	$ 100
Loss recognized on termination of interest rate swap agreements	$ 100
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | Derivative Instrument 4 | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives held | Derivative		8
Notional amount		$ 61,758
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | Derivative Instrument 4 | Accounts payable, accrued expenses and other liabilities | Minimum
Derivatives, Fair Value [Line Items]
Notional amount		7,600
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | Derivative Instrument 4 | Accounts payable, accrued expenses and other liabilities | Maximum
Derivatives, Fair Value [Line Items]
Notional amount		$ 7,900
CMBS Loans
Derivatives, Fair Value [Line Items]
Number of loans repaid | loan	2

Derivative and Hedging Activi59

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCL (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	$ (277)	$ (333)	$ (898)	$ (987)
General and Administrative Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Operations on Derivative (Ineffective Portion)	0	5	(78)	2
Interest Rate Swap | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in AOCL on Derivative (Effective Portion)	$ (797)	$ 237	$ (1,608)	$ (1,040)

Derivative and Hedging Activi60

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCL (Footnote) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Loss from hedged transactions no longer probable of occurring	$ (76)

Derivative and Hedging Activi61

Derivative and Hedging Activities - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
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	$ 0.9

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 14, 2015	Sep. 30, 2015	Sep. 30, 2015
Subsidiary, Sale of Stock [Line Items]
Issuance of common shares (in shares)	23,000,000
Price per share (in USD per share)	$ 11.85
Proceeds from issuance of common stock	$ 272.6
Net proceeds from common stock offering	$ 268.8
Payment of commissions and other issuance costs			$ 1.3
Shares surrendered to pay associated minimum statutory tax withholdings (in shares)			200,000
Amount of shares surrendered to pay associated minimum statutory tax withholdings			$ 1.7
Weighted Average
Subsidiary, Sale of Stock [Line Items]
Price per share (in USD per share)		$ 12.07	$ 12.07
Underwriter Option
Subsidiary, Sale of Stock [Line Items]
Issuance of common shares (in shares)	3,000,000
ATM Program
Subsidiary, Sale of Stock [Line Items]
Issuance of common shares (in shares)		0	6,600,000
Proceeds from issuance of common stock			$ 79.8
Net proceeds from common stock offering			78.5
Capacity available		$ 103.6	$ 103.6

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 15, 2015	Jun. 15, 2015	Mar. 16, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Dividend per share (in USD per share)	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.16625	$ 0.51	$ 0.49875
Dividends	$ 75,039	$ 75,054	$ 71,123

Stockholders' Equity - Summar64

Stockholders' Equity - Summary of Dividends Declared (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Equity [Abstract]
Estimated forfeitures for dividends declared on employee restricted stock awards	$ 1	$ 9

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)Propertytenantclaim
Loss Contingencies [Line Items]
Outstanding claims | claim	0
Total commitments	$ 186.7
Total commitments relating to future acquisitions	180.6
Contingently liable amount of debt owed by tenant	$ 5.7
Number of tenants indemnified by | tenant	1
Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Number of leased properties | Property	20
Monthly lease revenue	$ 1.4

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	$ (1,662)	$ (1,122)
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	(1,662)	(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 Measurements - Sch67

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Assets, Impairment Charges	$ (57)	$ (34)	$ (153)	$ (522)
Total Impairment Charges	(20,832)	$ (12,727)	(56,256)	$ (42,061)
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	37,589		37,589		$ 37,278
Lease intangible assets	4,294		4,294		10,013
Other assets	0		0
Long-lived assets held for sale	18,583		18,583		65,958
Long-lived assets held and used, Dispositions	(3,207)		(3,207)		0
Lease intangible assets, Dispositions	0		0		0
Other Assets, Dispositions	0		0
Long-lived assets held for sale, Dispositions	(30,954)		(30,954)		(26,721)
Long-lived assets held and used, Impairment Charges			(41,294)		(20,679)
Lease intangible assets, Impairment Charges			(3,730)		4,317
Other Assets, Impairment Charges			(338)
Long-lived assets held for sale, Impairment Charges			(10,894)		(20,074)
Total Impairment Charges			(56,256)		(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		0		0
Lease intangible assets	0		0		0
Other assets	0		0
Long-lived assets held for sale	0		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		0		0
Lease intangible assets	0		0		0
Other assets	0		0
Long-lived assets held for sale	0		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	40,796		40,796		37,278
Lease intangible assets	4,294		4,294		10,013
Other assets	0		0
Long-lived assets held for sale	$ 49,537		$ 49,537		$ 92,679

Fair Value Measurements - Sch68

Fair Value Measurements - Schedule of Carrying Amount And Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 106,944	$ 109,425
Revolving Credit Facilities, net	75,000	15,114
Mortgages and notes payable, net	3,242,922	3,629,998
Convertible Notes, net	687,062	678,190
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	112,999	115,747
Revolving Credit Facilities, net	79,067	15,254
Mortgages and notes payable, net	3,435,150	3,899,950
Convertible Notes, net	$ 690,975	$ 729,231

