Spirit Realty Capital 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
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	--03-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		479,655,830

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate investments:
Land and improvements	$ 2,679,409	$ 2,710,888
Buildings and improvements	4,767,151	4,816,481
Total real estate investments	7,446,560	7,527,369
Less: accumulated depreciation	(891,909)	(860,954)
Real estate investments, net	6,554,651	6,666,415
Loans receivable, net	101,602	104,003
Intangible lease assets, net	509,089	526,718
Real estate assets under direct financing leases, net	41,499	44,324
Real estate assets held for sale, net	115,423	85,145
Net investments	7,322,264	7,426,605
Cash and cash equivalents	8,992	21,790
Deferred costs and other assets, net	173,295	179,180
Goodwill	291,421	291,421
Total assets	7,795,972	7,918,996
Liabilities:
Revolving Credit Facilities	24,000	0
Term Loan, net	332,019	322,902
Mortgages and notes payable, net	2,969,893	3,079,787
Convertible Notes, net	693,173	690,098
Total debt, net	4,019,085	4,092,787
Intangible lease liabilities, net	187,211	193,903
Accounts payable, accrued expenses and other liabilities	136,743	142,475
Total liabilities	$ 4,343,039	$ 4,429,165
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 750,000,000 shares authorized: 443,435,556 and 441,819,964 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 4,434	$ 4,418
Capital in excess of par value	4,737,534	4,721,323
Accumulated deficit	(1,287,386)	(1,234,882)
Accumulated other comprehensive loss	(1,649)	(1,028)
Total stockholders’ equity	3,452,933	3,489,831
Total liabilities and stockholders’ equity	$ 7,795,972	$ 7,918,996

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	443,435,556	441,819,964
Common stock, shares outstanding (in shares)	443,435,556	441,819,964

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rentals	$ 161,819	$ 154,518
Interest income on loans receivable	1,659	1,722
Earned income from direct financing leases	724	795
Tenant reimbursement income	3,824	4,631
Other income and interest from real estate transactions	331	621
Total revenues	168,357	162,287
Expenses:
General and administrative	11,649	12,600
Restructuring charges	649	0
Property costs	7,327	7,407
Real estate acquisition costs	57	1,093
Interest	53,017	57,914
Depreciation and amortization	64,664	66,296
Impairments	12,131	1,624
Total expenses	149,494	146,934
Income from continuing operations before other expense and income tax expense	18,863	15,353
Other expense:
Loss on debt extinguishment	(5,341)	(1,230)
Total other expense	(5,341)	(1,230)
Income from continuing operations before income tax expense	13,522	14,123
Income tax expense	(81)	(362)
Income from continuing operations	13,441	13,761
Discontinued operations:
Income from discontinued operations	0	227
Income before gain on disposition of assets	13,441	13,988
Gain on disposition of assets	12,562	11,336
Net income attributable to common stockholders	$ 26,003	$ 25,324
Net income per share of common stock—basic:
Continuing operations (in USD per share)	$ 0.06	$ 0.06
Discontinued operations (in USD per share)	0	0
Net income per share attributable to common stockholders—basic (in USD per share)	0.06	0.06
Net income per share of common stock—diluted:
Continuing operations (in USD per share)	0.06	0.06
Discontinued operations (in USD per share)	0	0
Net income per share attributable to common stockholders—diluted (in USD per share)	$ 0.06	$ 0.06
Weighted average shares of common stock outstanding:
Basic (in shares)	441,365,927	411,017,895
Diluted (in shares)	441,368,407	411,622,434
Dividends declared per common share issued (in USD per share)	$ 0.175	$ 0.17

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income attributable to common stockholders	$ 26,003	$ 25,324
Other comprehensive income (loss):
Change in net unrealized losses on cash flow hedges	(856)	(852)
Net cash flow hedge losses reclassified to operations	235	317
Total comprehensive income	$ 25,382	$ 24,789

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock, Shares	Common Stock, Par Value	Common Stock, Capital in Excess of Par Value	Accumulated Deficit	AOCL
Beginning balance (in shares) at Dec. 31, 2015		441,819,964
Beginning balance at Dec. 31, 2015	$ 3,489,831		$ 4,418	$ 4,721,323	$ (1,234,882)	$ (1,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,003				26,003
Other comprehensive income	(621)					(621)
Dividends declared on common stock	(77,596)				(77,596)
Repurchase of shares of common stock (in shares)		(71,658)
Repurchase of shares of common stock	(738)		(1)		(737)
Issuance of shares of common stock, net (in shares)		1,282,560
Issuance of shares of common stock, net	13,923		13	13,910
Stock-based compensation, net (in shares)		404,690
Stock-based compensation, net	2,131		4	2,301	(174)
Ending balance (in shares) at Mar. 31, 2016		443,435,556
Ending balance at Mar. 31, 2016	$ 3,452,933		$ 4,434	$ 4,737,534	$ (1,287,386)	$ (1,649)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net income attributable to common stockholders	$ 26,003	$ 25,324
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:
Depreciation and amortization	64,664	66,296
Impairments	12,131	1,658
Amortization of deferred financing costs	2,166	2,072
Derivative amortization and interest rate net settlements	30	(28)
Amortization of debt discounts	760	476
Stock-based compensation expense	2,305	3,827
Loss on debt extinguishment	5,341	1,230
Debt extinguishment costs	(540)	(2,733)
Gains on dispositions of real estate and other assets, net	(12,562)	(11,336)
Non-cash revenue	(6,587)	(4,809)
Other	(14)	(14)
Changes in operating assets and liabilities:
Deferred costs and other assets, net	95	(1,938)
Accounts payable, accrued expenses and other liabilities	(3,085)	(420)
Accrued restructuring charges	(1,072)	0
Net cash provided by operating activities	89,635	79,605
Investing activities
Acquisitions of real estate	(72,458)	(265,314)
Capitalized real estate expenditures	(3,552)	(426)
Collections of principal on loans receivable and real estate assets under direct financing leases	2,151	1,452
Proceeds from dispositions of real estate and other assets	89,349	71,547
Transfers of net sales proceeds from (to) restricted accounts pursuant to 1031 Exchanges	39,867	(6,937)
Transfers of net sales proceeds (to) from Master Trust Release	(30,578)	43,412
Net cash provided by (used in) investing activities	24,779	(156,266)
Financing activities
Borrowings under Revolving Credit Facilities	60,000	345,000
Repayments under Revolving Credit Facilities	(36,000)	(175,101)
Repayments under mortgages and notes payable	(96,732)	(167,102)
Borrowings under Term Loan	45,000	0
Repayments under Term Loan	(36,000)	0
Deferred financing costs	(125)	(3,562)
Proceeds from issuance of common stock, net of offering costs	13,923	78,552
Repurchase of shares of common stock	(738)	(720)
Dividends paid to equity owners	(77,381)	(70,046)
Transfers from reserve/escrow deposits with lenders	841	1,593
Net cash (used in) provided by financing activities	(127,212)	8,614
Net decrease in cash and cash equivalents	(12,798)	(68,047)
Cash and cash equivalents, beginning of period	21,790	176,181
Cash and cash equivalents, end of period	$ 8,992	$ 108,134

Organization

Organization	3 Months Ended
	Mar. 31, 2016
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 U.S. 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 March 31, 2016 , our undepreciated investment in real estate and loans totaled approximately $8.25 billion , representing investments in 2,610 properties, including properties securing mortgage loans made by the Company. Of this amount, 98.8% consisted of our $8.15 billion investment in real estate, representing ownership of 2,467 properties, and the remaining 1.2% consisted of $101.6 million in commercial mortgage and other loans receivable, primarily secured by the remaining 143 properties or other related assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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, 2015 . 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 March 31, 2016 and December 31, 2015 , net assets totaling $4.38 billion and $4.57 billion , respectively, were held, and net liabilities totaling $3.07 billion and $3.19 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. 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 $11.8 million and $11.5 million at March 31, 2016 and December 31, 2015 , respectively, against accounts receivable balances of $26.9 million and $26.3 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 $9.9 million and $12.2 million at March 31, 2016 and December 31, 2015 , respectively, against deferred rental revenue receivables of $70.8 million and $68.0 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): March 31, December 31, Collateral deposits (1) $ 13,903 $ 14,475 Tenant improvements, repairs, and leasing commissions (2) 8,708 8,362 Master Trust Release (3) 42,670 12,091 1031 Exchange proceeds, net 2 39,869 Loan impounds (4) 1,054 1,025 Other (5) 1,178 1,823 $ 67,515 $ 77,645 (1) Funds held in reserve by lenders which can be applied at their discretion 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 scheduled 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. Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period presentation. 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the existing guidance for lease accounting, Leases (Topic 840) . ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies many aspects of accounting for share-based payment transactions under ASC Topic 718, Compensation - Stock Compensation , including income tax consequences, classification of awards as either equity or liability, forfeiture rate calculations and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments	Investments Real Estate Investments As of March 31, 2016 , the Company's gross investment in real estate properties and loans totaled approximately $8.25 billion , representing investments in 2,610 properties, including 143 properties securing mortgage loans. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and the carrying amount of loans receivable, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with only one state, Texas, with a real estate investment of 12.0% , 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 three months ended March 31, 2016 , the Company had the following real estate and loan activity, net of accumulated depreciation and amortization: Number of Properties Dollar Amount of Investments Owned (4) Financed Total Owned Financed Total (In Thousands) Gross balance, December 31, 2015 2,485 144 2,629 $ 8,199,571 $ 104,003 $ 8,303,574 Acquisitions/improvements (1) (3) 15 — 15 76,010 — 76,010 Dispositions of real estate (2) (3) (33 ) — (33 ) (113,471 ) — (113,471 ) Principal payments and payoffs — (1 ) (1 ) — (2,121 ) (2,121 ) (Impairments)/recoveries — — — (12,452 ) 324 (12,128 ) Write-off of gross lease intangibles — — — (1,771 ) — (1,771 ) Loan premium amortization and other — — — (30 ) (604 ) (634 ) Gross balance, March 31, 2016 2,467 143 2,610 $ 8,147,857 $ 101,602 $ 8,249,459 Accumulated depreciation and amortization (1,116,106 ) — (1,116,106 ) Other non-real estate assets held for sale 1,700 — 1,700 Net balance, March 31, 2016 $ 7,033,451 $ 101,602 $ 7,135,053 (1) Includes investments of $3.1 million in revenue producing capitalized expenditures, as well as $0.4 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 dispositions of real estate was $17.3 million . (3) During the three months ended March 31, 2016 , pursuant to 1031 Exchanges, the Company sold 4 properties for $21.0 million . Of this amount, and including $39.9 million of 2015 proceeds, $60.9 million was used to partially fund 10 property acquisitions. (4) At March 31, 2016 and December 31, 2015 , 31 and 36 , respectively, of the Company's properties were vacant and in the Company’s possession; of these vacant properties, 9 and 12 , respectively, were held for sale. Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases at March 31, 2016 (in thousands): Remainder of 2016 $ 443,714 2017 579,699 2018 565,883 2019 547,960 2020 526,685 Thereafter 3,889,569 Total future minimum rentals $ 6,553,510 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): March 31, December 31, Mortgage loans - principal $ 88,040 $ 90,096 Mortgage loans - premium 9,382 9,986 Mortgages loans, net 97,422 100,082 Other note receivables - principal 4,180 4,245 Allowance for loan losses — (324 ) Other note receivables, net 4,180 3,921 Total loans receivable, net $ 101,602 $ 104,003 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 $3.9 million note is secured by tenant assets and stock and the other is unsecured. Allowance for Loan Losses At March 31, 2016 , there was no allowance for loan losses compared to an allowance for loan losses on an unsecured note receivable of $0.3 million at December 31, 2015 . At March 31, 2016 , there were no mortgages or notes receivable on non-accrual status compared to no mortgage loans and one note receivable with a balance of $0.3 million on non-accrual status at December 31, 2015 . Lease Intangibles, Net The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, December 31, In-place leases $ 643,725 $ 649,182 Above-market leases 96,490 98,056 Less: accumulated amortization (231,126 ) (220,520 ) Intangible lease assets, net $ 509,089 $ 526,718 Below-market leases $ 234,557 $ 238,039 Less: accumulated amortization (47,346 ) (44,136 ) Intangible lease liabilities, net $ 187,211 $ 193,903 The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases were $1.5 million and $1.4 million for the three months ended March 31, 2016 and 2015 , respectively. The value of in-place leases amortized and included in depreciation and amortization expense was $11.9 million and $12.8 million for the three months ended March 31, 2016 and 2015 , respectively. Real Estate Assets Under Direct Financing Leases The components of real estate investments held under direct financing leases were as follows (in thousands): March 31, December 31, Minimum lease payments receivable $ 11,517 $ 12,702 Estimated residual value of leased assets 41,091 43,789 Unearned income (11,109 ) (12,167 ) Real estate assets under direct financing leases, net $ 41,499 $ 44,324 Real Estate Assets Held for Sale The following table shows the activity in real estate assets held for sale for the three months ended March 31, 2016 (dollars in thousands): Number of Properties Carrying Value Balance, December 31, 2015 36 $ 85,145 Transfers from real estate investments 20 55,995 Sales (14 ) (25,717 ) Balance, March 31, 2016 42 $ 115,423 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 2016 2015 Real estate and intangible asset impairment $ 12,143 $ 1,043 Write-off of lease intangibles due to lease terminations, net 309 512 Loans receivable recovery (324 ) — Total impairments from real estate investment net assets 12,128 1,555 Other impairment 3 103 Total impairment loss in continuing and discontinued operations $ 12,131 $ 1,658

