Spirit Realty Capital 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 07, 2018
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	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		428,476,552
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	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate investments:
Land and improvements	$ 1,629,509	$ 1,598,355
Buildings and improvements	3,100,749	2,989,451
Total real estate investments	4,730,258	4,587,806
Less: accumulated depreciation	(589,599)	(503,568)
Real estate investments, net	4,140,659	4,084,238
Loans receivable, net	52,001	78,466
Intangible lease assets, net	302,954	306,252
Real estate assets under direct financing leases, net	24,809	24,865
Real estate assets held for sale, net	43,601	20,469
Net investments	4,564,024	4,514,290
Cash and cash equivalents	7,578	8,792
Deferred costs and other assets, net	112,149	121,949
Investment in Master Trust 2014	33,558	0
Preferred equity investment in SMTA	150,000	0
Goodwill	225,600	225,600
Assets related to SMTA Spin-Off	0	2,392,880
Total assets	5,092,909	7,263,511
Liabilities:
Revolving Credit Facility	157,000	112,000
Term Loan, net	419,920	0
Senior Unsecured Notes, net	295,654	295,321
Mortgages and notes payable, net	465,433	589,644
Convertible Notes, net	726,261	715,881
Total debt, net	2,064,268	1,712,846
Intangible lease liabilities, net	123,613	130,574
Accounts payable, accrued expenses and other liabilities	99,670	131,642
Liabilities related to SMTA Spin-Off	0	1,968,840
Total liabilities	2,287,551	3,943,902
Commitments and contingencies (see Note 6)
Stockholders’ equity:
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both September 30, 2018 and December 31, 2017	166,177	166,193
Common stock, $0.01 par value, 750,000,000 shares authorized: 428,478,845 and 448,868,269 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	4,285	4,489
Capital in excess of common stock par value	4,989,804	5,193,631
Accumulated deficit	(2,354,908)	(2,044,704)
Total stockholders’ equity	2,805,358	3,319,609
Partnership units
Total liabilities and stockholders’ equity/partners' capital	5,092,909	7,263,511
Spirit Realty, L.P.
Real estate investments:
Land and improvements	1,629,509	1,598,355
Buildings and improvements	3,100,749	2,989,451
Total real estate investments	4,730,258	4,587,806
Less: accumulated depreciation	(589,599)	(503,568)
Real estate investments, net	4,140,659	4,084,238
Loans receivable, net	52,001	78,466
Intangible lease assets, net	302,954	306,252
Real estate assets under direct financing leases, net	24,809	24,865
Real estate assets held for sale, net	43,601	20,469
Net investments	4,564,024	4,514,290
Cash and cash equivalents	7,578	8,792
Deferred costs and other assets, net	112,149	121,949
Investment in Master Trust 2014	33,558	0
Preferred equity investment in SMTA	150,000	0
Goodwill	225,600	225,600
Assets related to SMTA Spin-Off	0	2,392,880
Total assets	5,092,909	7,263,511
Liabilities:
Revolving Credit Facility	157,000	112,000
Term Loan, net	419,920	0
Senior Unsecured Notes, net	295,654	295,321
Notes payable to Spirit Realty Capital, Inc., net	465,433	589,644
Convertible Notes, net	726,261	715,881
Total debt, net	2,064,268	1,712,846
Intangible lease liabilities, net	123,613	130,574
Accounts payable, accrued expenses and other liabilities	99,670	131,642
Liabilities related to SMTA Spin-Off	0	1,968,840
Total liabilities	2,287,551	3,943,902
Commitments and contingencies (see Note 6)
Partnership units
General partner's capital: 3,988,218 units issued and outstanding as of both September 30, 2018 and December 31, 2017	23,151	24,426
Limited partners' preferred capital: 6,900,000 units issued and outstanding as of both September 30, 2018 and December 31, 2017	166,177	166,193
Limited partners' capital: 424,490,627 and 444,880,051 units issued and outstanding as of September 30, 2018 and December 31, 2017, respectively	2,616,030	3,128,990
Total partners' capital	2,805,358	3,319,609
Total liabilities and stockholders’ equity/partners' capital	$ 5,092,909	$ 7,263,511

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Stockholders’ equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	6,900,000	6,900,000
Preferred stock, shares outstanding	6,900,000	6,900,000
Common stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	428,478,845	448,868,269
Common stock, shares outstanding	428,478,845	448,868,269
Spirit Realty, L.P.
Partnership units
General partners' capital, units issued	3,988,218	3,988,218
General partners' capital, units outstanding	3,988,218	3,988,218
Limited partners' preferred capital, units issued	6,900,000	6,900,000
Limited partners' preferred capital, units outstanding	6,900,000	6,900,000
Limited partners' capital, units issued	424,490,627	444,880,051
Limited partners' capital, units outstanding	424,490,627	444,880,051

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018		Sep. 30, 2017
Revenues:
Interest income on loans receivable	$ 1,121	$ 865	$ 2,410		$ 2,392
Earned income from direct financing leases	465	483	1,395		1,613
Related party fee income	6,750	0	8,969		0
Other income	481	580	2,298		1,139
Total revenues	109,644	108,721	315,642		323,888
Expenses:
General and administrative	11,033	12,712	39,843		46,789
Property costs (including reimbursable)	5,172	5,180	15,529		19,193
Real estate acquisition costs	26	177	143		851
Interest	24,784	29,948	71,385		85,805
Depreciation and amortization	40,379	43,318	121,015		130,634
Impairments	1,279	22,301	6,254		60,258
Total expenses	82,673	113,636	254,169		343,530
Income (loss) from continuing operations before other income and income tax expense	26,971	(4,915)	61,473		(19,642)
Other income:
Gain on debt extinguishment	0	1,792	27,092		1,769
Gain on disposition of assets	436	10,089	827		21,986
Preferred dividend income from SMTA	3,750	0	5,000		0
Total other income	4,186	11,881	32,919		23,755
Income from continuing operations before income tax expense	31,157	6,966	94,392		4,113
Income tax expense	(135)	(144)	(475)		(421)
Income from continuing operations	31,022	6,822	93,917		3,692
Discontinued operations:
(Loss) income from discontinued operations	(966)	(1,500)	(15,979)		37,665
Net income and total comprehensive income	30,056	5,322	77,938		41,357
Total comprehensive income	30,056	5,322	77,938		41,357
Dividends paid to preferred stockholders	(2,588)	0	(7,764)		0
Net income attributable to common stockholders used in basic and diluted income per share	$ 27,468	$ 5,322	$ 70,174		$ 41,357
Net income per share attributable to common stockholders - basic:
Continuing operations (in dollars per share)	$ 0.06	$ 0.01	$ 0.20		$ 0.01
Discontinued operations (in USD per share)	0	0	(0.04)		0.08
Net income per share attributable to common stockholders—basic (in dollars per share)	0.06	0.01	0.16		0.09
Net income per share attributable to common stockholders - diluted
Continuing operations (in dollars per share)	0.06	0.01	0.20		0.01
Discontinued operations (in USD per share)	0	0	(0.04)		0.08
Net income per share attributable to common stockholders—diluted (in USD per share)	$ 0.06	$ 0.01	$ 0.16		$ 0.09
Weighted average shares of common stock outstanding:
Basic (in shares)	426,678,579	456,671,617	433,162,760		472,698,692
Diluted (in shares)	427,890,152	456,671,617	433,940,701		472,698,692
Weighted average partnership units outstanding:
Dividends declared per common share/distributions declared per partnership unit issued (in USD per share)	$ 0.125	$ 0.18	$ 0.4850		$ 0.54
Spirit Realty, L.P.
Revenues:
Interest income on loans receivable	$ 1,121	$ 865	$ 2,410		$ 2,392
Earned income from direct financing leases	465	483	1,395		1,613
Related party fee income	6,750	0	8,969		0
Other income	481	580	2,298		1,139
Total revenues	109,644	108,721	315,642		323,888
Expenses:
General and administrative	11,033	12,712	39,843		46,789
Property costs (including reimbursable)	5,172	5,180	15,529		19,193
Real estate acquisition costs	26	177	143		851
Interest	24,784	29,948	71,385		85,805
Depreciation and amortization	40,379	43,318	121,015		130,634
Impairments	1,279	22,301	6,254		60,258
Total expenses	82,673	113,636	254,169		343,530
Income (loss) from continuing operations before other income and income tax expense	26,971	(4,915)	61,473		(19,642)
Other income:
Gain on debt extinguishment	0	1,792	27,092		1,769
Gain on disposition of assets	436	10,089	827		21,986
Preferred dividend income from SMTA	3,750	0	5,000		0
Total other income	4,186	11,881	32,919		23,755
Income from continuing operations before income tax expense	31,157	6,966	94,392		4,113
Income tax expense	(135)	(144)	(475)		(421)
Income from continuing operations	31,022	6,822	93,917		3,692
Discontinued operations:
(Loss) income from discontinued operations	(966)	(1,500)	(15,979)		37,665
Net income and total comprehensive income	30,056	5,322	77,938	[1]	41,357
Total comprehensive income	30,056	5,322	77,938	[1]	41,357
Dividends paid to preferred stockholders	(2,588)	0	(7,764)		0
Net income attributable to common stockholders used in basic and diluted income per share	27,468	5,322	70,174		41,357
Continuing operations net income attributable to the general partner	313	56	789		29
Discontinued operations net income attributable to the general partner	(32)	(12)	(146)		315
Net income attributable to the general partner	281	44	643		344
Continuing operations net income attributable to the limited partners	28,121	6,766	85,364		3,663
Discontinued operations net income attributable to the limited partners	(934)	(1,488)	(15,833)		37,350
Net income attributable to the limited partners	$ 27,187	$ 5,278	$ 69,531		$ 41,013
Net income per share attributable to common stockholders - basic:
Continuing operations net income per partnership unit - basic (in USD per share)	$ 0.06	$ 0.01	$ 0.20		$ 0.01
Discontinued operations net income per partnership unit - basic (in USD per share)	0	0	(0.04)		0.08
Net income per partnership unit - basic (in USD per share)	0.06	0.01	0.16		0.09
Net income per share attributable to common stockholders - diluted
Continuing operations net income per partnership unit - diluted (in USD per share)	0.06	0.01	0.20		0.01
Discontinued operations net income per partnership unit - diluted (in USD per share)	0	0	(0.04)		0.08
Net income per partnership unit - diluted (in USD per share)	$ 0.06	$ 0.01	$ 0.16		$ 0.09
Weighted average partnership units outstanding:
Basic (in shares)	426,678,579	456,671,617	433,162,760		472,698,692
Diluted (in shares)	427,890,152	456,671,617	433,940,701		472,698,692
Dividends declared per common share/distributions declared per partnership unit issued (in USD per share)	$ 0.1250	$ 0.1800	$ 0.4850		$ 0.5400
Rentals
Revenues:
Revenue from leases	$ 97,311	$ 103,523	$ 290,549		$ 307,822
Rentals | Spirit Realty, L.P.
Revenues:
Revenue from leases	97,311	103,523	290,549		307,822
Tenant reimbursement income
Revenues:
Revenue from leases	3,516	3,270	10,021		10,922
Tenant reimbursement income | Spirit Realty, L.P.
Revenues:
Revenue from leases	$ 3,516	$ 3,270	$ 10,021		$ 10,922
[1]	Net income and total comprehensive income is allocated first to the preferred unitholders, with income after the preferred distributions allocated to the common units on a pro rata basis.

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit
Preferred shares outstanding, beginning balance at Dec. 31, 2017	6,900,000	6,900,000
Beginning balance, value at Dec. 31, 2017	$ 3,319,609	$ 166,193	$ 4,489	$ 5,193,631	$ (2,044,704)
Common shares outstanding, beginning balance at Dec. 31, 2017			448,868,269
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,938				77,938
Dividends declared on preferred stock	(7,764)				(7,764)
Net income available to common stockholders	70,174				70,174
Dividends declared on common stock	$ (209,270)				(209,270)
Tax withholdings related to net stock settlements (in shares)	(300,000)		(285,378)
Tax withholdings related to net stock settlements	$ (2,347)		$ (3)		(2,344)
Repurchase of common shares (in shares)			(21,222,257)
Repurchase of common shares	(168,165)		$ (212)		(167,953)
SMTA dividend distribution	(216,005)			(216,005)
Issuance of preferred shares, net	(16)	$ (16)
Stock-based compensation, net (in shares)			1,118,211
Stock-based compensation, net	$ 11,378		$ 11	12,178	(811)
Preferred shares outstanding, ending balance at Sep. 30, 2018	6,900,000	6,900,000
Ending balance, value at Sep. 30, 2018	$ 2,805,358	$ 166,177	$ 4,285	$ 4,989,804	$ (2,354,908)
Common shares outstanding, ending balance at Sep. 30, 2018			428,478,845

