Spirit Realty Capital (SRC) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 02, 2017
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Trading Symbol	SRC
Entity Central Index Key	1,308,606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		484,008,492
Spirit Realty, L.P.
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY, L.P.
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate investments:
Land and improvements	$ 2,665,959	$ 2,704,010
Buildings and improvements	4,779,465	4,775,221
Total real estate investments	7,445,424	7,479,231
Less: accumulated depreciation	(966,361)	(940,005)
Real estate investments, net	6,479,063	6,539,226
Loans receivable, net	67,880	66,578
Intangible lease assets, net	459,799	470,276
Real estate assets under direct financing leases, net	27,386	36,005
Real estate assets held for sale, net	130,706	160,570
Net investments	7,164,834	7,272,655
Cash and cash equivalents	9,309	10,059
Deferred costs and other assets, net	160,313	140,917
Goodwill	254,340	254,340
Total assets	7,588,796	7,677,971
Liabilities:
2015 Credit Facility	129,000	86,000
Term Loan, net	418,672	418,471
Senior Unsecured Notes, net	295,169	295,112
Mortgages and notes payable, net	2,109,117	2,162,403
Convertible Notes, net	705,899	702,642
Total debt, net	3,657,857	3,664,628
Intangible lease liabilities, net	175,261	182,320
Accounts payable, accrued expenses and other liabilities	146,836	148,915
Total liabilities	3,979,954	3,995,863
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 750,000,000 shares authorized: 484,026,824 and 483,624,120 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	4,840	4,836
Capital in excess of par value	5,179,327	5,177,086
Accumulated deficit	(1,575,325)	(1,499,814)
Accumulated other comprehensive income	0	0
Total stockholders’ equity	3,608,842	3,682,108
Partners' capital:
Total liabilities and stockholders’ equity	7,588,796	7,677,971
Spirit Realty, L.P.
Real estate investments:
Land and improvements	2,665,959	2,704,010
Buildings and improvements	4,779,465	4,775,221
Total real estate investments	7,445,424	7,479,231
Less: accumulated depreciation	(966,361)	(940,005)
Real estate investments, net	6,479,063	6,539,226
Loans receivable, net	67,880	66,578
Intangible lease assets, net	459,799	470,276
Real estate assets under direct financing leases, net	27,386	36,005
Real estate assets held for sale, net	130,706	160,570
Net investments	7,164,834	7,272,655
Cash and cash equivalents	9,309	10,059
Deferred costs and other assets, net	160,313	140,917
Goodwill	254,340	254,340
Total assets	7,588,796	7,677,971
Liabilities:
2015 Credit Facility	129,000	86,000
Term Loan, net	418,672	418,471
Senior Unsecured Notes, net	295,169	295,112
Mortgages and notes payable, net	2,109,117	2,162,403
Notes payable to Spirit Realty Capital, Inc., net	705,899	702,642
Total debt, net	3,657,857	3,664,628
Intangible lease liabilities, net	175,261	182,320
Accounts payable, accrued expenses and other liabilities	146,836	148,915
Total liabilities	3,979,954	3,995,863
Commitments and contingencies
Partners' capital:
General partner's capital: 3,988,218 units issued and outstanding as of both March 31, 2017 and December 31, 2016	25,957	26,586
Limited partners' capital: 480,038,606 and 479,635,902 units issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	3,582,885	3,655,522
Total partners' capital	3,608,842	3,682,108
Total liabilities and stockholders’ equity	$ 7,588,796	$ 7,677,971

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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)	484,026,824	483,624,120
Common stock, shares outstanding (in shares)	484,026,824	483,624,120
Spirit Realty, L.P.
General partners', shares issued (in shares)	3,988,218	3,988,218
General partners', shares outstanding (in shares)	3,988,218	3,988,218
Limited partners', shares issued (in shares)	480,038,606	479,635,902
Limited partners', shares outstanding (in shares)	480,038,606	479,635,902

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rentals	$ 159,220	$ 161,819
Interest income on loans receivable	892	1,659
Earned income from direct financing leases	612	724
Tenant reimbursement income	3,965	3,824
Other income	733	331
Total revenues	165,422	168,357
Expenses:
General and administrative	13,418	11,649
Restructuring charges	0	649
Property costs	9,051	7,327
Real estate acquisition costs	153	57
Interest	46,623	53,017
Depreciation and amortization	64,994	64,664
Impairments	34,376	12,618
Total expenses	168,615	149,981
(Loss) income before other expense and income tax expense	(3,193)	18,376
Other expense:
Loss on debt extinguishment	(30)	(5,341)
Total other expense	(30)	(5,341)
(Loss) income before income tax expense	(3,223)	13,035
Income tax expense	(165)	(81)
(Loss) income before gain on disposition of assets	(3,388)	12,954
Gain on disposition of assets	16,217	10,146
Net income attributable to common stockholders	$ 12,829	$ 23,100
Net income per share attributable to common stockholders—basic (in USD per share)	$ 0.03	$ 0.05
Net income per share attributable to common stockholders—diluted (in USD per share)	$ 0.03	$ 0.05
Weighted average shares of common stock outstanding:
Basic (in shares)	482,607,198	441,365,927
Diluted (in shares)	482,609,096	441,368,407
Weighted average partnership units outstanding:
Dividends declared per common share issued (in USD per share)	$ 0.18000	$ 0.17500
Spirit Realty, L.P.
Revenues:
Rentals	$ 159,220	$ 161,819
Interest income on loans receivable	892	1,659
Earned income from direct financing leases	612	724
Tenant reimbursement income	3,965	3,824
Other income	733	331
Total revenues	165,422	168,357
Expenses:
General and administrative	13,418	11,649
Restructuring charges	0	649
Property costs	9,051	7,327
Real estate acquisition costs	153	57
Interest	46,623	53,017
Depreciation and amortization	64,994	64,664
Impairments	34,376	12,618
Total expenses	168,615	149,981
(Loss) income before other expense and income tax expense	(3,193)	18,376
Other expense:
Loss on debt extinguishment	(30)	(5,341)
Total other expense	(30)	(5,341)
(Loss) income before income tax expense	(3,223)	13,035
Income tax expense	(165)	(81)
(Loss) income before gain on disposition of assets	(3,388)	12,954
Gain on disposition of assets	16,217	10,146
Net income attributable to common stockholders	12,829	23,100
Net income attributable to the general partner	109	196
Net income attributable to the limited partners	$ 12,720	$ 22,904
Net income per share attributable to common stockholders—diluted (in USD per share)		$ 0.05
Net income per partnership unit - basic (in USD per share)	$ 0.03	0.05
Net income per partnership unit - diluted (in USD per share)	$ 0.03	$ 0.05
Weighted average partnership units outstanding:
Basic (in shares)	482,607,198	441,365,927
Diluted (in shares)	482,609,096	441,368,407

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 12,829	$ 23,100
Other comprehensive income:
Change in net unrealized losses on cash flow hedges	0	(856)
Net cash flow hedge losses reclassified to operations	0	235
Total comprehensive income	12,829	22,479
Spirit Realty, L.P.
Net income	12,829	23,100
Other comprehensive income:
Change in net unrealized losses on cash flow hedges	0	(856)
Net cash flow hedge losses reclassified to operations	0	235
Total comprehensive income	$ 12,829	$ 22,479

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands		Total	Common Stock, Shares	Common Stock, Par Value	Common Stock, Capital in Excess of Par Value	Accumulated Deficit	Spirit Realty, L.P.	General PartnerSpirit Realty, L.P.	[1]	Limited PartnerSpirit Realty, L.P.
Beginning balance (in shares) at Dec. 31, 2016			483,624,120
Beginning balance, value at Dec. 31, 2016		$ 3,682,108		$ 4,836	$ 5,177,086	$ (1,499,814)
Partners' capital account, units (in shares) at Dec. 31, 2016								3,988,218		479,635,902	[2]
Partners' capital, beginning balance, value at Dec. 31, 2016							$ 3,682,108	$ 26,586		$ 3,655,522	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		12,829				12,829	12,829	109		12,720	[2]
Partnership distributions declared							(87,122)	$ (738)		$ (86,384)	[2]
Dividends declared on common stock		(87,122)				(87,122)
Tax withholdings related to net stock settlements (in shares)			(74,882)
Tax withholdings related to net stock settlements		$ (805)		(1)		(804)
Tax withholdings related to net partnership unit settlements (in units)		(100,000)								(74,882)	[2]
Tax withholdings related to net partnership unit settlements							(805)			$ (805)	[2]
Stock-based compensation, net (in shares)			477,586
Stock-based compensation, net		$ 1,832		5	2,241	(414)
Stock-based compensation (in units)	[2]									477,586
Stock-based compensation							1,832			$ 1,832	[2]
Ending balance (in shares) at Mar. 31, 2017			484,026,824
Ending balance, value at Mar. 31, 2017		$ 3,608,842		$ 4,840	$ 5,179,327	$ (1,575,325)
Partners' capital account, units (in shares) at Mar. 31, 2017								3,988,218		480,038,606	[2]
Partners' capital, ending balance, value at Mar. 31, 2017							$ 3,608,842	$ 25,957		$ 3,582,885	[2]
[1]	Consists of general partnership interests held by OP Holdings.
[2]	Consists of limited partnership interests held by the Corporation and Spirit Notes Partner, LLC.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income attributable to common stockholders	$ 12,829	$ 23,100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,994	64,664
Impairments	34,376	12,618
Amortization of deferred financing costs	2,401	2,166
Derivative net settlements, amortization and terminations	0	30
Amortization of debt discounts	3,061	760
Stock-based compensation expense	2,246	2,305
Loss on debt extinguishment	30	5,341
Debt extinguishment costs	(544)	(540)
Gains on dispositions of real estate and other assets, net	(16,217)	(10,146)
Non-cash revenue	(6,390)	(6,587)
Other	1,337	(14)
Changes in operating assets and liabilities:
Deferred costs and other assets, net	534	95
Accounts payable, accrued expenses and other liabilities	(2,398)	(3,085)
Accrued restructuring charges	0	(1,072)
Net cash provided by operating activities	96,259	89,635
Investing activities
Acquisitions of real estate	(135,616)	(72,458)
Capitalized real estate expenditures	(13,312)	(3,552)
Investments in loans receivable	(3,000)	0
Collections of principal on loans receivable and real estate assets under direct financing leases	1,151	2,151
Proceeds from dispositions of real estate and other assets	134,712	89,349
Transfers of net sales proceeds from restricted accounts pursuant to 1031 Exchanges	0	39,867
Transfers of net sales proceeds to Master Trust Release	(15,984)	(30,578)
Net cash (used in) provided by investing activities	(32,049)	24,779
Financing activities
Borrowings under 2015 Credit Facility	230,200	60,000
Repayments under 2015 Credit Facility	(187,200)	(36,000)
Repayments under mortgages and notes payable	(19,335)	(96,732)
Borrowings under Term Loan	0	45,000
Repayments under Term Loan	0	(36,000)
Deferred financing costs	(51)	(125)
Proceeds from issuance of common stock, net of offering costs	0	13,923
Repurchase of shares of common stock	(804)	(738)
Distributions paid	(87,218)	(77,381)
Transfers (from) to reserve/escrow deposits with lenders	(552)	841
Net cash used in financing activities	(64,960)	(127,212)
Net decrease in cash and cash equivalents	(750)	(12,798)
Cash and cash equivalents, beginning of period	10,059	21,790
Cash and cash equivalents, end of period	9,309	8,992
Spirit Realty, L.P.
Operating activities
Net income attributable to common stockholders	12,829	23,100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,994	64,664
Impairments	34,376	12,618
Amortization of deferred financing costs	2,401	2,166
Derivative net settlements, amortization and terminations	0	30
Amortization of debt discounts	3,061	760
Stock-based compensation expense	2,246	2,305
Loss on debt extinguishment	30	5,341
Debt extinguishment costs	(544)	(540)
Gains on dispositions of real estate and other assets, net	(16,217)	(10,146)
Non-cash revenue	(6,390)	(6,587)
Other	1,337	(14)
Changes in operating assets and liabilities:
Deferred costs and other assets, net	534	95
Accounts payable, accrued expenses and other liabilities	(2,398)	(3,085)
Accrued restructuring charges	0	(1,072)
Net cash provided by operating activities	96,259	89,635
Investing activities
Acquisitions of real estate	(135,616)	(72,458)
Capitalized real estate expenditures	(13,312)	(3,552)
Investments in loans receivable	(3,000)	0
Collections of principal on loans receivable and real estate assets under direct financing leases	1,151	2,151
Proceeds from dispositions of real estate and other assets	134,712	89,349
Transfers of net sales proceeds from restricted accounts pursuant to 1031 Exchanges	0	39,867
Transfers of net sales proceeds to Master Trust Release	(15,984)	(30,578)
Net cash (used in) provided by investing activities	(32,049)	24,779
Financing activities
Borrowings under 2015 Credit Facility	230,200	60,000
Repayments under 2015 Credit Facility	(187,200)	(36,000)
Repayments under mortgages and notes payable	(19,335)	(96,732)
Borrowings under Term Loan	0	45,000
Repayments under Term Loan	0	(36,000)
Deferred financing costs	(51)	(125)
Proceeds from issuance of common stock, net of offering costs	0	13,923
Repurchase of partnership units	(804)	(738)
Distributions paid	(87,218)	(77,381)
Transfers (from) to reserve/escrow deposits with lenders	(552)	841
Net cash used in financing activities	(64,960)	(127,212)
Net decrease in cash and cash equivalents	(750)	(12,798)
Cash and cash equivalents, beginning of period	10,059	21,790
Cash and cash equivalents, end of period	$ 9,309	$ 8,992