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The Company's debt is summarized below: Weighted Average Effective (1) Weighted Average Stated Rates (2) Weighted Average Maturity (3) March 31, December 31, (in Years) (In Thousands) Revolving Credit Facilities NM 4.20 % (6) 3.0 $ 24,000 $ — Term Loan 2.16 % 2.04 % 2.6 334,000 325,000 Master Trust Notes 5.59 % 5.03 % 7.0 1,687,353 1,692,094 CMBS - fixed-rate 5.34 % 5.81 % 2.6 1,255,960 1,360,215 CMBS - variable-rate (4) 2.95 % 3.84 % 2.7 61,758 61,758 Convertible Notes 5.32 % 3.28 % 4.0 747,500 747,500 Total debt 5.18 % 4.69 % 4.7 4,110,571 4,186,567 Debt discount, net (51,707 ) (52,203 ) Deferred financing costs, net (5) (39,779 ) (41,577 ) Total debt, net $ 4,019,085 $ 4,092,787 (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 March 31, 2016 and based on the average principal balance outstanding during the period. The average outstanding principal balance of the Revolving Credit Facilities was not significant during the three months ended March 31, 2016 , resulting in an effective interest rate that was not meaningful. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2016 . (3) Represents the weighted average maturity based on the outstanding principal balance as of March 31, 2016 . (4) Variable-rate notes are predominantly hedged with interest rate swaps (see Note 5). (5) The Company records deferred financing costs for its 2015 Credit Facility in deferred costs and other assets, net on its consolidated balance sheets. (6) At the end of the first quarter 2016, the Company borrowed $24.0 million on short notice incurring interest charges at a higher base rate (prime rate) plus an applicable margin. These borrowings were repaid within 5 business days. 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) and includes an accordion feature to increase the committed facility size to up to $1.0 billion , subject to satisfying certain requirements and obtaining additional lender commitments. The 2015 Credit Facility includes a $50.0 million sublimit for swingline loans and up to $60.0 million available for issuances of letters of credit. Swingline loans and letters of credit reduce availability under the 2015 Credit Facility on a dollar-for-dollar basis. On November 3, 2015, the Company entered into a first amendment to the Credit Agreement. The amendment conforms certain of the terms and covenants to those in the Term Loan Agreement, including limiting the requirement of subsidiary guaranties to material subsidiaries (as defined) meeting certain conditions. At March 31, 2016 , there were no subsidiaries meeting this requirement. Borrowings bear interest at either a specified base rate or LIBOR plus an applicable margin, at the Operating Partnership's option. As of March 31, 2016 , the 2015 Credit Facility bore interest at LIBOR plus 1.70% based on the Company's leverage and incurred non-utilization fees of 0.25% per annum. Per the amendment, the Operating Partnership’s election to change the grid pricing from leverage based to credit rating based pricing will initially require at least two credit ratings of BBB- or better from S&P or Fitch or Baa3 or better from Moody’s. 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 or a specified base rate plus 0.0% to 0.55% 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, in each case depending on the Corporation's credit rating. 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 material subsidiaries that meet certain conditions (as defined in the Credit Agreement). 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 $3.9 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the 2015 Credit Facility. As of March 31, 2016 and December 31, 2015 , the unamortized deferred financing costs relating to the 2015 Credit Facility were $2.9 million and $3.2 million , respectively, and recorded in deferred costs and other assets, net on the accompanying consolidated balance sheets. As of March 31, 2016 , $24.0 million of borrowings were outstanding, $8.3 million of letters of credit were issued and $567.7 million of borrowing capacity was available under the 2015 Credit Facility. The Operating Partnership's ability to borrow under the 2015 Credit Facility is subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of March 31, 2016 , 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 had access to a $40.0 million secured revolving line of credit, which expired on March 27, 2016. Term Loan On November 3, 2015, the Company entered into a Term Loan Agreement among the Operating Partnership, as borrower, the Company 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 to up to $600.0 million , subject to obtaining additional lender commitments. During the fourth quarter of 2015, upon obtaining additional lender commitments, the Company increased the term facility from $325.0 million to $370.0 million . 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 a specified base rate or LIBOR plus a margin, at the Operating Partnership’s option. As of March 31, 2016 , the Term Loan bore interest at LIBOR plus 1.60% . Initially, borrowings under the Term Loan bear interest at either LIBOR plus 1.35% to 1.80% per annum or a specified base rate plus 0.35% to 0.80% per annum. Initially, the applicable margin is determined based upon the Corporation’s leverage ratio. If the Corporation obtains at least two credit ratings on its senior unsecured long-term indebtedness of BBB- from S&P or Fitch, Inc. or Baa3 from Moody's, the Operating Partnership may make an irrevocable election to have the margin based upon the Corporation's credit ratings, in which case borrowings under the Term Loan will bear interest at either LIBOR plus 0.90% to 1.75% per annum or a specified base rate plus 0.0% to 0.75% per annum, in each case depending on the Corporation’s credit ratings. The Operating Partnership may voluntarily prepay the Term Loan, in whole or in part, at any time, without premium or penalty, but subject to applicable LIBOR breakage fees. Payment of the Term Loan is unconditionally guaranteed by the Corporation and, under certain circumstances, by one or more material subsidiaries (as defined in the Term Loan Agreement) of the Corporation. The obligations of the Corporation and any guarantor under the Term Loan are full recourse to the Corporation and each guarantor. As a result of entering into the Term Loan, the Company incurred origination costs of $2.3 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the Term Loan. As of March 31, 2016 and December 31, 2015 , the unamortized deferred financing costs relating to the Term Loan were $2.0 million and $2.1 million , respectively, and recorded net against the principal balance of the Term Loan on the accompanying consolidated balance sheets. As of March 31, 2016 , $334.0 million of borrowings were outstanding and $36.0 million of borrowing capacity was available under the Term Loan. The Operating Partnership's ability to borrow under the Term Loan is subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. The Corporation has unconditionally guaranteed all obligations of the Operating Partnership under the Term Loan Agreement. As of March 31, 2016 , the Corporation and the Operating Partnership 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 of the Corporation. The Master Trust Notes are summarized below: Stated Rates (1) Maturity March 31, December 31, (in Years) (in Thousands) Series 2014-1 Class A1 5.1 % 4.2 $ 62,312 $ 65,027 Series 2014-1 Class A2 5.4 % 4.3 253,300 253,300 Series 2014-2 5.8 % 5.0 228,845 229,674 Series 2014-3 5.7 % 6.0 312,164 312,276 Series 2014-4 Class A1 3.5 % 3.8 150,000 150,000 Series 2014-4 Class A2 4.6 % 13.8 360,000 360,000 Total Master Trust 2014 notes 5.1 % 7.2 1,366,621 1,370,277 Series 2013-1 Class A 3.9 % 2.7 125,000 125,000 Series 2013-2 Class A 5.3 % 7.7 195,732 196,817 Total Master Trust 2013 notes 4.7 % 5.8 320,732 321,817 Total Master Trust Notes 1,687,353 1,692,094 Debt discount, net (21,890 ) (22,909 ) Deferred financing costs, net (18,644 ) (19,345 ) Total Master Trust Notes, net $ 1,646,819 $ 1,649,840 (1) Represents the individual series stated interest rate as of March 31, 2016 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of March 31, 2016 . As of March 31, 2016 , the Master Trust 2014 notes were secured by 929 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 March 31, 2016 , the Master Trust 2013 notes were secured by 307 owned and financed properties issued by a single indirect wholly-owned subsidiary of the Corporation. CMBS As of March 31, 2016 , indirect wholly-owned special purpose entity subsidiaries of the Corporation were borrowers under 133 fixed and 8 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 March 31, 2016 for the fixed-rate notes, excluding the defaulted loans, ranged from 3.90% to 6.62% with a weighted average stated interest rate of 5.81% , and the weighted average stated interest rate for the variable-rate notes was 3.84% . As of March 31, 2016 , these fixed and variable-rate loans were secured by 377 and 83 properties, respectively. The Company entered into interest rate swaps that effectively fixed the interest rates at approximately 5.14% on the variable-rate loans (see Note 5). As of March 31, 2016 and December 31, 2015 , the unamortized deferred financing costs associated with the CMBS loans were $5.3 million and $5.5 million , respectively, and recorded net against the principal balance of the mortgages and notes payable on the accompanying consolidated balance sheets. The deferred financing costs are being amortized to interest expense over the term of the respective loans. As of March 31, 2016 , certain borrowers were in default under the loan agreements relating to four separate CMBS fixed-rate loans where the eight properties securing the respective loans were 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 March 31, 2016 , the aggregate principal balance under the defaulted CMBS loans was $69.1 million , which includes $9.5 million of interest added to principal. In addition, approximately $12.5 million of lender controlled restricted cash is being held in connection with these loans that may be applied to reduce amounts owed. Convertible Notes In May 2014, the Corporation issued $402.5 million aggregate principal amount of 2.875% convertible notes due in 2019 and $345.0 million aggregate principal amount of 3.75% convertible notes due in 2021. Interest on the Convertible Notes is payable semiannually in arrears on May 15 and November 15 of each year. The 2019 Notes will mature on May 15, 2019 and the 2021 Notes will mature on May 15, 2021 . The Convertible Notes are convertible only during certain periods and, subject to certain circumstances, into cash, shares of the Corporation's common stock, or a combination thereof. The initial conversion rate applicable to each series is 76.3636 per $1,000 principal note (equivalent to an initial conversion price of $13.10 per share of common stock, representing a 22.5% premium above the public offering price 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 March 31, 2016 and December 31, 2015 , the unamortized discount was $40.5 million and $42.7 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 sheets, net of financing transaction costs. In connection with the offering, the Company also incurred $19.6 million in deferred financing costs. This amount has been allocated on a pro-rata basis to each of the Convertible Notes and is being amortized to interest expense over the term of each note. As of March 31, 2016 and December 31, 2015 , the unamortized deferred financing costs relating to the Convertible Notes were $13.9 million and $14.7 million , respectively, and recorded net against the Convertible Notes principal balance on the accompanying consolidated balance sheets. Debt Extinguishment During the three months ended March 31, 2016 , the Company extinguished a total of $103.8 million aggregate principal amount of senior mortgage indebtedness with a weighted average contractual interest rate of 6.72% . As a result of these transactions, the Company recognized a net loss on debt extinguishment of approximately $5.3 million . During the three months ended March 31, 2015 , the Company extinguished a total of $162.8 million aggregate principal amount of senior mortgage indebtedness with a weighted average contractual interest rate of 5.76% and terminated the 2013 Credit Facility. As a result of these transactions, the Company recognized a net loss on debt extinguishment of approximately $1.2 million . Debt Maturities As of March 31, 2016 , scheduled debt maturities of the Company’s Revolving Credit Facilities, Term Loan, mortgages and notes payable and Convertible Notes, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2016 (1) $ 19,724 $ 167,830 $ 187,554 2017 27,343 701,829 729,172 2018 42,115 578,537 620,652 2019 44,325 476,000 520,325 2020 39,096 413,206 452,302 Thereafter 249,792 1,350,774 1,600,566 Total $ 422,395 $ 3,688,176 $ 4,110,571 (1) The balloon payment balance in 2016 includes $69.1 million , including $9.5 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 $11.7 million and $57.4 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 2016 2015 Interest expense – Revolving Credit Facilities (1) $ 457 $ 803 Interest expense – Term Loan 1,747 — Interest expense – mortgages and notes payable 41,730 48,408 Interest expense – Convertible Notes 6,127 6,127 Non-cash interest expense: Amortization of deferred financing costs 2,166 2,072 Amortization of net losses related to interest rate swaps 30 28 Amortization of debt (premium)/discount, net 760 476 Total interest expense $ 53,017 $ 57,914 (1) Includes non-utilization fees of approximately $0.4 million for both the three months ended March 31, 2016 and 2015 , respectively.