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($) $ in Thousands		Total	Spirit Realty, L.P.		Spirit Realty, L.P.General Partner's Capital	[1]	Spirit Realty, L.P.Limited Partners' Capital		Limited Partner Series A Preferred UnitsSpirit Realty, L.P.	Limited Partner Series A Preferred UnitsSpirit Realty, L.P.Limited Partners' Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance, value			$ 3,319,609		$ 24,426		$ 3,128,990	[2]		$ 166,193	[2]
Partners' preferred units, beginning balance at Dec. 31, 2017	[2]									6,900,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance, value			2,805,358		$ 23,151		$ 2,616,030	[2]		$ 166,177	[2]
Partners' common units, beginning balance at Dec. 31, 2017					3,988,218		444,880,051	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		$ 77,938	77,938	[3]	$ 643	[3]	$ 69,531	[2],[3]		7,764	[2],[3]
Total comprehensive income		77,938	77,938	[3]	643	[3]	69,531	[2],[3]		7,764	[2],[3]
Partnership distributions declared on preferred/common units			(209,270)		(1,918)		(207,352)	[2]	$ (7,764)	(7,764)	[2]
Net income after preferred distributions		$ 70,174	70,174		643		$ 69,531	[2]
Tax withholdings related to net partnership unit settlements (in shares)		(300,000)					(285,378)	[2]
Tax withholdings related to net partnership unit settlements		$ (2,347)	(2,347)				$ (2,347)	[2]
Repurchase of partnership units (in shares)	[2]						(21,222,257)
Repurchase of partnership units			(168,165)				$ (168,165)	[2]
SMTA dividend distribution			(216,005)				$ (216,005)
Issuance of preferred partnership units			(16)							$ (16)	[2]
Stock-based compensation, net (in shares)	[2]						1,118,211
Stock-based compensation, net			11,378				$ 11,378	[2]
Partners' preferred units, ending balance at Sep. 30, 2018	[2]									6,900,000
Ending balance, value at Sep. 30, 2018			2,805,358		$ 23,151		$ 2,616,030	[2]		$ 166,177	[2]
Partners' common units, ending balance at Sep. 30, 2018					3,988,218		424,490,627	[2]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance, value			$ 2,805,358		$ 23,151		$ 2,616,030	[2]		$ 166,177	[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.
[3]	Net income and total comprehensive income is allocated first to the preferred unitholders, with income after the preferred distributions allocated to the common units on a pro rata basis.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018		Sep. 30, 2017
Operating activities
Net income	$ 77,938		$ 41,357
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	156,476		192,887
Impairments	17,197		88,109
Amortization of deferred financing costs	7,442		7,274
Amortization of debt discounts	10,888		9,663
Stock-based compensation expense	12,189		13,778
Gain on debt extinguishment	(26,729)		(1,770)
Gain on dispositions of real estate and other assets	(553)		(40,197)
Non-cash revenue	(14,239)		(20,642)
Bad debt expense and other	1,596		4,902
Changes in operating assets and liabilities:
Deferred costs and other assets, net	(5,681)		(1,684)
Accounts payable, accrued expenses and other liabilities	(2,712)		5,726
Net cash provided by operating activities	233,812		299,403
Investing activities
Acquisitions of real estate	(242,491)		(278,470)
Capitalized real estate expenditures	(26,769)		(34,939)
Investments in notes receivable	(35,450)		(4,995)
Collections of principal on loans receivable and real estate assets under direct financing leases	25,858		7,817
Proceeds from dispositions of real estate and other assets, net	41,461		342,032
Net cash (used in) provided by investing activities	(237,391)		31,445
Financing activities
Borrowings under Revolving Credit Facility	737,800		781,200
Repayments under Revolving Credit Facility	(692,800)		(481,200)
Borrowings under mortgages and notes payable	104,247		0
Repayments under mortgages and notes payable	(167,671)		(76,403)
Borrowings under Term Loan	420,000		0
Debt extinguishment costs	(2,968)		0
Deferred financing costs	(1,417)		(192)
Cash, cash equivalents and restricted cash held by SMTA at Spin-Off	(73,081)		0
Sale of SubREIT preferred shares	5,000		0
Repurchase of shares of common stock	(170,512)		(225,748)
Preferred stock dividends paid	(7,764)		0
Common stock dividends paid	(236,663)		(257,112)
Net cash used in financing activities	(85,829)		(259,455)
Net (decrease) increase in cash, cash equivalents and restricted cash	(89,408)		71,393
Cash, cash equivalents and restricted cash, beginning of period	114,707		36,898
Cash, cash equivalents and restricted cash, end of period	25,299		108,291
Spirit Realty, L.P.
Operating activities
Net income	77,938	[1]	41,357
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	156,476		192,887
Impairments	17,197		88,109
Amortization of deferred financing costs	7,442		7,274
Amortization of debt discounts	10,888		9,663
Stock-based compensation expense	12,189		13,778
Gain on debt extinguishment	(26,729)		(1,770)
Gain on dispositions of real estate and other assets	(553)		(40,197)
Non-cash revenue	(14,239)		(20,642)
Bad debt expense and other	1,596		4,902
Changes in operating assets and liabilities:
Deferred costs and other assets, net	(5,681)		(1,684)
Accounts payable, accrued expenses and other liabilities	(2,712)		5,726
Net cash provided by operating activities	233,812		299,403
Investing activities
Acquisitions of real estate	(242,491)		(278,470)
Capitalized real estate expenditures	(26,769)		(34,939)
Investments in notes receivable	(35,450)		(4,995)
Collections of principal on loans receivable and real estate assets under direct financing leases	25,858		7,817
Proceeds from dispositions of real estate and other assets, net	41,461		342,032
Net cash (used in) provided by investing activities	(237,391)		31,445
Financing activities
Borrowings under Revolving Credit Facility	737,800		781,200
Repayments under Revolving Credit Facility	(692,800)		(481,200)
Borrowings under mortgages and notes payable	104,247		0
Repayments under mortgages and notes payable	(167,671)		(76,403)
Borrowings under Term Loan	420,000		0
Debt extinguishment costs	(2,968)		0
Deferred financing costs	(1,417)		(192)
Cash, cash equivalents and restricted cash held by SMTA at Spin-Off	(73,081)		0
Sale of SubREIT preferred shares	5,000		0
Repurchase of partnership units	(170,512)		(225,748)
Preferred stock dividends paid	(7,764)		0
Common stock dividends paid	(236,663)		(257,112)
Net cash used in financing activities	(85,829)		(259,455)
Net (decrease) increase in cash, cash equivalents and restricted cash	(89,408)		71,393
Cash, cash equivalents and restricted cash, beginning of period	114,707		36,898
Cash, cash equivalents and restricted cash, end of period	$ 25,299		$ 108,291
[1]	Net income and total comprehensive income is allocated first to the preferred unitholders, with income after the preferred distributions allocated to the common units on a pro rata basis.

Organization

Organization	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Organization	Organization Company Organization and Operations Spirit Realty Capital, Inc. (the "Corporation" or "Spirit" 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 primarily investing 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 retail, office, industrial and data center 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 Company's wholly-owned subsidiaries, is the sole general partner and owns approximately 1% of the Operating Partnership . The Corporation and a wholly-owned subsidiary ("Spirit Notes Partner, LLC") are the only limited partners and together own the remaining 99% of the Operating Partnership . On May 31, 2018, (the "Distribution Date"), Spirit completed the previously announced spin-off (the " Spin-Off ") of the assets that collateralize Master Trust 2014 , properties leased to Shopko , and certain other assets into an independent, publicly traded REIT, Spirit MTA REIT (" SMTA "). Beginning in the second quarter of 2018, the historical financial results of SMTA are reflected in our consolidated financial statements as discontinued operations for all periods presented.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
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, 2017 and its Current Report on Form 8-K dated September 20, 2018. 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 multiple 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 to do so under their governing documents. As of September 30, 2018 and December 31, 2017 , net assets totaling $0.90 billion and $2.78 billion , respectively, were held, and net liabilities totaling $0.48 billion and $2.63 billion , respectively, were owed by these encumbered special purpose entities and are included in the accompanying consolidated balance sheets. Discontinued Operations A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. The Company determined that the Spin-Off represented a strategic shift that has a major effect on the Company's results and, therefore, SMTA 's operations qualify as discontinued operations. See Note 8 for further discussion on discontinued operations. 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. If 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's reserves for uncollectible amounts totaled $4.2 million and $12.4 million as of September 30, 2018 and December 31, 2017 , respectively, against accounts receivable balances of $14.7 million and $27.2 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 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 based on an assessment of the risks inherent in the portfolio, considering historical experience. The Company established a reserve for losses of $0.5 million and $1.8 million as of September 30, 2018 and December 31, 2017 , respectively, against straight-line rental revenue receivables of $66.4 million and $81.6 million , respectively. These 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. No impairment was recorded for the periods presented. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): September 30, December 31, September 30, Cash and cash equivalents $ 7,578 $ 8,798 $ 11,947 Restricted cash: Collateral deposits (1) 423 1,751 1,229 Tenant improvements, repairs, and leasing commissions (2) 8,898 8,257 7,988 Master Trust Release (3) 7,410 85,703 79,353 Liquidity reserve (4) — 5,503 — Other (5) 990 4,695 7,774 Total cash, cash equivalents and restricted cash $ 25,299 $ 114,707 $ 108,291 (1) Funds held in lender controlled accounts generally used to meet future debt service or certain property operating expenses. (2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant. (3) Proceeds from the sale of assets pledged as collateral under either Master Trust 2013 or Master Trust 2014 , which are held on deposit until a qualifying substitution is made or the funds are applied as prepayment of principal. (4) Liquidity reserve cash was placed on deposit for Master Trust 2014 and is held until there is a cashflow shortfall or upon achieving certain performance criteria, as defined in the agreements governing Master Trust 2014 , or a liquidation of Master Trust 2014 occurs. (5) Funds held in lender controlled accounts released after scheduled debt service requirements are met. Income Taxes The Company has elected to be taxed as a REIT under the Code . As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income. Taxable income from non-REIT activities managed through any of the Company's taxable REIT subsidiaries is subject to federal, state, and local taxes, which are not material. The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, therefore no provision has been made for federal income taxes in the accompanying financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on a partnership. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income. On May 31, 2018, the Company completed the Spin-Off of Spirit MTA REIT through a distribution of shares in SMTA to the Company’s shareholders. The distribution resulted in a deemed sale of assets and recognition of taxable gain by the Company, which is entitled to a dividends paid deduction equal to the value of the shares in SMTA that it distributed. The Company believes that its dividends paid deduction for 2018, including the value of the SMTA shares distributed, will equal or exceed its taxable income, including the gain recognized. As a result, the Company does not expect the distribution to result in current tax other than an immaterial amount of state and local tax which has been recognized in the accompanying financial statements. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 . This new guidance establishes a principles-based approach for accounting for revenue from contracts with customers and is effective for annual reporting periods beginning after December 15, 2017, with early application permitted for annual reporting periods beginning after December 15, 2016. The Company adopted the new revenue recognition standard effective January 1, 2018 under the modified retrospective method, and elected to apply the standard only to contracts that were not completed as of the date of adoption (i.e. January 1, 2018). In evaluating the impact of this new standard, the Company identified that lease contracts covered by Leases (Topic 840) are excluded from the scope of this new guidance. As such, this ASU had no material impact on the Company's reported revenues, results of operations, financial position, cash flows and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the existing guidance for lease accounting Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. Leases pursuant to which the Company is the lessee primarily consist of its corporate office, ground leases and equipment leases. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company has elected to use all of the practical expedients available for adoption of this ASU except for the hindsight expedient, which would require the re-evaluation of the lease term on all leases using current facts and circumstances. The Company has begun implementation of the ASU and is currently evaluating the overall impact of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires more timely recognition of credit losses associated with financial assets. ASU 2016-13 requires financial assets (or a group of financial assets) measured at an amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company adopted ASU 2016-15 effective January 1, 2018 and has applied it retrospectively. As a result of adoption, debt prepayment and debt extinguishment costs, previously presented in operating activities, are now presented in financing activities in the consolidated statement of cash flows. There was no impact on the statements of cash flows for the Company for other types of transactions. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This guidance requires entities to include restricted cash and restricted cash equivalents within the cash and cash equivalents balances presented in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the new guidance is to be applied retrospectively. The Company adopted ASU 2016-18 effective January 1, 2018 and applied it retrospectively. As a result, restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.