Significant Credit and Revenu69

Significant Credit and Revenue Concentration - Narrative (Details)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2015Customertenant	Sep. 30, 2014	Sep. 30, 2015Customertenant	Dec. 31, 2014Customertenant
Revenue, Major Customer [Line Items]
Number of tenants	435		435	454
Revenues
Revenue, Major Customer [Line Items]
Number of tenants | Customer	0		0	0
Revenues | Minimum
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue			5.00%	5.00%
Shopko | Revenues
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue	9.90%	14.30%
Shopko | Total assets | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue			7.70%	10.70%
Shopko | Real estate investment portfolio | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue			9.90%	13.10%

Discontinued Operations - Summa

Discontinued Operations - Summary of Results of Discontinued Operations (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)Property	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)Property
Revenues:
Rent	$ 56	$ 300	$ 391	$ 917
Non-cash rent	0	27	0	0
Other	1	3	17	2,953
Total revenues	57	330	408	3,870
Expenses:
General and administrative	1	1	3	13
Property costs	97	41	281	236
Impairments	0	0	34	0
Total expenses	98	42	318	249
(Loss) income from discontinued operations	(41)	288	90	3,621
Gain on disposition of assets	0	403	590	488
(Loss) income from discontinued operations	$ (41)	$ 691	$ 680	$ 4,109
Number of properties disposed of during period | Property	0	1	2	6

Supplemental Cash Flow Inform71

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Reduction of debt through sale of certain real estate properties	$ 30,555	$ 5,001
Reduction of debt in exchange for collateral assets	7,904	0
Net real estate and other collateral assets surrendered to lender	7,384	0
Accrued interest capitalized to principal	4,686	997
Accrued performance share dividend rights	$ 459	$ 420

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan (in shares)	1,900,000		1,900,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3.5	$ 3	$ 10.8	$ 8.5
Non-vested shares of restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense			$ 5.6
Outstanding non vested restricted shares (in shares)	800,000		800,000
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)			500,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)	279,199		279,199
Stock-based compensation expense			$ 4.1
Potential grants in period based on total shareholder return (in shares)	700,000		700,000
Dividend rights accrued	$ 1.1		$ 1.1
Unamortized stock based compensation expense	$ 11.4		$ 11.4
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 (Loss) Per Share - Sched

Income (Loss) Per Share - Schedule of Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic and diluted income (loss):
Income (loss) from continuing operations	$ 9,248	$ 5,728	$ 20,716	$ (73,704)
Gain on disposition of assets	7,960	1,251	81,986	1,683
Less: income attributable to unvested restricted stock	(132)	(215)	(566)	(882)
Income (loss) used in basic and diluted income (loss) per share from continuing operations	17,076	6,764	102,136	(72,903)
(Loss) income from discontinued operations	(41)	691	680	4,109
Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share	$ 17,035	$ 7,455	$ 102,816	$ (68,794)
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding (in shares)	441,512,930	398,799,661	430,650,925	384,485,286
Less: unvested weighted average shares of restricted stock (in shares)	(1,307,582)	(1,992,005)	(1,263,218)	(1,959,672)
Weighted average number of shares outstanding used in basic income (loss) per share (in shares)	440,205,348	396,807,656	429,387,707	382,525,614
Net income (loss) per share attributable to common stockholders—basic (in USD per share)	$ 0.04	$ 0.02	$ 0.24	$ (0.18)
Dilutive weighted average shares of common stock outstanding:
Weighted average number of shares of common stock used in dilutive income (loss) per share (in shares)	440,353,965	397,613,583	429,738,776	382,525,614
Net income (loss) per share attributable to common stockholders—diluted (in USD per share)	$ 0.04	$ 0.02	$ 0.24	$ (0.18)
Dilutive shares (in shares)	271,462	761,523	393,164	1,528,683
Unvested shares of restricted stock
Dilutive weighted average shares of common stock outstanding:
Dilutive shares (in shares)	271,462	761,523	393,164	787,546
Unvested performance shares
Dilutive weighted average shares of common stock outstanding:
Dilutive shares (in shares)	0	0	0	736,104
Stock options
Dilutive weighted average shares of common stock outstanding:
Dilutive shares (in shares)	0	0	0	5,033
Unvested performance shares
Dilutive weighted average shares of common stock outstanding:
Dilutive weighted average share of common stock (in shares)	147,098	800,717	347,055	0
Stock options
Dilutive weighted average shares of common stock outstanding:
Dilutive weighted average share of common stock (in shares)	1,519	5,210	4,014	0

Income (Loss) Per Share - Narra

Income (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	271,462	761,523	393,164	1,528,683
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)			0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Unsecured Debt	Nov. 03, 2015USD ($)extension_option	Sep. 30, 2015	Mar. 31, 2015USD ($)
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity			$ 600,000,000
Line of credit facility, accordion feature, increase limit			$ 1,000,000,000
LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate		1.55%
Subsequent Event | Term Loan
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity	$ 325,000,000
Line of credit facility, number of extension options | extension_option	2
Line of credit facility, extension option term	1 year
Line of credit facility, accordion feature, increase limit	$ 600,000,000
Subsequent Event | Term Loan | LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate	1.45%