Spirit Realty Capital 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Trading Symbol	SRC
Entity Central Index Key	0001308606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		87,338,212
Spirit Realty, L.P.
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY, L.P.
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate investments:
Land and improvements	$ 1,645,060	$ 1,632,664
Buildings and improvements	3,159,235	3,125,053
Total real estate investments	4,804,295	4,757,717
Less: accumulated depreciation	(636,780)	(621,456)
Net real estate held for investment	4,167,515	4,136,261
Loans receivable, net	43,015	47,044
Intangible lease assets, net	291,095	294,463
Real estate assets under direct financing leases, net	20,320
Real estate assets under direct financing leases, net		20,289
Real estate assets held for sale, net	94,339	18,203
Net investments	4,616,284	4,516,260
Cash and cash equivalents	9,376	14,493
Deferred costs and other assets, net	124,085	156,428
Investment in Master Trust 2014	33,512	33,535
Preferred equity investment in SMTA	150,000	150,000
Goodwill	225,600	225,600
Total assets	5,158,857	5,096,316
Liabilities:
Revolving credit facilities	206,500	146,300
Term loans, net	413,905	419,560
Senior Unsecured Notes, net	295,882	295,767
Mortgages and notes payable, net	450,534	463,196
Convertible Notes, net	733,412	729,814
Total debt, net	2,100,233	2,054,637
Intangible lease liabilities, net	114,805	120,162
Accounts payable, accrued expenses and other liabilities	125,183	119,768
Total liabilities	2,340,221	2,294,567
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 March 31, 2019 and December 31, 2018	166,177	166,177
Common stock, $0.05 par value, 750,000,000 shares authorized: 86,811,786 and 85,787,355 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	4,341	4,289
Capital in excess of common stock par value	5,031,829	4,995,697
Accumulated deficit	(2,371,531)	(2,357,255)
Accumulated other comprehensive loss	(12,180)	(7,159)
Total stockholders’ equity	2,818,636	2,801,749
Partnership units
Total liabilities and stockholders’ equity/partners' capital	5,158,857	5,096,316
Spirit Realty, L.P.
Real estate investments:
Land and improvements	1,645,060	1,632,664
Buildings and improvements	3,159,235	3,125,053
Total real estate investments	4,804,295	4,757,717
Less: accumulated depreciation	(636,780)	(621,456)
Net real estate held for investment	4,167,515	4,136,261
Loans receivable, net	43,015	47,044
Intangible lease assets, net	291,095	294,463
Real estate assets under direct financing leases, net	20,320
Real estate assets under direct financing leases, net		20,289
Real estate assets held for sale, net	94,339	18,203
Net investments	4,616,284	4,516,260
Cash and cash equivalents	9,376	14,493
Deferred costs and other assets, net	124,085	156,428
Investment in Master Trust 2014	33,512	33,535
Preferred equity investment in SMTA	150,000	150,000
Goodwill	225,600	225,600
Total assets	5,158,857	5,096,316
Liabilities:
Revolving credit facilities	206,500	146,300
Term loans, net	413,905	419,560
Senior Unsecured Notes, net	295,882	295,767
Notes payable to Spirit Realty Capital, Inc., net	450,534	463,196
Convertible Notes, net	733,412	729,814
Total debt, net	2,100,233	2,054,637
Intangible lease liabilities, net	114,805	120,162
Accounts payable, accrued expenses and other liabilities	125,183	119,768
Total liabilities	2,340,221	2,294,567
Commitments and contingencies (see Note 6)
Partnership units
General partner's capital: 797,644 units issued and outstanding as of both March 31, 2019 and December 31, 2018	22,889	23,061
Limited partners' preferred capital: 6,900,000 units issued and outstanding as of both March 31, 2019 and December 31, 2018	166,177	166,177
Limited partners' capital: 86,014,142 and 84,989,711 units issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	2,629,570	2,612,511
Total partners' capital	2,818,636	2,801,749
Total liabilities and stockholders’ equity/partners' capital	$ 5,158,857	$ 5,096,316

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	$ 0.05	$ 0.05
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	86,811,786	85,787,355
Common stock, shares outstanding	86,811,786	85,787,355
Spirit Realty, L.P.
Partners' capital:
General partners' capital, units issued	797,644	797,644
General partners' capital, units outstanding	797,644	797,644
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	86,014,142	84,989,711
Limited partners' capital, units outstanding	86,014,142	84,989,711

Consolidated Statements of Oper

Consolidated Statements of Operation - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental income	$ 104,067
Rental income		$ 101,507
Interest income on loans receivable	986	995
Earned income from direct financing leases	396
Earned income from direct financing leases		465
Related party fee income	6,927	0
Other income	217	572
Total revenues	112,593	103,539
Expenses:
General and administrative	13,181	15,290
Property costs (including reimbursable)	5,154	5,551
Real estate acquisition costs	71	47
Interest	26,611	23,053
Depreciation and amortization	41,349	40,694
Impairments	3,692	3,497
Total expenses	90,058	88,132
Other income:
Gain on debt extinguishment	8,783	21,583
Gain on disposition of assets	8,730	1,251
Preferred dividend income from SMTA	3,750	0
Total other income	21,263	22,834
Income from continuing operations before income tax expense	43,798	38,241
Income tax expense	(220)	(163)
Income from continuing operations	43,578	38,078
Loss from discontinued operations	0	(7,360)
Net income	43,578	30,718
Dividends paid to preferred shareholders	(2,588)	(2,588)
Net income attributable to common stockholders/after preferred distributions	$ 40,990	$ 28,130
Net income per share attributable to common stockholders - basic:
Continuing operations (in USD per share)	$ 0.48	$ 0.39
Discontinued operations (in USD per share)	0	(0.08)
Net income per share attributable to common stockholders - basic (in USD per share)	0.48	0.31
Net income per share attributable to common stockholders - diluted
Continuing operations (in USD per share)	0.48	0.39
Discontinued operations (in USD per share)	0	(0.08)
Net income per share attributable to common stockholders - diluted (in USD per share)	$ 0.48	$ 0.31
Weighted average shares of common stock outstanding:
Basic (in shares)	85,497,093	88,975,391
Diluted (in shares)	85,504,897	89,020,751
Weighted average partnership units outstanding:
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.625	$ 0.9
Spirit Realty, L.P.
Revenues:
Rental income	$ 104,067
Rental income		$ 101,507
Interest income on loans receivable	986	995
Earned income from direct financing leases	396
Earned income from direct financing leases		465
Related party fee income	6,927	0
Other income	217	572
Total revenues	112,593	103,539
Expenses:
General and administrative	13,181	15,290
Property costs (including reimbursable)	5,154	5,551
Real estate acquisition costs	71	47
Interest	26,611	23,053
Depreciation and amortization	41,349	40,694
Impairments	3,692	3,497
Total expenses	90,058	88,132
Other income:
Gain on debt extinguishment	8,783	21,583
Gain on disposition of assets	8,730	1,251
Preferred dividend income from SMTA	3,750	0
Total other income	21,263	22,834
Income from continuing operations before income tax expense	43,798	38,241
Income tax expense	(220)	(163)
Income from continuing operations	43,578	38,078
Loss from discontinued operations	0	(7,360)
Net income	43,578	30,718
Dividends paid to preferred shareholders	(2,588)	(2,588)
Net income attributable to common stockholders/after preferred distributions	40,990	28,130
Net income attributable to the general partner
Continuing operations	380	284
Discontinued operations	0	(55)
Net income attributable to the general partner	380	229
Net income attributable to the limited partners
Continuing operations	43,198	37,794
Discontinued operations	0	(7,305)
Net income attributable to the limited partners	$ 43,198	$ 30,489
Net income per partnership unit - basic
Continuing operations (in USD per share)	$ 0.48	$ 0.39
Discontinued operations (in USD per share)	0	(0.08)
Net income per partnership unit - basic (in USD per share)	0.48	0.31
Net income per partnership unit - diluted
Continuing operations (in USD per share)	0.48	0.39
Discontinued operations (in USD per share)	0	(0.08)
Net income per partnership unit - diluted (in USD per share)	$ 0.48	$ 0.31
Weighted average partnership units outstanding:
Basic (in shares)	85,497,093	88,975,391
Diluted (in shares)	85,504,897	89,020,751
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6250	$ 0.9000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income available to common stockholders	$ 40,990	$ 28,130
Other comprehensive loss:
Change in net unrealized losses on cash flow hedges	(5,021)
Change in net unrealized losses on cash flow hedges		0
Total comprehensive income	35,969	28,130
Spirit Realty, L.P.
Net income available to common stockholders	40,990	28,130
Other comprehensive loss:
Change in net unrealized losses on cash flow hedges	(5,021)
Change in net unrealized losses on cash flow hedges		0
Total comprehensive income	$ 35,969	$ 28,130

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCL
Preferred shares outstanding, beginning balance at Dec. 31, 2017		6,900,000
Beginning balance, value at Dec. 31, 2017	$ 3,319,609	$ 166,193	$ 4,489	$ 5,193,631	$ (2,044,704)	$ 0
Common shares outstanding, beginning balance at Dec. 31, 2017			89,774,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,718				30,718
Dividends declared on preferred stock	(2,588)				(2,588)
Net income available to common stockholders	28,130				28,130
Dividends declared on common stock	(78,581)				(78,581)
Tax withholdings related to net stock settlements (in shares)			(12,188)
Tax withholdings related to net stock settlements	(484)				(484)
Repurchase of common shares (in shares)			(2,632,210)
Repurchase of common shares	(104,042)		$ (132)		(103,910)
Stock-based compensation, net (in shares)			183,081
Stock-based compensation, net	4,091		$ 9	4,357	(275)
Preferred shares outstanding, ending balance at Mar. 31, 2018		6,900,000
Ending balance, value at Mar. 31, 2018	$ 3,168,723	$ 166,193	$ 4,366	5,197,988	(2,199,824)	0
Common shares outstanding, ending balance at Mar. 31, 2018			87,312,818
Preferred shares outstanding, beginning balance at Dec. 31, 2018	6,900,000	6,900,000
Beginning balance, value at Dec. 31, 2018	$ 2,801,749	$ 166,177	$ 4,289	4,995,697	(2,357,255)	(7,159)
Common shares outstanding, beginning balance at Dec. 31, 2018			85,787,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,578				43,578
Dividends declared on preferred stock	(2,588)				(2,588)
Net income available to common stockholders	40,990				40,990
Other comprehensive loss	(5,021)					(5,021)
Dividends declared on common stock	$ (54,254)				(54,254)
Tax withholdings related to net stock settlements (in shares)	(18,000)		(17,800)
Tax withholdings related to net stock settlements	$ (704)		$ (1)		(703)
Issuance of shares of common stock, net (in shares)			893,526
Issuance of shares of common stock, net	32,686		$ 45	32,641
Other	(79)			(79)
Stock-based compensation, net (in shares)			148,705
Stock-based compensation, net	$ 3,269		$ 8	3,570	(309)
Preferred shares outstanding, ending balance at Mar. 31, 2019	6,900,000	6,900,000
Ending balance, value at Mar. 31, 2019	$ 2,818,636	$ 166,177	$ 4,341	$ 5,031,829	$ (2,371,531)	$ (12,180)
Common shares outstanding, ending balance at Mar. 31, 2019			86,811,786