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Organization	Organization Company Organization and Operations Spirit Realty Capital, Inc. (the "Corporation" or, with its consolidated subsidiaries, 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 began operations through a predecessor legal entity in 2003. The Company’s operations are generally carried out through Spirit Realty, L.P. (the "Operating Partnership") and its subsidiaries. Spirit General OP Holdings, LLC ("OP Holdings"), one of the Corporation's wholly-owned subsidiaries, is the sole general partner and owns approximately 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the 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, 2016 . The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership's first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity. The Company has formed numerous special purpose entities to acquire and hold real estate encumbered by indebtedness (see Note 4). 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, 2017 and December 31, 2016 , net assets totaling $2.87 billion and $2.95 billion , respectively, were held, and net liabilities totaling $2.20 billion and $2.26 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 reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area in which the tenant operates. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. The Company provided for reserves for uncollectible amounts totaling $11.3 million and $6.4 million at March 31, 2017 and December 31, 2016 , respectively, against accounts receivable balances of $28.4 million and $25.3 million , respectively. Receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. Receivables are written off against the reserves for uncollectible amounts when all possible means of collection have been exhausted. For deferred rental revenues related to the straight-line method of reporting rental revenue, the collectability review includes management’s estimates of amounts that will not be realized and an assessment of the risks inherent in the portfolio, giving consideration to historical experience and industry default rates for long-term receivables. The Company established a reserve for losses of $4.9 million at March 31, 2017 and $7.7 million at December 31, 2016 , against deferred rental revenue receivables of $73.8 million and $71.1 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) $ 1,451 $ 1,374 Tenant improvements, repairs, and leasing commissions (2) 10,277 9,739 Master Trust Release (3) 30,395 14,412 Loan impounds (4) 653 670 Other (5) 598 644 $ 43,374 $ 26,839 (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. Goodwill Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. Income Taxes The Company has elected to be taxed as a REIT under the Code. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes and to federal income tax and excise tax on its undistributed income. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations. Taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries are subject to federal, state and local taxes, which are not material. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by the Company as of the specified effective date. 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. Changes in Accounting Principle 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. The Company adopted this new guidance effective January 1, 2017 and made an accounting policy election to recognize stock-based compensation forfeitures as they occur, whereas previously stock-based compensation forfeitures were estimated and recognized based on historical forfeiture rates. This change in accounting principle has been applied prospectively and the change in accounting principle had no material impact on the financial statements of the Company. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which narrows the definition of a business. The Company early adopted the guidance effective January 1, 2017 and application is on a prospective basis. Under the new guidance, the acquisition of a property with an in-place lease generally will no longer be accounted for as an acquisition of a business, but instead as an asset acquisition, meaning the transaction costs of such an acquisition will now be capitalized instead of expensed. Further, dispositions of properties generally no longer qualify as a disposition of a business and therefore will not generate allocated goodwill when determining gain or loss on sale.

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments	Investments Real Estate Investments As of March 31, 2017 , the Company's gross investment in real estate properties and loans totaled approximately $8.2 billion , representing investments in 2,588 properties, including 74 properties or other related assets 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 12.6% , accounting for more than 10% of the total dollar amount of the Company’s real estate investment portfolio. During the three months ended March 31, 2017 , the Company had the following real estate and loan activity, net of accumulated depreciation and amortization: Number of Properties Dollar Amount of Investments Owned Financed Total Owned Financed Total (In Thousands) Gross balance, December 31, 2016 2,541 74 2,615 $ 8,181,076 $ 66,578 $ 8,247,654 Acquisitions/improvements (1) 30 — 30 148,644 3,000 151,644 Dispositions of real estate (2) (57 ) — (57 ) (172,585 ) — (172,585 ) Principal payments and payoffs — — — — (1,151 ) (1,151 ) Impairments — — — (34,376 ) — (34,376 ) Write-off of gross lease intangibles — — — (14,467 ) — (14,467 ) Loan premium amortization and other — — — (5 ) (547 ) (552 ) Gross balance, March 31, 2017 2,514 74 2,588 8,108,287 67,880 8,176,167 Accumulated depreciation and amortization (1,186,594 ) — (1,186,594 ) Net balance, March 31, 2017 $ 6,921,693 $ 67,880 $ 6,989,573 (1) Includes investments of $12.6 million in revenue producing capitalized expenditures, as well as $0.7 million of non-revenue producing capitalized expenditures as of March 31, 2017 . (2) The total accumulated depreciation and amortization associated with dispositions of real estate was $20.6 million as of March 31, 2017 . Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases (including realized rent increases occurring after April 1, 2017) at March 31, 2017 (in thousands): March 31, Remainder of 2017 $ 460,417 2018 603,955 2019 587,767 2020 569,364 2021 540,081 Thereafter 4,127,461 Total future minimum rentals $ 6,889,045 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. 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 $ 54,332 $ 55,410 Mortgage loans - premium, net of amortization 6,647 7,194 Mortgages loans, net 60,979 62,604 Other note receivables - principal 7,401 4,474 Allowance for loan losses (500 ) (500 ) Other note receivables 6,901 3,974 Total loans receivable, net $ 67,880 $ 66,578 The mortgage loans are secured by single-tenant commercial properties and generally have fixed interest rates over the term of the loans. There are four other notes receivable, of which two notes totaling $6.7 million are secured by tenant assets and stock and the remaining two notes are unsecured. 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 $ 621,372 $ 624,723 Above-market leases 87,255 88,873 Less: accumulated amortization (248,828 ) (243,320 ) Intangible lease assets, net $ 459,799 $ 470,276 Below-market leases $ 230,396 $ 236,008 Less: accumulated amortization (55,135 ) (53,688 ) Intangible lease liabilities, net $ 175,261 $ 182,320 The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases were $1.8 million and $1.5 million for the three months ended March 31, 2017 and 2016 , respectively. The value of in-place leases amortized and included in depreciation and amortization expense was $11.2 million and $11.9 million for the three months ended March 31, 2017 and 2016 , 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 $ 8,837 $ 9,456 Estimated residual value of leased assets 27,027 35,640 Unearned income (8,478 ) (9,091 ) Real estate assets under direct financing leases, net $ 27,386 $ 36,005 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, 2017 (dollars in thousands): Number of Properties Carrying Value Balance, December 31, 2016 44 $ 160,570 Transfers from real estate investments held and used 27 59,015 Sales (12 ) (34,619 ) Transfers to real estate investments held and used (6 ) (42,644 ) Impairments (11,616 ) Balance, March 31, 2017 53 $ 130,706 Impairments The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations (in thousands): Three Months Ended 2017 2016 Real estate and intangible asset impairment $ 35,220 $ 12,630 Write-off of lease intangibles, net (844 ) 309 Loans receivable recovery — (324 ) Total impairments from real estate investment net assets 34,376 12,615 Other impairment — 3 Total impairment loss $ 34,376 $ 12,618