Investments

Investments	9 Months Ended
	Sep. 30, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments	Investments Real Estate Investments As of September 30, 2018 , the Company's gross investment in real estate properties and loans totaled approximately $5.1 billion , representing investments in 1,523 properties, including 53 properties securing mortgage loans. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and the carrying amount of loans receivable, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with Texas, at 11.9% , as the only state with a Real Estate Investment Value greater than 10% of the Real Estate Investment Value of the Company's entire portfolio. During the nine months ended September 30, 2018 , 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, 2017 2,392 88 2,480 $ 7,823,058 $ 79,967 $ 7,903,025 Acquisitions/improvements (1) 18 2 20 269,260 37,888 307,148 Dispositions of real estate (2)(3)(4) (41 ) (5 ) (46 ) (83,338 ) — (83,338 ) Principal payments and payoffs — (30 ) (30 ) — (26,316 ) (26,316 ) Impairments — — — (17,197 ) — (17,197 ) Write-off of gross lease intangibles — — — (50,505 ) — (50,505 ) Loan premium amortization and other — — — (886 ) (1,650 ) (2,536 ) Spin-off to SMTA (899 ) (2 ) (901 ) (2,855,052 ) (37,888 ) (2,892,940 ) Gross balance, September 30, 2018 1,470 53 1,523 5,085,340 52,001 5,137,341 Accumulated depreciation and amortization (696,930 ) — (696,930 ) Net balance, September 30, 2018 $ 4,388,410 $ 52,001 $ 4,440,411 (1) Includes investments of $23.1 million in revenue producing capitalized expenditures, as well as $4.3 million of non-revenue producing capitalized expenditures as of September 30, 2018 . (2) The total accumulated depreciation and amortization associated with dispositions of real estate was $14.4 million as of September 30, 2018 . (3) For the nine months ended September 30, 2018 , the total (loss) gain on disposal of assets for properties held in use and held for sale was $(2.6) million and $3.2 million , respectively. (4) Includes six deed-in-lieu properties with a real estate investment of $28.5 million that were transferred to the lender during the nine months ended September 30, 2018 . Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases (including contractual fixed rent increases occurring on or after October 1 , 2018 ) at September 30, 2018 (in thousands): September 30, Remainder of 2018 $ 95,355 2019 379,441 2020 373,089 2021 353,153 2022 330,083 Thereafter 2,473,691 Total future minimum rentals $ 4,004,812 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 rent 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 premiums, discounts and allowance for loan losses (in thousands): September 30, December 31, Mortgage loans - principal $ 43,900 $ 69,963 Mortgage loans - premiums, net of amortization 2,954 5,038 Allowance for loan losses — (389 ) Mortgages loans, net 46,854 74,612 Other notes receivable - principal 5,388 5,355 Other notes receivable - discounts, net of amortization (241 ) — Allowance for loan losses — — Other notes receivable, net 5,147 5,355 Total loans receivable, net $ 52,001 $ 79,967 The mortgage loans are secured by single-tenant commercial properties and generally have fixed interest rates over the term of the loans. There are three other notes receivable included within loans receivable, as of September 30, 2018 , of which two notes totaling $3.4 million are secured by tenant assets and stock and the remaining note, with a balance of $1.7 million , is unsecured. As of December 31, 2017 , there were three other notes receivable included within loans receivable, of which one $3.5 million note was secured by tenant assets and stock and the other two were unsecured. Lease Intangibles, Net The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): September 30, December 31, In-place leases $ 385,936 $ 591,551 Above-market leases 62,822 89,640 Less: accumulated amortization (145,804 ) (271,288 ) Intangible lease assets, net $ 302,954 $ 409,903 Below-market leases $ 168,485 $ 216,642 Less: accumulated amortization (44,872 ) (61,339 ) Intangible lease liabilities, net $ 123,613 $ 155,303 The amounts amortized as a net increase to rental revenue for capitalized above and below-market leases were $1.3 million and $1.5 million for the three months ended September 30, 2018 and 2017 , respectively, and $4.2 million and $4.9 million for the nine months ended September 30, 2018 and 2017 , respectively. The value of in place leases amortized and included in depreciation and amortization expense was $7.0 million and $10.8 million for the three months ended September 30, 2018 and 2017 , respectively, and $25.7 million and $33.0 million for the nine months ended September 30, 2018 and 2017 , respectively. Real Estate Assets Under Direct Financing Leases The components of real estate investments held under direct financing leases were as follows (in thousands): September 30, December 31, Minimum lease payments receivable $ 5,874 $ 7,325 Estimated residual value of leased assets 24,552 24,552 Unearned income (5,617 ) (7,012 ) Real estate assets under direct financing leases, net $ 24,809 $ 24,865 Real Estate Assets Held for Sale The following table shows the activity in real estate assets held for sale for the nine months ended September 30, 2018 (dollars in thousands): Number of Properties Carrying Value Balance, December 31, 2017 15 $ 48,929 Transfers from real estate investments held and used 9 39,487 Sales (6 ) (10,257 ) Transfers to real estate investments held in use (7 ) (25,715 ) Transfers to SMTA (5 ) (7,853 ) Impairments — (990 ) Balance, September 30, 2018 6 $ 43,601 Impairments The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations and comprehensive income (in thousands): Three Months Ended September 30, Nine Months Ended 2018 2017 2018 2017 Real estate and intangible asset impairment $ 1,113 $ 32,676 $ 16,737 $ 82,553 Write-off of lease intangibles, net 166 5,061 477 5,556 Recovery of loans receivable, previously impaired — — (17 ) — Total impairment loss $ 1,279 $ 37,737 $ 17,197 $ 88,109 Impairments for the three months ended September 30, 2018 and 2017 , were comprised of $0.7 million and $32.9 million on properties classified as held and used, respectively, and $0.6 million and $4.8 million on properties classified as held for sale for the three months ended September 30, 2018 and 2017 . Impairments for the nine months ended September 30, 2018 and 2017 , were comprised of $16.2 million and $65.5 million on properties classified as held and used, respectively, and $1.0 million and $22.6 million on properties classified as held for sale, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2018
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 which 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) September 30, December 31, (in Years) (In Thousands) Revolving Credit Facility 5.42 % 3.37 % 0.5 $ 157,000 $ 112,000 Term Loan 3.78 % 3.57 % 0.1 420,000 — Master Trust Notes 5.89 % 5.27 % 5.2 169,012 2,248,504 CMBS 5.90 % 5.51 % 4.7 275,460 332,647 Related Party Notes Payable 1.00 % 1.00 % 9.5 28,630 — Convertible Notes 5.31 % 3.28 % 1.5 747,500 747,500 Senior Unsecured Notes 4.60 % 4.45 % 8.0 300,000 300,000 Total debt 5.04 % 3.93 % 2.9 2,097,602 3,740,651 Debt discount, net (17,406 ) (61,399 ) Deferred financing costs, net (4) (15,928 ) (39,572 ) Total debt, net $ 2,064,268 $ 3,639,680 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the three months ended September 30, 2018 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 September 30, 2018 . (3) Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2018 . (4) The Company records deferred financing costs for its Revolving Credit Facility in deferred costs and other assets, net on its consolidated balance sheets . Revolving Credit Facility The Company has access to an unsecured credit facility, the Revolving Credit Facility , which 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. The Operating Partnership may voluntarily prepay the Revolving Credit Facility , in whole or in part, at any time without premium or penalty, but subject to applicable LIBOR breakage fees, if any. Borrowings bear interest at 1-Month LIBOR plus 0.875% to 1.55% per annum and require 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. As of September 30, 2018 , the Revolving Credit Facility bore interest at 1-Month LIBOR plus 1.25% and incurred a facility fee of 0.25% per annum. In connection with placement and use of the Revolving Credit Facility , the Company has incurred costs of $4.8 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the Revolving Credit Facility . The unamortized deferred financing costs relating to the Revolving Credit Facility were $0.7 million and $1.6 million as of September 30, 2018 and December 31, 2017 , respectively, and recorded in deferred costs and other assets, net on the accompanying consolidated balance sheets. As of September 30, 2018 , $157.0 million was outstanding and $643.0 million of borrowing capacity was available under the Revolving Credit Facility . The Operating Partnership 's ability to borrow under the Revolving Credit Facility is subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of September 30, 2018 , the Company 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 with 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 from $420.0 million up to $600.0 million , subject to obtaining additional lender commitments. 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. The Company elected to exercise its option to extend the Term Loan, see Note 13 for further discussion. The Term Loan Agreement provides that outstanding borrowings bear interest at 1-Month LIBOR plus 0.90% to 1.75% per annum, depending on the Company’s credit ratings. As of September 30, 2018 , the Term Loan bore interest at 1-Month LIBOR plus 1.35% . 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 September 30, 2018 and December 31, 2017 , the unamortized deferred financing costs relating to the Term Loan were $0.1 million and $0.7 million , respectively, and were recorded net against the principal balance of mortgages and notes payable as of September 30, 2018 and December 31, 2017 , on the accompanying consolidated balance sheets. As of September 30, 2018 , the Term Loan had a $420.0 million outstanding balance and no available borrowing capacity. 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 September 30, 2018 , 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 Company. The Senior Unsecured Notes were issued at 99.378% of their principal face 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 annum, payable on March 15 and September 15 of each year, and mature on September 15, 2026. The Company filed a registration statement with the SEC to exchange the private Senior Unsecured Notes for registered Senior Unsecured Notes with substantially identical terms, which became effective on April 14, 2017. All $300.0 million aggregate principal amount of private Senior Unsecured Notes were tendered in the exchange for registered Senior Unsecured 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 $3.4 million in deferred financing costs and an offering discount of $1.9 million . These amounts are being amortized to interest expense over the life of the Senior Unsecured Notes . As of September 30, 2018 and December 31, 2017 , the unamortized deferred financing costs relating to the Senior Unsecured Notes were $2.8 million and $3.0 million , respectively, and the unamortized discount was $1.5 million and $1.7 million , respectively, with both the deferred financing costs and offering discount 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 Company and Operating Partnership are subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of September 30, 2018 , the Company and the Operating Partnership were in compliance with these financial covenants. Master Trust Notes Master Trust 2013 and Master Trust 2014 are asset-backed securitization platforms through which the Company has raised capital through the issuance of non-recourse net-lease mortgage notes collateralized by commercial real estate, net-leases and mortgage loans. On January 23, 2018, the Company re-priced a private offering of the Master Trust 2014 Series 2017-1 notes with $674.2 million aggregate principal amount. As a result, the interest rate on the Class B Notes was reduced from 6.35% to 5.49% , while the other terms of the Class B Notes remained unchanged. The terms of the Class A Notes were unaffected by the repricing. In connection with the re-pricing, the Company received $8.2 million in additional proceeds, that reduced the discount on the underlying debt. On February 2, 2018, the Operating Partnership sold its holding of Master Trust 2014 Series 2014-2 notes with a principal balance of $11.6 million to a third-party. This transaction resulted in an increase in the Company's mortgages and notes payable, net balance as shown in the balance sheet. On May 21, 2018, the Company retired $123.1 million of Master Trust 2013 Series 2013-1 Class A notes. There was no make-whole payment associated with the redemption of these notes. During the nine months ended September 30, 2018 there were $15.2 million in prepayments on Master Trust 2013 Series 2013-2 Class A notes with $934 thousand in associated make-whole payments. On May 31, 2018, in conjunction with the Spin-Off , the Company contributed Master Trust 2014 , which is included in liabilities related to SMTA Spin-Off in our December 31, 2017 consolidated balance sheet. The Master Trust Notes are summarized below: Stated Rate Maturity September 30, December 31, (in Years) (in Thousands) Series 2014-1 Class A2 $ — $ 252,437 Series 2014-2 — 222,683 Series 2014-3 — 311,336 Series 2014-4 Class A1 — 150,000 Series 2014-4 Class A2 — 358,664 Series 2017-1 Class A — 515,280 Series 2017-1 Class B — 125,400 Total Master Trust 2014 notes — 1,935,800 Series 2013-1 Class A — 125,000 Series 2013-2 Class A 5.3 % 5.2 169,012 187,704 Total Master Trust 2013 notes 5.3 % 5.2 169,012 312,704 Debt discount, net — (36,188 ) Deferred financing costs, net (4,389 ) (24,010 ) Total Master Trust Notes, net $ 164,623 $ 2,188,306 As of September 30, 2018 , the Master Trust 2013 notes were secured by 269 owned and financed properties issued by a single indirect wholly-owned subsidiary of the Company which is a bankruptcy-remote, special purpose entity. CMBS As of September 30, 2018 , indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under six fixed-rate non-recourse loans, excluding one loan 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 September 30, 2018 , excluding the defaulted loan, ranged from 4.67% to 6.00% with a weighted average stated interest rate of 5.35% . As of September 30, 2018 , the non-defaulted loans were secured by 100 properties. As of September 30, 2018 and December 31, 2017 , the unamortized deferred financing costs associated with these fixed-rate loans were $3.4 million and $3.9 million , respectively, and the unamortized net offering discount was $0.1 million as of both periods. Both the deferred financing costs and offering discount were recorded net against the principal balance of the mortgages and notes payable on the accompanying consolidated balance sheets and are being amortized to interest expense over the term of the respective loans. As of September 30, 2018 , a certain borrower remained in default under the loan agreement relating to one CMBS fixed-rate loan, where one property securing the respective loan was no longer generating sufficient revenue to pay the scheduled debt service. The default interest rate on this loan was 9.85% . The defaulted borrower is a bankruptcy remote special purpose entity and the sole owner of the collateral securing the loan obligation. As of September 30, 2018 , the aggregate principal balance under the defaulted loan was $9.9 million , which includes $3.1 million of interest capitalized to the principal balance. Related Party Mortgage Loans Payable Wholly-owned subsidiaries of Spirit are the borrower on four mortgage loans payable held by SMTA and secured by six single-tenant commercial properties. In total, these mortgage notes had outstanding principal of $28.6 million at September 30, 2018 , which is included in mortgages and notes payable, net on the consolidated balance sheets. As of September 30, 2018 , these mortgage notes have a weighted average stated interest rate of 1.00% , a weighted average term of 9.5 years and are eligible for early repayment without penalty. Convertible Notes In May 2014, the Company 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 . Proceeds from the issuance were contributed to the Operating Partnership and are recorded as a note payable to Spirit Realty Capital, Inc. on the consolidated balance sheets of the Operating Partnership. The Convertible Notes are convertible only during certain periods and, subject to certain circumstances, into cash, shares of the Company'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 a current threshold of $0.14605 per share. As of September 30, 2018 , the conversion rate was 86.9923 per $1,000 principal note, which reflects the adjustment from the SMTA dividend distribution related to the Spin-Off , in addition to the other regular dividends declared during the life of the Convertible Notes . Earlier conversion may be triggered if shares of the Company's common stock trade higher than the established thresholds, if the Convertible Notes trade below established thresholds, or certain corporate events occur. In connection with the issuance of the Convertible Notes , the Company recorded a discount of $56.7 million , which represents the estimated value of the embedded conversion feature for each of the Convertible Notes . The discount is being amortized to interest expense using the effective interest method over the term of each of the 2019 Notes and 2021 Notes . As of September 30, 2018 and December 31, 2017 , the unamortized discount was $16.0 million and $23.7 million , respectively. The discount is shown net against the aggregate outstanding principal balance of the Convertible Notes on the accompanying consolidated balance sheets. The equity component of the conversion feature is recorded in capital in excess of par value in the accompanying consolidated balance sheets, net of financing transaction costs. In connection with the offering, the Company also incurred $19.6 million in deferred financing costs. This amount has been allocated on a pro-rata basis to each of the Convertible Notes and is being amortized to interest expense over the term of each note. As of September 30, 2018 and December 31, 2017 , the unamortized deferred financing costs relating to the Convertible Notes were $5.3 million and $8.0 million , respectively, and recorded net against the Convertible Notes principal balance on the accompanying consolidated balance sheets. Debt Extinguishment During the nine months ended September 30, 2018 , the Company extinguished a total of $179.3 million aggregate principal amount of indebtedness, including the retirement of $123.1 million of Master Trust 2013 Series 2013-1 Class A notes and $56.2 million of CMBS debt. The extinguishments had a weighted average contractual interest rate of 5.69% . As a result of these transactions, the Company recognized a net gain on debt extinguishment of approximately $26.7 million . During the nine months ended September 30, 2017 , the Company extinguished a total of $101.0 million aggregate principal amount of mortgage indebtedness with a weighted average contractual interest rate of 5.84% . As a result of these transactions, the Company recognized a net gain on debt extinguishment of approximately $1.8 million . Debt Maturities As of September 30, 2018 , scheduled debt maturities of the Company’s Revolving Credit Facility , Term Loan , Senior Unsecured Notes , Master Trust 2013 , CMBS, Convertible Notes and Related Party Notes Payable, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2018 (1) $ 2,848 $ 429,869 $ 432,717 2019 (2) 11,672 559,500 571,172 2020 12,163 — 12,163 2021 12,737 345,000 357,737 2022 13,315 42,400 55,715 Thereafter 28,504 639,594 668,098 Total $ 81,239 $ 2,016,363 $ 2,097,602 (1) The balloon payment balance in 2018 includes $9.9 million , of which $3.1 million is capitalized interest, for the acceleration of principal payable following an event of default under one non-recourse CMBS loan with a stated maturity in 2018 and the original maturity of the $420.0 million Term Loan. See Note 13 Subsequent Events for details relating to the extension of the Term Loan. (2) 2019 includes the Revolving Credit Facility , which is extendible for one year at the borrower's option. Interest Expense The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Interest expense – Revolving Credit Facility (1) $ 1,933 $ 3,075 $ 6,134 $ 5,632 Interest expense – Term Loan 2,677 2,768 2,677 7,525 Interest expense – Senior Unsecured Notes 3,338 3,337 10,013 10,013 Interest expense – mortgages and notes payable 6,183 27,563 62,370 83,640 Interest expense – Convertible Notes (2) 6,127 6,127 18,382 18,382 Non-cash interest expense: Amortization of deferred financing costs 1,890 2,451 7,442 7,274 Amortization of debt discount, net 2,636 3,359 10,888 9,663 Total interest expense $ 24,784 $ 48,680 $ 117,906 $ 142,129 (1) Includes facility fees of approximately $0.5 million for both of the three month periods ended September 30, 2018 and 2017 , and $1.6 million for both of the nine month periods ended September 30, 2018 and 2017 . (2) Included in interest expense on the Operating Partnership 's consolidated statements of operations and comprehensive income are amounts paid to the Company by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.