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , 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 March 31, December 31, Interest Rate Swaps (1) Accounts payable, accrued expenses and other liabilities $ 61,758 5.14 % 01/02/14 12/13/18 $ (1,585 ) $ (934 ) $ (1,585 ) $ (934 ) (1) Represents a tranche of eight individual interest rate swap agreements with notional amounts ranging from $7.6 million to $7.9 million . The payment terms, stated interest rate, effective date, and maturity date of these swaps are consistent with the terms of the debt. The following tables provide information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Amount of Loss Recognized in AOCL on Derivative (Effective Portion) Three Months Ended Derivatives in Cash Flow Hedging Relationships 2016 2015 Interest rate swaps $ (856 ) $ (852 ) Amount of Loss Reclassified from AOCL into Operations (Effective Portion) Three Months Ended Location of Loss Reclassified from AOCL into Operations 2016 2015 Interest expense $ (235 ) $ (317 ) Amount of Loss Recognized in Operations on Derivative (Ineffective Portion) Three Months Ended Location of Loss Recognized in Operations on Derivatives 2016 2015 General and administrative expense $ — $ (4 ) Approximately $0.8 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	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity ATM Program During the three months ended March 31, 2016 , the Corporation sold 1.3 million shares of its common stock under its ATM Program, at a weighted average share price of $11.10 , for aggregate gross proceeds of $14.2 million and aggregate net proceeds of $13.9 million after payment of commissions and other issuance costs of $0.3 million . The net proceeds were used to fund acquisitions, repay borrowings under the Revolving Credit Facilities and for general corporate purposes. As of March 31, 2016 , $89.3 million in gross proceeds capacity remained available under the ATM Program. Stock Repurchase Program In February 2016, the Company's Board of Directors approved a stock repurchase program, which authorizes the Company to purchase up to $200.0 million of its common stock in the open market or through private transactions from time to time over the next 18 months. The stock repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended at any time at the Company's discretion. The Company intends to fund any repurchases with the net proceeds from asset sales, cash flows from operations, existing cash on the balance sheet and other sources. During the three months ended March 31, 2016 , no stock was repurchased under the stock repurchase program. Repurchase of Shares of Common Stock During the three months ended March 31, 2016 , portions of awards of restricted common stock and performance share awards granted to certain of the Company's officers and other employees vested. The vesting of these awards, 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 0.1 million shares of common stock valued at $0.7 million , solely to pay the associated minimum statutory tax withholdings during the three months ended March 31, 2016 . The Company records its repurchased shares of common stock using the cost method. Shares repurchased are considered retired under Maryland law and the cost of the stock repurchased is recorded as a reduction to common stock and accumulated deficit on the consolidated balance sheets. Dividends Declared For the three months ended March 31, 2016 , 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 15, 2016 $ 0.17500 March 31, 2016 $ 77,596 April 15, 2016 (1) Net of estimated forfeitures of approximately $5,000 during the three months ended March 31, 2016 , for dividends declared on employee restricted stock awards that are reported in general and administrative on the accompanying consolidated statements of operations. The dividend declared on March 15, 2016 was paid on April 15, 2016 and is included in accounts payable, accrued expenses and other liabilities as of March 31, 2016 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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, (collectively, the "Debtors") filed petitions for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. At the time of the filing, Haggen Operations Holdings, LLC leased 20 properties on a triple net basis from a subsidiary of the Company under a master lease with initial 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. A subsidiary of the Company and the debtors entered into a settlement agreement whereby the subsidiary consented to the partial assumption and partial rejection of the master lease permitting (a) the assumption of nine stores subject to the lease and their assignment to three unaffiliated grocery operators with winning bids in an auction of the respective leaseholds, (b) the rejection of the leasehold with respect to six of the stores and their return to the Company's possession, and (c) the assumption and continued operation by the tenant of five of the stores. Under the settlement agreement, the subsidiary of the Company received an unsecured stipulated damages claim for $21.0 million against each of Haggen Operations Holdings, LLC and Haggen Holdings, LLC, as well as certain agreed upon fees, expenses and cure payments in the bankruptcy. The court approved the settlement agreement in an order entered November 25, 2015. The bankruptcy proceeding remains ongoing, and there is no guaranty that the claims will be paid or otherwise satisfied in full. As of March 31, 2016 , there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. As of March 31, 2016 , the Company had commitments totaling $30.1 million , of which $3.0 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. Of the $30.1 million of total commitments, $29.8 million is expected to be funded during fiscal year 2016 . In addition, the Company is contingently liable for $5.7 million of debt owed by one of its tenants and is indemnified by that tenant for any payments the Company may be required to make on such debt. The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The Company’s assets and liabilities that are required to be measured at fair value in the accompanying consolidated financial statements are summarized below. The following table sets forth the Company’s financial liabilities that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Fair Value Level 1 Level 2 Level 3 March 31, 2016 Derivatives: Interest rate swaps financial liabilities $ (1,585 ) $ — $ (1,585 ) $ — December 31, 2015 Derivatives: Interest rate swaps financial liabilities $ (934 ) $ — $ (934 ) $ — 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 March 31, 2016 Long-lived assets held and used $ 6,329 $ — $ — $ — $ 6,329 $ (7,235 ) Lease intangible assets 1,723 — — — 1,723 (1,267 ) Other assets — — — — — 324 Long-lived assets held for sale 21,874 — — — 21,874 (3,953 ) $ (12,131 ) December 31, 2015 Long-lived assets held and used $ 60,298 $ (3,207 ) $ — $ — $ 63,505 $ (51,002 ) Lease intangible assets 3,843 — — — 3,843 (3,825 ) Other assets — — — — — (324 ) Long-lived assets held for sale 15,957 (33,563 ) — — 49,520 (14,617 ) $ (69,768 ) (1) Impairment charges are presented for the three months ended March 31, 2016 and for the year ended December 31, 2015 . The fair values of impaired real estate and intangible assets were determined by using the following information, depending on availability, in order of preference: signed purchase and sale agreements or letters of intent; recently quoted bid or ask prices, or market prices for comparable properties; estimates of cash flow, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, and expenses based upon market conditions; and expectations for the use of the real estate. Based on these inputs, the Company determined that its valuation of the impaired real estate and intangible assets falls within Level 3 of the fair value hierarchy. Estimated Fair Value of Financial Instruments Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the accompanying consolidated balance sheets. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at March 31, 2016 and December 31, 2015 . 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, Term Loan, 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, Term Loan, Convertible Notes and mortgages and notes payable were measured using a market approach from nationally recognized financial institutions with market observable inputs such as interest rates and credit analytics. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands): March 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 101,602 $ 107,284 $ 104,003 $ 110,019 Revolving Credit Facilities 24,000 24,430 — — Term Loan, net (1) 332,019 334,206 322,902 338,366 Mortgages and notes payable, net (1) 2,969,893 3,151,982 3,079,787 3,220,239 Convertible Notes, net (1) 693,173 751,519 690,098 713,095 (1) 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	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Significant Credit and Revenue Concentration	Significant Credit and Revenue Concentration As of March 31, 2016 and December 31, 2015 , the Company’s real estate investments are operated by 435 and 438 tenants, respectively, that operate within retail, office and industrial property types across various industries throughout the U.S. 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 March 31, 2016 and 2015 , contributed 9.1% and 12.8% of the Company's Normalized Revenue from continuing operations, respectively. No other tenant contributed 4% or more of the Company’s Normalized Revenue during any of the periods presented. As of both March 31, 2016 and December 31, 2015 , the Company's net investment in Shopko properties represents approximately 6.9% of the Company’s total assets and the Company's real estate investment in Shopko represents approximately 9.0% of the Company's total real estate investment portfolio.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table presents the supplemental cash flow disclosures (in thousands): Three Months Ended 2016 2015 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Reduction of debt through sale of certain real estate properties $ — $ 3,615 Reduction of debt in exchange for collateral assets 13,631 — Net real estate and other collateral assets surrendered to lender 19,942 — Accrued interest capitalized to principal (1) 1,260 1,799 Accrued performance share dividend rights 174 115 (1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Incentive Award Plan	Incentive Award Plan As of March 31, 2016 , 0.8 million shares remained available for award under the Incentive Award Plan. On March 30, 2016, the Company's Board of Directors adopted, subject to stockholder approval, an amendment and restatement of the Incentive Award Plan, which would increase the number of shares of common stock reserved for issuance thereunder by 5,500,000 shares. Restricted Shares of Common Stock During the three months ended March 31, 2016 , the Company granted 0.4 million restricted shares under the Incentive Award Plan to certain executive officers and employees. The Company recorded $3.8 million in deferred compensation associated with these grants, which will be recognized in expense over the service period of the awards. As of March 31, 2016 , there were approximately 0.8 million unvested restricted shares outstanding. Performance Share Awards During the three months ended March 31, 2016 , the Board of Directors or committee thereof approved an initial target grant of 310,706 performance shares to executive officers of the Company. The performance period of this grant runs from January 1, 2016 through December 31, 2018. Potential shares of the Corporation's common stock that each participant is eligible to receive is based on the initial target number of shares granted multiplied by a percentage range between 0% and 250% . Grant date fair value was calculated using the Monte Carlo simulation model, which incorporated stock price correlation, projected dividend yields and other variables over the time horizons matching the performance periods. Stock-based compensation expense associated with unvested performance share awards is recognized on a straight-line basis over the minimum required service period, which is generally three years. Based on the grant date fair value, the Corporation expects to recognize $5.0 million in compensation expense on a straight-line basis over the requisite service period associated with this market-based grant. Approximately $0.3 million and $0.2 million in dividend rights have been accrued for non-vested performance share awards outstanding as of March 31, 2016 and December 31, 2015 , respectively. For outstanding non-vested awards at March 31, 2016 , 0.6 million shares would have been released based on the Corporation's TSR relative to the specified peer groups through that date. During the three months ended March 31, 2016 , 53,533 shares were released at target in connection with qualifying terminations of participants. Stock-based Compensation Expense For the three months ended March 31, 2016 and 2015 , the Company recognized $2.3 million and $3.8 million , respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of March 31, 2016 , the remaining unamortized stock-based compensation expense, including amounts relating to the performance share awards, totaled $15.2 million , including $7.4 million related to restricted stock awards and $7.8 million related to performance share awards, which is recognized as the greater of the amount amortized on a straight-line basis over the service period of each applicable award or the amount vested over the vesting periods.