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt The debt of the Company and the Operating Partnership are the same, except for the presentation of the Convertible Notes. The Convertible Notes were issued by the Company. Subsequently, an intercompany note between the Company and the Operating Partnership was executed with terms identical to those of the Convertible Notes. Therefore, in the consolidated balance sheet of the Operating Partnership, the amounts related to the Convertible Notes are reflected as notes payable to Spirit Realty Capital, Inc., net. 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) 2015 Credit Facility 4.38 % 2.14 % 2.0 $ 129,000 $ 86,000 Term Loan 2.38 % 2.33 % 1.6 420,000 420,000 Senior Unsecured Notes 4.69 % 4.45 % 9.5 300,000 300,000 Master Trust Notes 5.58 % 5.03 % 6.0 1,667,679 1,672,706 CMBS fixed-rate 5.47 % 5.60 % 3.9 478,687 528,427 Convertible Notes 5.33 % 3.28 % 3.0 747,500 747,500 Total debt 5.04 % 4.31 % 4.8 3,742,866 3,754,633 Debt discount, net (49,923 ) (52,894 ) Deferred financing costs, net (4) (35,086 ) (37,111 ) Total debt, net $ 3,657,857 $ 3,664,628 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs and credit facility fees, where applicable, calculated for the three months ended March 31, 2017 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2017 . (3) Represents the weighted average maturity based on the outstanding principal balance as of March 31, 2017 . (4) The Company records deferred financing costs for its 2015 Credit Facility in deferred costs and other assets, net on its consolidated balance sheets. 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. 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 up to $1.0 billion , subject to satisfying certain requirements and obtaining additional lender commitments. 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. The 2015 Credit Facility also includes a $50.0 million sub-limit for swing-line loans and up to $60.0 million available for issuances of letters of credit. Swing-line 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 guarantees to material subsidiaries (as defined in the Credit Agreement) meeting certain conditions. At March 31, 2017 , 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. Per the amendment, the Operating Partnership’s election to change the grid pricing from leverage based to credit rating based pricing initially requires at least two credit ratings of BBB- or better from S&P or Fitch or Baa3 or better from Moody’s. In April 2016, the Corporation received a first time rating of BBB- from Fitch and was upgraded to a BBB- corporate issuer rating by S&P. As a result, the Operating Partnership elected to change the interest rate grid from leverage based pricing to credit rating based pricing in the second quarter of 2016. Under credit rating based pricing, the 2015 Credit Facility bears 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. As of March 31, 2017 , the 2015 Credit Facility bore interest at LIBOR plus 1.25% based on the Company's credit rating and incurred a facility fee of 0.25% per annum. 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 and expanding the borrowing capacity, the Company incurred costs of $4.8 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the 2015 Credit Facility. The unamortized deferred financing costs relating to the 2015 Credit Facility were $2.6 million and $2.9 million as of March 31, 2017 and December 31, 2016 , respectively, and recorded in deferred costs and other assets, net on the accompanying consolidated balance sheets. As of March 31, 2017 , $129.0 million was outstanding, no letters of credit were issued and $671.0 million of borrowing capacity was available under the 2015 Credit Facility. The Operating Partnership's ability to borrow under the 2015 Credit Facility is subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of March 31, 2017 , the Corporation and the Operating Partnership were in compliance with these financial covenants. 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 up to $600.0 million , subject to obtaining additional lender commitments. During the fourth quarter of 2015 and 2016, the Company exercised the accordion feature under the Credit Agreement and increased the term facility borrowing capacity from $325.0 million to $370.0 million and $420.0 million , respectively. The Term Loan Agreement provides that borrowings 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, at the Operating Partnership's option. In each case, 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 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 April 2016, the Corporation received a first time rating of BBB- from Fitch and was upgraded to a BBB- corporate issuer rating by S&P. As a result, the Operating Partnership elected to change the interest rate grid from leverage based pricing to credit rating based pricing in the second quarter of 2016. Under credit rating based pricing, borrowings 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. As of March 31, 2017 , the Term Loan bore interest at LIBOR plus 1.35% based on the Company's credit rating. 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. Borrowings may be repaid without premium or penalty, and may be re-borrowed within 30 days up to the then available loan commitment and subject to occurrence limitations within any twelve -month period. 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 $2.4 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the Term Loan. As of March 31, 2017 and December 31, 2016 , the unamortized deferred financing costs relating to the Term Loan were $1.3 million and $1.5 million , respectively, and recorded net against the principal balance of the Term Loan on the accompanying consolidated balance sheets. As of March 31, 2017 , the Term Loan was fully drawn. 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, 2017 , the Corporation and the Operating Partnership were in compliance with these financial covenants. Senior Unsecured Notes On August 18, 2016, the Operating Partnership completed a private placement of $300.0 million aggregate principal amount of senior notes, which are guaranteed by the Corporation. The Senior Unsecured Notes were issued at 99.378% of their principal amount, resulting in net proceeds of $296.2 million , after deducting transaction fees and expenses. The Senior Unsecured Notes accrue interest at a rate of 4.45% per year, payable on March 15 and September 15 of each year, until the maturity date of September 15, 2026. The Company has agreed to file with the SEC and cause to become effective a registration statement pursuant to which the Company will offer to exchange the Senior Unsecured Notes for substantially similar registered notes. The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to the sum of: an amount equal to 100% of the principal amount of the Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium calculated in accordance with the indenture. Notwithstanding the foregoing, if any of the Senior Unsecured Notes are redeemed on or after June 15, 2026 (three months prior to the maturity date of the Senior Unsecured Notes), the redemption price will not include a make-whole premium. In connection with the offering, the Operating Partnership incurred $3.2 million in deferred financing costs. This amount is being amortized to interest expense over the life of the Senior Unsecured Notes. As of March 31, 2017 and December 31, 2016 , the unamortized deferred financing costs relating to the Senior Unsecured Notes were $3.1 million , respectively, and recorded net against the Senior Unsecured Notes principal balance on the accompanying consolidated balance sheets. In connection with the issuance of the Senior Unsecured Notes, the Corporation and Operating Partnership are subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of March 31, 2017 , 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 % 3.2 $ 51,036 $ 53,919 Series 2014-1 Class A2 5.4 % 3.3 253,300 253,300 Series 2014-2 5.8 % 4.0 225,404 226,283 Series 2014-3 5.7 % 5.0 311,701 311,820 Series 2014-4 Class A1 3.5 % 2.8 150,000 150,000 Series 2014-4 Class A2 4.6 % 12.8 360,000 360,000 Total Master Trust 2014 notes 5.1 % 6.3 1,351,441 1,355,322 Series 2013-1 Class A 3.9 % 1.7 125,000 125,000 Series 2013-2 Class A 5.3 % 6.7 191,238 192,384 Total Master Trust 2013 notes 4.7 % 4.7 316,238 317,384 Total Master Trust notes 1,667,679 1,672,706 Debt discount, net (17,737 ) (18,787 ) Deferred financing costs, net (15,607 ) (16,376 ) Total Master Trust Notes, net $ 1,634,335 $ 1,637,543 (1) Represents the individual series stated interest rate as of March 31, 2017 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of March 31, 2017 . As of March 31, 2017 , the Master Trust 2014 notes were secured by 847 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, 2017 , the Master Trust 2013 notes were secured by 304 owned and financed properties issued by a single indirect wholly-owned subsidiary of the Corporation. CMBS As of March 31, 2017 , indirect wholly-owned special purpose entity subsidiaries of the Corporation were borrowers under 19 fixed-rate non-recourse loans, excluding two loans in default, which have been securitized into CMBS and are secured by the borrowers' respective leased properties and related assets. The stated interest rates of the loans as of March 31, 2017 , excluding the defaulted loans, ranged from 3.90% to 6.52% with a weighted average stated interest rate of 5.34% . As of March 31, 2017 , these fixed-rate loans were secured by 123 properties. As of March 31, 2017 and December 31, 2016 , the unamortized deferred financing costs associated with these fixed-rate loans were $4.5 million and $4.7 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, 2017 , certain borrowers were in default under the loan agreements relating to two separate CMBS fixed-rate loans, where four 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 9.85% and 10.62% . 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, 2017 , the aggregate principal balance under the defaulted loans was $27.2 million , which includes $10.1 million of interest capitalized to the principal balance. 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). The conversion rate is subject to adjustment for certain anti-dilution events, including special distributions and regular quarterly cash dividends exceeding $0.16625 per share. As of March 31, 2017 , the conversion rate was 76.9167 per $1,000 principal note. 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, 2017 and December 31, 2016 , the unamortized discount was $31.0 million and $33.5 million , respectively. The discount is shown net against the aggregate outstanding principal balance of the Convertible Notes on the accompanying consolidated balance sheets. The equity component of the conversion feature is recorded in capital in excess of par value in the accompanying consolidated balance 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, 2017 and December 31, 2016 , the unamortized deferred financing costs relating to the Convertible Notes were $10.6 million and $11.4 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, 2017 , the Company extinguished a total of $49.2 million aggregate principal amount of senior mortgage indebtedness with a weighted average contractual interest rate of 5.69% . As a result of these transactions, the Company recognized a de minimis net loss. The payment of premium is included in debt extinguishment costs within operating activities in the consolidated statement of cash flows. 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 . Debt Maturities As of March 31, 2017 , scheduled debt maturities of the Company’s 2015 Credit Facility, Term Loan, Senior Unsecured Notes, Master Trust Notes, CMBS and Convertible Notes, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2017 (1) $ 19,984 $ 139,295 $ 159,279 2018 (2) 42,115 602,779 644,894 2019 44,325 541,500 585,825 2020 39,096 413,206 452,302 2021 30,658 554,753 585,411 Thereafter 219,135 1,096,020 1,315,155 Total $ 395,313 $ 3,347,553 $ 3,742,866 (1) The balloon payment balance in 2017 includes $27.2 million , including $10.1 million of capitalized interest, for the acceleration of principal payable following an event of default under two non-recourse CMBS loans with a stated maturity in 2017 . (2) 2018 includes $420 million unsecured Term Loan that is extendible at borrower's option pursuant to two one -year extension options. 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 2017 2016 Interest expense – 2015 Credit Facility (1) $ 1,232 $ 457 Interest expense – Term Loan 2,246 1,747 Interest expense – Senior Unsecured Notes 3,338 — Interest expense – mortgages and notes payable 28,218 41,730 Interest expense – Convertible Notes (2) 6,127 6,127 Non-cash interest expense: Amortization of deferred financing costs 2,401 2,166 Amortization of net losses related to interest rate swaps — 30 Amortization of debt discount, net 3,061 760 Total interest expense $ 46,623 $ 53,017 (1) Includes facility fees of approximately $0.6 million and $0.4 million for the three months ended March 31, 2017 and 2016 , respectively. (2) Included in interest expense on the Operating Partnership's consolidated statements of operations are amounts paid to the Corporation by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2017
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 does not enter into derivatives contracts for speculative or trading purposes. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company 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. The Company has terminated all existing derivative contracts as of June 30, 2016 and has no t entered into any new derivative contracts as of March 31, 2017 . 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 (in thousands): Amount of Gain or (Loss) Recognized in AOCL on Derivative (Effective Portion) Derivatives in Cash Flow Hedging Relationships Three Months Ended March 31, 2016 Interest rate swaps $ (856 ) Amount of Loss Reclassified from AOCL into Operations (Effective Portion) Location of Loss Reclassified from AOCL into Operations Three Months Ended March 31, 2016 Interest expense $ (235 ) Amount of Loss Recognized in Operations on Derivative (Ineffective Portion) Location of Loss Recognized in Operations on Derivatives Three Months Ended March 31, 2016 General and administrative expense $ —