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	[2]	Spirit Realty, L.P.Limited Partners' Capital		Limited Partner Series A Preferred UnitsSpirit Realty, L.P.Limited Partners' Capital		Limited Partners' Capital Common UnitsSpirit Realty, L.P.	Limited Partners' Capital Common UnitsSpirit Realty, L.P.Limited Partners' Capital	[1]	Limited Partners' Capital Common UnitsSpirit Realty, L.P.	Limited Partners' Capital Common UnitsSpirit Realty, L.P.General Partner's Capital	[2]	Limited Partners' Capital Common UnitsSpirit Realty, L.P.Limited Partners' Capital	[1]
Partners' preferred units, beginning balance at Dec. 31, 2017	[1]							6,900,000
Beginning balance, value at Dec. 31, 2017			$ 3,319,609	$ 24,426		$ 3,128,990	[1]	$ 166,193	[1]
Partners' common units, beginning balance at Dec. 31, 2017				797,644		88,976,491	[1]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		$ 30,718	30,718	$ 229		$ 30,489	[1]
Partnership distributions declared on preferred/common units										$ (2,588)	$ (2,588)		$ (78,581)	$ (701)		$ (77,880)
Net income after preferred distributions		28,130	28,130	229		$ 27,901	[1]
Tax withholdings related to net settlement of common units (in shares)	[1]					(12,189)
Tax withholdings related to net settlement of common units		(484)	(484)			$ (484)	[1]
Repurchase of partnership units (in shares)	[1]					(2,632,213)
Repurchase of partnership units			(104,041)			$ (104,041)	[1]
Stock-based compensation, net (in shares)	[1]					183,079
Stock-based compensation, net			4,090			$ 4,090	[1]
Partners' preferred units, ending balance at Mar. 31, 2018	[1]							6,900,000
Ending balance, value at Mar. 31, 2018			3,168,723	$ 23,954		$ 2,978,576	[1]	$ 166,193	[1]
Partners' common units, ending balance at Mar. 31, 2018				797,644		86,515,168	[1]
Partners' preferred units, beginning balance at Dec. 31, 2018	[1]							6,900,000
Beginning balance, value at Dec. 31, 2018			2,801,749	$ 23,061		$ 2,612,511	[1]	$ 166,177	[1]
Partners' common units, beginning balance at Dec. 31, 2018				797,644		84,989,711	[1]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		43,578	43,578	$ 380		$ 43,198	[1]
Partnership distributions declared on preferred/common units										$ (2,588)	$ (2,588)		$ (54,254)	$ (504)		$ (53,750)
Net income after preferred distributions		40,990	40,990	380		40,610	[1]
Other comprehensive loss		$ (5,021)	(5,021)	(47)		$ (4,974)	[1]
Tax withholdings related to net settlement of common units (in shares)		(18,000)				(17,800)	[1]
Tax withholdings related to net settlement of common units		$ (704)	(704)			$ (704)	[1]
Issuance of common units, net (in shares)	[1]					893,526
Issuance of common units, net			32,686			$ 32,686	[1]
Other		$ (79)		(1)		$ (78)	[1]
Stock-based compensation, net (in shares)	[1]					148,705
Stock-based compensation, net			3,269			$ 3,269	[1]
Partners' preferred units, ending balance at Mar. 31, 2019	[1]							6,900,000
Ending balance, value at Mar. 31, 2019			$ 2,818,636	$ 22,889		$ 2,629,570	[1]	$ 166,177	[1]
Partners' common units, ending balance at Mar. 31, 2019				797,644		86,014,142	[1]
[1]	Consists of limited partnership interests held by the Corporation and Spirit Notes Partner, LLC.
[2]	Consists of general partnership interests held by OP Holdings.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income		$ 43,578	$ 30,718
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		41,349	62,117
Impairments		3,692	14,569
Amortization of deferred financing costs		2,031	2,979
Amortization of debt discounts		2,706	4,562
Stock-based compensation expense		3,578	4,366
Gain on debt extinguishment		(8,783)	(21,328)
(Gain) loss on dispositions of real estate and other assets		(8,730)	605
Non-cash revenue		(4,110)	(5,491)
Bad debt expense and other		799	1,488
Changes in operating assets and liabilities:
Deferred costs and other assets, net		(700)	478
Accounts payable, accrued expenses and other liabilities		(4,057)	(1,903)
Net cash provided by operating activities		71,353	93,160
Investing activities
Acquisitions of real estate		(160,262)	(2,722)
Capitalized real estate expenditures		(19,612)	(9,890)
Investments in loans receivable		0	(35,450)
Collections of principal on loans receivable and real estate assets under direct financing leases		3,653	3,798
Proceeds from dispositions of real estate and other assets, net		34,848	26,082
Net cash used in investing activities		(141,373)	(18,182)
Financing activities
Borrowings under revolving credit facilities		372,700	198,500
Repayments under revolving credit facilities		(312,500)	(156,000)
Borrowings under mortgages and notes payable		0	104,247
Repayments under mortgages and notes payable		(2,906)	(18,002)
Borrowings under term loans		420,000	0
Repayments under 2015 Term Loan		(420,000)	0
Debt extinguishment costs		(1,009)	(1,105)
Deferred financing costs		(11,266)	(1,236)
Proceeds from issuance of common stock, net of offering costs		32,379	0
Repurchase of shares of common stock, including tax withholdings related to net stock settlements		(704)	(104,526)
Common stock dividends paid		(53,615)	(80,821)
Preferred stock dividends paid		(2,588)	(2,588)
Net cash provided by (used in) financing activities		20,491	(61,531)
Net (decrease) increase in cash, cash equivalents and restricted cash		(49,529)	13,447
Cash, cash equivalents and restricted cash, beginning of period		77,421	114,707
Cash, cash equivalents and restricted cash, end of period		27,892	128,154
Cash paid for interest		17,052	38,555
Cash paid for income taxes		262	107
Supplemental Disclosures of Non-Cash Activities:
Distributions declared and unpaid		54,254	79,369
Relief of debt through sale or foreclosure of real estate properties		10,368	33,917
Net real estate and other collateral assets sold or surrendered to lender		654	12,758
Derivative changes in fair value		5,021	0
Accrued interest capitalized to principal	[1]	251	1,062
Accrued market-based award dividend rights		308	276
Accrued capitalized costs		1,142	0
Right of use assets		6,143
Lease liabilities		6,143
Spirit Realty, L.P.
Operating activities
Net income		43,578	30,718
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		41,349	62,117
Impairments		3,692	14,569
Amortization of deferred financing costs		2,031	2,979
Amortization of debt discounts		2,706	4,562
Stock-based compensation expense		3,578	4,366
Gain on debt extinguishment		(8,783)	(21,328)
(Gain) loss on dispositions of real estate and other assets		(8,730)	605
Non-cash revenue		(4,110)	(5,491)
Bad debt expense and other		799	1,488
Changes in operating assets and liabilities:
Deferred costs and other assets, net		(700)	478
Accounts payable, accrued expenses and other liabilities		(4,057)	(1,903)
Net cash provided by operating activities		71,353	93,160
Investing activities
Acquisitions of real estate		(160,262)	(2,722)
Capitalized real estate expenditures		(19,612)	(9,890)
Investments in loans receivable		0	(35,450)
Collections of principal on loans receivable and real estate assets under direct financing leases		3,653	3,798
Proceeds from dispositions of real estate and other assets, net		34,848	26,082
Net cash used in investing activities		(141,373)	(18,182)
Financing activities
Borrowings under revolving credit facilities		372,700	198,500
Repayments under revolving credit facilities		(312,500)	(156,000)
Borrowings under mortgages and notes payable		0	104,247
Repayments under mortgages and notes payable		(2,906)	(18,002)
Borrowings under term loans		420,000	0
Repayments under 2015 Term Loan		(420,000)	0
Debt extinguishment costs		(1,009)	(1,105)
Deferred financing costs		(11,266)	(1,236)
Proceeds from issuance of common stock, net of offering costs		32,379	0
Repurchase of partnership units, including tax withholdings related to net settlement of common units		(704)	(104,526)
Common stock dividends paid		(53,615)	(80,821)
Preferred stock dividends paid		(2,588)	(2,588)
Net cash provided by (used in) financing activities		20,491	(61,531)
Net (decrease) increase in cash, cash equivalents and restricted cash		(49,529)	13,447
Cash, cash equivalents and restricted cash, beginning of period		77,421	114,707
Cash, cash equivalents and restricted cash, end of period		27,892	128,154
Cash paid for interest		17,052	38,555
Cash paid for income taxes		262	107
Supplemental Disclosures of Non-Cash Activities:
Distributions declared and unpaid		54,254	79,369
Relief of debt through sale or foreclosure of real estate properties		10,368	33,917
Net real estate and other collateral assets sold or surrendered to lender		654	12,758
Derivative changes in fair value		5,021	0
Accrued interest capitalized to principal	[1]	251	1,062
Accrued market-based award dividend rights		308	276
Accrued capitalized costs		1,142	$ 0
Right of use assets		6,143
Lease liabilities		$ 6,143
[1]	Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Organization	Organization 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"), the Company completed the spin-off (the "Spin-Off") of the assets that collateralized Master Trust 2014, properties leased to Shopko, and certain other assets into an independent, publicly traded REIT, Spirit MTA REIT ("SMTA"). For periods prior to the Spin-Off, the historical financial results of SMTA are reflected in our consolidated financial statements as discontinued operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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, 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. The Company also consolidates a variable interest entity ("VIE") when the Company is determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company's determination of the primary beneficiary of a VIE considers all relationships between the Company and the VIE, including management agreements and other contractual arrangements. The Company evaluated SMTA under ASC 810 Consolidation at time of Spin-Off, and continues to evaluate quarterly thereafter. As a result of this analysis, the Company concluded that while it has variable interests in SMTA, SMTA is not a VIE. Control of SMTA is therefore evaluated under the voting interest model and does not require consolidation by the Company. 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. These consolidated financial statements include certain special purpose entities that were formed 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 March 31, 2019 and December 31, 2018 , net assets totaling $0.88 billion and $0.90 billion , respectively, were held, and net liabilities totaling $0.47 billion and $0.48 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 12 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. Revenue Recognition Rental Income: Cash and Straight-line Rent The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. For the majority of our operating leases at March 31, 2019 , the lease includes one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1% of the Company's operating leases at March 31, 2019 include an option to terminate. Walgreen Co. leases are generally for fifty years or more with several five year termination periods after an initial non-cancelable term. For less than 6% of operating leases at March 31, 2019 , the lease includes an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. The Company does not include any of these options in its evaluation for lease classification purposes or for recognizing rental income unless the Company is reasonably certain the tenant will exercise the option. Another component of lease classification which requires significant assumptions and judgment is the amount expected to be derived from the property at the end of the lease term. Generally, the Company assumes a value that is equal to net book value of the property at the date of the assessment, as the Company generally expects fair value to be equal to or greater than net book value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting any damage to the property. To further protect residual value, the Company supplements the tenant insurance policy with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value. Some of the Company’s leases provide for contingent rent based on a percentage of the tenant’s gross sales. For contingent rentals that are based on a percentage of the tenant’s gross sales, the Company recognizes contingent rental revenue when the change in the factor on which the contingent lease payment is based actually occurs. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that have contingent rent escalators indexed to future changes in the CPI, they may adjust over a one -year period or over multiple-year periods. Typically, these CPI-based escalators increase rent at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty with respect to future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases, increases in rental revenue from leases with this type of escalator are recognized when the changes in the rental rates have occurred. For leases that provide for fixed contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, accrued rental revenue, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represents unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the initial term of the leases. Rental income is subject to an evaluation for collectability, which 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, as well as the tenant's payment history and financial condition. The Company records a provision for losses against rental income for amounts that are not probable of collection. Rental Income: Tenant Reimbursement Revenue Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, which are non-lease components. The Company has elected to combine all of its nonlease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized as revenue in the period in which the related expenses are incurred, with the related expense included in property costs (including reimbursable) . Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are carried net of any allowances for amounts that are not probable of collection. Rental Income: Intangible Amortization Initial direct costs associated with the origination of a lease are deferred and amortized over the related lease term as an adjustment to rental revenue. In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is reasonably certain the tenant will exercise the renewal option. If the Company believes it is reasonably certain a lease will terminate early, the unamortized portion of any related lease intangible is immediately recognized in impairments in the Company’s consolidated statements of operations. Allowance for Doubtful Accounts The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration 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 provided for reserves for uncollectible amounts totaling $5.4 million and $4.9 million at March 31, 2019 and December 31, 2018 , respectively, against accounts receivable balances of $11.9 million and $12.4 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 receivable balances related to the straight-line method of reporting rental revenue, the collectability is assessed in conjunction with the evaluation of rental income as described above. The Company has a reserve for losses of $2.0 million and $1.1 million at March 31, 2019 and December 31, 2018 , respectively, against straight-line receivables of $73.0 million and $69.4 million , respectively. These receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets. 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): March 31, December 31, March 31, Cash and cash equivalents $ 9,376 $ 14,493 $ 10,989 Restricted cash: Collateral deposits (1) 401 351 1,190 Tenant improvements, repairs, and leasing commissions (2) 9,539 9,093 8,782 Master Trust Release (3) 7,413 7,412 97,010 1031 Exchange proceeds, net — 45,042 — Liquidity reserve (4) — — 5,527 Other (5) 1,163 1,030 4,656 Total cash, cash equivalents and restricted cash $ 27,892 $ 77,421 $ 128,154 (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. 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. 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. New Accounting Pronouncements 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 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, and as such, the Company adopted ASU 2016-02 effective January 1, 2019. 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 as follows: • The Company elected to use the package of practical expedients, which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. • The Company elected to use the comparative period expedient, which permits the Company to recognize any cumulative adjustments as of the date of initial application and not record adjustments to prior reported periods. As a result of this election, bad debt expense is being presented in "rental income" on a prospective basis, compared to "property costs (including reimbursable)" for periods prior to January 1, 2019. Bad debt expense was $0.9 million for the three months ended March 31, 2019 . The adoption of the lease standard did not result in a cumulative catch-up adjustment to opening equity. • The Company elected to use the land easements expedient, which permits the Company to not reassess land easements for potential lease classification. • The Company elected to use the components expedient, which permits the Company to not separate nonlease components from lease components if timing and pattern of transfer is the same. The Company elected this expedient for all lessee and lessor operating leases, where certain leases contain nonlease components related to tenant reimbursement, and concluded that the leasing component is the predominant component. • The Company elected not to use the hindsight expedient, which would require the re-evaluation of the lease term on all leases using current facts and circumstances. As a lessee, the Company recognized the right-of-use assets and lease liabilities for our operating leases of $6.4 million and $8.6 million , respectively, on January 1, 2019, which are included in deferred costs and other assets, net and accounts payable, accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheet. As a lessor, our recognition of rental income remained materially consistent with previous guidance, apart from expanded disclosure requirements. As such, the Company concludes that the overall impact of the ASU had no material impact on the Company's reported revenues, results of operations or financial position. 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. Per the subsequently issued ASU 2018-19, receivables arising from operating leases are not within the scope of ASU 2016-13. As such, the Company is currently evaluating the impact of this ASU on its consolidated financial statements, but does not expect its impact to be material.