Stockholders' Equity and Partne

Stockholders' Equity and Partners' Capital	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Stockholders' Equity and Partners' Capital	Stockholders’ Equity and Partners' Capital Common Stock During the nine months ended September 30, 2018 , 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 0.3 million shares of common stock valued at $2.3 million , solely to pay the associated statutory tax withholdings during the nine months ended September 30, 2018 . The surrendered shares are included in repurchase of shares of common stock on the consolidated statements of cash flows. Preferred Stock As of September 30, 2018 , the Company had 6.9 million shares of 6.00% Series A Preferred Stock outstanding. The Series A Preferred Stock pays cumulative cash dividends at the rate of 6.00% per annum on the liquidation preference of $25.00 per share (equivalent to $0.375 per share on a quarterly basis and $1.50 per share on an annual basis). During the nine months ended September 30, 2018 , the Company paid $7.8 million in Series A Preferred Stock dividends. 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 September 30, 2018 , 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 Programs In May 2018, the Company's Board of Directors approved a new stock repurchase program, which authorizes the Company to repurchase up to $250.0 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. As of September 30, 2018 , no shares of the Company's common stock had been repurchased under the new program and the full $250.0 million in gross repurchase capacity remained available. In August 2017, the Company's Board of Directors approved a stock repurchase program, which authorized the Company to repurchase up to $250.0 million of its common stock during the 18 -month time period following authorization. During the nine months ended September 30, 2018 , prior to the SMTA Spin-Off , 21.2 million shares of the Company's common stock were repurchased in open market transactions under this stock repurchase program at a weighted average price of $7.90 per share, and no additional capacity remains under this stock repurchase program. Fees associated with the repurchase of $0.5 million are included in accumulated deficit. Dividends Declared For the nine months ended September 30, 2018 , the Company's Board of Directors declared the following preferred and common stock dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Preferred Stock March 5, 2018 $ 0.375 March 15, 2018 $ 2,588 March 30, 2018 May 29, 2018 $ 0.375 June 15, 2018 $ 2,588 June 29, 2018 August 27, 2018 $ 0.375 September 14, 2018 $ 2,588 September 28, 2018 Common Stock March 5, 2018 $ 0.180 March 30, 2018 $ 78,581 April 13, 2018 May 29, 2018 $ 0.180 June 29, 2018 $ 77,143 July 13, 2018 August 27, 2018 $ 0.125 September 28, 2018 $ 53,560 October 15, 2018 The Common Stock dividend declared on August 27, 2018 was paid on October 15, 2018 and is included in accounts payable, accrued expenses and other liabilities as of September 30, 2018 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
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. In 2015, Haggen Holdings, LLC and a number of its affiliates, including Haggen Operations Holdings, LLC ("Haggen"), filed petitions for bankruptcy. At the time of the filing, Haggen leased 20 properties from a subsidiary of the Company under a master lease. The Company and Haggen restructured the master lease in an initial settlement agreement with approved claims of $21.0 million . In 2016, the Company entered into a second settlement agreement with both Haggen and Albertsons, LLC for $3.4 million and $3.0 million , respectively. To date, the Company has collected $5.5 million of the total claims and there is no guaranty that the remaining claims of $21.9 million will be paid or otherwise satisfied in full. As of September 30, 2018 , there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. As of September 30, 2018 , the Company had commitments totaling $64.7 million , of which $27.4 million relates to future acquisitions, with the majority of the remainder to fund revenue generating improvements on properties the Company currently owns. Commitments related to acquisitions contain standard cancellation clauses contingent on the results of due diligence. The Company expects to fund these commitments by the end of fiscal year 2019. In addition, the Company is contingently liable for $5.7 million of debt owed by one of its former tenants and is indemnified by that former 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. As of September 30, 2018 , no accruals have been made.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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 as of September 30, 2018 and December 31, 2017 (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 September 30, 2018 Long-lived assets held and used $ 13,516 $ — $ — $ 13,516 Long-lived assets held for sale $ 7,695 $ — $ — $ 7,695 December 31, 2017 Long-lived assets held and used $ 28,312 $ — $ — $ 28,312 Long-lived assets held for sale $ 42,142 $ — $ — $ 42,142 Real estate and the 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 60 days 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 nine months ended September 30, 2018 and for the year ended December 31, 2017 , we determined that six and 18 long-lived assets held and used, respectively, were impaired. For three of the held and used properties impaired during the nine months ended September 30, 2018 , the buildings were fully impaired due to our non-payment on the related ground leases. For 17 of the held and used properties impaired during the year ended December 31, 2017 , the Company estimated property fair value using price per square foot of comparable properties. The following table provides information about the price per square foot of comparable properties used as inputs (price per square foot in dollars): September 30, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $— $ — — $13.66 - $305.05 $ 55.68 364,940 Industrial $— $ — — $3.30 - $8.56 $ 5.35 370,824 Office $— $ — — $24.82 - $244.86 $ 40.14 161,346 For the remaining three held and used properties impaired during the nine months ended September 30, 2018 and remaining one held and used property impaired during the year ended December 31, 2017 , the Company estimated property fair value using price per square foot based on a listing price or a broker opinion of value. The following table provides information about the price per square foot based on a listing price and broker opinion of value used as inputs (price per square foot in dollars): September 30, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $185.42 - $638.72 $ 573.56 21,759 $88.89 $ 88.89 22,500 Office $225.04 $ 225.04 5,999 $— $ — — For the nine months ended September 30, 2018 and year ended December 31, 2017 , we determined that one and eight long-lived assets held for sale, respectively, were impaired. The Company estimated fair value of held for sale properties using price per square foot from the signed purchase and sale agreements as follows (price per square foot in dollars): September 30, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held for sale by asset type Retail $126.73 $ 126.73 63,128 $55.30 - $346.23 $ 230.52 150,376 Industrial $— $ — — $24.02 - $54.21 $ 37.09 223,747 Estimated Fair Value of Financial Instruments Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the accompanying consolidated balance sheets. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at September 30, 2018 and December 31, 2017 . 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 following financial instruments have been derived based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands): September 30, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 52,001 $ 53,561 $ 79,967 $ 82,886 Investment in Master Trust 2014 33,558 33,307 — — Revolving Credit Facility 157,000 157,957 112,000 111,997 Term Loan, net (1) 419,920 420,473 — — Senior Unsecured Notes, net (1) 295,654 287,667 295,321 299,049 Mortgages and notes payable, net (1) 465,433 484,629 2,516,478 2,657,599 Convertible Notes, net (1) 726,261 751,928 715,881 761,440 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On May 31, 2018, the Company completed the Spin-Off of SMTA by means of a pro rata distribution of one share of SMTA common stock for every ten shares of Spirit common stock held by each of Spirit's stockholders of record as of May 18, 2018. The Company determined that the Spin-Off represented a strategic shift that has a major effect on the Company's results and, therefore, SMTA 's operations qualify as discontinued operations. Accordingly, beginning in the second quarter of 2018, the historical financial results of SMTA are reflected in our consolidated financial statements as discontinued operations for all periods presented. The assets and liabilities related to discontinued operations are separately classified on the consolidated balance sheets as of December 31, 2017 , and the operations have been classified as (loss) income from discontinued operations on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017 . The consolidated statements of cash flows and all other notes herein include the results of both continuing operations and discontinued operations. Goodwill was allocated to SMTA based on the fair value of SMTA relative to the total fair value of the Company, resulting in a reduction in goodwill of the Company of $28.7 million as a result of the Spin-Off . This reduction in the Company's goodwill is reflected in the SMTA dividend distribution in the accompanying consolidated statement of stockholders' equity and consolidated statement of partners' capital. The table below summarizes the Company's assets and liabilities related to discontinued operations reported in its consolidated balance sheet. December 31, 2017 (in thousands) Assets Investments: Real estate investments: Land and improvements $ 990,575 Buildings and improvements 1,702,926 Total real estate investments 2,693,501 Less: accumulated depreciation (572,075 ) 2,121,426 Loans receivable, net 1,501 Intangible lease assets, net 103,651 Real estate assets held for sale, net 28,460 Net investments 2,255,038 Cash and cash equivalents 6 Deferred costs and other assets, net 109,096 Goodwill 28,740 Total assets of discontinued operations $ 2,392,880 Liabilities Mortgages and notes payable, net $ 1,926,834 Intangible lease liabilities, net 24,729 Accounts payable, accrued expenses and other liabilities 17,277 Total liabilities of discontinued operations $ 1,968,840 The table below provides information about income and expenses related to the Company's discontinued operations reported in its consolidated statements of operations and comprehensive income. Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 Revenues: Rentals $ — $ 56,276 $ 99,816 $ 171,684 Interest income on loans receivable — 138 1,495 377 Tenant reimbursement income — 1,421 856 2,214 Other income — 2,994 776 5,444 Total revenues — 60,829 102,943 179,719 Expenses: General and administrative — 1,000 707 3,203 Transaction costs 966 2,660 20,931 3,145 Property costs (including reimbursable) — 2,900 3,268 7,570 Real estate acquisition costs — 19 339 (78 ) Interest — 18,732 46,521 56,324 Depreciation and amortization — 20,355 35,461 62,253 Impairments (recoveries) — 15,436 10,943 27,851 Total expenses 966 61,102 118,170 160,268 (Loss) income from discontinued operations before other (loss) income and income tax benefit (expense) (966 ) (273 ) (15,227 ) 19,451 Other (loss) income: (Loss) gain on debt extinguishment — — (363 ) 1 (Loss) gain on disposition of assets — (1,382 ) (274 ) 18,211 Total other (loss) income — (1,382 ) (637 ) 18,212 (Loss) income from discontinued operations before income tax benefit (expense) (966 ) (1,655 ) (15,864 ) 37,663 Income tax benefit (expense) — 155 (115 ) 2 (Loss) income from discontinued operations $ (966 ) $ (1,500 ) $ (15,979 ) $ 37,665 The table below provides information about operating and investing cash flows related to the Company's discontinued operations reported in its consolidated statements of cash flows. Nine Months Ended September 30, 2018 2017 (in thousands) Net cash provided by operating activities $ 36,924 $ 115,531 Net cash (used in) provided by investing activities (31,452 ) 123,179 Continuing Involvement Subsequent to the Spin-Off , the Company will have continuing involvement with SMTA through the terms of the Asset Management Agreement and Property Management and Servicing Agreement . See Note 11 for further detail on the continuing involvement. Subsequent to the Spin-Off , the Company had cash inflows from SMTA of $10.9 million and cash outflows to SMTA of $21.7 million for the three months ended September 30, 2018, and inflows from SMTA of $13.0 million and cash outflows to SMTA of $28.8 million for the nine months ended September 30, 2018.

Incentive Award Plan

Incentive Award Plan	9 Months Ended
	Sep. 30, 2018
Retirement Benefits [Abstract]
Incentive Award Plan	Incentive Award Plan Restricted Shares of Common Stock During the nine months ended September 30, 2018 , the Company granted 1.0 million restricted shares under the Amended Incentive Award Plan to certain executive officers and employees. The Company recorded $8.2 million in deferred compensation associated with these grants, which will be recognized in expense over the service period of the awards. As of September 30, 2018 , there were approximately 1.7 million unvested restricted shares outstanding. In connection with the Spin-Off on May 31, 2018, holders of unvested restricted shares of Spirit common stock received unrestricted shares of SMTA common stock on a pro rata basis of one share of SMTA common stock for every ten shares of Spirit common stock. The distribution of unrestricted SMTA shares is considered an award modification that did not result in incremental fair value and, therefore, incremental compensation expense was not recognized. However, since the vesting period of the unrestricted SMTA shares was accelerated, $1.4 million of unrecognized stock-based compensation expense was accelerated and is reflected within general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income. Performance Share Awards During the nine months ended September 30, 2018 , the Board of Directors, or committee thereof, approved target grants of 504,497 performance shares to executive officers of the Company. The performance period of these grants runs primarily through December 31, 2020. Potential shares of the Company'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. In connection with the Spin-Off and in accordance with the rights granted per the Amended Incentive Award Plan , the Board of Directors made an equitable adjustment for all performance share awards outstanding, resulting in 134,432 incremental target shares. Because the fair value of the outstanding performance awards the day prior to and the day after the Spin-Off did not materially change, there was no change to unrecognized compensation expense and incremental compensation expense did not result. Approximately $1.5 million and $0.8 million in dividend rights have been accrued for non-vested performance share awards outstanding as of September 30, 2018 and December 31, 2017 , respectively. For outstanding non-vested awards at September 30, 2018 , 2.1 million shares would have been released based on the Company's TSR relative to the specified peer groups through that date. Stock-based Compensation Expense For the three months ended September 30, 2018 and 2017 , the Company recognized $3.1 million and $2.3 million , respectively, in stock-based compensation expense, and for the nine months ended September 30, 2018 and 2017 , the Company recognized $12.2 million and $13.8 million , respectively, in stock-based compensation expense which is included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. As of September 30, 2018 , the remaining unamortized stock-based compensation expense totaled $18.4 million , with $9.8 million related to restricted stock awards and $8.6 million related to performance share awards. As of December 31, 2017, the remaining unamortized stock-based compensation expense totaled $17.7 million , including $10.0 million related to restricted stock awards and $7.7 million related to performance share awards. Amortization is recognized on a straight-line basis over the service period of each applicable award.

Income Per Share and Partnershi

Income Per Share and Partnership Unit	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Income Per Share and Partnership Unit	Income Per Share and Partnership Unit Income per share and unit 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 and partners. The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share and unit computed using the two-class method (dollars in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Basic and diluted income : Income from continuing operations $ 31,022 $ 6,822 $ 93,917 $ 3,692 Less: income attributable to unvested restricted stock (204 ) (265 ) (932 ) (682 ) Less: dividends paid to preferred stockholders (2,588 ) — (7,764 ) — Income used in basic and diluted income (loss) per share from continuing operations 28,230 6,557 85,221 3,010 (Loss) income used in basic and diluted (loss) income per share from discontinued operations (966 ) (1,500 ) (15,979 ) 37,665 Net income attributable to common stockholders used in basic and diluted income per share $ 27,264 $ 5,057 $ 69,242 $ 40,675 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 428,541,520 458,035,972 434,989,430 473,919,177 Less: Unvested weighted average shares of restricted stock (1,862,941 ) (1,364,355 ) (1,826,670 ) (1,220,485 ) Weighted average shares of common stock outstanding used in basic income per share 426,678,579 456,671,617 433,162,760 472,698,692 Net income per share attributable to common stockholders - basic: Continuing operations $ 0.06 $ 0.01 $ 0.20 $ 0.01 Discontinued operations — — (0.04 ) 0.08 Net income per share attributable to common stockholders - basic $ 0.06 $ 0.01 $ 0.16 $ 0.09 Dilutive weighted average shares of common stock outstanding: (1) Unvested performance shares 1,211,511 — 777,941 — Stock options 62 — — — Weighted average shares of common stock outstanding used in diluted income per share 427,890,152 456,671,617 433,940,701 472,698,692 Net income p er share attributable to common stockholders - diluted Continuing operations $ 0.06 $ 0.01 $ 0.20 $ 0.01 Discontinued operations — — (0.04 ) 0.08 Net income per share attributable to common stockholders - diluted $ 0.06 $ 0.01 $ 0.16 $ 0.09 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 528,005 — 402,681 32,150 Total 528,005 — 402,681 32,150 ( 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 Company 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 and nine months ended September 30, 2018 , the Company's average stock price was below the conversion price, resulting in zero potentially dilutive shares related to the conversion spread for both periods.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements Related Party Agreements In conjunction with the Spin-Off , the Company and SMTA entered into certain agreements, including the Separation and Distribution Agreement, Tax Matters Agreement, Registration Rights Agreement and Insurance Sharing Agreement. These agreements provide a framework for the relationship between the Company and SMTA after the Spin-Off , by which Spirit may incur certain expenses on behalf of SMTA that must be reimbursed in a timely manner. As part of the Separation and Distribution Agreement, Spirit contributed $3.0 million of cash to SMTA at the time of the Spin-Off . Additionally, in relation to rental payments received by SMTA subsequent to the Spin-Off that relate to rents prior to the Spin-Off, SMTA was required to reimburse $2.0 million to Spirit within 60 days of the Spin-Off. The full $2.0 million was reimbursed to Spirit during the quarter ended September 30, 2018 . As of September 30, 2018 , the Company had an accrued receivable balance of $0.1 million and an accrued payable balance of $0.4 million in connection with these matters. Related Party Acquisitions During the quarter ended September 30, 2018 , the Company acquired a portfolio of properties and assigned three of the acquired properties to SMTA. In conjunction with the assignment, the Company received a $392.5 thousand equalization payment from SMTA to ensure a consistent capitalization rate for the acquired properties between the Company and SMTA. Related Party Asset Management Agreement In conjunction with the Spin-Off , the Company entered into the Asset Management Agreement pursuant to which the Operating Partnership will provide various services subject to the supervision of SMTA 's Board of Trustees, including, but not limited to: (i) performing all of SMTA 's day-to-day functions, (ii) sourcing, analyzing and executing on investments and dispositions, (iii) determining investment criteria, (iv) performing investment and liability management duties, including financing and hedging, and (v) performing financial and accounting management. For its services, the Company is entitled to an annual management fee of $20.0 million per annum, payable monthly in arrears. Additionally, the Company may be entitled to, under certain circumstances, a promoted interest fee based on the total shareholder return of SMTA 's common shares during the relevant period, as well as a termination fee. No revenue for the promoted interest fee or termination fee has been recognized as they do not meet the criteria for recognition under ASC 606-10 as of September 30, 2018 . Asset management fees of $5.0 million and $6.7 million were earned during the three and nine months ended September 30, 2018 , respectively, and are included in related party fee income in the consolidated statements of operations and comprehensive income. As of September 30, 2018 , the Company had an accrued receivable balance of $1.7 million related to the asset management fees. Related Party Property Management and Servicing Agreement The Operating Partnership provides property management services and special services for Master Trust 2014 . The property management fees accrue daily at 0.25% per annum of the collateral value of the Master Trust 2014 collateral pool less any specially serviced assets, and the special servicing fees accrue daily at 0.75% per annum of the collateral value of any assets deemed to be specially serviced per the terms of the Property Management and Servicing Agreement dated May 20, 2014. Property management fees of $1.6 million and $2.1 million were earned during the three and nine months ended September 30, 2018 , respectively, and special servicing fees of $190.0 thousand and $242.0 thousand were earned during the three and nine months ended September 30, 2018 , respectively. These fees are included in related party fee income in the consolidated statements of operations and comprehensive income. As of September 30, 2018 , the Company had an accrued receivable balance of $0.4 million related to the property management fees. Investments in SMTA In conjunction with the Spin-Off , SMTA issued to the Operating Partnership and one of its affiliates, both wholly-owned subsidiaries of Spirit, a total of 6.0 million shares of Series A preferred stock with an aggregate liquidation preference of $150.0 million (the "SMTA Preferred Stock"). The SMTA Preferred Stock pays cash dividends at the rate of 10.0% per annum on the liquidation preference of $25.00 per share (equivalent to $0.625 per share on a quarterly basis and $2.50 per share on an annual basis). Spirit recognized $3.8 million and $5.0 million in dividends during the three and nine months ended September 30, 2018 , respectively, that are reflected as preferred dividend income from SMTA in the consolidated statements of operations and comprehensive income. Preferred dividend income is recognized when dividends are declared. As of September 30, 2018 , the Company had an accrued receivable balance of $3.8 million related to the preferred dividends. The carrying value of the SMTA Preferred Stock is $150.0 million as of September 30, 2018 , reflected in the consolidated balance sheets and will be accounted for at cost, less impairments, if any. Prior to the Spin-Off , the Operating Partnership contributed certain assets to SubREIT in exchange for $5.0 million in SubREIT preferred shares. Then, on the Distribution Date, the Operating Partnership sold the SubREIT preferred shares to a third party for $5.0 million in cash. Related Party Mortgage Loans Payable Wholly-owned subsidiaries of Spirit are the borrower on four mortgage loans payable to SMTA and secured by six single-tenant commercial properties owned by Spirit. In total, these mortgage notes had an outstanding principal balance of $28.6 million at September 30, 2018 , which is included in mortgages and notes payable, net on the consolidated balance sheet. The notes incurred interest expense of $72.2 thousand and $96.7 thousand for the three and nine months ended September 30, 2018 , which is included in interest expense in the consolidated statements of operations and comprehensive income. As of September 30, 2018 , these mortgage notes have a weighted-average stated interest rate of 1% , a weighted-average term of 9.5 years and are eligible for early repayment without penalty. Related Party Notes Receivable In conjunction with the Master Trust 2014 Series 2017-1 notes issuance completed in December 2017, the Operating Partnership, as sponsor of the issuance, retained a 5.0% economic interest in the Master Trust 2014 Series 2017-1 notes as required by the risk retention rules issued under 17 CFR Part 246. The principal amount receivable under the notes was $33.6 million at September 30, 2018 and is reflected as Investment in Master Trust 2014 on the consolidated balance sheet. The notes generated interest income of $0.4 million and $0.5 million for the three and nine months ended September 30, 2018 , respectively, which is included in interest income on loans receivable in the consolidated statements of operations and comprehensive income. The notes have a weighted-average stated interest rate of 4.6% with a remaining term of 4.2 years to maturity as of September 30, 2018 . The notes are classified as held-to-maturity and, as of September 30, 2018 , the amortized cost basis is equal to carrying value.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table presents the supplemental disclosures of non-cash investing and financing activities (in thousands): Nine Months Ended 2018 2017 Investment in preferred shares $ 150,000 $ — Non-cash distribution to SMTA, net 142,924 — Relief of debt through sale or foreclosure of real estate properties 56,119 39,141 Reclass of residual value on expired deferred financing lease to operating asset — 11,088 Net real estate and other collateral assets sold or surrendered to lender 28,271 35,008 Accrued interest capitalized to principal (1) 1,719 2,430 Accrued performance share dividend rights 811 699 Distributions declared and unpaid 54,217 82,062 Accrued deferred financing costs — 1,373 Financing provided in connection with disposition of assets 2,888 15,015 (1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default. The following table presents the disclosures for cash paid for taxes and interest (in thousands): Cash Paid for Taxes Cash Paid for Interest For the three months ended March 31, 2018 $ 107 $ 38,555 For the three months ended June 30, 2018 647 38,408 For the six months ended June 30, 2018 754 76,963 For the three months ended September 30, 2018 379 17,087 For the nine months ended September 30, 2018 $ 1,133 $ 94,050 For the three months ended March 31, 2017 $ 88 $ 38,899 For the three months ended June 30, 2017 661 43,237 For the six months ended June 30, 2017 749 82,136 For the three months ended September 30, 2017 123 39,030 For the nine months ended September 30, 2017 $ 872 $ 121,166