Stockholders' Equity and Partne

Stockholders' Equity and Partners' Capital	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity and Partners' Capital Issuance of Common Stock During the three months ended March 31, 2017 , 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 Amended Incentive Award Plan, resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender 0.1 million shares of common stock valued at $0.8 million , solely to pay the associated statutory tax withholdings during the three months ended March 31, 2017 . ATM Program In November 2016, the Company's Board of Directors approved a new ATM Program and the Company terminated its existing program. As of March 31, 2017 , no shares of the Company's common stock had been sold under the new ATM Program and $500.0 million in gross proceeds capacity remained available. Stock Repurchase Program In February 2016, the Company's Board of Directors approved a stock repurchase program, which authorizes the Company to repurchase up to $200 million of its common stock. These purchases can be made in the open market or through private transactions from time to time over the 18 month time period following authorization, depending on prevailing market conditions and applicable legal and regulatory requirements. Purchase activity will be dependent on various factors, including the Company's capital position, operating results, funds generated by asset sales, dividends that may be required by those sales, and investment options that may be available, including acquiring new properties or retiring debt. 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, 2017 , no stock was repurchased under the stock repurchase program. Dividends Declared For the three months ended March 31, 2017 , the Corporation's Board of Directors declared the following dividends: Declaration Date Dividend Per Share Record Date Total Amount Payment Date (in thousands) March 15, 2017 $ 0.18000 March 31, 2017 $ 87,122 April 14, 2017 The dividend declared on March 15, 2017 was paid on April 14, 2017 and is included in accounts payable, accrued expenses and other liabilities as of March 31, 2017 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 ("Haggen") leased 20 properties on a triple net basis from a subsidiary of the Company under a master lease. • On November 25, 2015, Haggen and Spirit restructured the master lease in an initial settlement agreement with approved claims of $21.0 million . • On April 1, 2016, Spirit entered into a second settlement agreement with both Haggen and Albertsons, LLC for $3.4 million and $3.0 million , respectively. • As a result of the settlements, the leases for seven locations were rejected and the leases for thirteen locations were assumed by the Debtors and assigned to the following tenants: five locations to Albertsons, LLC, five locations to Smart & Final, LLC, two locations to Gelson’s Markets and one location to Safeway, Inc. • As of March 31, 2017 , the Company had sold six of the properties for total proceeds of $56.6 million , including four of the original seven rejected locations, resulting in 11 locations with leases in-place under substantially the same terms and rent (inclusive of the $3.0 million settlement related to rent reduction for an amended lease with Albertsons, LLC) and three locations that remain vacant. • To date, the Company has collected $5.5 million of the total claims and there is no guaranty that the remaining claims will be paid or otherwise satisfied in full. As of March 31, 2017 , 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, 2017 , the Company had commitments totaling $59.0 million , of which $4.7 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 total commitments of $59.0 million , $58.1 million is expected to be funded during fiscal year 2017 . 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, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The Company did no t have any assets or liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2017 . 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, 2017 Retail $ 19,281 $ — $ — $ — $ 19,281 $ (18,506 ) Industrial 3,725 — — — 3,725 (3,293 ) Office 6,790 — — — 6,790 (1,374 ) Long-lived assets held and used 29,796 — — — 29,796 (23,173 ) Lease intangible assets 350 — — — 350 322 Long-lived assets held for sale 22,077 — — — 22,077 (11,525 ) $ (34,376 ) December 31, 2016 Retail $ 33,766 $ (4,168 ) $ — $ — $ 37,934 $ (37,445 ) Industrial 2,394 (1,347 ) — — 3,741 (5,948 ) Office 8,538 — — — 8,538 (10,121 ) Long-lived assets held and used 44,698 (5,515 ) — — 50,213 (53,514 ) Lease intangible assets 6,384 — — — 6,384 (9,116 ) Other assets 27 — — — 27 (198 ) Long-lived assets held for sale 24,493 (36,907 ) — — 61,400 (25,447 ) $ (88,275 ) (1) Impairment charges are presented for the three months ended March 31, 2017 and for the year ended December 31, 2016 . Real estate assets and their related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant, non-operating or the lease on the asset expiring in twelve months or less. 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. During the three months ended March 31, 2017 and for the year ended December 31, 2016 , we determined that 22 and 33 long-lived assets held and used, respectively, were impaired. The Company estimated the fair value of these properties using weighted average sales price per square foot of comparable properties for four of the 22 impaired properties during the three months ended March 31, 2017 and for 16 of the 33 impaired properties during the year ended December 31, 2016 . The following table provides information about the weighted average sales price per square foot of comparable properties used to estimate fair value (price per square foot in dollars): March 31, 2017 December 31, 2016 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $44.19 - $80.11 $ 56.28 113,943 $17.17 - $502.23 $ 58.78 290,770 Industrial — — — $26.43 $ 26.43 104,864 Office — — — $35.00 $ 35.00 135,675 The Company estimated the fair value on the 18 remaining impaired properties using the weighted average listing price or broker opinion of value per square foot during the three months ended March 31, 2017 and on 17 of the 33 impaired properties during the year ended December 31, 2016 . The following table provides information about the weighted average listing price and broker opinion of value per square foot of comparable properties used to estimate fair value (price per square foot in dollars): March 31, 2017 December 31, 2016 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $9.13 - $139.1 $ 35.02 376,426 $15.40 - $170.02 $ 40.80 516,916 Industrial $4.01 - $14.61 $ 6.33 588,906 $9.09 $ 9.09 149,627 Office $62.89 $ 62.89 141,525 56.81 $ 56.81 34,992 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, 2017 and December 31, 2016 . 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, 2015 Credit Facility, Term Loan, Senior Unsecured Notes, 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, 2015 Credit Facility, Term Loan, Senior Unsecured Notes, Convertible Notes and the mortgages and notes payable were measured using a market approach from nationally recognized financial institutions with market observable inputs such as interest rates and credit analytics. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands): March 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 67,880 $ 72,865 $ 66,578 $ 71,895 2015 Credit Facility 129,000 129,007 86,000 87,718 Term Loan, net (1) 418,672 420,051 418,471 428,441 Senior Unsecured Notes, net (1) 295,169 295,692 295,112 283,473 Mortgages and notes payable, net (1) 2,109,117 2,231,381 2,162,403 2,282,142 Convertible Notes, net (1) 705,899 762,847 702,642 784,175 (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, 2017
Risks and Uncertainties [Abstract]
Significant Credit and Revenue Concentration	Significant Credit and Revenue Concentration As of March 31, 2017 and December 31, 2016 , the Company’s real estate investments are operated by 431 and 450 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 rental revenue. Total rental revenues from properties leased to Shopko for the three months ended March 31, 2017 and 2016 , contributed 8.3% and 9.4% of the rental revenue shown in the accompanying consolidated statements of operations. No other tenant contributed 4% or more of the rental revenue during any of the periods presented. As of March 31, 2017 and December 31, 2016 , the Company's net investment in Shopko properties represents approximately 5.7% and 5.8% , respectively, of the Company’s total assets and the Company's real estate investment in Shopko represents approximately 7.6% and 7.7% , respectively, of the Company's total real estate investment portfolio.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
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 2017 2016 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Reduction of debt in exchange for collateral assets 35,522 13,631 Reclass of residual value on expired deferred financing lease to operating asset 8,613 — Net real estate and other collateral assets surrendered 35,008 19,942 Accrued interest capitalized to principal (1) 714 1,260 Accrued performance share dividend rights 414 174 Distributions declared and unpaid 87,864 77,899 Accrued deferred financing costs 74 125 (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, 2017
Compensation and Retirement Disclosure [Abstract]
Incentive Award Plan	Incentive Award Plan Restricted Shares of Common Stock During the three months ended March 31, 2017 , the Company granted 0.5 million restricted shares under the Amended Incentive Award Plan to certain executive officers and employees. The Company recorded $5.2 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, 2017 , there were approximately 1.3 million unvested restricted shares outstanding. Performance Share Awards During the three months ended March 31, 2017 , the Board of Directors or committee thereof approved an initial target grant of 0.4 million performance shares to executive officers of the Company. The performance period of this grant runs from January 1, 2017 through December 31, 2019. 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 $5.8 million in compensation expense on a straight-line basis over the requisite service period. Approximately $0.8 million and $0.5 million in dividend rights have been accrued for non-vested performance share awards outstanding as of March 31, 2017 and December 31, 2016 , respectively. For outstanding non-vested awards at March 31, 2017 , 0.3 million shares would have been released based on the Corporation's TSR relative to the specified peer groups through that date. Stock-based Compensation Expense For the three months ended March 31, 2017 and 2016 , the Company recognized $2.2 million and $2.3 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, 2017 , the remaining unamortized stock-based compensation expense, including amounts relating to the performance share awards, totaled $21.7 million , including $13.3 million related to restricted stock awards and $8.4 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 and Partnershi

Income Per Share and Partnership Unit	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Income Per Share and Partnership Unit	Income Per Share and Partnership Unit Income per share has been computed using the two-class method which 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 non-forfeitable 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 2017 2016 Basic and diluted income : (Loss) income before gain on disposition of assets $ (3,388 ) $ 12,954 Gain on disposition of assets 16,217 10,146 Less: income attributable to unvested restricted stock (234 ) (127 ) Net income attributable to common stockholders used in basic and diluted income per share $ 12,595 $ 22,973 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 483,752,233 442,033,226 Less: unvested weighted average shares of restricted stock (1,145,035 ) (667,299 ) Weighted average shares of common stock outstanding used in basic income per share 482,607,198 441,365,927 Net income per share attributable to common stockholders—basic $ 0.03 $ 0.05 Diluted weighted average shares of common stock outstanding: (1) Stock options 1,898 2,480 Weighted average shares of common stock outstanding used in diluted income per share 482,609,096 441,368,407 Net income per share attributable to common stockholders—diluted $ 0.03 $ 0.05 Potentially dilutive shares of common stock Unvested shares of restricted stock 78,637 67,709 Total 78,637 67,709 (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. For the three months ended March 31, 2017 , the Corporation's average stock price was below the conversion price, resulting in zero potentially dilutive shares related to the conversion spread.