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Investments	Investments As of March 31, 2019 , the Company's gross investment in real estate properties and loans totaled approximately $5.3 billion , representing investments in 1,528 properties, including 51 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 12.5% , 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. Owned Properties During the three months ended March 31, 2019 , the Company had the following owned real estate activity, net of accumulated depreciation and amortization (dollars in thousands): Number of Properties Dollar Amount of Investments Held in Use Held for Sale Total Held in Use Held for Sale Total Gross balance, December 31, 2018 1,459 3 1,462 $ 5,054,524 $ 22,064 $ 5,076,588 Acquisitions/improvements (1)(2) 22 — 22 179,842 — 179,842 Dispositions of real estate (3)(4) (6 ) (1 ) (7 ) (19,229 ) (12,669 ) (31,898 ) Transfers to Held for Sale (15 ) 15 — (107,723 ) 107,723 — Transfers from Held for Sale — — — — — — Impairments — — — 334 (4,026 ) (3,692 ) Write-off of gross lease intangibles — — — (2,431 ) — (2,431 ) Gross balance, March 31, 2019 1,460 17 1,477 5,105,317 113,092 5,218,409 Accumulated depreciation (636,780 ) (14,665 ) (651,445 ) Accumulated amortization (104,412 ) (4,088 ) (108,500 ) Net balance, March 31, 2019 (5) $ 4,364,125 $ 94,339 $ 4,458,464 (1) Includes investments of $18.3 million in revenue producing capitalized expenditures, as well as $1.3 million of non-revenue producing capitalized expenditures as of March 31, 2019 . (2) The acquisition of 20 properties were completed as sales-lease back transactions, representing $147.2 million of investment, during the three months ended March 31, 2019 . (3) For the three months ended March 31, 2019 , the total (loss) gain on disposal of assets for properties held in use and held for sale was $2.8 million and $5.9 million , respectively. (4) Includes one deed-in-lieu properties with a real estate investment of $0.8 million that were transferred to the lender during the three months ended March 31, 2019 . (5) Reconciliation of total owned investments to the accompanying consolidated balance sheet at March 31, 2019 is as follows: Held in Use land and buildings, net of accumulated depreciation $ 4,167,515 Intangible lease assets, net 291,095 Real estate assets under direct financing leases, net 20,320 Real estate assets held for sale, net 94,339 Intangible lease liabilities, net (114,805 ) Net balance $ 4,458,464 Operating Leases As of March 31, 2019 and December 31, 2018 , the Company held 1,473 and 1,458 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands): Three Months Ended 2019 2018 Base cash rent $ 96,799 $ 150,447 Variable cash rent (including reimbursables) 3,638 5,530 Straight-line rent, net of bad debt expense (1) 2,907 4,900 Amortization of above- and below- market lease intangibles, net (2) 723 1,153 Total rental income $ 104,067 $ 162,030 (1) As a result of the Company's adoption of ASU 2016-02 on January 1, 2019, the Company reclassified bad debt expense to rental income on a prospective basis. See Note 2 for additional detail. (2) Excludes amortization of in-place leases of $6.7 million and $10.0 million for the three months ended March 31, 2019 and 2018 , respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations. Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of these operating leases (including contractual fixed rent increases occurring on or after April 1 , 2019 ) at March 31, 2019 are as follows (in thousands): March 31, Remainder of 2019 $ 286,400 2020 378,963 2021 360,762 2022 340,377 2023 319,112 Thereafter 2,304,511 Total future minimum rentals $ 3,990,125 Because lease renewals are exercisable at the lessees' options, 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 . The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, December 31, In-place leases $ 370,592 $ 381,143 Above-market leases 68,704 62,902 Less: accumulated amortization (148,201 ) (149,582 ) Intangible lease assets, net $ 291,095 $ 294,463 Below-market leases $ 158,594 $ 167,527 Less: accumulated amortization (43,789 ) (47,365 ) Intangible lease liabilities, net $ 114,805 $ 120,162 Direct Financing Leases As of both March 31, 2019 and December 31, 2018 , the Company held four properties under direct financing leases, respectively, all of which were held in use. The components of real estate investments held under direct financing leases were as follows (in thousands): March 31, December 31, Minimum lease payments receivable $ 5,025 $ 5,390 Estimated residual value of leased assets 20,097 20,097 Unearned income (4,802 ) (5,198 ) Real estate assets under direct financing leases, net $ 20,320 $ 20,289 Scheduled minimum future payments to be received under the remaining non-cancelable term of these direct financing leases at March 31, 2019 are as follows (in thousands): March 31, Remainder of 2019 $ 878 2020 578 2021 527 2022 541 2023 554 Thereafter 1,947 Total future minimum rentals $ 5,025 Loans Receivable The mortgage loans are secured by single-tenant commercial properties and generally have fixed interest rates over the term of the loans. There are two other notes receivable included within loans receivable, as of March 31, 2019 , of which one note totaling $0.1 million is secured by tenant assets and stock and the remaining note, with a balance of $1.7 million , is unsecured. During the three months ended March 31, 2019 , the Company had the following loan activity: Mortgage Loans Other Notes Properties Investment Investment Total Investment Principal, December 31, 2018 52 $ 42,660 $ 2,082 $ 44,742 Acquisitions — — — — Dispositions — — — — Principal payments and payoffs (1 ) (3,604 ) (26 ) (3,630 ) Allowance for loan losses — — — — Principal, March 31, 2019 51 $ 39,056 $ 2,056 $ 41,112 The following table details loans receivable, net of premiums, discounts and allowance for loan losses (dollars in thousands): March 31, December 31, Mortgage loans - principal $ 39,056 $ 42,660 Mortgage loans - premiums, net of amortization 2,112 2,527 Allowance for loan losses — — Mortgages loans, net 41,168 45,187 Other notes receivable - principal 2,056 2,082 Other notes receivable - discounts, net of amortization (209 ) (225 ) Allowance for loan losses — — Other notes receivable, net 1,847 1,857 Total loans receivable, net $ 43,015 $ 47,044 Impairments The following table summarizes total impairment losses recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended March 31, 2019 2018 Real estate and intangible asset impairment $ 3,692 $ 14,585 Recovery of loans receivable, previously impaired — (16 ) Total impairment loss $ 3,692 $ 14,569

Debt

Debt	3 Months Ended
	Mar. 31, 2019
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 (2) Weighted Average Maturity (3) March 31, December 31, (in Years) (In Thousands) Revolving credit facilities 5.64 % 3.62 % 4.0 $ 206,500 $ 146,300 Term loans 4.37 % 3.75 % 5.0 420,000 420,000 Senior Unsecured Notes 4.70 % 4.45 % 7.5 300,000 300,000 Master Trust Notes 5.89 % 5.27 % 4.7 166,681 167,854 CMBS 5.89 % 5.35 % 4.4 263,651 274,758 Related party notes payable 1.00 % 1.00 % 9.0 27,148 27,890 Convertible Notes 5.31 % 3.28 % 1.0 747,500 747,500 Total debt 5.13 % 3.95 % 3.8 2,131,480 2,084,302 Debt discount, net (12,027 ) (14,733 ) Deferred financing costs, net (4) (19,220 ) (14,932 ) Total debt, net $ 2,100,233 $ 2,054,637 (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 March 31, 2019 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2019 . (3) Represents the weighted average maturity based on the outstanding principal balance as of March 31, 2019 . (4) The Company records deferred financing costs for its revolving credit facilities in deferred costs and other assets, net on its consolidated balance sheets . Revolving Credit Facilities The Operating Partnership had access to an unsecured credit facility, the 2015 Credit Facility, which had a borrowing capacity of $800.0 million at December 31, 2018 . On January 14, 2019, the Operating Partnership entered into a new 2019 Revolving Credit and Term Loan Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and various lenders, comprised of the 2019 Credit Facility and the A-1 Term Loans. The 2019 Facilities Agreements replaced the existing 2015 Credit Agreement and 2015 Term Loan Agreement. The 2019 Credit Facility is comprised of $800.0 million of aggregate revolving commitments with a maturity date of March 31, 2023 and includes two six -month extensions that can be exercised at the Company’s option. The 2019 Revolving Credit and Term Loan Agreement includes an accordion feature providing for an additional $400.0 million of revolving borrowing capacity, subject to satisfying of certain requirements and obtaining additional lender commitments. As of March 31, 2019 , the outstanding loans under the 2019 Credit Facility bear interest at LIBOR plus an applicable margin of 1.10% per annum and the aggregate revolving commitments incur a facility fee of 0.25% per annum, in each case, based on the Operating Partnership's credit rating. In connection with entering into the 2019 Credit Facility, the Company incurred costs of $4.8 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the 2019 Credit Facility. The unamortized deferred financing costs relating to the 2019 Credit Facility were $4.6 million as of March 31, 2019 , compared to $0.4 million relating to the 2015 Credit Facility of as of December 31, 2018 , and are recorded in deferred costs and other assets, net on the accompanying consolidated balance sheets. As of March 31, 2019 , $206.5 million was outstanding and $593.5 million of borrowing capacity was available under the 2019 Credit Facility. No outstanding letters of credit existed under the agreement as of March 31, 2019 . The Operating Partnership 's ability to borrow under the 2019 Credit Facility is subject to ongoing compliance with a number of customary financial covenants and other customary affirmative and negative covenants. As of March 31, 2019 , the Company and the Operating Partnership were in compliance with these financial covenants. Term Loans The Operating Partnership had an unsecured term loan facility, the 2015 Term Loan, which had a facility size of $420.0 million at December 31, 2018 . As discussed above, on January 14, 2019, the Operating Partnership entered into a new 2019 Revolving Credit and Term Loan Agreement, comprised of the 2019 Credit Facility and the A-1 Term Loans, which replaced the existing 2015 Credit Agreement and 2015 Term Loan Agreement. The A-1 Term Loans have an aggregate borrowing amount of $420.0 million with a maturity date of March 31, 2024. The Revolving Credit and Term Loan Agreement includes an accordion feature providing for an additional $200.0 million of term loans, subject to satisfying certain requirements and obtaining additional lender commitments. In addition, on January 14, 2019, the Operating Partnership entered into new A-2 Term Loans with Bank of America, N.A. as administrative agent and various lenders, comprised of $400.0 million of delayed draw term loans with a maturity date of March 31, 2022. The A-2 Term Loans include an accordion feature providing for an additional $200.0 million of term loans, subject to satisfying certain requirements and obtaining additional lender commitments. The Company expects to use the A-2 Term Loans to retire the 2.875% Convertible Notes upon their maturity in 2019. As of March 31, 2019 , the A-1 Term Loans bear interest at LIBOR plus an applicable margin of 1.25% per annum based on the Operating Partnership's credit rating. In addition, a ticking fee accrues on the unused portion of the commitments for the A-2 Term Loans at a rate of 0.20% until the earlier of July 12, 2019 and the termination of the commitments. In connection with entering into the A-1 Term Loans and A-2 Term Loans, the Company incurred origination costs of $6.5 million . These deferred financing costs are being amortized to interest expense over the remaining initial term of the term loans. The unamortized deferred financing costs relating to the the A-1 Term Loans and A-2 Term Loans were were $6.1 million as of March 31, 2019 , compared to $0.4 million related to the 2015 Term Loan as of December 31, 2018 , and are recorded net against the principal balance of mortgages and notes payable on the accompanying consolidated balance sheets. As of March 31, 2019 , the A-1 Term Loans had a $420.0 million outstanding balance and no available borrowing capacity. There were no borrowings outstanding under the A-2 Term Loans as of March 31, 2019 . The Operating Partnership's ability to borrow under the term loans 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 2019 Revolving Credit and Term Loan Agreement. As of March 31, 2019 , the Corporation and the Operating Partnership were in compliance with these financial covenants. Senior Unsecured Notes The Operating Partnership issued $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 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 both March 31, 2019 and December 31, 2018 , the unamortized deferred financing costs relating to the Senior Unsecured Notes were $2.7 million and the unamortized discount was $1.5 million , 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 March 31, 2019 , the Company and the Operating Partnership were in compliance with these financial covenants. Master Trust Notes Master Trust 2013 is an asset-backed securitization platform 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. As of March 31, 2019 , the Master Trust 2013 had one series of notes outstanding, Series 2013-2 Class A, with a stated interest rate of 5.27% and an effective interest rate of 5.89% . These notes were issued by a single indirect wholly-owned subsidiary of the Company which is a bankruptcy-remote, special purpose entity, and were secured by 269 owned and financed properties at March 31, 2019 . As of March 31, 2019 , the notes had a remaining maturity of 4.7 years. In connection with their issuance, the Company incurred $8.0 million in deferred financing costs. This amount is being amortized to interest expense over the life of the Series 2013-2 Class A notes. As of March 31, 2019 and December 31, 2018 , the unamortized deferred financing costs relating to Master Trust 2013 were $4.0 million and $4.2 million , respectively, which is recorded net against the Master Trust 2013 principal balance on the accompanying consolidated balance sheets. CMBS As of March 31, 2019 , indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under six fixed-rate non-recourse loans, which have been securitized into CMBS and are secured by the borrowers' respective leased properties and related assets. The stated interest rates of the loans as of March 31, 2019 ranged from 4.67% to 6.00% , with a weighted average stated interest rate of 5.35% . As of March 31, 2019 , the loans were secured by 100 properties. As of March 31, 2019 and December 31, 2018 , the unamortized deferred financing costs associated with these fixed-rate loans were $3.1 million and $3.2 million , respectively, and the unamortized net offering premium was $0.1 million as of both periods. Both the deferred financing costs and offering premium 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. 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 $27.1 million at March 31, 2019 , which is included in mortgages and notes payable, net on the consolidated balance sheets. As of March 31, 2019 , these mortgage notes have a weighted average stated interest rate of 1.00% , a weighted average term of 9.0 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 15.2727 per $1,000 principal note (equivalent to an initial conversion price of $65.48 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 $0.73026 per share. As of March 31, 2019 , the conversion rate was 17.4458 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 March 31, 2019 and December 31, 2018 , the unamortized discount was $10.7 million and $13.3 million , respectively. The discount is shown net against the aggregate outstanding principal balance of the Convertible Notes on the accompanying consolidated balance sheets. The equity component of the conversion feature is recorded in capital in excess of par value in the accompanying consolidated balance sheets, net of financing transaction costs. In connection with the offering, the Company also incurred $19.6 million in deferred financing costs. This amount has been allocated on a pro-rata basis to each of the Convertible Notes and is being amortized to interest expense over the term of each note. As of March 31, 2019 and December 31, 2018 , the unamortized deferred financing costs relating to the Convertible Notes were $3.4 million and $4.3 million , respectively, and recorded net against the Convertible Notes principal balance on the accompanying consolidated balance sheets. Debt Extinguishment During the three months ended March 31, 2019 , the Company extinguished a total of $10.4 million aggregate principal amount of CMBS indebtedness on one defaulted loan, which was secured by one property. The loan had a default interest rate of 9.85% and resulted in a gain on debt extinguishment of $9.5 million . Additionally, as a result of the termination of the 2015 Credit Agreement and 2015 Term Loan Agreement, the Company recognized a loss on debt extinguishment of $0.7 million . During the three months ended March 31, 2018 , the Company extinguished a total of $33.9 million aggregate principal amount of mortgage indebtedness with a weighted average contractual interest rate of 9.88% . As a result of these transactions, the Company recognized a net gain on debt extinguishment of approximately $21.1 million . Debt Maturities As of March 31, 2019 , scheduled debt maturities, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2019 (1) $ 8,766 $ 402,500 $ 411,266 2020 12,164 — 12,164 2021 12,737 345,000 357,737 2022 13,315 42,400 55,715 2023 11,609 546,026 557,635 Thereafter 16,895 720,068 736,963 Total $ 75,486 $ 2,055,994 $ 2,131,480 (1) The balloon payment balance in 2019 represents the maturity of the 2.875% Convertible Notes, which the Company expects to retire by drawing on the A-2 Term Loans. Interest Expense The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Three Months Ended 2019 2018 Interest expense – revolving credit facilities (1) $ 2,178 $ 1,352 Interest expense – term loans 3,979 — Interest expense – Senior Unsecured Notes 3,338 3,338 Interest expense – mortgages and notes payable 6,252 32,707 Interest expense – Convertible Notes (2) 6,127 6,127 Non-cash interest expense: Amortization of deferred financing costs 2,031 2,979 Amortization of debt discount, net 2,706 4,562 Total interest expense $ 26,611 $ 51,065 (1) Includes facility fees of approximately $0.7 million and $0.5 million for the three month periods ended March 31, 2019 and 2018 , respectively. (2) Included in interest expense on the Operating Partnership 's consolidated statements of operations 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	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders' Equity and Partners' Capital	Stockholders’ Equity and Partners' Capital Common Stock During the three months ended March 31, 2019 , portions of restricted common stock 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 approximately 18 thousand shares of common stock valued at $0.7 million , solely to pay the associated statutory tax withholdings during the three months ended March 31, 2019 . The surrendered shares are included in repurchase of shares of common stock on the consolidated statements of cash flows. For both the three months ended March 31, 2019 and 2018 , the Company paid $54.3 million and $78.6 million in common stock dividends, respectively. Preferred Stock As of March 31, 2019 , 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). For both the three months ended March 31, 2019 and 2018 , the Company paid $2.6 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. The agreement provides for the offer and sale of shares of the Company’s common stock, $0.05 par value per share (the “common stock”), having an aggregate gross sales price of up to $500.0 million through the agents, as its sales agents or, if applicable, as forward sellers for forward purchasers (as defined below), or directly to the agents acting as principals. As of March 31, 2019 , 1.0 million shares of the Company's common stock have been sold under the new ATM Program , of which 0.9 million were sold during three months ended March 31, 2019 at a weighted average price per share of $38.00 , generating $34.0 million in gross proceeds. All of these these sales were through forward sales agreements, which were physically settled in shares. Aggregate gross proceeds capacity of $462.3 million remained available under the program as of March 31, 2019 . 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 March 31, 2019 , 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. Dividends Declared For the three months ended March 31, 2019 , 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 February 28, 2019 $ 0.375 March 15, 2019 $ 2,588 March 29, 2019 Common Stock February 28, 2019 $ 0.625 March 29, 2019 $ 54,254 April 15, 2019 The Common Stock dividend declared on February 28, 2019 was paid on April 15, 2019 and is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets as of March 31, 2019 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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. The Company is contingently liable for $5.7 million of debt owed by one of its former tenants until the maturity of the debt on March 15, 2022 and is indemnified by that former tenant for any payments the Company may be required to make on such debt. The Company has accrued the full $5.7 million liability in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets as of both March 31, 2019 and December 31, 2018. 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 March 31, 2019 , no accruals have been made. As of March 31, 2019 , 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. Purchase and Capital Improvement Commitments As of March 31, 2019 , the Company had commitments totaling $49.1 million , of which $14.6 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. $39.8 million of these commitments are expected to be funded during fiscal year 2019 , with the remainder to be funded by 2021. Lessee Contracts The Company leases its corporate office space and certain office equipment, which are classified as operating leases. The Company's lease of its corporate office space has an initial term that expires on January 31, 2027 and is renewable at the Company's option for two additional periods of five years each after the initial term. The lease can be early terminated by the Company on July 31, 2023 for a fee based on rent at time of termination. The corporate office lease contains a variable lease cost related to the lease of parking spaces and a nonlease component related to the reimbursement of certain common area maintenance expenses, both of which are recognized as incurred. The Company is also a lessee under four long-term, non-cancelable ground leases under which it is obligated to pay monthly rent as of March 31, 2019 . For all four of the ground leases, rental expenses are reimbursed by unrelated third parties, and the corresponding rental revenue is recorded in rental income on the accompanying consolidated statements of operations. All leases are classified as operating leases and have a weighted average remaining lease term of 8.3 years. The following table summarizes total rental expenses recognized on the accompanying consolidated statements of operations (in thousands): Three Months Ended 2019 2018 Office and Equipment Base Rental Expense $ 202 $ 201 Office Variable Rental Expense 264 155 Total Office and Equipment Rental Expense $ 466 $ 356 Total Ground Lease Rental Expense $ 116 $ 389 The Company’s minimum rental commitments under all of these operating leases as of March 31, 2019 are as follows (in thousands): Ground Leases Office and Equipment Leases Total 2019 Remainder $ 190 $ 1,565 $ 1,755 2020 253 2,090 2,343 2021 250 2,092 2,342 2022 166 2,103 2,269 2023 142 2,113 2,255 Thereafter 675 6,610 7,285 Total 1,676 16,573 18,249 Less: imputed interest (281 ) (9,683 ) (9,964 ) Total operating lease liabilities $ 1,395 $ 6,890 $ 8,285 Imputed interest was calculated using a weighted-average discount rate of 4.30% . The discount rate is based on our estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including the Company's credit rating and REIT industry performance. The evaluation of the Company's right-of-use asset associated with the corporate office included the unamortized portion of a $1.7 million cash lease incentive paid at inception of the lease. As of March 31, 2019 , the Company had a right-of-use asset balance of $6.1 million for these lessee contracts.