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Term Loan Extension In November 2018, Spirit exercised its option to extend the maturity date of the $420.0 million Term Loan to November 2, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
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, 2017 and its Current Report on Form 8-K dated September 20, 2018.
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 multiple 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 to do so under their governing documents.
Discontinued Operations	A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. The Company determined that the Spin-Off represented a strategic shift that has a major effect on the Company's results and, therefore, SMTA 's operations qualify as discontinued operations. See Note 8 for further discussion on discontinued operations.
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. If 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's reserves for uncollectible amounts totaled $4.2 million and $12.4 million as of September 30, 2018 and December 31, 2017 , respectively, against accounts receivable balances of $14.7 million and $27.2 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 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 based on an assessment of the risks inherent in the portfolio, considering historical experience. The Company established a reserve for losses of $0.5 million and $1.8 million as of September 30, 2018 and December 31, 2017 , respectively, against straight-line rental revenue receivables of $66.4 million and $81.6 million , respectively. These 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.
Cash, Cash Equivalents and Restricted Cash	Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets.
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. Taxable income from non-REIT activities managed through any of the Company's taxable REIT subsidiaries is subject to federal, state, and local taxes, which are not material. The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, therefore no provision has been made for federal income taxes in the accompanying financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on a partnership. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income.
New Accounting Pronouncements	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 . This new guidance establishes a principles-based approach for accounting for revenue from contracts with customers and is effective for annual reporting periods beginning after December 15, 2017, with early application permitted for annual reporting periods beginning after December 15, 2016. The Company adopted the new revenue recognition standard effective January 1, 2018 under the modified retrospective method, and elected to apply the standard only to contracts that were not completed as of the date of adoption (i.e. January 1, 2018). In evaluating the impact of this new standard, the Company identified that lease contracts covered by Leases (Topic 840) are excluded from the scope of this new guidance. As such, this ASU had no material impact on the Company's reported revenues, results of operations, financial position, cash flows and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the existing guidance for lease accounting Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. Leases pursuant to which the Company is the lessee primarily consist of its corporate office, ground leases and equipment leases. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company has elected to use all of the practical expedients available for adoption of this ASU except for the hindsight expedient, which would require the re-evaluation of the lease term on all leases using current facts and circumstances. The Company has begun implementation of the ASU and is currently evaluating the overall impact of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires more timely recognition of credit losses associated with financial assets. ASU 2016-13 requires financial assets (or a group of financial assets) measured at an amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which addresses specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company adopted ASU 2016-15 effective January 1, 2018 and has applied it retrospectively. As a result of adoption, debt prepayment and debt extinguishment costs, previously presented in operating activities, are now presented in financing activities in the consolidated statement of cash flows. There was no impact on the statements of cash flows for the Company for other types of transactions. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This guidance requires entities to include restricted cash and restricted cash equivalents within the cash and cash equivalents balances presented in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the new guidance is to be applied retrospectively. The Company adopted ASU 2016-18 effective January 1, 2018 and applied it retrospectively. As a result, restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following (in thousands): September 30, December 31, September 30, Cash and cash equivalents $ 7,578 $ 8,798 $ 11,947 Restricted cash: Collateral deposits (1) 423 1,751 1,229 Tenant improvements, repairs, and leasing commissions (2) 8,898 8,257 7,988 Master Trust Release (3) 7,410 85,703 79,353 Liquidity reserve (4) — 5,503 — Other (5) 990 4,695 7,774 Total cash, cash equivalents and restricted cash $ 25,299 $ 114,707 $ 108,291 (1) Funds held in lender controlled accounts generally used to meet future debt service or certain property operating expenses. (2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant. (3) Proceeds from the sale of assets pledged as collateral under either Master Trust 2013 or Master Trust 2014 , which are held on deposit until a qualifying substitution is made or the funds are applied as prepayment of principal. (4) Liquidity reserve cash was placed on deposit for Master Trust 2014 and is held until there is a cashflow shortfall or upon achieving certain performance criteria, as defined in the agreements governing Master Trust 2014 , or a liquidation of Master Trust 2014 occurs. (5) Funds held in lender controlled accounts released after scheduled debt service requirements are met.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization	During the nine months ended September 30, 2018 , 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, 2017 2,392 88 2,480 $ 7,823,058 $ 79,967 $ 7,903,025 Acquisitions/improvements (1) 18 2 20 269,260 37,888 307,148 Dispositions of real estate (2)(3)(4) (41 ) (5 ) (46 ) (83,338 ) — (83,338 ) Principal payments and payoffs — (30 ) (30 ) — (26,316 ) (26,316 ) Impairments — — — (17,197 ) — (17,197 ) Write-off of gross lease intangibles — — — (50,505 ) — (50,505 ) Loan premium amortization and other — — — (886 ) (1,650 ) (2,536 ) Spin-off to SMTA (899 ) (2 ) (901 ) (2,855,052 ) (37,888 ) (2,892,940 ) Gross balance, September 30, 2018 1,470 53 1,523 5,085,340 52,001 5,137,341 Accumulated depreciation and amortization (696,930 ) — (696,930 ) Net balance, September 30, 2018 $ 4,388,410 $ 52,001 $ 4,440,411 (1) Includes investments of $23.1 million in revenue producing capitalized expenditures, as well as $4.3 million of non-revenue producing capitalized expenditures as of September 30, 2018 . (2) The total accumulated depreciation and amortization associated with dispositions of real estate was $14.4 million as of September 30, 2018 . (3) For the nine months ended September 30, 2018 , the total (loss) gain on disposal of assets for properties held in use and held for sale was $(2.6) million and $3.2 million , respectively. (4) Includes six deed-in-lieu properties with a real estate investment of $28.5 million that were transferred to the lender during the nine months ended September 30, 2018 .
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 contractual fixed rent increases occurring on or after October 1 , 2018 ) at September 30, 2018 (in thousands): September 30, Remainder of 2018 $ 95,355 2019 379,441 2020 373,089 2021 353,153 2022 330,083 Thereafter 2,473,691 Total future minimum rentals $ 4,004,812
Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses	The following table details loans receivable, net of premiums, discounts and allowance for loan losses (in thousands): September 30, December 31, Mortgage loans - principal $ 43,900 $ 69,963 Mortgage loans - premiums, net of amortization 2,954 5,038 Allowance for loan losses — (389 ) Mortgages loans, net 46,854 74,612 Other notes receivable - principal 5,388 5,355 Other notes receivable - discounts, net of amortization (241 ) — Allowance for loan losses — — Other notes receivable, net 5,147 5,355 Total loans receivable, net $ 52,001 $ 79,967
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): September 30, December 31, In-place leases $ 385,936 $ 591,551 Above-market leases 62,822 89,640 Less: accumulated amortization (145,804 ) (271,288 ) Intangible lease assets, net $ 302,954 $ 409,903 Below-market leases $ 168,485 $ 216,642 Less: accumulated amortization (44,872 ) (61,339 ) Intangible lease liabilities, net $ 123,613 $ 155,303
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases	The components of real estate investments held under direct financing leases were as follows (in thousands): September 30, December 31, Minimum lease payments receivable $ 5,874 $ 7,325 Estimated residual value of leased assets 24,552 24,552 Unearned income (5,617 ) (7,012 ) Real estate assets under direct financing leases, net $ 24,809 $ 24,865
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 nine months ended September 30, 2018 (dollars in thousands): Number of Properties Carrying Value Balance, December 31, 2017 15 $ 48,929 Transfers from real estate investments held and used 9 39,487 Sales (6 ) (10,257 ) Transfers to real estate investments held in use (7 ) (25,715 ) Transfers to SMTA (5 ) (7,853 ) Impairments — (990 ) Balance, September 30, 2018 6 $ 43,601
Summary of Total Impairment Losses Recognized	The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations and comprehensive income (in thousands): Three Months Ended September 30, Nine Months Ended 2018 2017 2018 2017 Real estate and intangible asset impairment $ 1,113 $ 32,676 $ 16,737 $ 82,553 Write-off of lease intangibles, net 166 5,061 477 5,556 Recovery of loans receivable, previously impaired — — (17 ) — Total impairment loss $ 1,279 $ 37,737 $ 17,197 $ 88,109

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
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) September 30, December 31, (in Years) (In Thousands) Revolving Credit Facility 5.42 % 3.37 % 0.5 $ 157,000 $ 112,000 Term Loan 3.78 % 3.57 % 0.1 420,000 — Master Trust Notes 5.89 % 5.27 % 5.2 169,012 2,248,504 CMBS 5.90 % 5.51 % 4.7 275,460 332,647 Related Party Notes Payable 1.00 % 1.00 % 9.5 28,630 — Convertible Notes 5.31 % 3.28 % 1.5 747,500 747,500 Senior Unsecured Notes 4.60 % 4.45 % 8.0 300,000 300,000 Total debt 5.04 % 3.93 % 2.9 2,097,602 3,740,651 Debt discount, net (17,406 ) (61,399 ) Deferred financing costs, net (4) (15,928 ) (39,572 ) Total debt, net $ 2,064,268 $ 3,639,680 (1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the three months ended September 30, 2018 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 September 30, 2018 . (3) Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2018 . (4) The Company records deferred financing costs for its Revolving Credit Facility in deferred costs and other assets, net on its consolidated balance sheets .
Schedule of Debt Maturities	As of September 30, 2018 , scheduled debt maturities of the Company’s Revolving Credit Facility , Term Loan , Senior Unsecured Notes , Master Trust 2013 , CMBS, Convertible Notes and Related Party Notes Payable, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2018 (1) $ 2,848 $ 429,869 $ 432,717 2019 (2) 11,672 559,500 571,172 2020 12,163 — 12,163 2021 12,737 345,000 357,737 2022 13,315 42,400 55,715 Thereafter 28,504 639,594 668,098 Total $ 81,239 $ 2,016,363 $ 2,097,602 (1) The balloon payment balance in 2018 includes $9.9 million , of which $3.1 million is capitalized interest, for the acceleration of principal payable following an event of default under one non-recourse CMBS loan with a stated maturity in 2018 and the original maturity of the $420.0 million Term Loan. See Note 13 Subsequent Events for details relating to the extension of the Term Loan. (2) 2019 includes the Revolving Credit Facility , which is extendible for one year at the borrower's option.
Summary of Components of Interest Expense Related to Borrowings	The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Interest expense – Revolving Credit Facility (1) $ 1,933 $ 3,075 $ 6,134 $ 5,632 Interest expense – Term Loan 2,677 2,768 2,677 7,525 Interest expense – Senior Unsecured Notes 3,338 3,337 10,013 10,013 Interest expense – mortgages and notes payable 6,183 27,563 62,370 83,640 Interest expense – Convertible Notes (2) 6,127 6,127 18,382 18,382 Non-cash interest expense: Amortization of deferred financing costs 1,890 2,451 7,442 7,274 Amortization of debt discount, net 2,636 3,359 10,888 9,663 Total interest expense $ 24,784 $ 48,680 $ 117,906 $ 142,129 (1) Includes facility fees of approximately $0.5 million for both of the three month periods ended September 30, 2018 and 2017 , and $1.6 million for both of the nine month periods ended September 30, 2018 and 2017 . (2) Included in interest expense on the Operating Partnership 's consolidated statements of operations and comprehensive income are amounts paid to the Company 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 Rate Maturity September 30, December 31, (in Years) (in Thousands) Series 2014-1 Class A2 $ — $ 252,437 Series 2014-2 — 222,683 Series 2014-3 — 311,336 Series 2014-4 Class A1 — 150,000 Series 2014-4 Class A2 — 358,664 Series 2017-1 Class A — 515,280 Series 2017-1 Class B — 125,400 Total Master Trust 2014 notes — 1,935,800 Series 2013-1 Class A — 125,000 Series 2013-2 Class A 5.3 % 5.2 169,012 187,704 Total Master Trust 2013 notes 5.3 % 5.2 169,012 312,704 Debt discount, net — (36,188 ) Deferred financing costs, net (4,389 ) (24,010 ) Total Master Trust Notes, net $ 164,623 $ 2,188,306

Stockholders' Equity and Part_2

Stockholders' Equity and Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Summary of Dividends Declared	For the nine months ended September 30, 2018 , the Company's Board of Directors declared the following preferred and common stock dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Preferred Stock March 5, 2018 $ 0.375 March 15, 2018 $ 2,588 March 30, 2018 May 29, 2018 $ 0.375 June 15, 2018 $ 2,588 June 29, 2018 August 27, 2018 $ 0.375 September 14, 2018 $ 2,588 September 28, 2018 Common Stock March 5, 2018 $ 0.180 March 30, 2018 $ 78,581 April 13, 2018 May 29, 2018 $ 0.180 June 29, 2018 $ 77,143 July 13, 2018 August 27, 2018 $ 0.125 September 28, 2018 $ 53,560 October 15, 2018