Costs Associated With Restructu

Costs Associated With Restructuring Activities	3 Months Ended
	Mar. 31, 2017
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 building in the spring of 2016, and finalized the move with the opening of the new office space in late September 2016. As a result of moving its corporate headquarters, the Company incurred various restructuring charges, including employee separation and relocation costs. Restructuring charges 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. As of and for the three months ended March 31, 2017 , the Company no longer had any accrued restructuring charges and incurred no additional restructuring charges.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared pursuant to the rules and regulations of the SEC. In the opinion of management, the 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, 2016 .
Consolidation	The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership's first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity.
Special Purpose Entities	The Company has formed numerous special purpose entities to acquire and hold real estate encumbered by indebtedness (see Note 4). 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	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 reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area in which the tenant operates. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. The Company provided for reserves for uncollectible amounts totaling $11.3 million and $6.4 million at March 31, 2017 and December 31, 2016 , respectively, against accounts receivable balances of $28.4 million and $25.3 million , respectively. Receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. Receivables are written off against the reserves for uncollectible amounts when all possible means of collection have been exhausted. For deferred rental revenues related to the straight-line method of reporting rental revenue, the collectability review includes management’s estimates of amounts that will not be realized and an assessment of the risks inherent in the portfolio, giving consideration to historical experience and industry default rates for long-term receivables. The Company established a reserve for losses of $4.9 million at March 31, 2017 and $7.7 million at December 31, 2016 , against deferred rental revenue receivables of $73.8 million and $71.1 million , respectively. Deferred rental revenue receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets.
Goodwill	Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value.
Income Taxes	The Company has elected to be taxed as a REIT under the Code. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes and to federal income tax and excise tax on its undistributed income. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations. Taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries are subject to federal, state and local taxes, which are not material.
New Accounting Pronouncements	From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by the Company as of the specified effective date. 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. Changes in Accounting Principle 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. The Company adopted this new guidance effective January 1, 2017 and made an accounting policy election to recognize stock-based compensation forfeitures as they occur, whereas previously stock-based compensation forfeitures were estimated and recognized based on historical forfeiture rates. This change in accounting principle has been applied prospectively and the change in accounting principle had no material impact on the financial statements of the Company. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which narrows the definition of a business. The Company early adopted the guidance effective January 1, 2017 and application is on a prospective basis. Under the new guidance, the acquisition of a property with an in-place lease generally will no longer be accounted for as an acquisition of a business, but instead as an asset acquisition, meaning the transaction costs of such an acquisition will now be capitalized instead of expensed. Further, dispositions of properties generally no longer qualify as a disposition of a business and therefore will not generate allocated goodwill when determining gain or loss on sale.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
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) $ 1,451 $ 1,374 Tenant improvements, repairs, and leasing commissions (2) 10,277 9,739 Master Trust Release (3) 30,395 14,412 Loan impounds (4) 653 670 Other (5) 598 644 $ 43,374 $ 26,839 (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, 2017
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, 2017 , the Company had the following real estate and loan activity, net of accumulated depreciation and amortization: Number of Properties Dollar Amount of Investments Owned Financed Total Owned Financed Total (In Thousands) Gross balance, December 31, 2016 2,541 74 2,615 $ 8,181,076 $ 66,578 $ 8,247,654 Acquisitions/improvements (1) 30 — 30 148,644 3,000 151,644 Dispositions of real estate (2) (57 ) — (57 ) (172,585 ) — (172,585 ) Principal payments and payoffs — — — — (1,151 ) (1,151 ) Impairments — — — (34,376 ) — (34,376 ) Write-off of gross lease intangibles — — — (14,467 ) — (14,467 ) Loan premium amortization and other — — — (5 ) (547 ) (552 ) Gross balance, March 31, 2017 2,514 74 2,588 8,108,287 67,880 8,176,167 Accumulated depreciation and amortization (1,186,594 ) — (1,186,594 ) Net balance, March 31, 2017 $ 6,921,693 $ 67,880 $ 6,989,573 (1) Includes investments of $12.6 million in revenue producing capitalized expenditures, as well as $0.7 million of non-revenue producing capitalized expenditures as of March 31, 2017 . (2) The total accumulated depreciation and amortization associated with dispositions of real estate was $20.6 million as of March 31, 2017 .
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 (including realized rent increases occurring after April 1, 2017) at March 31, 2017 (in thousands): March 31, Remainder of 2017 $ 460,417 2018 603,955 2019 587,767 2020 569,364 2021 540,081 Thereafter 4,127,461 Total future minimum rentals $ 6,889,045
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 $ 54,332 $ 55,410 Mortgage loans - premium, net of amortization 6,647 7,194 Mortgages loans, net 60,979 62,604 Other note receivables - principal 7,401 4,474 Allowance for loan losses (500 ) (500 ) Other note receivables 6,901 3,974 Total loans receivable, net $ 67,880 $ 66,578
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 $ 621,372 $ 624,723 Above-market leases 87,255 88,873 Less: accumulated amortization (248,828 ) (243,320 ) Intangible lease assets, net $ 459,799 $ 470,276 Below-market leases $ 230,396 $ 236,008 Less: accumulated amortization (55,135 ) (53,688 ) Intangible lease liabilities, net $ 175,261 $ 182,320
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 $ 8,837 $ 9,456 Estimated residual value of leased assets 27,027 35,640 Unearned income (8,478 ) (9,091 ) Real estate assets under direct financing leases, net $ 27,386 $ 36,005
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, 2017 (dollars in thousands): Number of Properties Carrying Value Balance, December 31, 2016 44 $ 160,570 Transfers from real estate investments held and used 27 59,015 Sales (12 ) (34,619 ) Transfers to real estate investments held and used (6 ) (42,644 ) Impairments (11,616 ) Balance, March 31, 2017 53 $ 130,706
Summary of Total Impairment Losses Recognized	The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations (in thousands): Three Months Ended 2017 2016 Real estate and intangible asset impairment $ 35,220 $ 12,630 Write-off of lease intangibles, net (844 ) 309 Loans receivable recovery — (324 ) Total impairments from real estate investment net assets 34,376 12,615 Other impairment — 3 Total impairment loss $ 34,376 $ 12,618 The following table provides information about the weighted average listing price and broker opinion of value per square foot of comparable properties used to estimate fair value (price per square foot in dollars): March 31, 2017 December 31, 2016 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $9.13 - $139.1 $ 35.02 376,426 $15.40 - $170.02 $ 40.80 516,916 Industrial $4.01 - $14.61 $ 6.33 588,906 $9.09 $ 9.09 149,627 Office $62.89 $ 62.89 141,525 56.81 $ 56.81 34,992 The following table provides information about the weighted average sales price per square foot of comparable properties used to estimate fair value (price per square foot in dollars): March 31, 2017 December 31, 2016 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $44.19 - $80.11 $ 56.28 113,943 $17.17 - $502.23 $ 58.78 290,770 Industrial — — — $26.43 $ 26.43 104,864 Office — — — $35.00 $ 35.00 135,675

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
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) 2015 Credit Facility 4.38 % 2.14 % 2.0 $ 129,000 $ 86,000 Term Loan 2.38 % 2.33 % 1.6 420,000 420,000 Senior Unsecured Notes 4.69 % 4.45 % 9.5 300,000 300,000 Master Trust Notes 5.58 % 5.03 % 6.0 1,667,679 1,672,706 CMBS fixed-rate 5.47 % 5.60 % 3.9 478,687 528,427 Convertible Notes 5.33 % 3.28 % 3.0 747,500 747,500 Total debt 5.04 % 4.31 % 4.8 3,742,866 3,754,633 Debt discount, net (49,923 ) (52,894 ) Deferred financing costs, net (4) (35,086 ) (37,111 ) Total debt, net $ 3,657,857 $ 3,664,628 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs and credit facility fees, where applicable, calculated for the three months ended March 31, 2017 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2017 . (3) Represents the weighted average maturity based on the outstanding principal balance as of March 31, 2017 . (4) The Company records deferred financing costs for its 2015 Credit Facility in deferred costs and other assets, net on its consolidated balance sheets.
Schedule of Debt Maturities	As of March 31, 2017 , scheduled debt maturities of the Company’s 2015 Credit Facility, Term Loan, Senior Unsecured Notes, Master Trust Notes, CMBS and Convertible Notes, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2017 (1) $ 19,984 $ 139,295 $ 159,279 2018 (2) 42,115 602,779 644,894 2019 44,325 541,500 585,825 2020 39,096 413,206 452,302 2021 30,658 554,753 585,411 Thereafter 219,135 1,096,020 1,315,155 Total $ 395,313 $ 3,347,553 $ 3,742,866 (1) The balloon payment balance in 2017 includes $27.2 million , including $10.1 million of capitalized interest, for the acceleration of principal payable following an event of default under two non-recourse CMBS loans with a stated maturity in 2017 . (2) 2018 includes $420 million unsecured Term Loan that is extendible at borrower's option pursuant to two one -year extension options.
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 2017 2016 Interest expense – 2015 Credit Facility (1) $ 1,232 $ 457 Interest expense – Term Loan 2,246 1,747 Interest expense – Senior Unsecured Notes 3,338 — Interest expense – mortgages and notes payable 28,218 41,730 Interest expense – Convertible Notes (2) 6,127 6,127 Non-cash interest expense: Amortization of deferred financing costs 2,401 2,166 Amortization of net losses related to interest rate swaps — 30 Amortization of debt discount, net 3,061 760 Total interest expense $ 46,623 $ 53,017 (1) Includes facility fees of approximately $0.6 million and $0.4 million for the three months ended March 31, 2017 and 2016 , respectively. (2) Included in interest expense on the Operating Partnership's consolidated statements of operations are amounts paid to the Corporation by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.
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 % 3.2 $ 51,036 $ 53,919 Series 2014-1 Class A2 5.4 % 3.3 253,300 253,300 Series 2014-2 5.8 % 4.0 225,404 226,283 Series 2014-3 5.7 % 5.0 311,701 311,820 Series 2014-4 Class A1 3.5 % 2.8 150,000 150,000 Series 2014-4 Class A2 4.6 % 12.8 360,000 360,000 Total Master Trust 2014 notes 5.1 % 6.3 1,351,441 1,355,322 Series 2013-1 Class A 3.9 % 1.7 125,000 125,000 Series 2013-2 Class A 5.3 % 6.7 191,238 192,384 Total Master Trust 2013 notes 4.7 % 4.7 316,238 317,384 Total Master Trust notes 1,667,679 1,672,706 Debt discount, net (17,737 ) (18,787 ) Deferred financing costs, net (15,607 ) (16,376 ) Total Master Trust Notes, net $ 1,634,335 $ 1,637,543 (1) Represents the individual series stated interest rate as of March 31, 2017 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of March 31, 2017 .

Derivative and Hedging Activi25

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 (in thousands): Amount of Gain or (Loss) Recognized in AOCL on Derivative (Effective Portion) Derivatives in Cash Flow Hedging Relationships Three Months Ended March 31, 2016 Interest rate swaps $ (856 ) Amount of Loss Reclassified from AOCL into Operations (Effective Portion) Location of Loss Reclassified from AOCL into Operations Three Months Ended March 31, 2016 Interest expense $ (235 ) Amount of Loss Recognized in Operations on Derivative (Ineffective Portion) Location of Loss Recognized in Operations on Derivatives Three Months Ended March 31, 2016 General and administrative expense $ —

Stockholders' Equity and Part26

Stockholders' Equity and Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Summary of Dividends Declared	For the three months ended March 31, 2017 , the Corporation's Board of Directors declared the following dividends: Declaration Date Dividend Per Share Record Date Total Amount Payment Date (in thousands) March 15, 2017 $ 0.18000 March 31, 2017 $ 87,122 April 14, 2017