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	DERIVATIVE AND HEDGING ACTIVITIES The Company uses interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in AOCL and the change is reflected as derivative changes in fair value in the supplemental disclosures of non-cash activities in the consolidated statement of cash flows. Amounts will subsequently be reclassified to income or expense when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes. The Company does not have netting arrangements related to its derivatives. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings. In December 2018, the Company entered into interest rate swap agreements. The following table summarizes the notional amount and fair value of these instruments (dollars in thousands), which are recorded in accounts payable, accrued expenses and other liabilities on the Company's consolidated balance sheets (dollars in thousands): Fair Value of Liability Derivatives Designated as Hedging Instruments Notional Fixed Interest Effective Maturity March 31, December 31, Interest Rate Swap $ 200 2.8140 % 02/01/19 02/01/24 $ 6,071 $ 3,559 Interest Rate Swap $ 100 2.8174 % 02/01/19 02/01/24 $ 3,055 $ 1,801 Interest Rate Swap $ 100 2.8180 % 02/01/19 02/01/24 $ 3,054 $ 1,799 $ 12,180 $ 7,159 The following table provides information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL, for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Gross Amount of Loss Recognized in AOCL on Derivatives $ 5,229 Amount of Loss Reclassified from AOCL to Interest (1) $ 208 (1) Interest expense for the three months ended March 31, 2019 was $26.6 million . During the next 12 months, we estimate that approximately $1.7 million will be reclassified as an increase to interest expense related to active hedges of existing floating-rate debt.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The Company’s liabilities that are required to be measured at fair value in the accompanying consolidated financial statements are summarized below. The following table sets forth the Company’s financial liabilities that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 March 31, 2019 Derivatives: Interest rate swaps financial liabilities $ 12,180 $ — $ 12,180 $ — December 31, 2018 Derivatives: Interest rate swaps financial liabilities $ 7,159 $ — $ 7,159 $ — The interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and volatilities. These measurements are classified as Level 2 of the fair value hierarchy. Nonrecurring Fair Value Measurements Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of March 31, 2019 and December 31, 2018 (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 March 31, 2019 Long-lived assets held and used $ 34,958 $ — $ — $ 34,958 Long-lived assets held for sale $ 39,684 $ — $ — $ 39,684 December 31, 2018 Long-lived assets held and used $ 14,866 $ — $ — $ 14,866 Long-lived assets held for sale $ 7,695 $ — $ — $ 7,695 Real estate assets and their related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant or non-operating, tenant bankruptcy or delinquency, and leases 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 three months ended March 31, 2019 and for the year ended December 31, 2018 , we determined that one and eight long-lived assets held and used, respectively, were impaired. For three of the held and used properties impaired during the year ended December 31, 2018 , the buildings were fully impaired due to our non-payment on the related ground leases. For the one held and used property impaired during the three months ended March 31, 2019 and the remaining five held and used properties impaired during the year ended December 31, 2018 , 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): March 31, 2019 December 31, 2018 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $137.25 $ 137.25 2,788 $185.42 - $638.72 $ 507.11 27,302 Office $— $ — — $225.04 $ 225.04 5,999 For the three months ended March 31, 2019 and the year ended December 31, 2018 , we determined that nine and one 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): March 31, 2019 December 31, 2018 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held for sale by asset type Retail $41.32 - $622.62 $ 255.02 155,609 $126.73 $ 126.73 63,128 Estimated Fair Value of Financial Instruments Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the accompanying consolidated balance sheets. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at March 31, 2019 and December 31, 2018 . 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 these 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): March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 43,015 $ 45,763 $ 47,044 $ 48,740 Investment in Master Trust 2014 33,512 34,016 33,535 33,811 Revolving credit facilities 206,500 215,024 146,300 146,731 Term loans, net (1) 413,905 445,860 419,560 424,670 Senior Unsecured Notes, net (1) 295,882 297,420 295,767 291,696 Mortgages and notes payable, net (1) 450,534 479,603 463,196 487,548 Convertible Notes, net (1) 733,412 747,365 729,814 740,330 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2019
Compensation Cost Items [Abstract]
Incentive Award Plan	Incentive Award Plan Restricted Shares of Common Stock During the three months ended March 31, 2019 , the Company granted 149 thousand restricted shares under the Amended Incentive Award Plan to certain executive officers and employees. The Company recorded $5.7 million in deferred compensation associated with these grants, which will be recognized in expense over the service period of the awards. As of March 31, 2019 , there were approximately 436 thousand unvested restricted shares outstanding. Market-Based Awards During the three months ended March 31, 2019 , the Board of Directors, or committee thereof, approved target grants of 97 thousand market-based awards to executive officers of the Company. The performance period of these grants runs primarily through December 31, 2021. 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. Significant inputs for the calculation were expected volatility of the Company of 25.4% and expected volatility of the Company's peers, ranging from 15.3% to 30.8% . Stock-based compensation expense associated with unvested market-based awards is recognized on a straight-line basis over the minimum required service period, which is generally three years. Approximately $2.0 million and $1.7 million in dividend rights have been accrued for non-vested market-based awards outstanding as of March 31, 2019 and December 31, 2018 , respectively. For outstanding non-vested awards at March 31, 2019 , 0.2 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 March 31, 2019 and 2018 , the Company recognized $3.6 million and $4.4 million , respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of March 31, 2019 , the remaining unamortized stock-based compensation expense totaled $22.4 million , including $11.6 million related to restricted stock awards and $10.8 million related to market-based awards. As of December 31, 2018 , the remaining unamortized stock-based compensation expense totaled $15.5 million , including $8.1 million related to restricted stock awards and $7.4 million related to market-based 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	3 Months Ended
	Mar. 31, 2019
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. 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 2019 2018 Basic and diluted income: Income from continuing operations $ 43,578 $ 38,078 Less: income attributable to unvested restricted stock (272 ) (383 ) Less: dividends paid to preferred stockholders (2,588 ) (2,588 ) Income used in basic and diluted income per share from continuing operations 40,718 35,107 Loss used in basic and diluted loss per share from discontinued operations — (7,360 ) Net income attributable to common stockholders used in basic and diluted income per share $ 40,718 $ 27,747 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 85,916,656 89,296,899 Less: Unvested weighted average shares of restricted stock (419,563 ) (321,508 ) Weighted average shares of common stock outstanding used in basic income per share 85,497,093 88,975,391 Net income per share attributable to common stockholders - basic: Continuing operations $ 0.48 $ 0.39 Discontinued operations — (0.08 ) Net income per share attributable to common stockholders - basic $ 0.48 $ 0.31 Dilutive weighted average shares of common stock outstanding: (1) Unvested market-based awards 7,804 45,360 Weighted average shares of common stock outstanding used in diluted income per share 85,504,897 89,020,751 Net income per share attributable to common stockholders - diluted Continuing operations $ 0.48 $ 0.39 Discontinued operations — (0.08 ) Net income per share attributable to common stockholders - diluted $ 0.48 $ 0.31 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 132,744 50,464 ( 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 months ended March 31, 2019 and 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	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements Cost Sharing Arrangements 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. In connection with these arrangements, the Company had $0.1 million accrued receivable balances as of both March 31, 2019 and December 31, 2018 . Additionally, the Company had accrued payable balances of $0.3 million and $1.8 million as of March 31, 2019 and December 31, 2018 , respectively, in connection with these arrangements. 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 March 31, 2019 . Asset management fees of $5.0 million were earned during the three months ended March 31, 2019 and are included in related party fee income in the consolidated statements of operations. As of both March 31, 2019 and December 31, 2018 , the Company had accrued receivable balances of $1.7 million related to the Asset Management Agreement . 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 $1.5 million and special servicing fees of $0.4 million were earned during the three months ended March 31, 2019 . These fees are included in related party fee income in the consolidated statements of operations. As of both March 31, 2019 and December 31, 2018 , the Company had accrued receivable balances of $0.5 million related to the Property Management and Servicing Agreement . Related Party Loans Payable Wholly-owned subsidiaries of the Company are the borrower on four mortgage loans payable to SMTA and secured by six single-tenant commercial properties owned by the Company. In total, these mortgage notes had an outstanding principal balance of $27.1 million and $27.9 million at March 31, 2019 and December 31, 2018 , respectively, which is included in mortgages and notes payable, net on the consolidated balance sheet. The notes incurred interest expense of $68 thousand for the three months ended March 31, 2019 , which is included in interest expense in the consolidated statements of operations. As of March 31, 2019 , these mortgage notes have a weighted-average stated interest rate of 1.00% , a weighted-average term of 9.0 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 $33.5 million as of both March 31, 2019 and December 31, 2018 , respectively, which is reflected as Investment in Master Trust 2014 on the consolidated balance sheet. The notes generated interest income of $0.4 million for the three months ended March 31, 2019 , which is included in interest income on loans receivable in the consolidated statements of operations. The notes have a weighted-average stated interest rate of 4.58% with a remaining term of 3.7 years to maturity as of March 31, 2019 . The notes are classified as held-to-maturity and, as of March 31, 2019 , the amortized cost basis is equal to carrying value. 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 in dividend income during the three months ended March 31, 2019 , which is reflected as preferred dividend income from SMTA in the consolidated statements of operations. Preferred dividend income is recognized when dividends are declared. As of both March 31, 2019 and December 31, 2018 , the Company had accrued receivable balances of $3.8 million related to the preferred dividends. The carrying value of the SMTA Preferred Stock is $150.0 million as of both March 31, 2019 and December 31, 2018 , which is reflected in the consolidated balance sheets and will be accounted for at cost, less impairments, if any.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2019
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, for periods prior to the Spin-Off, the historical financial results of SMTA are reflected in our consolidated financial statements as discontinued operations for all periods presented. The discontinued operations have been classified as loss from discontinued operations on the consolidated statement of operations for the three months ended March 31, 2018 . The consolidated statement of cash flows for the three months ended March 31, 2018 and all other notes herein include the results of both continuing operations and discontinued operations. The table below provides information about income and expenses related to the Company's discontinued operations reported in its consolidated statements of operations (in thousands): Three Months Ended March 31, 2018 Revenues: Rental income $ 60,523 Interest income on loans receivable 832 Other income 384 Total revenues 61,739 Expenses: General and administrative 152 Transaction costs 3,932 Property costs (including reimbursable) 2,306 Real estate acquisition costs 1 Interest 28,013 Depreciation and amortization 21,423 Impairments 11,072 Total expenses 66,899 Other loss: Loss on debt extinguishment (255 ) Loss on disposition of assets (1,856 ) Total other loss (2,111 ) Loss from discontinued operations before income tax expense (7,271 ) Income tax expense (89 ) Loss from discontinued operations $ (7,360 ) There were no discontinued operations included in the consolidated statement of operations or balance sheet presented herein for the three months ended March 31, 2019 and as of March 31, 2019, respectively. 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 (in thousands): Three Months Ended March 31, 2018 Net cash provided by operating activities $ 29,574 Net cash used in investing activities (17,272 ) Continuing Involvement Subsequent to the Spin-Off , the Company has continuing involvement with SMTA through the terms of the Asset Management Agreement and Property Management and Servicing Agreement . See Note 11 for further detail. Subsequent to the Spin-Off , the Company had cash inflows from SMTA of $11.0 million and cash outflows to SMTA of $18.9 million for the three months ended March 31, 2019 .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 29, 2019, the Company filed Articles of Amendment to its charter with the Maryland State Department of Assessments and Taxation to reduce the number of the Company’s authorized shares of common stock from 750,000,000 shares to 175,000,000 shares.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 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. The Company also consolidates a variable interest entity ("VIE") when the Company is determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company's determination of the primary beneficiary of a VIE considers all relationships between the Company and the VIE, including management agreements and other contractual arrangements. The Company evaluated SMTA under ASC 810 Consolidation at time of Spin-Off, and continues to evaluate quarterly thereafter. As a result of this analysis, the Company concluded that while it has variable interests in SMTA, SMTA is not a VIE. Control of SMTA is therefore evaluated under the voting interest model and does not require consolidation by the Company. 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	These consolidated financial statements include certain special purpose entities that were formed 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 12 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.
Revenue Recognition	Rental Income: Cash and Straight-line Rent The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. For the majority of our operating leases at March 31, 2019 , the lease includes one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1% of the Company's operating leases at March 31, 2019 include an option to terminate. Walgreen Co. leases are generally for fifty years or more with several five year termination periods after an initial non-cancelable term. For less than 6% of operating leases at March 31, 2019 , the lease includes an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. The Company does not include any of these options in its evaluation for lease classification purposes or for recognizing rental income unless the Company is reasonably certain the tenant will exercise the option. Another component of lease classification which requires significant assumptions and judgment is the amount expected to be derived from the property at the end of the lease term. Generally, the Company assumes a value that is equal to net book value of the property at the date of the assessment, as the Company generally expects fair value to be equal to or greater than net book value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting any damage to the property. To further protect residual value, the Company supplements the tenant insurance policy with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value. Some of the Company’s leases provide for contingent rent based on a percentage of the tenant’s gross sales. For contingent rentals that are based on a percentage of the tenant’s gross sales, the Company recognizes contingent rental revenue when the change in the factor on which the contingent lease payment is based actually occurs. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that have contingent rent escalators indexed to future changes in the CPI, they may adjust over a one -year period or over multiple-year periods. Typically, these CPI-based escalators increase rent at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty with respect to future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases, increases in rental revenue from leases with this type of escalator are recognized when the changes in the rental rates have occurred. For leases that provide for fixed contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, accrued rental revenue, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represents unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the initial term of the leases. Rental income is subject to an evaluation for collectability, which 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, as well as the tenant's payment history and financial condition. The Company records a provision for losses against rental income for amounts that are not probable of collection. Rental Income: Tenant Reimbursement Revenue Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, which are non-lease components. The Company has elected to combine all of its nonlease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized as revenue in the period in which the related expenses are incurred, with the related expense included in property costs (including reimbursable) . Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are carried net of any allowances for amounts that are not probable of collection. Rental Income: Intangible Amortization Initial direct costs associated with the origination of a lease are deferred and amortized over the related lease term as an adjustment to rental revenue. In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is reasonably certain the tenant will exercise the renewal option. If the Company believes it is reasonably certain a lease will terminate early, the unamortized portion of any related lease intangible is immediately recognized in impairments in the Company’s consolidated statements of operations.
Allowance for Doubtful Accounts	The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration 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 provided for reserves for uncollectible amounts totaling $5.4 million and $4.9 million at March 31, 2019 and December 31, 2018 , respectively, against accounts receivable balances of $11.9 million and $12.4 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 receivable balances related to the straight-line method of reporting rental revenue, the collectability is assessed in conjunction with the evaluation of rental income as described above. The Company has a reserve for losses of $2.0 million and $1.1 million at March 31, 2019 and December 31, 2018 , respectively, against straight-line receivables of $73.0 million and $69.4 million , respectively. These receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets.
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.
Goodwill	Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value.
Income Taxes	The Company has elected to be taxed as a REIT under the Code . As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income. 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.
New Accounting Pronouncements	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 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, and as such, the Company adopted ASU 2016-02 effective January 1, 2019. 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 as follows: • The Company elected to use the package of practical expedients, which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. • The Company elected to use the comparative period expedient, which permits the Company to recognize any cumulative adjustments as of the date of initial application and not record adjustments to prior reported periods. As a result of this election, bad debt expense is being presented in "rental income" on a prospective basis, compared to "property costs (including reimbursable)" for periods prior to January 1, 2019. Bad debt expense was $0.9 million for the three months ended March 31, 2019 . The adoption of the lease standard did not result in a cumulative catch-up adjustment to opening equity. • The Company elected to use the land easements expedient, which permits the Company to not reassess land easements for potential lease classification. • The Company elected to use the components expedient, which permits the Company to not separate nonlease components from lease components if timing and pattern of transfer is the same. The Company elected this expedient for all lessee and lessor operating leases, where certain leases contain nonlease components related to tenant reimbursement, and concluded that the leasing component is the predominant component. • The Company elected not to use the hindsight expedient, which would require the re-evaluation of the lease term on all leases using current facts and circumstances. As a lessee, the Company recognized the right-of-use assets and lease liabilities for our operating leases of $6.4 million and $8.6 million , respectively, on January 1, 2019, which are included in deferred costs and other assets, net and accounts payable, accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheet. As a lessor, our recognition of rental income remained materially consistent with previous guidance, apart from expanded disclosure requirements. As such, the Company concludes that the overall impact of the ASU had no material impact on the Company's reported revenues, results of operations or financial position. 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. Per the subsequently issued ASU 2018-19, receivables arising from operating leases are not within the scope of ASU 2016-13. As such, the Company is currently evaluating the impact of this ASU on its consolidated financial statements, but does not expect its impact to be material.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, March 31, Cash and cash equivalents $ 9,376 $ 14,493 $ 10,989 Restricted cash: Collateral deposits (1) 401 351 1,190 Tenant improvements, repairs, and leasing commissions (2) 9,539 9,093 8,782 Master Trust Release (3) 7,413 7,412 97,010 1031 Exchange proceeds, net — 45,042 — Liquidity reserve (4) — — 5,527 Other (5) 1,163 1,030 4,656 Total cash, cash equivalents and restricted cash $ 27,892 $ 77,421 $ 128,154 (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)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Summary of Real Estate and Loan Activity	During the three months ended March 31, 2019 , the Company had the following owned real estate activity, net of accumulated depreciation and amortization (dollars in thousands): Number of Properties Dollar Amount of Investments Held in Use Held for Sale Total Held in Use Held for Sale Total Gross balance, December 31, 2018 1,459 3 1,462 $ 5,054,524 $ 22,064 $ 5,076,588 Acquisitions/improvements (1)(2) 22 — 22 179,842 — 179,842 Dispositions of real estate (3)(4) (6 ) (1 ) (7 ) (19,229 ) (12,669 ) (31,898 ) Transfers to Held for Sale (15 ) 15 — (107,723 ) 107,723 — Transfers from Held for Sale — — — — — — Impairments — — — 334 (4,026 ) (3,692 ) Write-off of gross lease intangibles — — — (2,431 ) — (2,431 ) Gross balance, March 31, 2019 1,460 17 1,477 5,105,317 113,092 5,218,409 Accumulated depreciation (636,780 ) (14,665 ) (651,445 ) Accumulated amortization (104,412 ) (4,088 ) (108,500 ) Net balance, March 31, 2019 (5) $ 4,364,125 $ 94,339 $ 4,458,464 (1) Includes investments of $18.3 million in revenue producing capitalized expenditures, as well as $1.3 million of non-revenue producing capitalized expenditures as of March 31, 2019 . (2) The acquisition of 20 properties were completed as sales-lease back transactions, representing $147.2 million of investment, during the three months ended March 31, 2019 . (3) For the three months ended March 31, 2019 , the total (loss) gain on disposal of assets for properties held in use and held for sale was $2.8 million and $5.9 million , respectively. (4) Includes one deed-in-lieu properties with a real estate investment of $0.8 million that were transferred to the lender during the three months ended March 31, 2019 . (5) Reconciliation of total owned investments to the accompanying consolidated balance sheet at March 31, 2019 is as follows: Held in Use land and buildings, net of accumulated depreciation $ 4,167,515 Intangible lease assets, net 291,095 Real estate assets under direct financing leases, net 20,320 Real estate assets held for sale, net 94,339 Intangible lease liabilities, net (114,805 ) Net balance $ 4,458,464 During the three months ended March 31, 2019 , the Company had the following loan activity: Mortgage Loans Other Notes Properties Investment Investment Total Investment Principal, December 31, 2018 52 $ 42,660 $ 2,082 $ 44,742 Acquisitions — — — — Dispositions — — — — Principal payments and payoffs (1 ) (3,604 ) (26 ) (3,630 ) Allowance for loan losses — — — — Principal, March 31, 2019 51 $ 39,056 $ 2,056 $ 41,112
Schedule of Operating Lease Income	The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands): Three Months Ended 2019 2018 Base cash rent $ 96,799 $ 150,447 Variable cash rent (including reimbursables) 3,638 5,530 Straight-line rent, net of bad debt expense (1) 2,907 4,900 Amortization of above- and below- market lease intangibles, net (2) 723 1,153 Total rental income $ 104,067 $ 162,030 (1) As a result of the Company's adoption of ASU 2016-02 on January 1, 2019, the Company reclassified bad debt expense to rental income on a prospective basis. See Note 2 for additional detail. (2) Excludes amortization of in-place leases of $6.7 million and $10.0 million for the three months ended March 31, 2019 and 2018 , respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations.
Schedule of Minimum Future Contractual Rent to be Received from Operating Lease	Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of these operating leases (including contractual fixed rent increases occurring on or after April 1 , 2019 ) at March 31, 2019 are as follows (in thousands): March 31, Remainder of 2019 $ 286,400 2020 378,963 2021 360,762 2022 340,377 2023 319,112 Thereafter 2,304,511 Total future minimum rentals $ 3,990,125
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, December 31, In-place leases $ 370,592 $ 381,143 Above-market leases 68,704 62,902 Less: accumulated amortization (148,201 ) (149,582 ) Intangible lease assets, net $ 291,095 $ 294,463 Below-market leases $ 158,594 $ 167,527 Less: accumulated amortization (43,789 ) (47,365 ) Intangible lease liabilities, net $ 114,805 $ 120,162
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases	The components of real estate investments held under direct financing leases were as follows (in thousands): March 31, December 31, Minimum lease payments receivable $ 5,025 $ 5,390 Estimated residual value of leased assets 20,097 20,097 Unearned income (4,802 ) (5,198 ) Real estate assets under direct financing leases, net $ 20,320 $ 20,289
Schedule of Minimum Future Contractual Rent to be Received from Direct Financing Leases	Scheduled minimum future payments to be received under the remaining non-cancelable term of these direct financing leases at March 31, 2019 are as follows (in thousands): March 31, Remainder of 2019 $ 878 2020 578 2021 527 2022 541 2023 554 Thereafter 1,947 Total future minimum rentals $ 5,025
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 (dollars in thousands): March 31, December 31, Mortgage loans - principal $ 39,056 $ 42,660 Mortgage loans - premiums, net of amortization 2,112 2,527 Allowance for loan losses — — Mortgages loans, net 41,168 45,187 Other notes receivable - principal 2,056 2,082 Other notes receivable - discounts, net of amortization (209 ) (225 ) Allowance for loan losses — — Other notes receivable, net 1,847 1,857 Total loans receivable, net $ 43,015 $ 47,044
Summary of Total Impairment Losses Recognized	The following table summarizes total impairment losses recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended March 31, 2019 2018 Real estate and intangible asset impairment $ 3,692 $ 14,585 Recovery of loans receivable, previously impaired — (16 ) Total impairment loss $ 3,692 $ 14,569