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
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 as of September 30, 2018 and December 31, 2017 (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 September 30, 2018 Long-lived assets held and used $ 13,516 $ — $ — $ 13,516 Long-lived assets held for sale $ 7,695 $ — $ — $ 7,695 December 31, 2017 Long-lived assets held and used $ 28,312 $ — $ — $ 28,312 Long-lived assets held for sale $ 42,142 $ — $ — $ 42,142
Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale	The following table provides information about the price per square foot based on a listing price and broker opinion of value used as inputs (price per square foot in dollars): September 30, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $185.42 - $638.72 $ 573.56 21,759 $88.89 $ 88.89 22,500 Office $225.04 $ 225.04 5,999 $— $ — — September 30, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held for sale by asset type Retail $126.73 $ 126.73 63,128 $55.30 - $346.23 $ 230.52 150,376 Industrial $— $ — — $24.02 - $54.21 $ 37.09 223,747 The following table provides information about the price per square foot of comparable properties used as inputs (price per square foot in dollars): September 30, 2018 December 31, 2017 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $— $ — — $13.66 - $305.05 $ 55.68 364,940 Industrial $— $ — — $3.30 - $8.56 $ 5.35 370,824 Office $— $ — — $24.82 - $244.86 $ 40.14 161,346
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): September 30, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 52,001 $ 53,561 $ 79,967 $ 82,886 Investment in Master Trust 2014 33,558 33,307 — — Revolving Credit Facility 157,000 157,957 112,000 111,997 Term Loan, net (1) 419,920 420,473 — — Senior Unsecured Notes, net (1) 295,654 287,667 295,321 299,049 Mortgages and notes payable, net (1) 465,433 484,629 2,516,478 2,657,599 Convertible Notes, net (1) 726,261 751,928 715,881 761,440 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Financial Statements of Discontinued Operations	The table below summarizes the Company's assets and liabilities related to discontinued operations reported in its consolidated balance sheet. December 31, 2017 (in thousands) Assets Investments: Real estate investments: Land and improvements $ 990,575 Buildings and improvements 1,702,926 Total real estate investments 2,693,501 Less: accumulated depreciation (572,075 ) 2,121,426 Loans receivable, net 1,501 Intangible lease assets, net 103,651 Real estate assets held for sale, net 28,460 Net investments 2,255,038 Cash and cash equivalents 6 Deferred costs and other assets, net 109,096 Goodwill 28,740 Total assets of discontinued operations $ 2,392,880 Liabilities Mortgages and notes payable, net $ 1,926,834 Intangible lease liabilities, net 24,729 Accounts payable, accrued expenses and other liabilities 17,277 Total liabilities of discontinued operations $ 1,968,840 The table below provides information about income and expenses related to the Company's discontinued operations reported in its consolidated statements of operations and comprehensive income. Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 Revenues: Rentals $ — $ 56,276 $ 99,816 $ 171,684 Interest income on loans receivable — 138 1,495 377 Tenant reimbursement income — 1,421 856 2,214 Other income — 2,994 776 5,444 Total revenues — 60,829 102,943 179,719 Expenses: General and administrative — 1,000 707 3,203 Transaction costs 966 2,660 20,931 3,145 Property costs (including reimbursable) — 2,900 3,268 7,570 Real estate acquisition costs — 19 339 (78 ) Interest — 18,732 46,521 56,324 Depreciation and amortization — 20,355 35,461 62,253 Impairments (recoveries) — 15,436 10,943 27,851 Total expenses 966 61,102 118,170 160,268 (Loss) income from discontinued operations before other (loss) income and income tax benefit (expense) (966 ) (273 ) (15,227 ) 19,451 Other (loss) income: (Loss) gain on debt extinguishment — — (363 ) 1 (Loss) gain on disposition of assets — (1,382 ) (274 ) 18,211 Total other (loss) income — (1,382 ) (637 ) 18,212 (Loss) income from discontinued operations before income tax benefit (expense) (966 ) (1,655 ) (15,864 ) 37,663 Income tax benefit (expense) — 155 (115 ) 2 (Loss) income from discontinued operations $ (966 ) $ (1,500 ) $ (15,979 ) $ 37,665 The table below provides information about operating and investing cash flows related to the Company's discontinued operations reported in its consolidated statements of cash flows. Nine Months Ended September 30, 2018 2017 (in thousands) Net cash provided by operating activities $ 36,924 $ 115,531 Net cash (used in) provided by investing activities (31,452 ) 123,179

Income Per Share and Partners_2

Income Per Share and Partnership Unit (Tables)	9 Months Ended
	Sep. 30, 2018
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 and unit computed using the two-class method (dollars in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Basic and diluted income : Income from continuing operations $ 31,022 $ 6,822 $ 93,917 $ 3,692 Less: income attributable to unvested restricted stock (204 ) (265 ) (932 ) (682 ) Less: dividends paid to preferred stockholders (2,588 ) — (7,764 ) — Income used in basic and diluted income (loss) per share from continuing operations 28,230 6,557 85,221 3,010 (Loss) income used in basic and diluted (loss) income per share from discontinued operations (966 ) (1,500 ) (15,979 ) 37,665 Net income attributable to common stockholders used in basic and diluted income per share $ 27,264 $ 5,057 $ 69,242 $ 40,675 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 428,541,520 458,035,972 434,989,430 473,919,177 Less: Unvested weighted average shares of restricted stock (1,862,941 ) (1,364,355 ) (1,826,670 ) (1,220,485 ) Weighted average shares of common stock outstanding used in basic income per share 426,678,579 456,671,617 433,162,760 472,698,692 Net income per share attributable to common stockholders - basic: Continuing operations $ 0.06 $ 0.01 $ 0.20 $ 0.01 Discontinued operations — — (0.04 ) 0.08 Net income per share attributable to common stockholders - basic $ 0.06 $ 0.01 $ 0.16 $ 0.09 Dilutive weighted average shares of common stock outstanding: (1) Unvested performance shares 1,211,511 — 777,941 — Stock options 62 — — — Weighted average shares of common stock outstanding used in diluted income per share 427,890,152 456,671,617 433,940,701 472,698,692 Net income p er share attributable to common stockholders - diluted Continuing operations $ 0.06 $ 0.01 $ 0.20 $ 0.01 Discontinued operations — — (0.04 ) 0.08 Net income per share attributable to common stockholders - diluted $ 0.06 $ 0.01 $ 0.16 $ 0.09 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 528,005 — 402,681 32,150 Total 528,005 — 402,681 32,150 ( 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.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following table presents the supplemental disclosures of non-cash investing and financing activities (in thousands): Nine Months Ended 2018 2017 Investment in preferred shares $ 150,000 $ — Non-cash distribution to SMTA, net 142,924 — Relief of debt through sale or foreclosure of real estate properties 56,119 39,141 Reclass of residual value on expired deferred financing lease to operating asset — 11,088 Net real estate and other collateral assets sold or surrendered to lender 28,271 35,008 Accrued interest capitalized to principal (1) 1,719 2,430 Accrued performance share dividend rights 811 699 Distributions declared and unpaid 54,217 82,062 Accrued deferred financing costs — 1,373 Financing provided in connection with disposition of assets 2,888 15,015 (1) Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default. The following table presents the disclosures for cash paid for taxes and interest (in thousands): Cash Paid for Taxes Cash Paid for Interest For the three months ended March 31, 2018 $ 107 $ 38,555 For the three months ended June 30, 2018 647 38,408 For the six months ended June 30, 2018 754 76,963 For the three months ended September 30, 2018 379 17,087 For the nine months ended September 30, 2018 $ 1,133 $ 94,050 For the three months ended March 31, 2017 $ 88 $ 38,899 For the three months ended June 30, 2017 661 43,237 For the six months ended June 30, 2017 749 82,136 For the three months ended September 30, 2017 123 39,030 For the nine months ended September 30, 2017 $ 872 $ 121,166

Organization - Narrative (Detai

Organization - Narrative (Details)	9 Months Ended
	Sep. 30, 2018
General Partner
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership of operating partnership	1.00%
Limited Partner
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership of operating partnership	99.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)segment	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 5,092,909,000		$ 5,092,909,000		$ 7,263,511,000
Net liabilities	2,287,551,000		$ 2,287,551,000		3,943,902,000
Number of segments | segment			1
Reserves for uncollectible amounts	4,200,000		$ 4,200,000		12,400,000
Accounts receivable	14,700,000		14,700,000		27,200,000
Reserve for losses	500,000		500,000		1,800,000
Deferred rental revenue receivables	66,400,000		66,400,000		81,600,000
Goodwill impairment	0	$ 0	0	$ 0
Provision for income taxes			0
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	900,000,000		900,000,000		2,780,000,000
Net liabilities	$ 480,000,000		$ 480,000,000		$ 2,630,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 7,578	$ 8,798	$ 11,947
Total cash, cash equivalents and restricted cash	25,299	114,707	108,291	$ 36,898
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	423	1,751	1,229
Tenant improvements, repairs, and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,898	8,257	7,988
Master Trust Release
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	7,410	85,703	79,353
Liquidity reserve
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	5,503	0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 990	$ 4,695	$ 7,774

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)PropertyState	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)PropertyreceivableState	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)Propertyreceivable
Investment [Line Items]
Gross investment in real estate properties and loans	$ 5,137,341		$ 5,137,341		$ 7,903,025
Number of real estate properties | Property	1,523		1,523		2,480
Portfolio disbursement, number of states | State	49		49
Minimum of investment in real estate properties	10.00%		10.00%
Number of other notes receivable | receivable			3		3
Number of other notes receivable, secured | receivable			2		1
Number of other notes receivable, non-secured | receivable			1		2
Amortization amount to rental revenue for capitalized leases	$ 1,300	$ 1,500	$ 4,200	$ 4,900
Impairment of properties classified as held and used	700	32,900	16,200	65,500
Impairment of properties classified as held for sale	600	4,800	1,000	22,600
In-place leases
Investment [Line Items]
Leases amortization expenses	7,000	$ 10,800	25,700	$ 33,000
Secured Debt
Investment [Line Items]
Other notes receivable	3,400		3,400		$ 3,500
Unsecured Debt
Investment [Line Items]
Other notes receivable	1,700		$ 1,700
Commitment fee			0.25%
Financed Properties
Investment [Line Items]
Gross investment in real estate properties and loans	$ 52,001		$ 52,001		$ 79,967
Number of real estate properties | Property	53		53		88
Texas
Investment [Line Items]
Investment in real estate properties	11.90%		11.90%

Investments - Summary of Real E

Investments - Summary of Real Estate and Loan Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)Property
Number of Properties
Gross balance, beginning balance (in properties) | Property	2,480
Acquisitions/improvements (in properties) | Property	20
Dispositions of real estate (in properties) | Property	(46)
Principal payments and payoffs (in properties) | Property	(30)
Impairments | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Loan premium amortization and other (in properties) | Property	0
Spin-off to SMTA | Property	(901)
Gross balance, ending balance (in properties) | Property	1,523
Dollar Amount of Investments
Gross balance, beginning balance	$ 7,903,025
Acquisitions/improvements	307,148
Dispositions of real estate	(83,338)
Principal payments and payoffs	(26,316)
Impairments	(17,197)
Write-off of gross lease intangibles	(50,505)
Loan premium amortization and other	(2,536)
Spin-off to SMTA	(2,892,940)
Gross balance, ending balance	5,137,341
Accumulated depreciation and amortization	(696,930)
Net balance, ending balance	$ 4,440,411
Owned Properties
Number of Properties
Gross balance, beginning balance (in properties) | Property	2,392
Acquisitions/improvements (in properties) | Property	18
Dispositions of real estate (in properties) | Property	(41)
Principal payments and payoffs (in properties) | Property	0
Impairments | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Loan premium amortization and other (in properties) | Property	0
Spin-off to SMTA | Property	(899)
Gross balance, ending balance (in properties) | Property	1,470
Dollar Amount of Investments
Gross balance, beginning balance	$ 7,823,058
Acquisitions/improvements	269,260
Dispositions of real estate	(83,338)
Principal payments and payoffs	0
Impairments	(17,197)
Write-off of gross lease intangibles	(50,505)
Loan premium amortization and other	(886)
Spin-off to SMTA	(2,855,052)
Gross balance, ending balance	5,085,340
Accumulated depreciation and amortization	(696,930)
Net balance, ending balance	$ 4,388,410
Financed Properties
Number of Properties
Gross balance, beginning balance (in properties) | Property	88
Acquisitions/improvements (in properties) | Property	2
Dispositions of real estate (in properties) | Property	(5)
Principal payments and payoffs (in properties) | Property	(30)
Impairments | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Loan premium amortization and other (in properties) | Property	0
Spin-off to SMTA | Property	(2)
Gross balance, ending balance (in properties) | Property	53
Dollar Amount of Investments
Gross balance, beginning balance	$ 79,967
Acquisitions/improvements	37,888
Dispositions of real estate	0
Principal payments and payoffs	(26,316)
Impairments	0
Write-off of gross lease intangibles	0
Loan premium amortization and other	(1,650)
Spin-off to SMTA	(37,888)
Gross balance, ending balance	52,001
Accumulated depreciation and amortization	0
Net balance, ending balance	$ 52,001

Investments - Summary of Real_2

Investments - Summary of Real Estate and Loan Activity (Footnote) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)Property
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Revenue producing capitalized expenditures	$ 23,100
Capitalized maintenance expenditures	$ 4,300
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | Property	46
Amount of disposition of real estate	$ 83,338
Deed-In-Lieu Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | Property	6
Amount of disposition of real estate	$ 28,500
Disposal of other than sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accumulated depreciation and amortization associated with dispositions of real estate	14,400
Gain (loss) on disposal of assets for properties	(2,600)
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal of assets for properties	$ 3,200

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received (Details) $ in Thousands	Sep. 30, 2018USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2018	$ 95,355
2,019	379,441
2,020	373,089
2,021	353,153
2,022	330,083
Thereafter	2,473,691
Total future minimum rentals	$ 4,004,812

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Total loans receivable, net	$ 52,001	$ 78,466
Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	43,900	69,963
Mortgage loans - premiums, net of amortization	2,954	5,038
Allowance for loan losses	0	(389)
Total loans receivable, net	46,854	74,612
Notes Receivable
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	5,388	5,355
Mortgage loans - premiums, net of amortization	(241)	0
Allowance for loan losses	0	0
Total loans receivable, net	5,147	5,355
Continuing and discontinuing operations
Loans and Leases Receivable Disclosure [Line Items]
Total loans receivable, net	$ 52,001	$ 79,967

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Capital Leased Assets [Line Items]
Intangible lease assets, net	$ 302,954	$ 306,252
Continuing and discontinuing operations
Capital Leased Assets [Line Items]
Less: accumulated amortization	(145,804)	(271,288)
Intangible lease assets, net	302,954	409,903
Continuing and discontinuing operations | In-place leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	385,936	591,551
Continuing and discontinuing operations | Above-market leases
Capital Leased Assets [Line Items]
Intangible lease assets, gross	62,822	89,640
Continuing and discontinuing operations | Below-market leases
Capital Leased Assets [Line Items]
Intangible lease liabilities, gross	168,485	216,642
Less: accumulated amortization	(44,872)	(61,339)
Intangible lease liabilities, net	$ 123,613	$ 155,303

Investments - Schedule of Compo

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Minimum lease payments receivable	$ 5,874	$ 7,325
Estimated residual value of leased assets	24,552	24,552
Unearned income	(5,617)	(7,012)
Real estate assets under direct financing leases, net	$ 24,809	$ 24,865

Investments - Schedule of Activ

Investments - Schedule of Activity in Real Estate Assets Held for Sale (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)Property
Number of Properties
Beginning Balance | Property	15
Transfers from real estate investments held and used | Property	9
Sales | Property	(6)
Transfers to real estate investments held in use | Property	(7)
Transfers to SMTA | Property	(5)
Impairments | Property	0
Ending Balance | Property	6
Carrying Value
Beginning Balance | $	$ 48,929
Transfers from real estate investments held and used | $	39,487
Sales | $	(10,257)
Transfers to real estate investments held in use | $	(25,715)
Transfers to SMTA | $	(7,853)
Impairments | $	(990)
Ending Balance | $	$ 43,601

Investments - Summary of Total

Investments - Summary of Total Impairment Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Real estate and intangible asset impairment	$ 1,113	$ 32,676	$ 16,737	$ 82,553
Write-off of lease intangibles, net	166	5,061	477	5,556
Recovery of loans receivable, previously impaired	0	0	(17)	0
Total impairment loss	$ 1,279	$ 37,737	$ 17,197	$ 88,109