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
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, 2017 Retail $ 19,281 $ — $ — $ — $ 19,281 $ (18,506 ) Industrial 3,725 — — — 3,725 (3,293 ) Office 6,790 — — — 6,790 (1,374 ) Long-lived assets held and used 29,796 — — — 29,796 (23,173 ) Lease intangible assets 350 — — — 350 322 Long-lived assets held for sale 22,077 — — — 22,077 (11,525 ) $ (34,376 ) December 31, 2016 Retail $ 33,766 $ (4,168 ) $ — $ — $ 37,934 $ (37,445 ) Industrial 2,394 (1,347 ) — — 3,741 (5,948 ) Office 8,538 — — — 8,538 (10,121 ) Long-lived assets held and used 44,698 (5,515 ) — — 50,213 (53,514 ) Lease intangible assets 6,384 — — — 6,384 (9,116 ) Other assets 27 — — — 27 (198 ) Long-lived assets held for sale 24,493 (36,907 ) — — 61,400 (25,447 ) $ (88,275 ) (1) Impairment charges are presented for the three months ended March 31, 2017 and for the year ended December 31, 2016 .
Sales Price of Comparable Properties Used to Estimate Fair Value	The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations (in thousands): Three Months Ended 2017 2016 Real estate and intangible asset impairment $ 35,220 $ 12,630 Write-off of lease intangibles, net (844 ) 309 Loans receivable recovery — (324 ) Total impairments from real estate investment net assets 34,376 12,615 Other impairment — 3 Total impairment loss $ 34,376 $ 12,618 The following table provides information about the weighted average listing price and broker opinion of value per square foot of comparable properties used to estimate fair value (price per square foot in dollars): March 31, 2017 December 31, 2016 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $9.13 - $139.1 $ 35.02 376,426 $15.40 - $170.02 $ 40.80 516,916 Industrial $4.01 - $14.61 $ 6.33 588,906 $9.09 $ 9.09 149,627 Office $62.89 $ 62.89 141,525 56.81 $ 56.81 34,992 The following table provides information about the weighted average sales price per square foot of comparable properties used to estimate fair value (price per square foot in dollars): March 31, 2017 December 31, 2016 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $44.19 - $80.11 $ 56.28 113,943 $17.17 - $502.23 $ 58.78 290,770 Industrial — — — $26.43 $ 26.43 104,864 Office — — — $35.00 $ 35.00 135,675
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, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 67,880 $ 72,865 $ 66,578 $ 71,895 2015 Credit Facility 129,000 129,007 86,000 87,718 Term Loan, net (1) 418,672 420,051 418,471 428,441 Senior Unsecured Notes, net (1) 295,169 295,692 295,112 283,473 Mortgages and notes payable, net (1) 2,109,117 2,231,381 2,162,403 2,282,142 Convertible Notes, net (1) 705,899 762,847 702,642 784,175 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Supplemental Cash Flow Inform28

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
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 2017 2016 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Reduction of debt in exchange for collateral assets 35,522 13,631 Reclass of residual value on expired deferred financing lease to operating asset 8,613 — Net real estate and other collateral assets surrendered 35,008 19,942 Accrued interest capitalized to principal (1) 714 1,260 Accrued performance share dividend rights 414 174 Distributions declared and unpaid 87,864 77,899 Accrued deferred financing costs 74 125 (1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Income Per Share and Partners29

Income Per Share and Partnership Unit (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
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 2017 2016 Basic and diluted income : (Loss) income before gain on disposition of assets $ (3,388 ) $ 12,954 Gain on disposition of assets 16,217 10,146 Less: income attributable to unvested restricted stock (234 ) (127 ) Net income attributable to common stockholders used in basic and diluted income per share $ 12,595 $ 22,973 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 483,752,233 442,033,226 Less: unvested weighted average shares of restricted stock (1,145,035 ) (667,299 ) Weighted average shares of common stock outstanding used in basic income per share 482,607,198 441,365,927 Net income per share attributable to common stockholders—basic $ 0.03 $ 0.05 Diluted weighted average shares of common stock outstanding: (1) Stock options 1,898 2,480 Weighted average shares of common stock outstanding used in diluted income per share 482,609,096 441,368,407 Net income per share attributable to common stockholders—diluted $ 0.03 $ 0.05 Potentially dilutive shares of common stock Unvested shares of restricted stock 78,637 67,709 Total 78,637 67,709 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Organization - Narrative (Detai

Organization - Narrative (Details)	3 Months Ended
	Mar. 31, 2017
General Partner
Summary Of Business And Significant Accounting Policies [Line Items]
Ownership of operating partnership (as a percent)	1.00%
Limited Partner
Summary Of Business And Significant Accounting Policies [Line Items]
Ownership of operating partnership (as a percent)	99.00%

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 7,588,796,000	$ 7,677,971,000
Net liabilities	$ 3,979,954,000	3,995,863,000
Number of segments | segment	1
Reserves for uncollectible amounts	$ 11,300,000	6,400,000
Accounts receivable	28,400,000	25,300,000
Reserve for losses	4,900,000	7,700,000
Deferred rental revenue receivables	73,800,000	71,100,000
Provision for income taxes	0
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	2,870,000,000	2,950,000,000
Net liabilities	$ 2,200,000,000	$ 2,260,000,000

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Schedule of Restricted Cash and Escrow Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	$ 43,374	$ 26,839
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	1,451	1,374
Tenant improvements, repairs, and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	10,277	9,739
Master Trust Release
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	30,395	14,412
Loan impounds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	653	670
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and deposits in escrow	$ 598	$ 644

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)StatePropertyreceivable	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)Property
Investment [Line Items]
Gross investment in real estate properties and loans	$ 8,176,167		$ 8,247,654
Number of real estate properties | Property	2,588		2,615
Portfolio disbursement, number of states | State	49
Minimum of investment in real estate properties (as a percent)	10.00%
Number of other notes receivable | receivable	4
Number of other notes receivable, secured | receivable	2
Number of other notes receivable, non-secured | receivable	2
Amortization amount to rental revenue for capitalized leases	$ 1,800	$ 1,500
In-Place Leases
Investment [Line Items]
Leases amortization expenses	11,200	$ 11,900
Secured Debt
Investment [Line Items]
Notes receivable	6,700
Financed Properties
Investment [Line Items]
Gross investment in real estate properties and loans	$ 67,880		$ 66,578
Number of real estate properties | Property	74		74
Texas
Investment [Line Items]
Number of states exceeding disclosure threshold | State	1
Investment in real estate properties (as a percent)	12.60%

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, 2017USD ($)Property
Number of Properties
Gross balance, December 31, 2016 | Property	2,615
Acquisitions/improvements | Property	30
Dispositions of real estate | Property	(57)
Principal payments and payoffs | Property	0
Impairments | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	0
Gross balance, March 31, 2017 | Property	2,588
Dollar Amount of Investments
Gross balance, December 31, 2016	$ 8,247,654
Acquisitions/improvements	151,644
Dispositions of real estate	(172,585)
Principal payments and payoffs	(1,151)
Impairments	(34,376)
Write-off of gross lease intangibles	(14,467)
Loan premium amortization and other	(552)
Gross balance, March 31, 2017	8,176,167
Accumulated depreciation and amortization	(1,186,594)
Net balance, March 31, 2017	$ 6,989,573
Owned Properties
Number of Properties
Gross balance, December 31, 2016 | Property	2,541
Acquisitions/improvements | Property	30
Dispositions of real estate | Property	(57)
Principal payments and payoffs | Property	0
Impairments | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	0
Gross balance, March 31, 2017 | Property	2,514
Dollar Amount of Investments
Gross balance, December 31, 2016	$ 8,181,076
Acquisitions/improvements	148,644
Dispositions of real estate	(172,585)
Principal payments and payoffs	0
Impairments	(34,376)
Write-off of gross lease intangibles	(14,467)
Loan premium amortization and other	(5)
Gross balance, March 31, 2017	8,108,287
Accumulated depreciation and amortization	(1,186,594)
Net balance, March 31, 2017	$ 6,921,693
Financed Properties
Number of Properties
Gross balance, December 31, 2016 | Property	74
Acquisitions/improvements | Property	0
Dispositions of real estate | Property	0
Principal payments and payoffs | Property	0
Impairments | Property	0
Write-off of gross lease intangibles | Property	0
Loan premium amortization and other | Property	0
Gross balance, March 31, 2017 | Property	74
Dollar Amount of Investments
Gross balance, December 31, 2016	$ 66,578
Acquisitions/improvements	3,000
Dispositions of real estate	0
Principal payments and payoffs	(1,151)
Impairments	0
Write-off of gross lease intangibles	0
Loan premium amortization and other	(547)
Gross balance, March 31, 2017	67,880
Accumulated depreciation and amortization	0
Net balance, March 31, 2017	$ 67,880

Investments - Summary of Real35

Investments - Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization (Footnote) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Revenue producing capitalized expenditures	$ 12.6
Capitalized maintenance expenditures	0.7
Accumulated depreciation and amortization associated with dispositions of real estate	$ 20.6

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received (Details) $ in Thousands	Mar. 31, 2017USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2017	$ 460,417
2,018	603,955
2,019	587,767
2,020	569,364
2,021	540,081
Thereafter	4,127,461
Total future minimum rentals	$ 6,889,045

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Total loans receivable, net	$ 67,880	$ 66,578
Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	54,332	55,410
Mortgage loans - premium, net of amortization	6,647	7,194
Total loans receivable, net	60,979	62,604
Notes Receivable
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	7,401	4,474
Total loans receivable, net	6,901	3,974
Allowance for loan losses	$ (500)	$ (500)

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Capital Leased Assets [Line Items]
Less: accumulated amortization	$ (248,828)	$ (243,320)
Intangible lease assets, net	459,799	470,276
Less: accumulated amortization	(55,135)	(53,688)
Intangible lease liabilities, net	175,261	182,320
In-Place Leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	621,372	624,723
Above-Market Leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	87,255	88,873
Below-Market Leases
Capital Leased Assets [Line Items]
Intangible lease liabilities, gross	$ 230,396	$ 236,008

Investments - Schedule of Compo

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Minimum lease payments receivable	$ 8,837	$ 9,456
Estimated residual value of leased assets	27,027	35,640
Unearned income	(8,478)	(9,091)
Real estate assets under direct financing leases, net	$ 27,386	$ 36,005

Investments - Schedule of Activ

Investments - Schedule of Activity in Real Estate Assets Held for Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Property
Number of Properties
Balance, December 31, 2016 | Property	44
Transfers from real estate investments held and used | Property	27
Sales | Property	(12)
Transfers to real estate investments held and used | Property	(6)
Balance, March 31, 2017 | Property	53
Carrying Value
Balance, December 31, 2016	$ 160,570
Transfers from real estate investments held and used	59,015
Sales	(34,619)
Transfers to real estate investments held and used	(42,644)
Impairments	(11,616)
Balance, March 31, 2017	$ 130,706

Investments - Summary of Total

Investments - Summary of Total Impairment Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Real estate and intangible asset impairment	$ 35,220	$ 12,630
Write-off of lease intangibles, net	(844)	309
Loans receivable recovery	0	(324)
Total impairments from real estate investment net assets	34,376	12,615
Other impairment	0	3
Total impairment loss	$ 34,376	$ 12,618