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Debt	The Company's debt is summarized below: Weighted Average Effective (1) Weighted Average (2) Weighted Average Maturity (3) March 31, December 31, (in Years) (In Thousands) Revolving credit facilities 5.64 % 3.62 % 4.0 $ 206,500 $ 146,300 Term loans 4.37 % 3.75 % 5.0 420,000 420,000 Senior Unsecured Notes 4.70 % 4.45 % 7.5 300,000 300,000 Master Trust Notes 5.89 % 5.27 % 4.7 166,681 167,854 CMBS 5.89 % 5.35 % 4.4 263,651 274,758 Related party notes payable 1.00 % 1.00 % 9.0 27,148 27,890 Convertible Notes 5.31 % 3.28 % 1.0 747,500 747,500 Total debt 5.13 % 3.95 % 3.8 2,131,480 2,084,302 Debt discount, net (12,027 ) (14,733 ) Deferred financing costs, net (4) (19,220 ) (14,932 ) Total debt, net $ 2,100,233 $ 2,054,637 (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 March 31, 2019 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2019 . (3) Represents the weighted average maturity based on the outstanding principal balance as of March 31, 2019 . (4) The Company records deferred financing costs for its revolving credit facilities in deferred costs and other assets, net on its consolidated balance sheets .
Schedule of Debt Maturities	As of March 31, 2019 , scheduled debt maturities, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2019 (1) $ 8,766 $ 402,500 $ 411,266 2020 12,164 — 12,164 2021 12,737 345,000 357,737 2022 13,315 42,400 55,715 2023 11,609 546,026 557,635 Thereafter 16,895 720,068 736,963 Total $ 75,486 $ 2,055,994 $ 2,131,480 (1) The balloon payment balance in 2019 represents the maturity of the 2.875% Convertible Notes, which the Company expects to retire by drawing on the A-2 Term Loans.
Summary of Components of Interest Expense Related to Borrowings	The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Three Months Ended 2019 2018 Interest expense – revolving credit facilities (1) $ 2,178 $ 1,352 Interest expense – term loans 3,979 — Interest expense – Senior Unsecured Notes 3,338 3,338 Interest expense – mortgages and notes payable 6,252 32,707 Interest expense – Convertible Notes (2) 6,127 6,127 Non-cash interest expense: Amortization of deferred financing costs 2,031 2,979 Amortization of debt discount, net 2,706 4,562 Total interest expense $ 26,611 $ 51,065 (1) Includes facility fees of approximately $0.7 million and $0.5 million for the three month periods ended March 31, 2019 and 2018 , respectively. (2) Included in interest expense on the Operating Partnership 's consolidated statements of operations are amounts paid to the Company by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.