Income Per Share

Income Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Income Per Share	Income Per Share Income per share has been computed using the two-class method. Income per common share under the two-class method is computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of 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 from continuing operations in the computation of net income attributable to common stockholders. The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands): Three Months Ended 2016 2015 Basic and diluted income: Income from continuing operations $ 13,441 $ 13,761 Gain on disposition of assets 12,562 11,336 Less: income attributable to unvested restricted stock (127 ) (209 ) Income used in basic and diluted income per share from continuing operations 25,876 24,888 Income from discontinued operations — 227 Net income attributable to common stockholders used in basic and diluted income per share $ 25,876 $ 25,115 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 442,033,226 412,195,685 Less: unvested weighted average shares of restricted stock (667,299 ) (1,177,790 ) Weighted average shares of common stock outstanding used in basic income per share 441,365,927 411,017,895 Net income per share attributable to common stockholders—basic $ 0.06 $ 0.06 Diluted weighted average shares of common stock outstanding: (1) Unvested performance shares — 598,015 Stock options 2,480 6,524 Weighted average shares of common stock outstanding used in diluted income per share 441,368,407 411,622,434 Net income per share attributable to common stockholders—diluted $ 0.06 $ 0.06 Potentially dilutive shares of common stock Unvested shares of restricted stock 67,709 457,283 Total 67,709 457,283 (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.

Costs Associated With Restructu

Costs Associated With Restructuring Activities	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Costs Associated With Restructuring Activities	Costs Associated With Restructuring Activities On November 16, 2015, the Company’s Board of Directors approved the strategic decision to relocate its headquarters from Scottsdale, Arizona to Dallas, Texas. The Company began occupying temporary office space in the new headquarters in the spring of 2016, and the Company anticipates the move will be finalized by the end of 2016. As a result of moving its corporate headquarters, the Company is incurring various restructuring charges, including employee separation and relocation costs. Restructuring charges incurred for the three months ended March 31, 2016 totaled $0.6 million and are included within restructuring charges on the accompanying consolidated statements of operations. To date, the Company has incurred restructuring charges totaling $7.7 million . The following table presents a reconciliation of the liability attributable to restructuring charges incurred as of March 31, 2016 , which is recorded within accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets (in thousands): Employee Separation/Relocation Costs Other Restructuring Costs Total Beginning balance, as of December 31, 2015 $ 5,754 $ 172 $ 5,926 Accruals 196 453 649 Payments (1,316 ) (405 ) (1,721 ) Ending balance, as of March 31, 2016 $ 4,634 $ 220 $ 4,854 The Company currently anticipates to incur total relocation costs of approximately $20.7 million , of which $10.3 million is restructuring, $5.1 million is capitalized costs related to tenant improvements and fixtures for the new corporate headquarters and $5.3 million represents other relocation costs primarily for redundant office space and employee salaries and benefits of departing employees during the transition phase.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 15, 2016, the Company completed an underwritten public offering of 34.5 million shares of its common stock, at $11.15 per share, including 4.5 million shares sold pursuant to the underwriters' option to purchase additional shares. Gross proceeds raised were approximately $384.7 million ; net proceeds were approximately $368.9 million after deducting underwriter discounts and offering costs paid by the Company. The net proceeds were primarily used to reduce amounts outstanding under the Term Loan. During April 2016 and prior to the public offering above, the Corporation sold an additional 1.7 million shares of its common stock under its ATM Program, at a weighted average share price of $11.22, for aggregate gross proceeds of $19.4 million and aggregate net proceeds of $19.1 million after payment of commissions and other issuance costs of $0.3 million. The net proceeds were used to fund acquisitions and for general corporate purposes. On April 27, 2016, the Company expanded the borrowing capacity under the 2015 Credit Facility from $600.0 million to $800.0 million by partially exercising the accordion feature under the terms of the Credit Agreement.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	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, 2015 .
Consolidation	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.
Special Purpose Entities	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.
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 $11.8 million and $11.5 million at March 31, 2016 and December 31, 2015 , respectively, against accounts receivable balances of $26.9 million and $26.3 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 $9.9 million and $12.2 million at March 31, 2016 and December 31, 2015 , respectively, against deferred rental revenue receivables of $70.8 million and $68.0 million , respectively. Deferred rental revenue receivables are recorded 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.
Reclassifications	Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period presentation.
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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the existing guidance for lease accounting, Leases (Topic 840) . ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies many aspects of accounting for share-based payment transactions under ASC Topic 718, Compensation - Stock Compensation , including income tax consequences, classification of awards as either equity or liability, forfeiture rate calculations and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Restricted Cash and Escrow Deposits	Restricted cash and deposits in escrow, classified within deferred costs and other assets, net in the accompanying consolidated balance sheets consisted of the following (in thousands): March 31, December 31, Collateral deposits (1) $ 13,903 $ 14,475 Tenant improvements, repairs, and leasing commissions (2) 8,708 8,362 Master Trust Release (3) 42,670 12,091 1031 Exchange proceeds, net 2 39,869 Loan impounds (4) 1,054 1,025 Other (5) 1,178 1,823 $ 67,515 $ 77,645 (1) Funds held in reserve by lenders which can be applied at their discretion 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 scheduled debt service requirements are met.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization	During the three months ended March 31, 2016 , the Company had the following real estate and loan activity, net of accumulated depreciation and amortization: Number of Properties Dollar Amount of Investments Owned (4) Financed Total Owned Financed Total (In Thousands) Gross balance, December 31, 2015 2,485 144 2,629 $ 8,199,571 $ 104,003 $ 8,303,574 Acquisitions/improvements (1) (3) 15 — 15 76,010 — 76,010 Dispositions of real estate (2) (3) (33 ) — (33 ) (113,471 ) — (113,471 ) Principal payments and payoffs — (1 ) (1 ) — (2,121 ) (2,121 ) (Impairments)/recoveries — — — (12,452 ) 324 (12,128 ) Write-off of gross lease intangibles — — — (1,771 ) — (1,771 ) Loan premium amortization and other — — — (30 ) (604 ) (634 ) Gross balance, March 31, 2016 2,467 143 2,610 $ 8,147,857 $ 101,602 $ 8,249,459 Accumulated depreciation and amortization (1,116,106 ) — (1,116,106 ) Other non-real estate assets held for sale 1,700 — 1,700 Net balance, March 31, 2016 $ 7,033,451 $ 101,602 $ 7,135,053 (1) Includes investments of $3.1 million in revenue producing capitalized expenditures, as well as $0.4 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 dispositions of real estate was $17.3 million . (3) During the three months ended March 31, 2016 , pursuant to 1031 Exchanges, the Company sold 4 properties for $21.0 million . Of this amount, and including $39.9 million of 2015 proceeds, $60.9 million was used to partially fund 10 property acquisitions. (4) At March 31, 2016 and December 31, 2015 , 31 and 36 , respectively, of the Company's properties were vacant and in the Company’s possession; of these vacant properties, 9 and 12 , 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 March 31, 2016 (in thousands): Remainder of 2016 $ 443,714 2017 579,699 2018 565,883 2019 547,960 2020 526,685 Thereafter 3,889,569 Total future minimum rentals $ 6,553,510
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): March 31, December 31, Mortgage loans - principal $ 88,040 $ 90,096 Mortgage loans - premium 9,382 9,986 Mortgages loans, net 97,422 100,082 Other note receivables - principal 4,180 4,245 Allowance for loan losses — (324 ) Other note receivables, net 4,180 3,921 Total loans receivable, net $ 101,602 $ 104,003
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, December 31, In-place leases $ 643,725 $ 649,182 Above-market leases 96,490 98,056 Less: accumulated amortization (231,126 ) (220,520 ) Intangible lease assets, net $ 509,089 $ 526,718 Below-market leases $ 234,557 $ 238,039 Less: accumulated amortization (47,346 ) (44,136 ) Intangible lease liabilities, net $ 187,211 $ 193,903
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases	The components of real estate investments held under direct financing leases were as follows (in thousands): March 31, December 31, Minimum lease payments receivable $ 11,517 $ 12,702 Estimated residual value of leased assets 41,091 43,789 Unearned income (11,109 ) (12,167 ) Real estate assets under direct financing leases, net $ 41,499 $ 44,324
Schedule of Activity in Real Estate Assets Held for Sale	The following table shows the activity in real estate assets held for sale for the three months ended March 31, 2016 (dollars in thousands): Number of Properties Carrying Value Balance, December 31, 2015 36 $ 85,145 Transfers from real estate investments 20 55,995 Sales (14 ) (25,717 ) Balance, March 31, 2016 42 $ 115,423
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 2016 2015 Real estate and intangible asset impairment $ 12,143 $ 1,043 Write-off of lease intangibles due to lease terminations, net 309 512 Loans receivable recovery (324 ) — Total impairments from real estate investment net assets 12,128 1,555 Other impairment 3 103 Total impairment loss in continuing and discontinued operations $ 12,131 $ 1,658