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	May 31, 2014
Debt Instrument [Line Items]
Total debt, gross	$ 3,742,866	$ 3,754,633
Debt discount, net	(49,923)	(52,894)
Deferred financing costs, net	(35,086)	(37,111)
Total debt, net	$ 3,657,857	3,664,628
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rates (as a percent)	5.04%
Weighted average stated rate (as a percent)	4.31%
Weighted average maturity (in years)	4 years 9 months 10 days
2015 Credit Facility
Debt Instrument [Line Items]
Total debt, gross	$ 129,000	86,000
2015 Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rates (as a percent)	4.38%
Weighted average stated rate (as a percent)	2.14%
Weighted average maturity (in years)	2 years
Term Loan
Debt Instrument [Line Items]
Total debt, gross	$ 420,000	420,000
Deferred financing costs, net	$ (1,300)	(1,500)
Term Loan | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rates (as a percent)	2.38%
Weighted average stated rate (as a percent)	2.33%
Weighted average maturity (in years)	1 year 7 months 6 days
Senior Unsecured Notes
Debt Instrument [Line Items]
Total debt, gross	$ 300,000	300,000
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rates (as a percent)	4.69%
Weighted average stated rate (as a percent)	4.45%
Weighted average maturity (in years)	9 years 6 months
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	$ 1,667,679	1,672,706
Debt discount, net	(17,737)	(18,787)
Deferred financing costs, net	(15,607)	(16,376)
Total debt, net	$ 1,634,335	1,637,543
Master Trust Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rates (as a percent)	5.58%
Weighted average stated rate (as a percent)	5.03%
Weighted average maturity (in years)	6 years
CMBS fixed-rate
Debt Instrument [Line Items]
Total debt, gross	$ 478,687	528,427
CMBS fixed-rate | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rates (as a percent)	5.47%
Weighted average stated rate (as a percent)	5.60%
Weighted average maturity (in years)	3 years 10 months 24 days
Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 747,500	747,500
Deferred financing costs, net	$ (10,600)	$ (11,400)	$ (19,600)
Convertible Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rates (as a percent)	5.33%
Weighted average stated rate (as a percent)	3.28%
Weighted average maturity (in years)	3 years

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Dec. 31, 2016	Aug. 18, 2016	Apr. 27, 2016	Mar. 31, 2015
Line of Credit Facility [Line Items]
Total debt, gross	$ 3,742,866,000		$ 3,754,633,000
Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					$ 800,000,000	$ 600,000,000
Line of credit facility, accordion feature, increase limit						1,000,000,000
Commitment fee (as a percent)	0.25%
Origination costs	$ 4,800,000			$ 3,200,000
Letters of credit issued	0
Line of credit facility remaining borrowing capacity	$ 671,000,000
Unsecured Debt | Minimum
Line of Credit Facility [Line Items]
Commitment fee (as a percent)		0.125%
Unsecured Debt | Maximum
Line of Credit Facility [Line Items]
Commitment fee (as a percent)		0.30%
Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.25%
Unsecured Debt | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)		0.875%
Unsecured Debt | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)		1.55%
Unsecured Debt | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)		0.00%
Unsecured Debt | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)		0.55%
Unsecured Debt | Swing-line 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
2015 Credit Facility
Line of Credit Facility [Line Items]
Total debt, gross	$ 129,000,000		86,000,000
Deferred Costs And Other Assets | Revolving Line of Credit
Line of Credit Facility [Line Items]
Unamortized deferred financing costs	$ 2,600,000		$ 2,900,000

Debt - Term Loan - Narrative (D

Debt - Term Loan - Narrative (Details)	Nov. 03, 2015USD ($)extension_option	Mar. 31, 2017USD ($)	Jun. 30, 2016	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Number of one-year extension options | extension_option	2
Unamortized deferred financing costs		$ 35,086,000		$ 37,111,000
Term Loan
Debt Instrument [Line Items]
Total debt, gross	$ 325,000,000			420,000,000	$ 370,000,000
Accordian feature maximum borrowing capacity	600,000,000
Days available to reborrow loans repaid (in days)		30 days
Period subject to reborrowing occurrence limitations (in months)		12 months
Origination costs	$ 2,400,000
Unamortized deferred financing costs		$ 1,300,000		$ 1,500,000
Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.347%
Minimum | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Minimum | Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.35%
Maximum | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.80%
Maximum | Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	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 (as a percent)			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 (as a percent)			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 (as a percent)			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 (as a percent)			0.75%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Aug. 18, 2016	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 35,086,000	$ 37,111,000
Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 300,000,000	420,000,000
Principal amount issued (as a percent)	99.378%
Proceeds from issuance of debt	$ 296,200,000
Stated interest rate (as a percent)	4.45%
Deferred financing costs	$ 3,200,000	4,800,000
Unamortized deferred financing costs		$ 3,100,000	$ 3,100,000
Period Prior to June 15, 2026 | Senior Unsecured Notes
Debt Instrument [Line Items]
Redemption price, percent of principal amount (as a percent)	100.00%

Debt - Summary of Debt - Master

Debt - Summary of Debt - Master Trust Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt, gross	$ 3,742,866	$ 3,754,633
Debt discount, net	(49,923)	(52,894)
Deferred financing costs, net	(35,086)	(37,111)
Total debt, net	3,657,857	3,664,628
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	1,667,679	1,672,706
Debt discount, net	(17,737)	(18,787)
Deferred financing costs, net	(15,607)	(16,376)
Total debt, net	$ 1,634,335	1,637,543
Master Trust Notes | Series 2014-1 Class A1
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.10%
Maturity (in years)	3 years 2 months 22 days
Total debt, gross	$ 51,036	53,919
Master Trust Notes | Series 2014-1 Class A2
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.40%
Maturity (in years)	3 years 3 months 20 days
Total debt, gross	$ 253,300	253,300
Master Trust Notes | Series 2014-2
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.80%
Maturity (in years)	3 years 11 months 19 days
Total debt, gross	$ 225,404	226,283
Master Trust Notes | Series 2014-3
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.70%
Maturity (in years)	4 years 11 months 19 days
Total debt, gross	$ 311,701	311,820
Master Trust Notes | Series 2014-4 Class A1
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.50%
Maturity (in years)	2 years 9 months 20 days
Total debt, gross	$ 150,000	150,000
Master Trust Notes | Series 2014-4 Class A2
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.60%
Maturity (in years)	12 years 9 months 20 days
Total debt, gross	$ 360,000	360,000
Master Trust Notes | Total Master Trust 2014 notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.10%
Maturity (in years)	6 years 3 months 8 days
Total debt, gross	$ 1,351,441	1,355,322
Master Trust Notes | Series 2013-1 Class A
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.90%
Maturity (in years)	1 year 8 months 20 days
Total debt, gross	$ 125,000	125,000
Master Trust Notes | Series 2013-2 Class A
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.30%
Maturity (in years)	6 years 8 months 19 days
Total debt, gross	$ 191,238	192,384
Master Trust Notes | Total Master Trust 2013 notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.70%
Maturity (in years)	4 years 8 months 28 days
Total debt, gross	$ 316,238	$ 317,384

Debt - Master Trust Notes - Nar

Debt - Master Trust Notes - Narrative (Details)	3 Months Ended
	Mar. 31, 2017SubsidiaryPropertytrust
Debt Instrument [Line Items]
Number of securitization trusts within program | trust	2
Master Trust 2014 notes
Debt Instrument [Line Items]
Number of properties securing borrowings	847
Debt issued by, number of subsidiaries | Subsidiary	5
Master Trust 2013 notes
Debt Instrument [Line Items]
Number of properties securing borrowings	304

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)PropertyLoanloan	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Weighted average stated interest rate, excluding defaulted loans (as a percent)	5.34%
Unamortized deferred financing costs	$ 35,086		$ 37,111
Capitalized interest	$ 714	$ 1,260
Weighted Average
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.31%
CMBS fixed-rate | Weighted Average
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.60%
CMBS Loans
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 4,500		$ 4,700
CMBS Loans | CMBS fixed-rate
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	19
Number of properties securing borrowings | Property	123
Number of properties securing loans | Property	4
Debt default amount	$ 27,200
Capitalized interest	$ 10,100
CMBS Loans | CMBS fixed-rate | Minimum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.90%
Default interest rate (as a percent)	9.85%
CMBS Loans | CMBS fixed-rate | Maximum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.522%
Default interest rate (as a percent)	10.62%
Discontinued Operations, Disposed of by Sale | CMBS Loans
Debt Instrument [Line Items]
Number of loans in default | Loan	2

Debt - Convertible Notes - Narr

Debt - Convertible Notes - Narrative (Details)	Mar. 31, 2017USD ($)	May 31, 2014USD ($)$ / shares	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 35,086,000		$ 37,111,000
Convertible Senior Notes
Debt Instrument [Line Items]
Conversion rate	0.0769167	0.0763636
Conversion price (in USD per share) | $ / shares		$ 13.10
Premium above public offering price (as a percent)		22.50%
Anti-dilutive cash dividends, exceeding (in USD per share) | $ / shares		$ 0.16625
Debt discount, value of the embedded conversion premium	$ 31,000,000	$ 56,700,000	33,500,000
Unamortized deferred financing costs	$ 10,600,000	19,600,000	$ 11,400,000
Convertible Senior Notes | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt		$ 402,500,000
Stated interest rate (as a percent)		2.875%
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt		$ 345,000,000
Stated interest rate (as a percent)		3.75%

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Loss on debt extinguishment	$ (30)	$ (5,341)
Master Trust Notes
Debt Instrument [Line Items]
Debt extinguishment costs	$ 49,200	103,800
Weighted average contractual interest rate (as a percent)	5.69%		6.72%
Loss on debt extinguishment		$ (5,300)

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Scheduled Debt Maturities
Total debt, net	$ 3,657,857	$ 3,664,628
Mortgages and Notes Payable
Scheduled Debt Maturities
Remainder of 2017	159,279
2,018	644,894
2,019	585,825
2,020	452,302
2,021	585,411
Thereafter	1,315,155
Total debt, net	3,742,866
Mortgages and Notes Payable | Scheduled Principal
Scheduled Debt Maturities
Remainder of 2017	19,984
2,018	42,115
2,019	44,325
2,020	39,096
2,021	30,658
Thereafter	219,135
Total debt, net	395,313
Mortgages and Notes Payable | Balloon Payment
Scheduled Debt Maturities
Remainder of 2017	139,295
2,018	602,779
2,019	541,500
2,020	413,206
2,021	554,753
Thereafter	1,096,020
Total debt, net	$ 3,347,553

Debt - Schedule of Debt Matur52

Debt - Schedule of Debt Maturities (Footnote) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)Loanextension_option	Mar. 31, 2016USD ($)	Aug. 18, 2016USD ($)
Debt Instrument [Line Items]
Capitalized interest	$ 714,000	$ 1,260,000
CMBS fixed-rate | CMBS Loans
Debt Instrument [Line Items]
Debt default amount	27,200,000
Capitalized interest	10,100,000
Unsecured Debt
Debt Instrument [Line Items]
Unsecured term loan	$ 420,000,000		$ 300,000,000
Extension options | extension_option	2
Extension option, term (in years)	1 year
Discontinued Operations, Disposed of by Sale | CMBS Loans
Debt Instrument [Line Items]
Number of loans in default | Loan	2