Stockholders' Equity and Part_2

Stockholders' Equity and Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Summary of Dividends Declared	For the three months ended March 31, 2019 , 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 February 28, 2019 $ 0.375 March 15, 2019 $ 2,588 March 29, 2019 Common Stock February 28, 2019 $ 0.625 March 29, 2019 $ 54,254 April 15, 2019

Commitments and Contingencies

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Rental Expenses	The following table summarizes total rental expenses recognized on the accompanying consolidated statements of operations (in thousands): Three Months Ended 2019 2018 Office and Equipment Base Rental Expense $ 202 $ 201 Office Variable Rental Expense 264 155 Total Office and Equipment Rental Expense $ 466 $ 356 Total Ground Lease Rental Expense $ 116 $ 389
Minimum Rental Commitments Under Operating Leases	The Company’s minimum rental commitments under all of these operating leases as of March 31, 2019 are as follows (in thousands): Ground Leases Office and Equipment Leases Total 2019 Remainder $ 190 $ 1,565 $ 1,755 2020 253 2,090 2,343 2021 250 2,092 2,342 2022 166 2,103 2,269 2023 142 2,113 2,255 Thereafter 675 6,610 7,285 Total 1,676 16,573 18,249 Less: imputed interest (281 ) (9,683 ) (9,964 ) Total operating lease liabilities $ 1,395 $ 6,890 $ 8,285

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Agreements	The following table summarizes the notional amount and fair value of these instruments (dollars in thousands), which are recorded in accounts payable, accrued expenses and other liabilities on the Company's consolidated balance sheets (dollars in thousands): Fair Value of Liability Derivatives Designated as Hedging Instruments Notional Fixed Interest Effective Maturity March 31, December 31, Interest Rate Swap $ 200 2.8140 % 02/01/19 02/01/24 $ 6,071 $ 3,559 Interest Rate Swap $ 100 2.8174 % 02/01/19 02/01/24 $ 3,055 $ 1,801 Interest Rate Swap $ 100 2.8180 % 02/01/19 02/01/24 $ 3,054 $ 1,799 $ 12,180 $ 7,159
Summary of Amounts Recorded in AOCL	The following table provides information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL, for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Gross Amount of Loss Recognized in AOCL on Derivatives $ 5,229 Amount of Loss Reclassified from AOCL to Interest (1) $ 208

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Liabilities at Fair Value on Recurring Basis	The following table sets forth the Company’s financial liabilities that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 March 31, 2019 Derivatives: Interest rate swaps financial liabilities $ 12,180 $ — $ 12,180 $ — December 31, 2018 Derivatives: Interest rate swaps financial liabilities $ 7,159 $ — $ 7,159 $ —
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 March 31, 2019 and December 31, 2018 (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 March 31, 2019 Long-lived assets held and used $ 34,958 $ — $ — $ 34,958 Long-lived assets held for sale $ 39,684 $ — $ — $ 39,684 December 31, 2018 Long-lived assets held and used $ 14,866 $ — $ — $ 14,866 Long-lived assets held for sale $ 7,695 $ — $ — $ 7,695
Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale	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): March 31, 2019 December 31, 2018 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held for sale by asset type Retail $41.32 - $622.62 $ 255.02 155,609 $126.73 $ 126.73 63,128 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): March 31, 2019 December 31, 2018 Description Range Weighted Average Square Footage Range Weighted Average Square Footage Long-lived assets held and used by asset type Retail $137.25 $ 137.25 2,788 $185.42 - $638.72 $ 507.11 27,302 Office $— $ — — $225.04 $ 225.04 5,999
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 43,015 $ 45,763 $ 47,044 $ 48,740 Investment in Master Trust 2014 33,512 34,016 33,535 33,811 Revolving credit facilities 206,500 215,024 146,300 146,731 Term loans, net (1) 413,905 445,860 419,560 424,670 Senior Unsecured Notes, net (1) 295,882 297,420 295,767 291,696 Mortgages and notes payable, net (1) 450,534 479,603 463,196 487,548 Convertible Notes, net (1) 733,412 747,365 729,814 740,330 (1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Income Per Share and Partners_2

Income Per Share and Partnership Unit (Tables)	3 Months Ended
	Mar. 31, 2019
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 2019 2018 Basic and diluted income: Income from continuing operations $ 43,578 $ 38,078 Less: income attributable to unvested restricted stock (272 ) (383 ) Less: dividends paid to preferred stockholders (2,588 ) (2,588 ) Income used in basic and diluted income per share from continuing operations 40,718 35,107 Loss used in basic and diluted loss per share from discontinued operations — (7,360 ) Net income attributable to common stockholders used in basic and diluted income per share $ 40,718 $ 27,747 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 85,916,656 89,296,899 Less: Unvested weighted average shares of restricted stock (419,563 ) (321,508 ) Weighted average shares of common stock outstanding used in basic income per share 85,497,093 88,975,391 Net income per share attributable to common stockholders - basic: Continuing operations $ 0.48 $ 0.39 Discontinued operations — (0.08 ) Net income per share attributable to common stockholders - basic $ 0.48 $ 0.31 Dilutive weighted average shares of common stock outstanding: (1) Unvested market-based awards 7,804 45,360 Weighted average shares of common stock outstanding used in diluted income per share 85,504,897 89,020,751 Net income per share attributable to common stockholders - diluted Continuing operations $ 0.48 $ 0.39 Discontinued operations — (0.08 ) Net income per share attributable to common stockholders - diluted $ 0.48 $ 0.31 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 132,744 50,464 ( 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.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Financial Statements of Discontinued Operations	The table below provides information about income and expenses related to the Company's discontinued operations reported in its consolidated statements of operations (in thousands): Three Months Ended March 31, 2018 Revenues: Rental income $ 60,523 Interest income on loans receivable 832 Other income 384 Total revenues 61,739 Expenses: General and administrative 152 Transaction costs 3,932 Property costs (including reimbursable) 2,306 Real estate acquisition costs 1 Interest 28,013 Depreciation and amortization 21,423 Impairments 11,072 Total expenses 66,899 Other loss: Loss on debt extinguishment (255 ) Loss on disposition of assets (1,856 ) Total other loss (2,111 ) Loss from discontinued operations before income tax expense (7,271 ) Income tax expense (89 ) Loss from discontinued operations $ (7,360 ) There were no discontinued operations included in the consolidated statement of operations or balance sheet presented herein for the three months ended March 31, 2019 and as of March 31, 2019, respectively. 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 (in thousands): Three Months Ended March 31, 2018 Net cash provided by operating activities $ 29,574 Net cash used in investing activities (17,272 )

Organization - Narrative (Detai

Organization - Narrative (Details)	3 Months Ended
	Mar. 31, 2019
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
	Mar. 31, 2019USD ($)segmentrenewal_option	Mar. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 5,158,857,000			$ 5,096,316,000
Net liabilities	$ 2,340,221,000			2,294,567,000
Number of segments | segment	1
Number of renewal options (or more) | renewal_option	1
Option to terminate, percentage (less than)	1.00%
Option to purchase, percentage (less than)	6.00%
Rent escalators adjustment period	1 year
Reserves for uncollectible amounts	$ 5,400,000			4,900,000
Accounts receivable	11,900,000			12,400,000
Reserve for losses	2,000,000			1,100,000
Deferred rental revenue receivables	73,000,000			69,400,000
Goodwill impairment	0	$ 0
Provision for income taxes	0
Bad debt expense	900,000
Operating lease, right-of-use assets	6,100,000
Operating lease, liabilities	8,285,000
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	880,000,000			900,000,000
Net liabilities	470,000,000			480,000,000
Spirit Realty, L.P.
Summary Of Significant Accounting Policies [Line Items]
Net assets	5,158,857,000			5,096,316,000
Net liabilities	2,340,221,000			$ 2,294,567,000
Provision for income taxes	$ 0
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating lease, right-of-use assets			$ 6,400,000
Operating lease, liabilities			$ 8,600,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	10 years
Walgreen Co.
Summary Of Significant Accounting Policies [Line Items]
Lease term	50 years
Termination period	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 9,376	$ 14,493	$ 10,989
Total cash, cash equivalents and restricted cash	27,892	77,421	128,154	$ 114,707
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	401	351	1,190
Tenant improvements, repairs, and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	9,539	9,093	8,782
Master Trust Release
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	7,413	7,412	97,010
1031 Exchange proceeds, net
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	45,042	0
Liquidity reserve
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	0	5,527
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,163	$ 1,030	$ 4,656

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)PropertyStatereceivable	Dec. 31, 2018Property
Investment [Line Items]
Gross investment in real estate properties and loans | $	$ 5,300
Number of real estate properties	1,528
Portfolio disbursement, number of states | State	49
Minimum of investment in real estate properties	10.00%
Number of properties under operating leases	1,473	1,458
Number of properties under financing leases	4	4
Number of other notes receivable | receivable	2
Number of other notes receivable, secured | receivable	1
Secured Debt
Investment [Line Items]
Other notes receivable | $	$ 0.1
Unsecured Debt
Investment [Line Items]
Other notes receivable | $	$ 1.7
Total Investment
Investment [Line Items]
Number of real estate properties	51
Texas
Investment [Line Items]
Investment in real estate properties	12.50%

Investments - Summary of Owned

Investments - Summary of Owned Real Estate Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Number of Properties
Ending balance (in properties) | Property	1,528
Dollar Amount of Investments
Acquisitions	$ 0
Dispositions	0
Ending balance	5,300,000
Accumulated depreciation and amortization	(636,780)	$ (621,456)
Net balance	$ 4,458,464
Held in Use
Number of Properties
Beginning balance (in properties) | Property	1,459
Acquisitions/improvements (in properties) | Property	22
Dispositions of real estate (in properties) | Property	(6)
Transfers to Held for Sale (in properties)	(15)
Transfers from Held for Sale (in properties)	0
Impairments (in properties) | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Ending balance (in properties) | Property	1,460
Dollar Amount of Investments
Beginning Balance	$ 5,054,524
Acquisitions	179,842
Dispositions	(19,229)
Transfers to Held for Sale	(107,723)
Transfers from Held for Sale	0
Impairments	334
Write-off of gross lease intangibles	(2,431)
Ending balance	5,105,317
Accumulated depreciation and amortization	(636,780)
Real Estate Investment Property, Accumulated Amortization	(104,412)
Net balance	$ 4,364,125
Held for Sale
Number of Properties
Beginning balance (in properties) | Property	3
Acquisitions/improvements (in properties) | Property	0
Dispositions of real estate (in properties) | Property	(1)
Transfers to Held for Sale (in properties)	15
Transfers from Held for Sale (in properties)	0
Impairments (in properties) | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Ending balance (in properties) | Property	17
Dollar Amount of Investments
Beginning Balance	$ 22,064
Acquisitions	0
Dispositions	(12,669)
Transfers to Held for Sale	107,723
Transfers from Held for Sale	0
Impairments	(4,026)
Write-off of gross lease intangibles	0
Ending balance	113,092
Accumulated depreciation and amortization	(14,665)
Real Estate Investment Property, Accumulated Amortization	(4,088)
Net balance	$ 94,339
Total
Number of Properties
Beginning balance (in properties) | Property	1,462
Acquisitions/improvements (in properties) | Property	22
Dispositions of real estate (in properties) | Property	(7)
Transfers to Held for Sale (in properties)	0
Transfers from Held for Sale (in properties)	0
Impairments (in properties) | Property	0
Write-off of gross lease intangibles (in properties) | Property	0
Ending balance (in properties) | Property	1,477
Dollar Amount of Investments
Beginning Balance	$ 5,076,588
Acquisitions	179,842
Dispositions	(31,898)
Transfers to Held for Sale	0
Transfers from Held for Sale	0
Impairments	(3,692)
Write-off of gross lease intangibles	(2,431)
Ending balance	5,218,409
Accumulated depreciation and amortization	(651,445)
Real Estate Investment Property, Accumulated Amortization	(108,500)
Net balance	$ 4,458,464