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
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 Maturity (3) March 31, December 31, (in Years) (In Thousands) Revolving Credit Facilities NM 4.20 % (6) 3.0 $ 24,000 $ — Term Loan 2.16 % 2.04 % 2.6 334,000 325,000 Master Trust Notes 5.59 % 5.03 % 7.0 1,687,353 1,692,094 CMBS - fixed-rate 5.34 % 5.81 % 2.6 1,255,960 1,360,215 CMBS - variable-rate (4) 2.95 % 3.84 % 2.7 61,758 61,758 Convertible Notes 5.32 % 3.28 % 4.0 747,500 747,500 Total debt 5.18 % 4.69 % 4.7 4,110,571 4,186,567 Debt discount, net (51,707 ) (52,203 ) Deferred financing costs, net (5) (39,779 ) (41,577 ) Total debt, net $ 4,019,085 $ 4,092,787 (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 March 31, 2016 and based on the average principal balance outstanding during the period. The average outstanding principal balance of the Revolving Credit Facilities was not significant during the three months ended March 31, 2016 , resulting in an effective interest rate that was not meaningful. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2016 . (3) Represents the weighted average maturity based on the outstanding principal balance as of March 31, 2016 . (4) Variable-rate notes are predominantly hedged with interest rate swaps (see Note 5). (5) The Company records deferred financing costs for its 2015 Credit Facility in deferred costs and other assets, net on its consolidated balance sheets. (6) At the end of the first quarter 2016, the Company borrowed $24.0 million on short notice incurring interest charges at a higher base rate (prime rate) plus an applicable margin. These borrowings were repaid within 5 business days.
Schedule of Debt Maturities	As of March 31, 2016 , scheduled debt maturities of the Company’s Revolving Credit Facilities, Term Loan, mortgages and notes payable and Convertible Notes, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2016 (1) $ 19,724 $ 167,830 $ 187,554 2017 27,343 701,829 729,172 2018 42,115 578,537 620,652 2019 44,325 476,000 520,325 2020 39,096 413,206 452,302 Thereafter 249,792 1,350,774 1,600,566 Total $ 422,395 $ 3,688,176 $ 4,110,571 (1) The balloon payment balance in 2016 includes $69.1 million , including $9.5 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 $11.7 million and $57.4 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 2016 2015 Interest expense – Revolving Credit Facilities (1) $ 457 $ 803 Interest expense – Term Loan 1,747 — Interest expense – mortgages and notes payable 41,730 48,408 Interest expense – Convertible Notes 6,127 6,127 Non-cash interest expense: Amortization of deferred financing costs 2,166 2,072 Amortization of net losses related to interest rate swaps 30 28 Amortization of debt (premium)/discount, net 760 476 Total interest expense $ 53,017 $ 57,914 (1) Includes non-utilization fees of approximately $0.4 million for both the three months ended March 31, 2016 and 2015 , respectively.
Master Trust Notes
Debt Instrument [Line Items]
Summary of Debt	The Master Trust Notes are summarized below: Stated Rates (1) Maturity March 31, December 31, (in Years) (in Thousands) Series 2014-1 Class A1 5.1 % 4.2 $ 62,312 $ 65,027 Series 2014-1 Class A2 5.4 % 4.3 253,300 253,300 Series 2014-2 5.8 % 5.0 228,845 229,674 Series 2014-3 5.7 % 6.0 312,164 312,276 Series 2014-4 Class A1 3.5 % 3.8 150,000 150,000 Series 2014-4 Class A2 4.6 % 13.8 360,000 360,000 Total Master Trust 2014 notes 5.1 % 7.2 1,366,621 1,370,277 Series 2013-1 Class A 3.9 % 2.7 125,000 125,000 Series 2013-2 Class A 5.3 % 7.7 195,732 196,817 Total Master Trust 2013 notes 4.7 % 5.8 320,732 321,817 Total Master Trust Notes 1,687,353 1,692,094 Debt discount, net (21,890 ) (22,909 ) Deferred financing costs, net (18,644 ) (19,345 ) Total Master Trust Notes, net $ 1,646,819 $ 1,649,840 (1) Represents the individual series stated interest rate as of March 31, 2016 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of March 31, 2016 .

Derivative and Hedging Activi26

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, December 31, Interest Rate Swaps (1) Accounts payable, accrued expenses and other liabilities $ 61,758 5.14 % 01/02/14 12/13/18 $ (1,585 ) $ (934 ) $ (1,585 ) $ (934 ) (1) Represents a tranche of eight individual interest rate swap agreements with notional amounts ranging from $7.6 million to $7.9 million . The payment terms, stated interest rate, effective date, and maturity date of these swaps are consistent with the terms of the debt.
Summary of Amounts Recorded in AOCL	The following tables provide information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Amount of Loss Recognized in AOCL on Derivative (Effective Portion) Three Months Ended Derivatives in Cash Flow Hedging Relationships 2016 2015 Interest rate swaps $ (856 ) $ (852 ) Amount of Loss Reclassified from AOCL into Operations (Effective Portion) Three Months Ended Location of Loss Reclassified from AOCL into Operations 2016 2015 Interest expense $ (235 ) $ (317 ) Amount of Loss Recognized in Operations on Derivative (Ineffective Portion) Three Months Ended Location of Loss Recognized in Operations on Derivatives 2016 2015 General and administrative expense $ — $ (4 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Summary of Dividends Declared	For the three months ended March 31, 2016 , 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 15, 2016 $ 0.17500 March 31, 2016 $ 77,596 April 15, 2016 (1) Net of estimated forfeitures of approximately $5,000 during the three months ended March 31, 2016 , for dividends declared on employee restricted stock awards that are reported in general and administrative on the accompanying consolidated statements of operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Derivatives: Interest rate swaps financial liabilities $ (1,585 ) $ — $ (1,585 ) $ — December 31, 2015 Derivatives: Interest rate swaps financial liabilities $ (934 ) $ — $ (934 ) $ —
Schedule of Assets at Fair Value on Nonrecurring Basis	The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis (in thousands): Fair Value Hierarchy Level Impairment Charges (1) Description Fair Value Dispositions Level 1 Level 2 Level 3 March 31, 2016 Long-lived assets held and used $ 6,329 $ — $ — $ — $ 6,329 $ (7,235 ) Lease intangible assets 1,723 — — — 1,723 (1,267 ) Other assets — — — — — 324 Long-lived assets held for sale 21,874 — — — 21,874 (3,953 ) $ (12,131 ) December 31, 2015 Long-lived assets held and used $ 60,298 $ (3,207 ) $ — $ — $ 63,505 $ (51,002 ) Lease intangible assets 3,843 — — — 3,843 (3,825 ) Other assets — — — — — (324 ) Long-lived assets held for sale 15,957 (33,563 ) — — 49,520 (14,617 ) $ (69,768 ) (1) Impairment charges are presented for the three months ended March 31, 2016 and for the year ended December 31, 2015 .
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): March 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 101,602 $ 107,284 $ 104,003 $ 110,019 Revolving Credit Facilities 24,000 24,430 — — Term Loan, net (1) 332,019 334,206 322,902 338,366 Mortgages and notes payable, net (1) 2,969,893 3,151,982 3,079,787 3,220,239 Convertible Notes, net (1) 693,173 751,519 690,098 713,095 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following table presents the supplemental cash flow disclosures (in thousands): Three Months Ended 2016 2015 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Reduction of debt through sale of certain real estate properties $ — $ 3,615 Reduction of debt in exchange for collateral assets 13,631 — Net real estate and other collateral assets surrendered to lender 19,942 — Accrued interest capitalized to principal (1) 1,260 1,799 Accrued performance share dividend rights 174 115 (1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Income Per Share (Tables)

Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 net income per share computed using the two-class method (dollars in thousands): Three Months Ended 2016 2015 Basic and diluted income: Income from continuing operations $ 13,441 $ 13,761 Gain on disposition of assets 12,562 11,336 Less: income attributable to unvested restricted stock (127 ) (209 ) Income used in basic and diluted income per share from continuing operations 25,876 24,888 Income from discontinued operations — 227 Net income attributable to common stockholders used in basic and diluted income per share $ 25,876 $ 25,115 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 442,033,226 412,195,685 Less: unvested weighted average shares of restricted stock (667,299 ) (1,177,790 ) Weighted average shares of common stock outstanding used in basic income per share 441,365,927 411,017,895 Net income per share attributable to common stockholders—basic $ 0.06 $ 0.06 Diluted weighted average shares of common stock outstanding: (1) Unvested performance shares — 598,015 Stock options 2,480 6,524 Weighted average shares of common stock outstanding used in diluted income per share 441,368,407 411,622,434 Net income per share attributable to common stockholders—diluted $ 0.06 $ 0.06 Potentially dilutive shares of common stock Unvested shares of restricted stock 67,709 457,283 Total 67,709 457,283 (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.