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Aug. 18, 2016	May 31, 2014
Debt Instrument [Line Items]
Total debt, net	$ 2,064,268	$ 1,712,846
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt, gross	157,000
Term Loan
Debt Instrument [Line Items]
Total debt, gross	420,000
Deferred financing costs, net	(100)	(700)
Master Trust Notes
Debt Instrument [Line Items]
Debt discount, net	0	(36,188)
Deferred financing costs, net	(4,389)	(24,010)
Total debt, net	164,623	2,188,306
Convertible Notes
Debt Instrument [Line Items]
Deferred financing costs, net	(5,300)	(8,000)		$ (19,600)
Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted average stated rate			4.45%
Deferred financing costs, net	(2,800)	(3,000)
Continuing and discontinuing operations
Debt Instrument [Line Items]
Total debt, gross	2,097,602	3,740,651
Debt discount, net	(17,406)	(61,399)
Deferred financing costs, net	(15,928)	(39,572)
Total debt, net	$ 2,064,268	3,639,680
Continuing and discontinuing operations | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.04%
Weighted average stated rate	3.93%
Weighted average maturity	2 years 10 months 30 days
Continuing and discontinuing operations | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt, gross	$ 157,000	112,000
Continuing and discontinuing operations | Revolving Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.42%
Weighted average stated rate	3.37%
Weighted average maturity	5 months 29 days
Continuing and discontinuing operations | Term Loan
Debt Instrument [Line Items]
Total debt, gross	$ 420,000	0
Continuing and discontinuing operations | Term Loan | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	3.78%
Weighted average stated rate	3.57%
Weighted average maturity	1 month 2 days
Continuing and discontinuing operations | Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	$ 169,012	2,248,504
Continuing and discontinuing operations | Master Trust Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.89%
Weighted average stated rate	5.27%
Weighted average maturity	5 years 2 months 19 days
Continuing and discontinuing operations | CMBS
Debt Instrument [Line Items]
Total debt, gross	$ 275,460	332,647
Continuing and discontinuing operations | CMBS | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.90%
Weighted average stated rate	5.51%
Weighted average maturity	4 years 8 months 25 days
Continuing and discontinuing operations | Related Party Notes Payable
Debt Instrument [Line Items]
Total debt, gross		0
Continuing and discontinuing operations | Related Party Notes Payable | Weighted Average
Debt Instrument [Line Items]
Weighted average stated rate	1.00%
Continuing and discontinuing operations | Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 747,500	747,500
Continuing and discontinuing operations | Convertible Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.31%
Weighted average stated rate	3.28%
Weighted average maturity	1 year 6 months 16 days
Continuing and discontinuing operations | Senior Unsecured Notes
Debt Instrument [Line Items]
Total debt, gross	$ 300,000	$ 300,000
Continuing and discontinuing operations | Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	4.60%
Weighted average stated rate	4.45%
Weighted average maturity	7 years 11 months 15 days

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility, accordion feature, increase limit	$ 1,000,000,000
Commitment fee	0.25%
Origination costs	$ 4,800,000
Line of credit facility, remaining borrowing capacity	$ 643,000,000
Unsecured Debt | Minimum
Line of Credit Facility [Line Items]
Commitment fee	0.125%
Unsecured Debt | Maximum
Line of Credit Facility [Line Items]
Commitment fee	0.30%
Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Unsecured Debt | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.875%
Unsecured Debt | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.55%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Total debt, gross	$ 157,000,000
Revolving Credit Facility | Deferred Costs and Other Assets
Line of Credit Facility [Line Items]
Unamortized deferred financing costs	$ 700,000	$ 1,600,000

Debt - Term Loan - Narrative (D

Debt - Term Loan - Narrative (Details) - Term Loan	Nov. 03, 2015USD ($)extension_option	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Current borrowing capacity	$ 420,000,000
Number of one-year extension options | extension_option	2
Extension option, term	1 year
Accordion feature, maximum borrowing capacity	$ 600,000,000
Reborrow period after repayment	30 days
Period subject to occurrence limitation	12 months
Long-term Debt, Gross		$ 420,000,000
Debt Instrument, Unused Borrowing Capacity, Amount		0
Origination costs	$ 2,400,000
Unamortized deferred financing costs		$ 100,000	$ 700,000
One-Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Achievement of Two of Three Credit Ratings, S&P at least BBB-, Fitch at least BBB-, Moody's at least Baa3 | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
Achievement of Two of Three Credit Ratings, S&P at least BBB-, Fitch at least BBB-, Moody's at least Baa3 | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - Senior Unsecured Notes - USD ($)	Aug. 18, 2016	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 300,000,000
Principal amount issued	99.378%
Proceeds from issuance of debt	$ 296,200,000
Stated interest rate	4.45%
Deferred financing costs	$ 3,400,000
Unamortized discount	$ 1,900,000	$ 1,500,000	$ 1,700,000
Unamortized deferred financing costs		$ 2,800,000	$ 3,000,000
Period Prior to June 15, 2026
Debt Instrument [Line Items]
Redemption price, percent of principal amount	100.00%

Debt - Master Trust Notes - Nar

Debt - Master Trust Notes - Narrative (Details)	May 21, 2018USD ($)	Feb. 02, 2018USD ($)	Jan. 23, 2018USD ($)	Sep. 30, 2018USD ($)Property	Dec. 31, 2017
Master Trust 2013 Notes
Debt Instrument [Line Items]
Number of properties securing borrowings | Property				269
Master Trust Notes | Master Trust 2014 Series 2017-1
Debt Instrument [Line Items]
Aggregate principal amount of debt			$ 674,200,000
Stated interest rate			5.49%		6.35%
Proceeds from issuance of debt			$ 8,200,000
Master Trust Notes | Master Trust 2014, Series 2014-2
Debt Instrument [Line Items]
Debt extinguished		$ 11,600,000
Master Trust Notes | Series 2013-1 Class A
Debt Instrument [Line Items]
Debt extinguished	$ 123,100,000
Make-whole payment in debt extinguishment	$ 0
Master Trust Notes | Series 2013-2, Class A
Debt Instrument [Line Items]
Debt extinguished				$ 15,200,000
Make-whole payment in debt extinguishment				$ 934,000

Debt - Summary of Debt - Master

Debt - Summary of Debt - Master Trust Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt, net	$ 2,064,268	$ 1,712,846
Master Trust Notes
Debt Instrument [Line Items]
Debt discount, net	0	(36,188)
Deferred financing costs, net	(4,389)	(24,010)
Total debt, net	164,623	2,188,306
Master Trust Notes | Total Master Trust 2014 notes
Debt Instrument [Line Items]
Total debt, gross	0	1,935,800
Master Trust Notes | Series 2014-1 Class A2
Debt Instrument [Line Items]
Total debt, gross	0	252,437
Master Trust Notes | Series 2014-2
Debt Instrument [Line Items]
Total debt, gross	0	222,683
Master Trust Notes | Series 2014-3
Debt Instrument [Line Items]
Total debt, gross	0	311,336
Master Trust Notes | Series 2014-4 Class A1
Debt Instrument [Line Items]
Total debt, gross	0	150,000
Master Trust Notes | Series 2014-4 Class A2
Debt Instrument [Line Items]
Total debt, gross	0	358,664
Master Trust Notes | Series 2017-1 Class A
Debt Instrument [Line Items]
Total debt, gross	0	515,280
Master Trust Notes | Series 2017-1 Class B
Debt Instrument [Line Items]
Total debt, gross	$ 0	125,400
Master Trust Notes | Total Master Trust 2013 notes
Debt Instrument [Line Items]
Weighted average interest rate	5.30%
Maturity	5 years 2 months 19 days
Total debt, gross	$ 169,012	312,704
Master Trust Notes | Series 2013-1 Class A
Debt Instrument [Line Items]
Total debt, gross	$ 0	125,000
Master Trust Notes | Series 2013-2 Class A
Debt Instrument [Line Items]
Weighted average interest rate	5.30%
Maturity	5 years 2 months 19 days
Total debt, gross	$ 169,012	$ 187,704

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	Jan. 22, 2018	Sep. 30, 2018USD ($)Propertyloan	Sep. 30, 2018USD ($)Propertyloan	Sep. 30, 2018USD ($)PropertyloanLoan	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Weighted average stated interest rate, excluding defaulted loans		5.35%	5.35%	5.35%
Capitalized interest		$ 1,719			$ 2,430
CMBS Loans
Debt Instrument [Line Items]
Unamortized deferred financing costs		3,400	$ 3,400	$ 3,400		$ 3,900
Unamortized discount		$ 100	$ 100	$ 100		$ 100
CMBS Loans | CMBS
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan		6	6	6
Number of properties securing borrowings | Property		100	100	100
Number of properties securing loans | Property		1	1	1
Default interest rate		9.85%	9.85%	9.85%
Debt default amount		$ 9,900	$ 9,900	$ 9,900
Capitalized interest		$ 3,100
CMBS Loans | CMBS | Minimum
Debt Instrument [Line Items]
Stated interest rate		4.67%	4.67%	4.67%
CMBS Loans | CMBS | Maximum
Debt Instrument [Line Items]
Stated interest rate		6.00%	6.00%	6.00%
Discontinued Operations, Disposed of by Sale | CMBS Loans
Debt Instrument [Line Items]
Number of loans in default			1	1
10-year Mid-Market Swap Rate | Societe Generale And Barclays Bank PLC | Non-Recourse CMBS Loan Agreement | Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate	2.45%

Debt - Related Party Mortgage L

Debt - Related Party Mortgage Loans Payable (Details) - Related Party Notes Payable - Affiliated entity - Mortgage loans payable $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)Propertyloan
Debt Instrument [Line Items]
Number of mortgage loans with related party | loan	4
Outstanding principal of related parties notes payable | $	$ 28,630
Weighted average contractual interest rate	1.00%
Weighted average maturity	9 years 5 months 15 days
Commercial Real Estate
Debt Instrument [Line Items]
Number of properties securing loans | Property	6

Debt - Convertible Notes - Narr

Debt - Convertible Notes - Narrative (Details) - Convertible Senior Notes	May 31, 2014USD ($)$ / shares	Jun. 30, 2018	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt conversion ratio	0.0763636	0.0869923
Conversion price (in USD per share) | $ / shares	$ 13.10
Premium above public offering price	22.50%
Anti-dilutive cash dividends, exceeding (in USD per share) | $ / shares	$ 0.14605
Debt discount, value of the embedded conversion premium	$ 56,700,000		$ 16,000,000	$ 23,700,000
Unamortized deferred financing costs	19,600,000		$ 5,300,000	$ 8,000,000
Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 402,500,000
Stated interest rate	2.875%
Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 345,000,000
Stated interest rate	3.75%

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Gain on debt extinguishment	$ 0	$ 1,792	$ 27,092	$ 1,769
Master Trust Notes
Debt Instrument [Line Items]
Debt extinguished			$ 179,300	$ 101,000
Weighted average contractual interest rate	5.69%	5.84%	5.69%	5.84%
Gain on debt extinguishment			$ 26,700
Master Trust Notes | CMBS Loans
Debt Instrument [Line Items]
Debt extinguished			$ 56,200

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Scheduled Debt Maturities
Total debt, net	$ 2,064,268	$ 1,712,846
Mortgages and Notes Payable
Scheduled Debt Maturities
Remainder of 2018	432,717
2,019	571,172
2,020	12,163
2,021	357,737
2,022	55,715
Thereafter	668,098
Total debt, net	2,097,602
Mortgages and Notes Payable | Scheduled Principal
Scheduled Debt Maturities
Remainder of 2018	2,848
2,019	11,672
2,020	12,163
2,021	12,737
2,022	13,315
Thereafter	28,504
Total debt, net	81,239
Mortgages and Notes Payable | Balloon Payment
Scheduled Debt Maturities
Remainder of 2018	429,869
2,019	559,500
2,020	0
2,021	345,000
2,022	42,400
Thereafter	639,594
Total debt, net	$ 2,016,363

Debt - Schedule of Debt Matur_2

Debt - Schedule of Debt Maturities (Footnote) (Details) $ in Thousands	Nov. 03, 2015	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)loan	Sep. 30, 2018USD ($)Loan	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Capitalized interest			$ 1,719			$ 2,430
Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 420,000	420,000	$ 420,000	$ 420,000
Extension option, term	1 year
CMBS | CMBS Loans
Debt Instrument [Line Items]
Debt default amount		9,900	9,900	9,900	9,900
Capitalized interest			3,100
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 157,000	157,000	$ 157,000	$ 157,000
Extension option, term		1 year
Discontinued Operations, Disposed of by Sale | CMBS Loans
Debt Instrument [Line Items]
Number of loans in default				1	1
Continuing and discontinuing operations
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 2,097,602	2,097,602	$ 2,097,602	$ 2,097,602		$ 3,740,651
Continuing and discontinuing operations | Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		420,000	420,000	420,000	420,000		0
Continuing and discontinuing operations | CMBS
Debt Instrument [Line Items]
Long-term Debt, Gross		275,460	275,460	275,460	275,460		332,647
Continuing and discontinuing operations | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 157,000	$ 157,000	$ 157,000	$ 157,000		$ 112,000

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Non-cash interest expense:
Amortization of deferred financing costs			$ 7,442	$ 7,274
Amortization of debt discount, net			10,888	9,663
Total interest expense	$ 24,784	$ 29,948	71,385	85,805
Revolving Credit Facility
Non-cash interest expense:
Facility fees	500	500	1,600	1,600
Continuing and discontinuing operations
Non-cash interest expense:
Amortization of deferred financing costs	1,890	2,451	7,442	7,274
Amortization of debt discount, net	2,636	3,359	10,888	9,663
Total interest expense	24,784	48,680	117,906	142,129
Continuing and discontinuing operations | Revolving Credit Facility
Schedule Of Interest Expenses [Line Items]
Interest expense	1,933	3,075	6,134	5,632
Continuing and discontinuing operations | Term Loan
Schedule Of Interest Expenses [Line Items]
Interest expense	2,677	2,768	2,677	7,525
Continuing and discontinuing operations | Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	3,338	3,337	10,013	10,013
Continuing and discontinuing operations | Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	6,183	27,563	62,370	83,640
Continuing and discontinuing operations | Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 6,127	$ 6,127	$ 18,382	$ 18,382

Stockholders' Equity and Part_3

Stockholders' Equity and Partners' Capital - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2018	Aug. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Subsidiary, Sale of Stock [Line Items]
Shares withheld for taxes					300,000
Shares withheld for taxes, value					$ 2,300,000
Preferred stock, shares outstanding			6,900,000		6,900,000		6,900,000
Dividend rate					6.00%
Liquidation value (in dollars per share)			$ 25		$ 25
Dividend rate, quarterly basis (in dollars per share)					0.375
Dividend rate, annual basis (in dollars per share)					$ 1.5
Less: dividends paid to preferred stockholders			$ 2,588,000	$ 0	$ 7,764,000	$ 0
May 2,018
Subsidiary, Sale of Stock [Line Items]
Issuance of common shares (in shares)					0
Stock repurchase program, period in force	18 months
Stock repurchase program, remaining authorized repurchase amount			250,000,000		$ 250,000,000
August 2,017
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, authorized amount		$ 250,000,000
Stock repurchase program, period in force		18 months
Stock repurchased during period (in shares)					21,200,000
Stock repurchased, weighted average price (in dollars per share)					$ 7.90
Stock repurchase program, remaining authorized repurchase amount			0		$ 0
Stock repurchased, fees acquired					500,000
ATM Program, November 2016
Subsidiary, Sale of Stock [Line Items]
Gross proceeds capacity remaining			$ 500,000,000		$ 500,000,000

Stockholders' Equity and Part_4

Stockholders' Equity and Partners' Capital - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 27, 2018	May 29, 2018	Mar. 05, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Equity [Abstract]
Preferred stock, dividend per share (in dollars per share)	$ 0.375	$ 0.375	$ 0.375
Preferred stock, total amount	$ 2,588	$ 2,588	$ 2,588			$ 7,764
Common stock, dividend per share (in dollars per share)	$ 0.12500	$ 0.18000	$ 0.18000	$ 0.125	$ 0.18	$ 0.4850	$ 0.54
Common stock, total amount	$ 53,560	$ 77,143	$ 78,581			$ 209,270