Investments - Summary of Owne_2

Investments - Summary of Owned Real Estate Activity (Footnote) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Real Estate [Abstract]
Revenue producing capitalized expenditures	$ 18,300
Capitalized maintenance expenditures	$ 1,300
Number of properties acquired as sales-leaseback transactions | Property	20
Investment amount from sales-leaseback transaction	$ 147,200
Held in Use land and buildings, net of accumulated depreciation	4,167,515	$ 4,136,261
Intangible lease assets, net	291,095	294,463
Real estate assets under direct financing leases, net	20,320
Real estate assets held for sale, net	94,339	18,203
Intangible lease liabilities, net	(114,805)	$ (120,162)
Net balance	4,458,464
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount of disposition of real estate	$ 0
Deed-In-Lieu Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | Property	1
Amount of disposition of real estate	$ 800
Held-in-use
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal of assets for properties	2,800
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	$ 5,900

Investments - Operating Lease I

Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lessor, Lease, Description [Line Items]
Base cash rent	$ 96,799
Variable cash rent (including reimbursables)	3,638
Straight-line rent, net of bad debt expense	2,907
Amortization of above- and below- market lease intangibles, net	723
Total rental income	104,067
Total rental income		$ 101,507
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 6,700	10,000
Continuing and discontinuing operations
Lessor, Lease, Description [Line Items]
Base cash rent		150,447
Variable cash rent (including reimbursables)		5,530
Straight-line rent, net of bad debt expense		4,900
Amortization of above- and below- market lease intangibles, net		1,153
Total rental income		$ 162,030

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received from Operating Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2019	$ 286,400
2020	378,963
2021	360,762
2022	340,377
2023	319,112
Thereafter	2,304,511
Total future minimum rentals	$ 3,990,125

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (148,201)	$ (149,582)
Intangible lease assets, net	291,095	294,463
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	370,592	381,143
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	68,704	62,902
Below-market leases
Lessor, Lease, Description [Line Items]
Below-market leases	158,594	167,527
Less: accumulated amortization	(43,789)	(47,365)
Intangible lease liabilities, net	$ 114,805	$ 120,162

Investments - Schedule of Compo

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Minimum lease payments receivable	$ 5,025
Minimum lease payments receivable		$ 5,390
Estimated residual value of leased assets	20,097
Estimated residual value of leased assets		20,097
Unearned income	(4,802)
Unearned income		(5,198)
Real estate assets under direct financing leases, net	$ 20,320
Real estate assets under direct financing leases, net		$ 20,289

Investments - Schedule of Min_2

Investments - Schedule of Minimum Future Contractual Rent to be Received from Direct Financing Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Real Estate [Abstract]
Remainder of 2019	$ 878
2020	578
2021	527
2022	541
2023	554
Thereafter	1,947
Total future minimum rentals	$ 5,025

Investments - Schedule of Loan

Investments - Schedule of Loan Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property
Number of Properties
Ending balance (in properties) | Property	1,528
Loans Receivable
Beginning Balance	$ 44,742
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(3,630)
Allowance for loan losses	0
Ending Balance	$ 41,112
Mortgage Loans
Number of Properties
Beginning balance (in properties) | Property	52
Acquisitions (in properties) | Property	0
Dispositions (in properties) | Property	0
Principal payments and payoffs (in properties) | Property	(1)
Allowance for loan losses (in properties) | Property	0
Ending balance (in properties) | Property	51
Loans Receivable
Beginning Balance	$ 42,660
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(3,604)
Allowance for loan losses	0
Ending Balance	39,056
Other Notes
Loans Receivable
Beginning Balance	2,082
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(26)
Allowance for loan losses	0
Ending Balance	$ 2,056

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	$ 41,112	$ 44,742
Total loans receivable, net	43,015	47,044
Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	39,056	42,660
Mortgage loans - premiums, net of amortization	2,112	2,527
Allowance for loan losses	0	0
Total loans receivable, net	41,168	45,187
Other Notes Receivable
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	2,056	2,082
Mortgage loans - premiums, net of amortization	(209)	(225)
Allowance for loan losses	0	0
Total loans receivable, net	$ 1,847	$ 1,857

Investments - Summary of Total

Investments - Summary of Total Impairment Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate [Abstract]
Real estate and intangible asset impairment	$ 3,692	$ 14,585
Recovery of loans receivable, previously impaired	0	(16)
Total impairment loss	$ 3,692	$ 14,569

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Aug. 18, 2016	May 31, 2014
Debt Instrument [Line Items]
Total debt, gross	$ 2,131,480	$ 2,084,302
Debt discount, net	(12,027)	(14,733)
Deferred financing costs, net	(19,220)	(14,932)
Total debt, net	$ 2,100,233	2,054,637
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.13%
Weighted average stated rate	3.95%
Weighted average maturity	3 years 9 months
Revolving credit facilities
Debt Instrument [Line Items]
Total debt, gross	$ 206,500	146,300
Revolving credit facilities | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.64%
Weighted average stated rate	3.62%
Weighted average maturity	4 years
Term loans
Debt Instrument [Line Items]
Total debt, gross	$ 420,000	420,000
Term loans | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	4.37%
Weighted average stated rate	3.75%
Weighted average maturity	5 years
Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted average stated rate			4.45%
Total debt, gross	$ 300,000	300,000
Deferred financing costs, net	$ (2,700)	(2,700)
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	4.70%
Weighted average stated rate	4.45%
Weighted average maturity	7 years 6 months
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross	$ 166,681	167,854
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	4 years 8 months
CMBS
Debt Instrument [Line Items]
Total debt, gross	$ 263,651	274,758
CMBS | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.89%
Weighted average stated rate	5.35%
Weighted average maturity	4 years 5 months
Related party notes payable
Debt Instrument [Line Items]
Total debt, gross	$ 27,148	27,890
Related party notes payable | Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	1.00%
Weighted average stated rate	1.00%
Weighted average maturity	9 years
Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 747,500	747,500
Deferred financing costs, net	$ (3,400)	$ (4,300)		$ (19,600)
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

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details)	Jan. 14, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Borrowings outstanding		$ 206,500,000	$ 146,300,000
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 800,000,000
Number of extension options	2
Term of extension option	6 months
Increased borrowing capacity under accordion feature	$ 400,000,000
Facility fee percentage		0.25%
Origination costs		$ 4,800,000
Borrowings outstanding		206,500,000
Remaining borrowing capacity		593,500,000
Letters of credit outstanding		0
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | Deferred Costs and Other Assets
Line of Credit Facility [Line Items]
Unamortized deferred financing costs		$ 4,600,000
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.10%
Credit Facility 2015 | Revolving credit facilities | Unsecured Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity			800,000,000
Credit Facility 2015 | Revolving credit facilities | Unsecured Debt | Deferred Costs and Other Assets
Line of Credit Facility [Line Items]
Unamortized deferred financing costs			$ 400,000

Debt - Term Loans - Narrative (

Debt - Term Loans - Narrative (Details) - USD ($)	Jan. 14, 2019	Mar. 31, 2019	Dec. 31, 2018	May 31, 2014
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 19,220,000	$ 14,932,000
Borrowings outstanding		206,500,000	146,300,000
Convertible Senior Notes
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 3,400,000	4,300,000	$ 19,600,000
Convertible Senior Notes Due 2019 | Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate		2.875%		2.875%
Term loans | Unsecured Debt
Debt Instrument [Line Items]
Origination costs		$ 6,500,000
Unamortized deferred financing costs		6,100,000	400,000
Term loans | 2015 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 420,000,000
Term loans | A-1 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 420,000,000
Increased borrowing capacity under accordion feature	200,000,000
Borrowings outstanding		420,000,000
Available borrowing capacity		$ 0
Term loans | A-1 Term Loan | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Term loans | A-2 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	400,000,000
Increased borrowing capacity under accordion feature	$ 200,000,000
Ticking fee percentage	0.20%
Borrowings outstanding		$ 0

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - USD ($)	Aug. 18, 2016	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 19,220,000	$ 14,932,000
Senior Unsecured Notes
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	1,500,000
Unamortized deferred financing costs		$ 2,700,000	$ 2,700,000
Senior Unsecured Notes | 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) - Master Trust Notes - Series 2013-2, Class A $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)Propertydebt_series	Dec. 31, 2018USD ($)	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Number of debt series outstanding | debt_series	1
Stated interest rate	5.27%
Weighted average effective interest rate	5.89%
Number of properties securing borrowings | Property	269
Maturity	4 years 8 months
Deferred financing costs | $	$ 4	$ 4.2	$ 8

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	Mar. 31, 2019USD ($)Propertyloan	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 19,220	$ 14,932
Weighted Average
Debt Instrument [Line Items]
Stated interest rate	3.95%
CMBS | Weighted Average
Debt Instrument [Line Items]
Stated interest rate	5.35%
CMBS Loans
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 3,100	3,200
Unamortized premium	$ 100	$ 100
CMBS Loans | CMBS
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	6
Number of properties securing borrowings | Property	100
CMBS Loans | CMBS | Minimum
Debt Instrument [Line Items]
Stated interest rate	4.67%
CMBS Loans | CMBS | Maximum
Debt Instrument [Line Items]
Stated interest rate	6.00%

Debt - Related Party Mortgage L

Debt - Related Party Mortgage Loans Payable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Propertyloan	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Outstanding principal	$ 2,131,480	$ 2,084,302
Related party notes payable
Debt Instrument [Line Items]
Outstanding principal	$ 27,148	$ 27,890
Related party notes payable | Affiliated Entity | Mortgage loans payable
Debt Instrument [Line Items]
Number of mortgage loans with related party | loan	4
Number of properties with related party | Property	6
Outstanding principal	$ 27,100
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	5.13%
Weighted average maturity	3 years 9 months
Weighted Average | Related party notes payable
Debt Instrument [Line Items]
Weighted average effective interest rate	1.00%
Weighted average maturity	9 years
Weighted Average | Related party notes payable | Affiliated Entity | Mortgage loans payable
Debt Instrument [Line Items]
Weighted average effective interest rate	1.00%
Weighted average maturity	9 years

Debt - Convertible Notes (Detai

Debt - Convertible Notes (Details)	May 31, 2014USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 19,220,000	$ 14,932,000
Convertible Senior Notes
Debt Instrument [Line Items]
Debt conversion ratio	0.0152727	0.0174458
Conversion price (in USD per share) | $ / shares	$ 65.48
Premium above public offering price	22.50%
Anti-dilutive cash dividends, exceeding (in USD per share) | $ / shares		$ 0.73026
Debt discount, value of the embedded conversion premium	$ 56,700,000	$ 10,700,000	13,300,000
Unamortized deferred financing costs	19,600,000	$ 3,400,000	$ 4,300,000
Convertible Senior Notes | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 402,500,000
Stated interest rate	2.875%	2.875%
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 345,000,000
Stated interest rate	3.75%

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Propertyloan	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment	$ 8,783	$ 21,583
Mortgages
Debt Instrument [Line Items]
Debt extinguished	$ 10,400	$ 33,900
Number of loans paid off | loan	1
Number of real estate properties, securing debt | Property	1
Weighted average contractual interest rate	9.85%	9.88%
Gain (loss) on debt extinguishment	$ 9,500	$ 21,100
Revolving Credit Facility And Term Loan
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment	$ (700)

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Scheduled Debt Maturities
Total debt, net	$ 2,100,233	$ 2,054,637
Mortgages and Notes Payable
Scheduled Debt Maturities
Remainder of 2019	411,266
2020	12,164
2021	357,737
2022	55,715
2023	557,635
Thereafter	736,963
Total debt, net	2,131,480
Mortgages and Notes Payable | Scheduled Principal
Scheduled Debt Maturities
Remainder of 2019	8,766
2020	12,164
2021	12,737
2022	13,315
2023	11,609
Thereafter	16,895
Total debt, net	75,486
Mortgages and Notes Payable | Balloon Payment
Scheduled Debt Maturities
Remainder of 2019	402,500
2020	0
2021	345,000
2022	42,400
2023	546,026
Thereafter	720,068
Total debt, net	$ 2,055,994

Debt - Schedule of Debt Matur_2

Debt - Schedule of Debt Maturities (Footnote) (Details)	Mar. 31, 2019	May 31, 2014
Convertible Senior Notes | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Stated interest rate	2.875%	2.875%

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Non-cash interest expense:
Amortization of deferred financing costs	$ 2,031	$ 2,979
Amortization of debt discount, net	2,706	4,562
Total interest expense	26,611	23,053
Revolving credit facilities
Non-cash interest expense:
Facility fees	700	500
Continuing and discontinuing operations
Non-cash interest expense:
Amortization of deferred financing costs	2,031	2,979
Amortization of debt discount, net	2,706	4,562
Total interest expense	26,611	51,065
Continuing and discontinuing operations | Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Interest expense	2,178	1,352
Continuing and discontinuing operations | Term Loan
Schedule Of Interest Expenses [Line Items]
Interest expense	3,979	0
Continuing and discontinuing operations | Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	3,338	3,338
Continuing and discontinuing operations | Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	6,252	32,707
Continuing and discontinuing operations | Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 6,127	$ 6,127

Stockholders' Equity and Part_3

Stockholders' Equity and Partners' Capital - Narrative (Details) - USD ($)	Feb. 28, 2019	Feb. 22, 2019	May 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Shares withheld for taxes				18,000
Shares withheld for taxes, value				$ 700,000
Common stock dividends paid	$ 54,254,000			$ 54,254,000	$ 78,581,000
Preferred stock, shares outstanding				6,900,000		6,900,000	6,900,000
Dividend rate				6.00%
Liquidation value (in USD per share)				$ 25		$ 25
Dividend rate, quarterly basis (in USD per share)				0.375
Dividend rate, annual basis (in USD per share)				$ 1.5
Less: dividends paid to preferred stockholders				$ 2,588,000	$ 2,588,000
Common stock, par value per share (in USD per share)				$ 0.05		$ 0.05	$ 0.05
May 2018
Subsidiary, Sale of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount			$ 250,000,000
Stock repurchase program, period in force			18 months
Stock repurchase program, repurchase of common shares (in shares)				0
ATM Program, November 2016
Subsidiary, Sale of Stock [Line Items]
Common stock, par value per share (in USD per share)		$ 0.05
Common stock authorized		$ 500,000,000
Issuance of common shares (in shares)				900,000		1,000,000
Gross proceeds from issuance of common stock				$ 34,000,000
Gross proceeds capacity remaining				$ 462,300,000		$ 462,300,000
Share issued during the period (in USD per share)				$ 38