Costs Associated With Restruc31

Costs Associated With Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Reconciliation of the Liability Attributable to Restructuring Charges Incurred	The following table presents a reconciliation of the liability attributable to restructuring charges incurred as of March 31, 2016 , which is recorded within accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets (in thousands): Employee Separation/Relocation Costs Other Restructuring Costs Total Beginning balance, as of December 31, 2015 $ 5,754 $ 172 $ 5,926 Accruals 196 453 649 Payments (1,316 ) (405 ) (1,721 ) Ending balance, as of March 31, 2016 $ 4,634 $ 220 $ 4,854

Organization - Narrative (Detai

Organization - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties and loans | $	$ 8,249,459	$ 8,303,574
Number of real estate properties	2,610	2,629
Owned Properties
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties and loans | $	$ 8,147,857	$ 8,199,571
Number of real estate properties	2,467	2,485
Gross investment in real estate, percentage	98.80%
Number of owned real estate properties	2,467
Financed Properties
Summary Of Business And Significant Accounting Policies [Line Items]
Gross investment in real estate properties and loans | $	$ 101,602	$ 104,003
Number of real estate properties	143	144
Securing mortgage properties, percentage	1.20%
Securing mortgage properties	143
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) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 7,795,972	$ 7,918,996
Net liabilities	$ 4,343,039	4,429,165
Number of segments | segment	1
Reserves for uncollectible amounts	$ 11,800	11,500
Accounts receivable	26,900	26,300
Provision for losses	9,900	12,200
Deferred rental revenue receivables	70,800	68,000
Provision for income taxes	0
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	4,380,000	4,570,000
Net liabilities	$ 3,070,000	$ 3,190,000

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Schedule of Restricted Cash and Escrow Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	$ 67,515	$ 77,645
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	13,903	14,475
Tenant improvements, repairs and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	8,708	8,362
Master Trust Release
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	42,670	12,091
1031 Exchange proceeds, net
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	2	39,869
Loan impounds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	1,054	1,025
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	$ 1,178	$ 1,823

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2016USD ($)StatePropertyloanrenewal_option	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)Propertyloan
Investment [Line Items]
Gross investment in real estate properties and loans	$ 8,249,459,000		$ 8,303,574,000
Number of real estate properties | Property	2,610		2,629
Number of properties securing borrowings | Property	143
Properties dispersed geographically | State	49
Minimum percentage of investment in real estate properties	10.00%
Number of other notes receivable | loan	2
Allowance for loan losses	$ 0		$ 300,000
Amortization amount to rental revenue for capitalized leases	1,500,000	$ 1,400,000
In-Place Leases
Investment [Line Items]
Leases amortization expenses	11,900,000	$ 12,800,000
Secured Debt
Investment [Line Items]
Notes receivable	$ 3,900,000
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	12.00%
Mortgages
Investment [Line Items]
Number of mortgages or notes on nonaccruals status | loan	0		0
Notes
Investment [Line Items]
Number of mortgages or notes on nonaccruals status | loan	0		1

Investments - Summary of Real E

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Property
Number of Properties
Gross balance, December 31, 2015 | Property	2,629
Acquisitions/improvements | Property	15
Dispositions of real estate | Property	(33)
Principal payments and payoffs | Property	(1)
(Impairments)/recoveries | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	0
Gross balance, March 31, 2016 | Property	2,610
Dollar Amount of Investments
Gross balance, December 31, 2015	$ 8,303,574
Acquisitions/improvements	76,010
Dispositions of real estate	(113,471)
Principal payments and payoffs	(2,121)
(Impairments)/recoveries	(12,128)
Write-off of gross lease intangibles	(1,771)
Loan premium amortization and other	(634)
Gross balance, March 31, 2016	8,249,459
Accumulated depreciation and amortization	(1,116,106)
Other non-real estate assets held for sale	1,700
Net balance, March 31, 2016	$ 7,135,053
Owned Properties
Number of Properties
Gross balance, December 31, 2015 | Property	2,485
Acquisitions/improvements | Property	15
Dispositions of real estate | Property	(33)
Principal payments and payoffs | Property	0
(Impairments)/recoveries | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	0
Gross balance, March 31, 2016 | Property	2,467
Dollar Amount of Investments
Gross balance, December 31, 2015	$ 8,199,571
Acquisitions/improvements	76,010
Dispositions of real estate	(113,471)
Principal payments and payoffs	0
(Impairments)/recoveries	(12,452)
Write-off of gross lease intangibles	(1,771)
Loan premium amortization and other	(30)
Gross balance, March 31, 2016	8,147,857
Accumulated depreciation and amortization	(1,116,106)
Other non-real estate assets held for sale	1,700
Net balance, March 31, 2016	$ 7,033,451
Financed Properties
Number of Properties
Gross balance, December 31, 2015 | Property	144
Acquisitions/improvements | Property	0
Dispositions of real estate | Property	0
Principal payments and payoffs | Property	(1)
(Impairments)/recoveries | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	0
Gross balance, March 31, 2016 | Property	143
Dollar Amount of Investments
Gross balance, December 31, 2015	$ 104,003
Acquisitions/improvements	0
Dispositions of real estate	0
Principal payments and payoffs	(2,121)
(Impairments)/recoveries	324
Write-off of gross lease intangibles	0
Loan premium amortization and other	(604)
Gross balance, March 31, 2016	101,602
Accumulated depreciation and amortization	0
Other non-real estate assets held for sale	0
Net balance, March 31, 2016	$ 101,602

Investments - Summary of Real37

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Footnote) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)Property	Dec. 31, 2015Property
Real Estate Properties [Line Items]
Revenue producing capitalized expenditures	$ 3.1
Capitalized maintenance expenditures	0.4
Accumulated depreciation and amortization associated with dispositions of real estate	$ 17.3
Number of properties sold under 1031 Exchanges | Property	4
Amount of properties sold under 1031 Exchanges	$ 21
Amount of properties acquired under 1031 Exchange program using 2015 proceeds	39.9
Amount of properties acquired under 1031 Exchanges	$ 60.9
Number of properties acquired under 1031 Exchanges | Property	10
Properties Vacant
Real Estate Properties [Line Items]
Number of properties | Property	31	36
Property Held For Sale
Real Estate Properties [Line Items]
Number of properties | Property	9	12

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received (Details) $ in Thousands	Mar. 31, 2016USD ($)
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Remainder of 2016	$ 443,714
2,017	579,699
2,018	565,883
2,019	547,960
2,020	526,685
Thereafter	3,889,569
Total future minimum rentals	$ 6,553,510

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Mortgage loans - principal	$ 88,040	$ 90,096
Mortgage loans - premium	9,382	9,986
Mortgages loans, net	97,422	100,082
Other note receivables - principal	4,180	4,245
Allowance for loan losses	0	(324)
Other note receivables, net	4,180	3,921
Total loans receivable, net	$ 101,602	$ 104,003

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Capital Leased Assets [Line Items]
Less: accumulated amortization	$ (231,126)	$ (220,520)
Intangible lease assets, net	509,089	526,718
Less: accumulated amortization	(47,346)	(44,136)
Intangible lease liabilities, net	187,211	193,903
In-Place Leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	643,725	649,182
Above-Market Leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	96,490	98,056
Below-Market Leases
Capital Leased Assets [Line Items]
Intangible lease liabilities, gross	$ 234,557	$ 238,039

Investments - Schedule of Compo

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Minimum lease payments receivable	$ 11,517	$ 12,702
Estimated residual value of leased assets	41,091	43,789
Unearned income	(11,109)	(12,167)
Real estate assets under direct financing leases, net	$ 41,499	$ 44,324

Investments - Schedule of Activ

Investments - Schedule of Activity in Real Estate Assets Held for Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Property
Number of Properties
Balance, December 31, 2015 | Property	36
Transfers from real estate investments | Property	20
Sales | Property	(14)
Balance, March 31, 2016 | Property	42
Carrying Value
Balance, December 31, 2015 | $	$ 85,145
Transfers from real estate investments | $	55,995
Sales | $	(25,717)
Balance, March 31, 2016 | $	$ 115,423

Investments - Summary of Total

Investments - Summary of Total Impairment Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Real estate and intangible asset impairment	$ 12,143	$ 1,043
Write-off of lease intangibles due to lease terminations, net	309	512
Loans receivable recovery	(324)	0
Total impairments from real estate investment net assets	12,128	1,555
Other impairment	3	103
Total impairment loss in continuing and discontinued operations	$ 12,131	$ 1,658

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)business_day	Jan. 01, 2016USD ($)	Dec. 31, 2015USD ($)	Nov. 03, 2015USD ($)	May. 31, 2014USD ($)
Debt Instrument [Line Items]
Total debt, gross	$ 4,110,571		$ 4,186,567
Debt discount, net	(51,707)		(52,203)
Deferred financing costs, net	(39,779)		(41,577)
Total debt, net	$ 4,019,085		4,092,787
Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.18%
Weighted Average Stated Rates	4.69%
Weighted Average Maturity	4 years 8 months 12 days
Revolving Credit Facilities
Debt Instrument [Line Items]
Total debt, gross	$ 24,000		0
Subsequent payment period | business_day	5
Revolving Credit Facilities | Weighted Average
Debt Instrument [Line Items]
Weighted Average Stated Rates	4.20%
Weighted Average Maturity	3 years
Term Loan
Debt Instrument [Line Items]
Total debt, gross	$ 334,000	$ 370,000	325,000	$ 325,000
Deferred financing costs, net	$ (2,000)		(2,100)
Term Loan | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	2.16%
Weighted Average Stated Rates	2.04%
Weighted Average Maturity	2 years 7 months 6 days
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	$ 1,687,353		1,692,094
Debt discount, net	(21,890)		(22,909)
Deferred financing costs, net	(18,644)		(19,345)
Total debt, net	$ 1,646,819		1,649,840
Master Trust Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.59%
Weighted Average Stated Rates	5.03%
Weighted Average Maturity	7 years
CMBS - fixed-rate
Debt Instrument [Line Items]
Total debt, gross	$ 1,255,960		1,360,215
CMBS - fixed-rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.34%
Weighted Average Stated Rates	5.81%
Weighted Average Maturity	2 years 7 months 6 days
CMBS - variable-rate
Debt Instrument [Line Items]
Total debt, gross	$ 61,758		61,758
CMBS - variable-rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	2.95%
Weighted Average Stated Rates	3.84%
Weighted Average Maturity	2 years 8 months 12 days
Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 747,500		747,500
Deferred financing costs, net	$ (13,900)		$ (14,700)		$ (19,600)
Convertible Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	5.32%
Weighted Average Stated Rates	3.28%
Weighted Average Maturity	4 years