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	Nov. 25, 2015USD ($)	Sep. 30, 2018USD ($)tenantclaim	Sep. 30, 2018USD ($)tenantclaim	Apr. 01, 2016USD ($)	Sep. 08, 2015Property
Loss Contingencies [Line Items]
Outstanding claims | claim		0	0
Total commitments		$ 64,700,000	$ 64,700,000
Total commitments relating to future acquisitions		27,400,000	$ 27,400,000
Contingently liable amount of debt owed by tenant		$ 5,700,000
Number of tenants indemnified by | tenant		1	1
Accrual for Environmental Loss Contingencies		$ 0	$ 0
Haggen Operations Holdings, LLC Bankruptcy Claim
Loss Contingencies [Line Items]
Stipulated claims collected			5,500,000
Remaining claims		$ 21,900,000	$ 21,900,000
Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Bankruptcy claims settled				$ 3,400,000
Albertons, LLC
Loss Contingencies [Line Items]
Bankruptcy claims settled				$ 3,000,000
Spirit Realty, Inc. | Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Initial litigation settlement	$ 21,000,000
Subsidiaries | Haggen Operations Holdings, LLC
Loss Contingencies [Line Items]
Number of leased properties | Property					20

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Property	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets held and used, properties	6	18
Impaired long-lived assets held for sale, properties	1	8
Fair Value Estimated Using Comparable Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets held and used, properties		17
Fair Value Estimated Using Listing Price or Broker Opinion of Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets held and used, properties	3	1

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 13,516	$ 28,312
Long-lived assets held for sale	7,695	42,142
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0	0
Long-lived assets held for sale	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	0	0
Long-lived assets held for sale	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	13,516	28,312
Long-lived assets held for sale	$ 7,695	$ 42,142

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018ft²$ / ft²	Dec. 31, 2017ft²$ / ft²
Fair Value Estimated Using Comparable Properties | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	0	364,940
Fair Value Estimated Using Comparable Properties | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	0	55.68
Fair Value Estimated Using Comparable Properties | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		13.66
Fair Value Estimated Using Comparable Properties | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		305.05
Fair Value Estimated Using Comparable Properties | Industrial
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	0	370,824
Fair Value Estimated Using Comparable Properties | Industrial | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	0	5.35
Fair Value Estimated Using Comparable Properties | Industrial | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		3.30
Fair Value Estimated Using Comparable Properties | Industrial | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		8.56
Fair Value Estimated Using Comparable Properties | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Square footage (in sqft) | ft²	0	161,346
Fair Value Estimated Using Comparable Properties | Office | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	0	40.14
Fair Value Estimated Using Comparable Properties | Office | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		24.82
Fair Value Estimated Using Comparable Properties | Office | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		244.86
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)		88.89
Square footage (in sqft) | ft²	21,759	22,500
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	573.56	88.89
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	185.42	88.89
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	638.72	88.89
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	225.04	0
Square footage (in sqft) | ft²	5,999	0
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Office | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	225.04	0
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Office | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	225.04
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Office | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average price (in USD per sqft)	225.04

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held for Sale (Details) - Fair Value Estimated Using Signed Purchase and Sale Agreement	9 Months Ended	12 Months Ended
	Sep. 30, 2018ft²$ / ft²	Dec. 31, 2017ft²$ / ft²
Retail
Long Lived Assets Held-for-sale [Line Items]
Square footage (in sqft) | ft²	63,128	150,376
Industrial
Long Lived Assets Held-for-sale [Line Items]
Square footage (in sqft) | ft²	0	223,747
Minimum | Retail
Long Lived Assets Held-for-sale [Line Items]
Weighted average price (in USD per sqft)	126.73	55.30
Minimum | Industrial
Long Lived Assets Held-for-sale [Line Items]
Weighted average price (in USD per sqft)		24.02
Maximum | Retail
Long Lived Assets Held-for-sale [Line Items]
Weighted average price (in USD per sqft)	126.73	346.23
Maximum | Industrial
Long Lived Assets Held-for-sale [Line Items]
Weighted average price (in USD per sqft)		54.21
Weighted Average | Retail
Long Lived Assets Held-for-sale [Line Items]
Weighted average price (in USD per sqft)	126.73	230.52
Weighted Average | Industrial
Long Lived Assets Held-for-sale [Line Items]
Weighted average price (in USD per sqft)	0	37.09

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Carrying Amount And Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 52,001	$ 79,967
Investment in Master Trust 2014	33,558	0
Revolving Credit Facility	157,000	112,000
Convertible Notes, net	726,261	715,881
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	53,561	82,886
Investment in Master Trust 2014	33,307	0
Revolving Credit Facility	157,957	111,997
Convertible Notes, net	751,928	761,440
Term Loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	419,920	0
Term Loan | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	420,473	0
Senior Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	295,654	295,321
Senior Unsecured Notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	287,667	299,049
Mortgages and Notes Payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	465,433	2,516,478
Mortgages and Notes Payable | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	$ 484,629	$ 2,657,599

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	May 31, 2018	Sep. 30, 2018	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Conversion of Stock, Shares Converted	0.10
Spirit MTA REIT | Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in goodwill as a result of the Spin-Off	$ 28.7
Cash inflows from continuing involvement subsequent to spin-off		$ 10.9	$ 13
Cash outflows from continuing involvement subsequent to spin-off		$ 21.7	$ 28.8

Discontinued Operations - Disco

Discontinued Operations - Discontinued Operation, Balance Sheet Disclosures (Details) - Spirit MTA REIT - Spinoff $ in Thousands	Dec. 31, 2017USD ($)
Assets
Land and improvements	$ 990,575
Buildings and improvements	1,702,926
Total real estate investments	2,693,501
Less: accumulated depreciation	(572,075)
Total real estate investments, net	2,121,426
Loans receivable, net	1,501
Intangible lease assets, net	103,651
Real estate assets held for sale, net	28,460
Net investments	2,255,038
Cash and cash equivalents	6
Deferred costs and other assets, net	109,096
Goodwill	28,740
Total assets of discontinued operations	2,392,880
Liabilities
Mortgages and notes payable, net	1,926,834
Intangible lease liabilities, net	24,729
Accounts payable, accrued expenses and other liabilities	17,277
Total liabilities of discontinued operations	$ 1,968,840

Discontinued Operations - Dis_2

Discontinued Operations - Discontinued Operation, Statements of Operations Disclosures (Details) - Spirit MTA REIT - Spinoff - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disposal Group, Including Discontinued Operation, Revenue [Abstract]
Rentals	$ 0	$ 56,276	$ 99,816	$ 171,684
Interest income on loans receivable	0	138	1,495	377
Tenant reimbursement income	0	1,421	856	2,214
Other income	0	2,994	776	5,444
Total revenues	0	60,829	102,943	179,719
Disposal Group, Including Discontinued Operation, Expenses [Abstract]
General and administrative	0	1,000	707	3,203
Transaction costs	966	2,660	20,931	3,145
Property costs (including reimbursable)	0	2,900	3,268	7,570
Real estate acquisition costs	0	19	339	(78)
Interest	0	18,732	46,521	56,324
Depreciation and amortization	0	20,355	35,461	62,253
Impairments (recoveries)	0	15,436	10,943	27,851
Total expenses	966	61,102	118,170	160,268
(Loss) income from discontinued operations before other (loss) income and income tax benefit (expense)	(966)	(273)	(15,227)	19,451
(Loss) gain on debt extinguishment	0	0	(363)	1
(Loss) gain on disposition of assets	0	(1,382)	(274)	18,211
Total other (loss) income	0	(1,382)	(637)	18,212
(Loss) income from discontinued operations before income tax benefit (expense)	(966)	(1,655)	(15,864)	37,663
Income tax benefit (expense)	0	155	(115)	2
(Loss) income from discontinued operations	$ (966)	$ (1,500)	$ (15,979)	$ 37,665

Discontinued Operations - Dis_3

Discontinued Operations - Discontinued Operation, Statements of Cash Flows Disclosures (Details) - Spirit MTA REIT - Spinoff - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 36,924	$ 115,531
Net cash (used in) provided by investing activities	$ (31,452)	$ 123,179

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) $ in Millions	May 31, 2018USD ($)shares	May 01, 2018	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Spin-off transaction, stock issuance ratio		0.1
Unamortized stock-based compensation expense			$ 18.4		$ 18.4		$ 17.7
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 3.1	$ 2.3	12.2	$ 13.8
Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense					$ 8.2
Outstanding unvested shares | shares			1,700,000		1,700,000
Unamortized stock-based compensation expense			$ 9.8		$ 9.8		10
Non-vested Shares of Restricted Stock | Spirit MTA REIT | Spinoff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense accelerated due to spin-off	$ 1.4
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum required service period					3 years
Number of shares available for grant | shares	134,432		504,497		504,497
Dividend rights accrued			$ 1.5		$ 1.5		0.8
Potential grants in period based on total shareholder return (in shares) | shares			2,100,000		2,100,000
Unamortized stock-based compensation expense			$ 8.6		$ 8.6		$ 7.7
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted					0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted					250.00%
Executives Officers and Employees | Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) | shares					1,000,000

Income Per Share and Partners_3

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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic and diluted income:
Income from continuing operations	$ 31,022	$ 6,822	$ 93,917	$ 3,692
Less: income attributable to unvested restricted stock	(204)	(265)	(932)	(682)
Less: dividends paid to preferred stockholders	(2,588)	0	(7,764)	0
Income used in basic and diluted income (loss) per share from continuing operations	28,230	6,557	85,221	3,010
(Loss) income used in basic and diluted (loss) income per share from discontinued operations	(966)	(1,500)	(15,979)	37,665
Net income attributable to common stockholders used in basic and diluted income per share	$ 27,264	$ 5,057	$ 69,242	$ 40,675
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	428,541,520	458,035,972	434,989,430	473,919,177
Less: Unvested weighted average shares of restricted stock	(1,862,941)	(1,364,355)	(1,826,670)	(1,220,485)
Weighted average shares of common stock outstanding used in basic income per share	426,678,579	456,671,617	433,162,760	472,698,692
Net income per share attributable to common stockholders - basic:
Continuing operations (in dollars per share)	$ 0.06	$ 0.01	$ 0.20	$ 0.01
Discontinued operations (in USD per share)	0	0	(0.04)	0.08
Net income per share attributable to common stockholders—basic (in dollars per share)	$ 0.06	$ 0.01	$ 0.16	$ 0.09
Dilutive weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding used in diluted income per share	427,890,152	456,671,617	433,940,701	472,698,692
Net income per share attributable to common stockholders - diluted
Continuing operations (in dollars per share)	$ 0.06	$ 0.01	$ 0.20	$ 0.01
Discontinued operations (in USD per share)	0	0	(0.04)	0.08
Net income per share attributable to common stockholders—diluted (in USD per share)	$ 0.06	$ 0.01	$ 0.16	$ 0.09
Potentially dilutive shares of common stock
Potentially dilutive shares	528,005	0	402,681	32,150
Unvested shares of restricted stock, less shares assumed repurchased at market
Potentially dilutive shares of common stock
Potentially dilutive shares	528,005	0	402,681	32,150
Unvested performance shares
Dilutive weighted average shares of common stock outstanding:
Unvested performance share/stock options (in shares)	1,211,511	0	777,941	0
Stock options
Dilutive weighted average shares of common stock outstanding:
Unvested performance share/stock options (in shares)	62	0	0	0

Income Per Share and Partners_4

Income Per Share and Partnership Unit - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Earnings Per Share [Abstract]
Potentially dilutive shares, convertible debt	0	0

Related Party Transactions an_2

Related Party Transactions and Arrangements - Related Party Agreements And Acquisitions (Details) - Affiliated entity	May 31, 2018USD ($)	Sep. 30, 2018USD ($)Property
Spirit MTA REIT
Related Party Transaction [Line Items]
Loan receivable to related party	$ 3,000,000
Due from related parties		$ 100,000
Due to related parties		$ 400,000
Rent Reimbursement | Spirit MTA REIT
Related Party Transaction [Line Items]
Due from related parties	$ 2,000,000
Rent reimbursement receivable period	60 days
Spirit MTA REIT | Acquisition Of Properties [Member]
Related Party Transaction [Line Items]
Number of properties assigned to related party | Property		3
Purchases made from related party		$ 392,500

Related Party Transactions an_3

Related Party Transactions and Arrangements - Asset Management Agreement (Details) - USD ($)	May 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Related party fee income		$ 6,750,000	$ 0	$ 8,969,000	$ 0
Affiliated entity | Asset management agreement
Related Party Transaction [Line Items]
Annual management revenue in related party transaction	$ 20,000,000
Related party fee income		5,000,000		6,700,000
Due from related parties		1,700,000		$ 1,700,000
Spirit MTA REIT | Affiliated entity | Acquisition Of Properties [Member]
Related Party Transaction [Line Items]
Purchases made from related party		$ 392,500

Related Party Transactions an_4

Related Party Transactions and Arrangements - Management and Servicing Agreement (Details) - USD ($)	May 20, 2014	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Related party fee income		$ 6,750,000	$ 0	$ 8,969,000	$ 0
Affiliated entity | Property management
Related Party Transaction [Line Items]
Annual management fees rate	0.25%
Related party fee income		1,600,000		2,100,000
Affiliated entity | Special servicing fees
Related Party Transaction [Line Items]
Annual management fees rate	0.75%
Related party fee income		190,000		242,000
Affiliated entity | Property Management and Servicing Agreement
Related Party Transaction [Line Items]
Due from related parties		$ 400,000		$ 400,000

Related Party Transactions an_5

Related Party Transactions and Arrangements - Investments in SMTA (Details) - USD ($) $ / shares in Units, $ in Thousands	May 31, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Preferred stock, shares issued		6,900,000	6,900,000		6,900,000
Dividend rate			6.00%
Liquidation value (in dollars per share)		$ 25	$ 25
Preferred equity investment in SMTA		$ 150,000	$ 150,000		$ 0
Sale of SubREIT preferred shares			5,000	$ 0
Affiliated entity
Related Party Transaction [Line Items]
Dividend income on SMTA Preferred Stock		3,800	5,000
Dividends Receivable		3,800	3,800
Spirit MTA REIT | Affiliated entity
Related Party Transaction [Line Items]
Preferred stock, shares issued	6,000,000
Aggregate liquidation preference amount	$ 150,000
Dividend rate	10.00%
Liquidation value (in dollars per share)	$ 25
Liquidation value on a quarterly basis (in dollars per share)	0.625
Liquidation value on an annual basis (in dollars per share)	$ 2.50
Spirit Realty, L.P.
Related Party Transaction [Line Items]
Preferred equity investment in SMTA		$ 150,000	150,000		$ 0
Sale of SubREIT preferred shares			$ 5,000	$ 0

Related Party Transactions an_6

Related Party Transactions and Arrangements - Mortgage Loans Payable (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Affiliated entity | Mortgage loans payable
Related Party Transaction [Line Items]
Interest expense on note payable	$ 72,200	$ 96,700

Related Party Transactions an_7

Related Party Transactions and Arrangements - Notes Receivable (Details) - Affiliated entity - Master Trust 2014 Series 2017-1 $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)
Related Party Transaction [Line Items]
Percentage of economic interest	5.00%	5.00%
Notes receivable from related parties	$ 33.6	$ 33.6
Interest income earned from related parties note	$ 0.4	$ 0.5
Weighted average stated interest rate of loans receivable		4.60%
Remaining term of loans receivable		4 years 2 months 12 days

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Investment in preferred shares									$ 150,000	$ 0
Non-cash distribution to SMTA, net									142,924	0
Relief of debt through sale or foreclosure of real estate properties									56,119	39,141
Reclass of residual value on expired deferred financing lease to operating asset									0	11,088
Net real estate and other collateral assets sold or surrendered to lender									28,271	35,008
Accrued interest capitalized to principal									1,719	2,430
Accrued performance share dividend rights									811	699
Distributions declared and unpaid	$ 54,217			$ 82,062					54,217	82,062
Accrued deferred financing costs									0	1,373
Financing provided in connection with disposition of assets									2,888	15,015
Cash Paid for Taxes	379	$ 647	$ 107	123	$ 661	$ 88	$ 754	$ 749	1,133	872
Cash Paid for Interest	$ 17,087	$ 38,408	$ 38,555	$ 39,030	$ 43,237	$ 38,899	$ 76,963	$ 82,136	$ 94,050	$ 121,166

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Sep. 30, 2018USD ($)
Term Loan
Subsequent Event [Line Items]
Long-term Debt, Gross	$ 420