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Non-cash interest expense:
Amortization of deferred financing costs	$ 2,401	$ 2,166
Amortization of net losses related to interest rate swaps	0	30
Amortization of debt discount, net	3,061	760
Total interest expense	46,623	53,017
Revolving Credit Facilities
Schedule Of Interest Expenses [Line Items]
Interest expense	1,232	457
Non-cash interest expense:
Facility fees	600	400
Term Loan
Schedule Of Interest Expenses [Line Items]
Interest expense	2,246	1,747
Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	3,338	0
Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	28,218	41,730
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 6,127	$ 6,127

Derivative and Hedging Activi54

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCL (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2017Derivative
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, number of instruments held | Derivative		0
Designated as Hedging Instrument | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL into Operations (Effective Portion)	$ (235)
Designated as Hedging Instrument | Interest Rate Swaps | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in AOCL on Derivative (Effective Portion)	(856)
Not Designated as Hedging Instrument | General and Administrative Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Operations on Derivative (Ineffective Portion)	$ 0

Stockholders' Equity and Part55

Stockholders' Equity and Partners' Capital - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2017
Subsidiary, Sale of Stock [Line Items]
Shares withheld for taxes (in shares)		100,000
Shares withheld for taxes, value		$ 800,000
Stock repurchase program, authorized amount	$ 200,000,000
Stock repurchase program, period in force (in months)	18 months
Stock repurchased during period		$ 0
ATM Program, November 2016
Subsidiary, Sale of Stock [Line Items]
Issuance of common shares (in shares)		0
Gross proceeds capacity remaining		$ 500,000,000

Stockholders' Equity and Part56

Stockholders' Equity and Partners' Capital - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 15, 2017	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Dividend per share (in USD per share)	$ 0.180	$ 0.18000	$ 0.17500
Total dividends	$ 87,122

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Nov. 25, 2015USD ($)	Mar. 31, 2017USD ($)Propertytenantclaimlocation	Apr. 01, 2016USD ($)	Sep. 08, 2015Property
Loss Contingencies [Line Items]
Number of locations sold | Property		6
Proceeds from sale of locations | $		$ 56.6
Number of leases sold which were previously rejected | location		4
Number of locations owned with in-place leases | location		11
Number of vacant properties | location		3
Outstanding claims | claim		0
Total commitments | $		$ 59
Total commitments relating to future acquisitions | $		4.7
Funded commitments | $		58.1
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
Albertons, LLC
Loss Contingencies [Line Items]
Amount of bankruptcy claims for rent reduction settled | $			$ 3
Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Amount of bankruptcy claims settled | $			$ 3.4
Locations returned upon settlement | location		7
Number of lease location affirmed under bankruptcy | location		13
Haggen Operations Holdings, LLC | Albertson's LLC
Loss Contingencies [Line Items]
Number of lease location affirmed under bankruptcy | location		5
Haggen Operations Holdings, LLC | Smart and Final LLC
Loss Contingencies [Line Items]
Number of lease location affirmed under bankruptcy | location		5
Haggen Operations Holdings, LLC | Gleason's Markets
Loss Contingencies [Line Items]
Number of lease location affirmed under bankruptcy | location		2
Haggen Operations Holdings, LLC | Safeway
Loss Contingencies [Line Items]
Number of lease location affirmed under bankruptcy | location		1
Haggen Operations Holdings, LLC Bankruptcy Claim
Loss Contingencies [Line Items]
Stipulated claims collected | $		$ 5.5
Spirit Realty, Inc. | Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Initial litigation settlement | $	$ 21

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Property	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets held and used, properties	22	33
Impaired long-lived assets held and used, properties estimating fair values on comparable properties	4	16
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets held and used, properties	18	17

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of other assets	$ 0	$ (3)
Total impairment charges	(34,376)	$ (12,618)
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	29,796		$ 44,698
Lease intangible assets	350		6,384
Other assets			27
Long-lived assets held for sale	22,077		24,493
Long-lived assets held and used, dispositions	0		(5,515)
Lease intangible assets, dispositions	0		0
Other assets, dispositions			0
Long-lived assets held for sale, dispositions	0		(36,907)
Impairment of long-lived assets held and used	(23,173)		(53,514)
Impairment of intangible assets	322		(9,116)
Impairment of other assets			(198)
Impairment of long-lived assets held for sale	(11,525)		(25,447)
Total impairment charges	(34,376)		(88,275)
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
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
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	29,796		50,213
Lease intangible assets	350		6,384
Other assets			27
Long-lived assets held for sale	22,077		61,400
Retail | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	19,281		33,766
Long-lived assets held and used, dispositions	0		(4,168)
Impairment of long-lived assets held and used	(18,506)		(37,445)
Retail | 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
Retail | 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
Retail | 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	19,281		37,934
Industrial | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	3,725		2,394
Long-lived assets held and used, dispositions	0		(1,347)
Impairment of long-lived assets held and used	(3,293)		(5,948)
Industrial | 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
Industrial | 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
Industrial | 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	3,725		3,741
Office | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	6,790		8,538
Long-lived assets held and used, dispositions	0		0
Impairment of long-lived assets held and used	(1,374)		(10,121)
Office | 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
Office | 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
Office | 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	$ 6,790		$ 8,538

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017ft²$ / ft²	Dec. 31, 2016ft²$ / ft²	Dec. 31, 2015$ / ft²
Weighted Average Sale Price Per Square Foot of Comparable Properties [Member] | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Property square footage (per sqft) | ft²	113,943	290,770
Weighted Average Sale Price Per Square Foot of Comparable Properties [Member] | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Sales price (in usd per sqft)	44.19	17.17
Weighted Average Sale Price Per Square Foot of Comparable Properties [Member] | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Sales price (in usd per sqft)	80.11	502.23
Weighted Average Sale Price Per Square Foot of Comparable Properties [Member] | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Sales price (in usd per sqft)	56.28	58.78
Weighted Average Sale Price Per Square Foot of Comparable Properties [Member] | Industrial
Impaired Long-Lived Assets Held and Used [Line Items]
Property square footage (per sqft) | ft²	0	104,864
Weighted Average Sale Price Per Square Foot of Comparable Properties [Member] | Industrial | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Sales price (in usd per sqft)	0	26.43
Weighted Average Sale Price Per Square Foot of Comparable Properties [Member] | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Property square footage (per sqft) | ft²	0	135,675
Weighted Average Sale Price Per Square Foot of Comparable Properties [Member] | Office | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Sales price (in usd per sqft)	0	35
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Property square footage (per sqft) | ft²	376,426	516,916
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Listing price and broker opinion (in usd per sqft)	9.13	15.40
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Listing price and broker opinion (in usd per sqft)	139.10		170.02
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Listing price and broker opinion (in usd per sqft)	35.02	40.80
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Industrial
Impaired Long-Lived Assets Held and Used [Line Items]
Property square footage (per sqft) | ft²	588,906	149,627
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Industrial | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Listing price and broker opinion (in usd per sqft)	4.01
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Industrial | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Listing price and broker opinion (in usd per sqft)	14.61
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Industrial | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Listing price and broker opinion (in usd per sqft)	6.33	9.09
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Property square footage (per sqft) | ft²	141,525	34,992
Weighted Average Listing Price or Broker Opinion of Value Per Square Foot | Office | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Listing price and broker opinion (in usd per sqft)	62.89	56.81

Fair Value Measurements - Sch61

Fair Value Measurements - Schedule of Carrying Amount And Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 72,865	$ 71,895
2015 Credit Facility	129,007	87,718
Convertible notes, net	762,847	784,175
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	67,880	66,578
2015 Credit Facility	129,000	86,000
Convertible notes, net	705,899	702,642
Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term loan, net	420,051	428,441
Term Loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term loan, net	418,672	418,471
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, net	295,692	283,473
Senior Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, net	295,169	295,112
Mortgages and Notes Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, net	2,231,381	2,282,142
Mortgages and Notes Payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, net	$ 2,109,117	$ 2,162,403

Significant Credit and Revenu62

Significant Credit and Revenue Concentration - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2017Customertenant	Mar. 31, 2016	Dec. 31, 2016Customertenant
Revenue, Major Customer [Line Items]
Number of tenants | tenant	431		450
Revenues | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Number of tenants | Customer	0		0
Revenues | Minimum | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	4.00%		4.00%
Shopko | Revenues | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	8.30%	9.40%
Shopko | Total Assets | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	5.70%		5.80%
Shopko | Real Estate Investment Portfolio | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	7.60%		7.70%

Supplemental Cash Flow Inform63

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Reduction of debt in exchange for collateral assets	$ 35,522	$ 13,631
Reclass of residual value on expired deferred financing lease to operating asset	8,613	0
Net real estate and other collateral assets surrendered	35,008	19,942
Accrued interest capitalized to principal (1)	714	1,260
Accrued performance share dividend rights	414	174
Distributions declared and unpaid	87,864	77,899
Accrued deferred financing costs	$ 74	$ 125

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 21.7
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2.2	$ 2.3
Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense	$ 5.2
Outstanding unvested shares (in shares)	1.3
Unamortized stock-based compensation expense	$ 13.3
Non-vested Shares of Restricted Stock | Executives Officers And Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0.5
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved initial target grant (in shares)	0.4
Minimum required service period (in years)	3 years
Stock-based compensation expense	$ 5.8
Dividend rights accrued	$ 0.8		$ 0.5
Potential grants in period based on total shareholder return (in shares)	0.3
Unamortized stock-based compensation expense	$ 8.4
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted (as a percent)	0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted (as a percent)	250.00%

Income Per Share and Partners65

Income Per Share and Partnership Unit - 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, 2017	Mar. 31, 2016
Basic and diluted income:
(Loss) income before gain on disposition of assets	$ (3,388)	$ 12,954
Gain on disposition of assets	16,217	10,146
Less: income attributable to unvested restricted stock	(234)	(127)
Net income attributable to common stockholders used in basic and diluted income per share	$ 12,595	$ 22,973
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding (in shares)	483,752,233	442,033,226
Less: unvested weighted average shares of restricted stock (in shares)	(1,145,035)	(667,299)
Weighted average shares of common stock outstanding used in basic income per share (in shares)	482,607,198	441,365,927
Net income per share attributable to common stockholders—basic (in USD per share)	$ 0.03	$ 0.05
Dilutive weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding used in dilutive income per share (in shares)	482,609,096	441,368,407
Net income per share attributable to common stockholders—diluted (in USD per share)	$ 0.03	$ 0.05
Potentially dilutive shares of common stock
Potentially dilutive shares (in shares)	78,637	67,709
Unvested shares of restricted stock
Potentially dilutive shares of common stock
Potentially dilutive shares (in shares)	78,637	67,709
Stock options
Dilutive weighted average shares of common stock outstanding:
Dilutive weighted average share of common stock (in shares)	1,898	2,480

Income Per Share and Partners66

Income Per Share and Partnership Unit - Narrative (Details)	3 Months Ended
	Mar. 31, 2017shares
Earnings Per Share [Abstract]
Potentially dilutive shares, convertible debt (in shares)	0

Costs Associated With Restruc67

Costs Associated With Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0	$ 649