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2016	Mar. 27, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Unamortized deferred finance costs		$ 39,779,000		$ 41,577,000
Amount outstanding		$ 24,000,000		0
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	3,900,000
Amount outstanding		$ 24,000,000
Letters of credit issued		8,300,000
Line of credit facility remaining borrowing capacity		$ 567,700,000
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		1.70%
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 | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.00%
Unsecured Debt | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.55%
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
Deferred Costs And Other Assets | Revolving Line of Credit
Line of Credit Facility [Line Items]
Unamortized deferred finance costs		$ 2,900,000		$ 3,200,000

Debt - Term Loan - Narrative (D

Debt - Term Loan - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Jan. 01, 2016USD ($)	Dec. 31, 2015USD ($)	Nov. 03, 2015USD ($)extension_option
Debt Instrument [Line Items]
Total debt, gross	$ 4,110,571		$ 4,186,567
Number of one-year extension options | extension_option				2
Unamortized deferred finance costs	39,779		41,577
Term Loan
Debt Instrument [Line Items]
Total debt, gross	334,000	$ 370,000	325,000	$ 325,000
Deferred financing costs, gross	2,300
Unamortized deferred finance costs	2,000		$ 2,100
Unused borrowing capacity	$ 36,000
Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Minimum | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Minimum | Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.35%
Maximum | Term Loan
Debt Instrument [Line Items]
Total debt, gross				$ 600,000
Maximum | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.80%
Maximum | Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.80%
Achievement of Two of Three Credit Ratings, S&P at least BBB-, Fitch at least BBB-, Moody's at least Baa3 | Minimum | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
Achievement of Two of Three Credit Ratings, S&P at least BBB-, Fitch at least BBB-, Moody's at least Baa3 | Minimum | Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Achievement of Two of Three Credit Ratings, S&P at least BBB-, Fitch at least BBB-, Moody's at least Baa3 | Maximum | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Achievement of Two of Three Credit Ratings, S&P at least BBB-, Fitch at least BBB-, Moody's at least Baa3 | Maximum | Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%

Debt - Summary of Debt - Master

Debt - Summary of Debt - Master Trust Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt, gross	$ 4,110,571	$ 4,186,567
Debt discount, net	(51,707)	(52,203)
Deferred financing costs, net	(39,779)	(41,577)
Total debt, net	4,019,085	4,092,787
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	1,687,353	1,692,094
Debt discount, net	(21,890)	(22,909)
Deferred financing costs, net	(18,644)	(19,345)
Total debt, net	$ 1,646,819	1,649,840
Master Trust Notes | Series 2014-1 Class A1
Debt Instrument [Line Items]
Stated interest rates	5.10%
Maturity	4 years 2 months 12 days
Total debt, gross	$ 62,312	65,027
Master Trust Notes | Series 2014-1 Class A2
Debt Instrument [Line Items]
Stated interest rates	5.40%
Maturity	4 years 3 months 18 days
Total debt, gross	$ 253,300	253,300
Master Trust Notes | Series 2014-2
Debt Instrument [Line Items]
Stated interest rates	5.80%
Maturity	5 years
Total debt, gross	$ 228,845	229,674
Master Trust Notes | Series 2014-3
Debt Instrument [Line Items]
Stated interest rates	5.70%
Maturity	6 years
Total debt, gross	$ 312,164	312,276
Master Trust Notes | Series 2014-4 Class A1
Debt Instrument [Line Items]
Stated interest rates	3.50%
Maturity	3 years 9 months 18 days
Total debt, gross	$ 150,000	150,000
Master Trust Notes | Series 2014-4 Class A2
Debt Instrument [Line Items]
Stated interest rates	4.60%
Maturity	13 years 9 months 18 days
Total debt, gross	$ 360,000	360,000
Master Trust Notes | Total Master Trust 2014 notes
Debt Instrument [Line Items]
Stated interest rates	5.10%
Maturity	7 years 2 months 12 days
Total debt, gross	$ 1,366,621	1,370,277
Master Trust Notes | Series 2013-1 Class A
Debt Instrument [Line Items]
Stated interest rates	3.90%
Maturity	2 years 8 months 12 days
Total debt, gross	$ 125,000	125,000
Master Trust Notes | Series 2013-2 Class A
Debt Instrument [Line Items]
Stated interest rates	5.30%
Maturity	7 years 8 months 12 days
Total debt, gross	$ 195,732	196,817
Master Trust Notes | Total Master Trust 2013 notes
Debt Instrument [Line Items]
Stated interest rates	4.70%
Maturity	5 years 9 months 18 days
Total debt, gross	$ 320,732	$ 321,817

Debt - Master Trust Notes - Nar

Debt - Master Trust Notes - Narrative (Details)	Mar. 31, 2016SubsidiaryProperty
Debt Instrument [Line Items]
Number of properties securing borrowings	143
Master Trust 2014 notes
Debt Instrument [Line Items]
Number of properties securing borrowings	929
Debt issued by, number of subsidiaries | Subsidiary	5
Master Trust 2013 notes
Debt Instrument [Line Items]
Number of properties securing borrowings	307

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)PropertyLoanloan	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Number of properties securing borrowings | Property	143
Unamortized deferred finance costs	$ 39,779	$ 41,577
Weighted Average
Debt Instrument [Line Items]
Stated interest rates	4.69%
CMBS - fixed-rate | Weighted Average
Debt Instrument [Line Items]
Stated interest rates	5.81%
CMBS - variable-rate | Weighted Average
Debt Instrument [Line Items]
Stated interest rates	3.84%
CMBS Loans
Debt Instrument [Line Items]
Unamortized deferred finance costs	$ 5,300	$ 5,500
CMBS Loans | CMBS - fixed-rate
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	133
Number of properties securing borrowings | Property	377
Number of CMBS loans in default | Loan	4
Number of properties securing loans | Property	8
Debt default amount	$ 69,100
Interest added to principal	9,500
Restricted cash	$ 12,500
CMBS Loans | CMBS - fixed-rate | Minimum
Debt Instrument [Line Items]
Stated interest rates	3.90%
Default interest rate	9.67%
CMBS Loans | CMBS - fixed-rate | Maximum
Debt Instrument [Line Items]
Stated interest rates	6.62%
Default interest rate	10.88%
CMBS Loans | CMBS - variable-rate
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	8
Number of properties securing borrowings | Property	83
Fixed interest rate, interest rate swaps	5.14%

Debt - Convertible Notes - Narr

Debt - Convertible Notes - Narrative (Details)	May. 31, 2014USD ($)$ / shares	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Unamortized deferred finance costs		$ 39,779,000	$ 41,577,000
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	40,500,000	42,700,000
Unamortized deferred finance costs	19,600,000	$ 13,900,000	$ 14,700,000
Convertible Senior Notes | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 402,500,000
Stated interest rates	2.875%
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 345,000,000
Stated interest rates	3.75%

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Loss on debt extinguishment	$ 5,341	$ 1,230
Master Trust Notes
Debt Instrument [Line Items]
Amount of debt defeasance	$ 103,800	$ 162,800
Weighted average contractual interest rate	6.72%	5.76%
Loss on debt extinguishment	$ 5,300	$ 1,200

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Scheduled Principal Payments For Borrowings [Line Items]
Total debt, net	$ 4,019,085	$ 4,092,787
Mortgages and Notes Payable
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2016	187,554
2,017	729,172
2,018	620,652
2,019	520,325
2,020	452,302
Thereafter	1,600,566
Total debt, net	4,110,571
Mortgages and Notes Payable | Scheduled Principal
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2016	19,724
2,017	27,343
2,018	42,115
2,019	44,325
2,020	39,096
Thereafter	249,792
Total debt, net	422,395
Mortgages and Notes Payable | Balloon Payment
Scheduled Principal Payments For Borrowings [Line Items]
Remainder of 2016	167,830
2,017	701,829
2,018	578,537
2,019	476,000
2,020	413,206
Thereafter	1,350,774
Total debt, net	$ 3,688,176

Debt - Schedule of Debt Matur53

Debt - Schedule of Debt Maturities (Footnote) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Loan	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Capitalized interest	$ 1,260	$ 1,799
Mortgages and Notes Payable
Debt Instrument [Line Items]
Stated maturity in 2015	187,554
Stated maturity in 2017	620,652
Mortgages and Notes Payable | CMBS Loans
Debt Instrument [Line Items]
Debt default amount	69,100
Capitalized interest	$ 9,500
Master Trust Notes | CMBS Loans
Debt Instrument [Line Items]
Number of CMBS loans in default | Loan	4
Stated maturity in 2015	$ 11,700
Stated maturity in 2017	$ 57,400

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule Of Interest Expenses [Line Items]
Amortization of deferred financing costs	$ 2,166	$ 2,072
Amortization of net losses related to interest rate swaps	30	28
Amortization of debt (premium)/discount, net	760	476
Total interest expense	53,017	57,914
Revolving Credit Facilities
Schedule Of Interest Expenses [Line Items]
Interest expense	457	803
Term Loan
Schedule Of Interest Expenses [Line Items]
Interest expense	1,747	0
Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	41,730	48,408
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 6,127	$ 6,127

Debt - Summary of Components 55

Debt - Summary of Components of Interest Expense Related to Borrowings (Footnote) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Disclosure [Abstract]
Non-utilization fees	$ 0.4	$ 0.4

Derivative and Hedging Activi56

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Derivative Instruments (Details) - Designated as Hedging Instrument - Interest rate swaps - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair Value of Liability	$ (1,585)	$ (934)
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	$ (1,585)	$ (934)

Derivative and Hedging Activi57

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Derivative Instruments (Footnote) (Details) - Interest rate swaps - Designated as Hedging Instrument - Accounts payable, accrued expenses and other liabilities $ in Thousands	Mar. 31, 2016USD ($)Derivative	Dec. 31, 2015USD ($)Derivative
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives held | Derivative	8	8
Notional amount	$ 61,758
Minimum
Derivatives, Fair Value [Line Items]
Notional amount	7,600	$ 7,600
Maximum
Derivatives, Fair Value [Line Items]
Notional amount	$ 7,900	$ 7,900

Derivative and Hedging Activi58

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCL (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	$ (235)	$ (317)
General and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Operations on Derivative (Ineffective Portion)	0	(4)
Interest rate swaps | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in AOCL on Derivative (Effective Portion)	$ (856)	$ (852)

Derivative and Hedging Activi59

Derivative and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments loss estimated to be reclassified from AOCL as an increase to interest expense within 12 months	$ 0.8

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016
Subsidiary, Sale of Stock [Line Items]
Payment of commissions and other issuance costs		$ 300,000
Stock repurchase program, authorized amount	$ 200,000,000
Stock repurchase program, period in force	18 months
Stock repurchased during period		$ 0
Shares withheld for taxes (in shares)		0.1
Shares withheld for taxes, value		$ 700,000
Weighted Average
Subsidiary, Sale of Stock [Line Items]
Price per share issued (in USD per share)		$ 11.10
ATM Program
Subsidiary, Sale of Stock [Line Items]
Issuance of common shares (in shares)		1.3
Gross proceeds from common stock offering		$ 14,200,000
Net proceeds from common stock offering		13,900,000
Gross proceeds capacity remaining		$ 89,300,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 15, 2016	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Dividend per share (in USD per share)	$ 0.175	$ 0.175	$ 0.17
Total dividends	$ 77,596

Stockholders' Equity - Summar62

Stockholders' Equity - Summary of Dividends Declared (Footnote) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Equity [Abstract]
Estimated forfeitures for dividends declared on employee restricted stock awards	$ 5

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Nov. 25, 2015USD ($)storebusiness	Sep. 08, 2015USD ($)Property	Mar. 31, 2016USD ($)tenantclaim
Loss Contingencies [Line Items]
Outstanding claims | claim			0
Total commitments			$ 30.1
Total commitments relating to future acquisitions			3
Funded commitments			29.8
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
Subsidiaries
Loss Contingencies [Line Items]
Number of stores assumed from settlement | store	9
Operators assigned to assumed stores | business	3
Stores returned upon settlement | store	6
Positive Outcome of Litigation | Subsidiaries
Loss Contingencies [Line Items]
Unsecured stipulated damages claim received	$ 21

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	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	$ (1,585)	$ (934)
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	(1,585)	(934)
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 - Sch65

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Assets, Impairment Charges	$ (3)	$ (103)
Total Impairment Charges	(12,131)	$ (1,658)
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	6,329		$ 60,298
Lease intangible assets	1,723		3,843
Other assets	0		0
Long-lived assets held for sale	21,874		15,957
Long-lived assets held and used, Dispositions	0		(3,207)
Lease intangible assets, Dispositions	0		0
Other Assets, Dispositions	0		0
Long-lived assets held for sale, Dispositions	0		(33,563)
Long-lived assets held and used, Impairment Charges	(7,235)		(51,002)
Lease intangible assets, Impairment Charges	(1,267)		(3,825)
Other Assets, Impairment Charges	324		(324)
Long-lived assets held for sale, Impairment Charges	(3,953)		(14,617)
Total Impairment Charges	(12,131)		(69,768)
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
Lease intangible assets	0		0
Other assets	0		0
Long-lived assets held for sale	0		0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0		0
Lease intangible assets	0		0
Other assets	0		0
Long-lived assets held for sale	0		0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	6,329		63,505
Lease intangible assets	1,723		3,843
Other assets	0		0
Long-lived assets held for sale	$ 21,874		$ 49,520

Fair Value Measurements - Sch66

Fair Value Measurements - Schedule of Carrying Amount And Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 101,602	$ 104,003
Revolving Credit Facilities	24,000	0
Mortgages and notes payable, net	2,969,893	3,079,787
Convertible Notes, net	693,173	690,098
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	107,284	110,019
Revolving Credit Facilities	24,430	0
Mortgages and notes payable, net	3,151,982	3,220,239
Convertible Notes, net	751,519	713,095
Term Loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan, net	332,019	322,902
Term Loan | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan, net	$ 334,206	$ 338,366

Significant Credit and Revenu67

Significant Credit and Revenue Concentration - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016tenantCustomer	Mar. 31, 2015	Dec. 31, 2015tenantCustomer
Revenue, Major Customer [Line Items]
Number of tenants | tenant	435		438
Revenues
Revenue, Major Customer [Line Items]
Number of tenants			0
Revenues | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Number of tenants	0
Revenues | Minimum
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue			5.00%
Revenues | Minimum | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue	4.00%
Shopko | Revenues | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue	9.10%	12.80%
Shopko | Total Assets | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Rental revenue in percentage of total revenue	6.90%		6.90%
Shopko | Real Estate Investment Portfolio | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Rental revenue by combined properties operated by tenants	9.00%		9.00%

Supplemental Cash Flow Inform68

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Reduction of debt through sale of certain real estate properties	$ 0	$ 3,615
Reduction of debt in exchange for collateral assets	13,631	0
Net real estate and other collateral assets surrendered to lender	19,942	0
Accrued interest capitalized to principal	1,260	1,799
Accrued performance share dividend rights	$ 174	$ 115

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) $ in Millions	Mar. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan (in shares)		800,000
Increase in number of shares reserved for issuance	5,500,000
Performance award plan, shares released, due to termination		53,533
Unamortized stock based compensation expense		$ 15.2
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		2.3	$ 3.8
Non-vested shares of restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense		$ 3.8
Outstanding non vested restricted shares (in shares)		800,000
Unamortized stock based compensation expense		$ 7.4
Non-vested shares of restricted stock | Directors Officers And Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		400,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)		310,706
Required service period		3 years
Stock-based compensation expense		$ 5
Dividend rights accrued		$ 0.3	$ 0.2
Potential grants in period based on total shareholder return (in shares)		600,000
Unamortized stock based compensation expense		$ 7.8
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted		0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted		250.00%

Income Per Share - Schedule of

Income 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
	Mar. 31, 2016	Mar. 31, 2015
Basic and diluted income:
Income from continuing operations	$ 13,441	$ 13,761
Gain on disposition of assets	12,562	11,336
Less: income attributable to unvested restricted stock	(127)	(209)
Income used in basic and diluted income per share from continuing operations	25,876	24,888
Income from discontinued operations	0	227
Net income attributable to common stockholders used in basic and diluted income per share	$ 25,876	$ 25,115
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding (in shares)	442,033,226	412,195,685
Less: unvested weighted average shares of restricted stock (in shares)	(667,299)	(1,177,790)
Weighted average shares of common stock outstanding used in basic income per share (in shares)	441,365,927	411,017,895
Net income per share attributable to common stockholders—basic (in USD per share)	$ 0.06	$ 0.06
Dilutive weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding used in dilutive income per share (in shares)	441,368,407	411,622,434
Net income per share attributable to common stockholders—diluted (in USD per share)	$ 0.06	$ 0.06
Potentially dilutive shares of common stock
Potentially dilutive shares (in shares)	67,709	457,283
Unvested shares of restricted stock
Potentially dilutive shares of common stock
Potentially dilutive shares (in shares)	67,709	457,283
Unvested performance shares
Dilutive weighted average shares of common stock outstanding:
Dilutive weighted average share of common stock (in shares)	0	598,015
Stock options
Dilutive weighted average shares of common stock outstanding:
Dilutive weighted average share of common stock (in shares)	2,480	6,524

Income Per Share - Narrative (D

Income Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	67,709	457,283
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	0

Costs Associated With Restruc72

Costs Associated With Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 649	$ 0	$ 649
Restructuring charges to date	7,700
Expected total relocation costs	20,700
Restructuring
Restructuring Cost and Reserve [Line Items]
Expected total relocation costs	10,300
New Facility
Restructuring Cost and Reserve [Line Items]
Expected total relocation costs	5,100
Other Relocation
Restructuring Cost and Reserve [Line Items]
Expected total relocation costs	$ 5,300

Costs Associated With Restruc73

Costs Associated With Restructuring Activities - Liability Associated with Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Restructuring Reserve [Roll Forward]
Beginning balance	$ 4,854	$ 5,926	$ 5,926
Restructuring charges	649	0	649
Payments			(1,721)
Ending balance			4,854
Employee Separation/Relocation Costs
Restructuring Reserve [Roll Forward]
Beginning balance	4,634	5,754	5,754
Restructuring charges			196
Payments			(1,316)
Ending balance			4,634
Other Restructuring Costs
Restructuring Reserve [Roll Forward]
Beginning balance	$ 220	$ 172	172
Restructuring charges			453
Payments			(405)
Ending balance			$ 220

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	Apr. 15, 2016	Apr. 14, 2016	Mar. 31, 2016	Apr. 27, 2016	Apr. 26, 2016	Mar. 31, 2015
Subsequent Event [Line Items]
Payment of commissions and other issuance costs			$ 300,000
ATM Program
Subsequent Event [Line Items]
Issuance of common shares (in shares)			1.3
Gross proceeds from common stock offering			$ 14,200,000
Net proceeds from common stock offering			$ 13,900,000
Weighted Average
Subsequent Event [Line Items]
Shares issued, weighted average share price (in dollars per share)			$ 11.10
Subsequent Event | Underwritten Public Offering
Subsequent Event [Line Items]
Issuance of common shares (in shares)	34.5
Gross proceeds from common stock offering	$ 384,700,000
Net proceeds from common stock offering	$ 368,900,000
Subsequent Event | ATM Program
Subsequent Event [Line Items]
Issuance of common shares (in shares)		1.7
Gross proceeds from common stock offering		$ 19,400,000
Net proceeds from common stock offering		19,100,000
Payment of commissions and other issuance costs		$ 300,000
Subsequent Event | Weighted Average | Underwritten Public Offering
Subsequent Event [Line Items]
Shares issued, weighted average share price (in dollars per share)	$ 11.15
Subsequent Event | Weighted Average | ATM Program
Subsequent Event [Line Items]
Shares issued, weighted average share price (in dollars per share)		$ 11.22
Underwriters' Option | Subsequent Event | Over-Allotment Option
Subsequent Event [Line Items]
Issuance of common shares (in shares)	4.5
Unsecured Debt
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity						$ 600,000,000
Unsecured Debt | Subsequent Event
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity				$ 800,000,000	$ 600,000,000