Stockholders' Equity and Part_4

Stockholders' Equity and Partners' Capital - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2019	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Preferred stock, dividend per share (in USD per share)	$ 0.375
Preferred stock, total amount	$ 2,588	$ 2,588	$ 2,588
Common stock, dividend per share (in USD per share)	$ 0.625	$ 0.625	$ 0.9
Common stock, total amount	$ 54,254	$ 54,254	$ 78,581

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)renewal_optionground_leasetenantclaim	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingently liable amount of debt owed by tenant	$ 5,700,000	$ 5,700,000
Number of tenants indemnified by | tenant	1
Accruals made for environmental remediation	$ 0
Outstanding claims | claim	0
Total commitments	$ 49,100,000
Total commitments relating to future acquisitions	14,600,000
Commitments to purchase capital assets within one year expected to be funded within one year	$ 39,800,000
Operating lease number of renewal options | renewal_option	2
Operating lease renewal term	5 years
Number of long-term non-cancelable ground leases | ground_lease	4
Operating lease, weighted average remaining lease term	8 years 3 months
Operating lease, weighted average discount rate	4.30%
Incentive to lessee	$ 1,700,000
Operating lease, right-of-use assets	$ 6,100,000

Commitments and Contingencies_2

Commitments and Contingencies - Rent Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Office and Equipment Base Rental Expense
Lessee, Lease, Description [Line Items]
Office and Equipment Base Rental Expense	$ 202	$ 201
Rental Expense	466	356
Office Variable Rental Expense
Lessee, Lease, Description [Line Items]
Office Variable Rental Expense	264	155
Total Ground Lease Rental Expense
Lessee, Lease, Description [Line Items]
Rental Expense	$ 116	$ 389

Commitments and Contingencies_3

Commitments and Contingencies - Minimum Rental Commitments Under Operating Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
2019 Remainder	$ 1,755
2020	2,343
2021	2,342
2022	2,269
2023	2,255
Thereafter	7,285
Total	18,249
Less: imputed interest	(9,964)
Total operating lease liabilities	8,285
Ground Leases
Lessee, Lease, Description [Line Items]
2019 Remainder	190
2020	253
2021	250
2022	166
2023	142
Thereafter	675
Total	1,676
Less: imputed interest	(281)
Total operating lease liabilities	1,395
Office and Equipment Leases
Lessee, Lease, Description [Line Items]
2019 Remainder	1,565
2020	2,090
2021	2,092
2022	2,103
2023	2,113
Thereafter	6,610
Total	16,573
Less: imputed interest	(9,683)
Total operating lease liabilities	$ 6,890

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Schedule of Interest Rate Swap Agreements (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Interest rate swaps financial liabilities	$ 12,180,000	$ 7,159,000
Designated as Hedging Instrument | Interest Rate Swap At 2.8140% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 200,000
Fixed Interest Rate	2.814%
Designated as Hedging Instrument | Interest Rate Swap At 2.8174% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 100,000
Fixed Interest Rate	2.8174%
Designated as Hedging Instrument | Interest Rate Swap At 2.8180% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 100,000
Fixed Interest Rate	2.818%
Accounts Payable and Accrued Liabilities | Designated as Hedging Instrument | Interest Rate Swap At 2.8140% Fixed Interest Rate
Derivative [Line Items]
Interest rate swaps financial liabilities	$ 6,071,000	3,559,000
Accounts Payable and Accrued Liabilities | Designated as Hedging Instrument | Interest Rate Swap At 2.8174% Fixed Interest Rate
Derivative [Line Items]
Interest rate swaps financial liabilities	3,055,000	1,801,000
Accounts Payable and Accrued Liabilities | Designated as Hedging Instrument | Interest Rate Swap At 2.8180% Fixed Interest Rate
Derivative [Line Items]
Interest rate swaps financial liabilities	$ 3,054,000	$ 1,799,000

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCL and Gain (Loss) Recorded in Operations when Reclassified out of AOCL or Recognized in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 26,611	$ 23,053
Amount reclassified as an increase to interest expense related to active hedges of existing floating-rate debt within the next 12 months	1,700
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gross Amount of Loss Recognized in AOCL on Derivatives	5,229
Interest Expense | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL to Interest (1)	$ 208

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	$ 12,180	$ 7,159
Interest rate swaps financial liabilities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	12,180	7,159
Interest rate swaps financial liabilities | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	0	0
Interest rate swaps financial liabilities | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	12,180	7,159
Interest rate swaps financial liabilities | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 34,958	$ 14,866
Long-lived assets held for sale	39,684	7,695
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	34,958	14,866
Long-lived assets held for sale	$ 39,684	$ 7,695

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Property	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of lease, expiration period (or less)	60 days
Impaired long-lived assets held and used, properties	1	8
Number of impaired properties and buildings, long-lived assets held and used		3
Impaired long-lived assets held for sale, properties	9	1
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	1	5

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details) - Fair Value Estimated Using Listing Price or Broker Opinion of Value	Mar. 31, 2019ft²$ / ft²	Dec. 31, 2018ft²$ / ft²
Measurement Input, Price Per Square Foot | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input	137.25
Measurement Input, Price Per Square Foot | Retail | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input	137.25	507.11
Measurement Input, Price Per Square Foot | Retail | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input		185.42
Measurement Input, Price Per Square Foot | Retail | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input		638.72
Measurement Input, Price Per Square Foot | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input	0	225.04
Measurement Input, Price Per Square Foot | Office | Weighted Average
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input	0	225.04
Measurement Input, Square Footage | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input | ft²	2,788	27,302
Measurement Input, Square Footage | Office
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input | ft²	0	5,999

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 - Retail	Mar. 31, 2019ft²$ / ft²	Dec. 31, 2018ft²$ / ft²
Measurement Input, Price Per Square Foot
Long Lived Assets Held-for-sale [Line Items]
Long-lived assets held for sale, measurement input		126.73
Measurement Input, Price Per Square Foot | Minimum
Long Lived Assets Held-for-sale [Line Items]
Long-lived assets held for sale, measurement input	41.32
Measurement Input, Price Per Square Foot | Maximum
Long Lived Assets Held-for-sale [Line Items]
Long-lived assets held for sale, measurement input	622.62
Measurement Input, Price Per Square Foot | Weighted Average
Long Lived Assets Held-for-sale [Line Items]
Long-lived assets held for sale, measurement input	255.02	126.73
Measurement Input, Square Footage
Long Lived Assets Held-for-sale [Line Items]
Long-lived assets held for sale, measurement input | ft²	155,609	63,128

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 43,015	$ 47,044
Investment in Master Trust 2014	33,512	33,535
Revolving credit facilities	206,500	146,300
Convertible Notes, net	733,412	729,814
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	45,763	48,740
Investment in Master Trust 2014	34,016	33,811
Revolving credit facilities	215,024	146,731
Convertible Notes, net	747,365	740,330
Term loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	413,905	419,560
Term loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	445,860	424,670
Senior Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	295,882	295,767
Senior Unsecured Notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	297,420	291,696
Mortgages and Notes Payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	450,534	463,196
Mortgages and Notes Payable | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	$ 479,603	$ 487,548

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 22.4		$ 15.5
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3.6	$ 4.4
Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense	$ 5.7
Outstanding unvested shares	436
Unamortized stock-based compensation expense	$ 11.6		8.1
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	97
Volatility rate	25.40%
Minimum required service period	3 years
Dividend rights accrued	$ 2		1.7
Potential grants in period based on total shareholder return (in shares)	200
Unamortized stock-based compensation expense	$ 10.8		$ 7.4
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted	0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for shares granted	250.00%
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)	149
Group of Industry Peers | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate, minimum	15.30%
Volatility rate, maximum	30.80%

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
	Mar. 31, 2019	Mar. 31, 2018
Basic and diluted income:
Income from continuing operations	$ 43,578	$ 38,078
Less: income attributable to unvested restricted stock	(272)	(383)
Less: dividends paid to preferred stockholders	(2,588)	(2,588)
Income used in basic and diluted income per share from continuing operations	40,718	35,107
Loss used in basic and diluted loss per share from discontinued operations	0	(7,360)
Net income attributable to common stockholders used in basic and diluted income per share	$ 40,718	$ 27,747
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	85,916,656	89,296,899
Less: Unvested weighted average shares of restricted stock	(419,563)	(321,508)
Weighted average shares of common stock outstanding used in basic income per share	85,497,093	88,975,391
Net income per share attributable to common stockholders - basic:
Continuing operations (in USD per share)	$ 0.48	$ 0.39
Discontinued operations (in USD per share)	0	(0.08)
Net income per share attributable to common stockholders - basic (in USD per share)	$ 0.48	$ 0.31
Dilutive weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding used in diluted income per share	85,504,897	89,020,751
Net income per share attributable to common stockholders - diluted
Continuing operations (in USD per share)	$ 0.48	$ 0.39
Discontinued operations (in USD per share)	0	(0.08)
Net income per share attributable to common stockholders - diluted (in USD per share)	$ 0.48	$ 0.31
Unvested shares of restricted stock, less shares assumed repurchased at market
Potentially dilutive shares of common stock
Potentially dilutive shares	132,744	50,464
Unvested market-based awards
Dilutive weighted average shares of common stock outstanding:
Unvested market-based awards/stock options (in shares)	7,804	45,360

Income Per Share and Partners_4

Income Per Share and Partnership Unit - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Potentially dilutive shares, convertible debt	0	0

Related Party Transactions an_2

Related Party Transactions and Arrangements - Cost Sharing Arrangements (Details) - Spirit MTA REIT - Affiliated Entity - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from related parties	$ 0.1	$ 0.1
Due to related parties	$ 0.3	$ 1.8

Related Party Transactions an_3

Related Party Transactions and Arrangements - Asset Management Agreement (Details) - USD ($) $ in Thousands	May 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party fee income		$ 6,927	$ 0
Affiliated Entity | Asset Management Agreement
Related Party Transaction [Line Items]
Annual management revenue in related party transaction	$ 20,000
Due from related parties		1,700		$ 1,700	$ 1,700
Affiliated Entity | Asset Management Agreement, Promoted Interest Fee and Termination Fee
Related Party Transaction [Line Items]
Related party fee income				$ 0
Affiliated Entity | Asset Management Agreement, Asset Management Fees
Related Party Transaction [Line Items]
Related party fee income		$ 5,000

Related Party Transactions an_4

Related Party Transactions and Arrangements - Property Management and Servicing Agreement (Details) - USD ($) $ in Thousands	May 20, 2014	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party fee income		$ 6,927	$ 0
Affiliated Entity | Property Management
Related Party Transaction [Line Items]
Annual management fees rate	0.25%
Related party fee income		1,500
Affiliated Entity | Special Servicing Fees
Related Party Transaction [Line Items]
Annual management fees rate	0.75%
Related party fee income		400
Affiliated Entity | Property Management and Servicing Agreement
Related Party Transaction [Line Items]
Due from related parties		$ 500		$ 500

Related Party Transactions an_5

Related Party Transactions and Arrangements - Related Party Loans Payable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Propertyloan	Dec. 31, 2018USD ($)
Affiliated Entity | Mortgage loans payable
Related Party Transaction [Line Items]
Interest expense on note payable	$ 68
Related party notes payable | Affiliated Entity | Mortgage loans payable
Related Party Transaction [Line Items]
Number of mortgage loans with related party | loan	4
Number of properties with related party | Property	6
Outstanding principal of related parties notes payable	$ 27,148	$ 27,900
Weighted Average
Related Party Transaction [Line Items]
Weighted average effective interest rates	5.13%
Weighted average maturity	3 years 9 months
Weighted Average | Related party notes payable
Related Party Transaction [Line Items]
Weighted average effective interest rates	1.00%
Weighted average maturity	9 years
Weighted Average | Related party notes payable | Affiliated Entity | Mortgage loans payable
Related Party Transaction [Line Items]
Weighted average effective interest rates	1.00%
Weighted average maturity	9 years

Related Party Transactions an_6

Related Party Transactions and Arrangements - Related Party Notes Receivable (Details) - Affiliated Entity - Master Trust 2014 Series 2017-1 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Percentage of economic interest	5.00%
Notes receivable from related parties	$ 33.5	$ 33.5
Interest income earned from related parties note	$ 0.4
Weighted average stated interest rate of loans receivable	4.58%
Remaining term of loans receivable	3 years 8 months

Related Party Transactions an_7

Related Party Transactions and Arrangements - Investments in SMTA (Details) - USD ($) $ / shares in Units, $ in Thousands	May 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Preferred stock, shares issued		6,900,000		6,900,000
Dividend rate		6.00%
Preferred stock, liquidation preference (in USD per share)		$ 25
Preferred dividend income from SMTA		$ 3,750	$ 0
Preferred equity investment in SMTA		150,000		$ 150,000
Affiliated Entity
Related Party Transaction [Line Items]
Preferred dividend income from SMTA		3,800
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%
Preferred stock, liquidation preference (in USD per share)	$ 25
Liquidation value on a quarterly basis (in USD per share)	0.625
Liquidation value on an annual basis (in USD per share)	$ 2.50

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	May 31, 2018	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares converted	0.10
Spirit MTA REIT | Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash inflows from continuing involvement subsequent to spin-off		$ 11
Cash outflows from continuing involvement subsequent to spin-off		$ 18.9

Discontinued Operations - State

Discontinued Operations - Statements of Operations Disclosures (Details) - Spirit MTA REIT - Spinoff $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Revenues:
Rental income	$ 60,523
Interest income on loans receivable	832
Other income	384
Total revenues	61,739
Expenses:
General and administrative	152
Transaction costs	3,932
Property costs (including reimbursable)	2,306
Real estate acquisition costs	1
Interest	28,013
Depreciation and amortization	21,423
Impairments	11,072
Total expenses	66,899
Other loss:
Loss on debt extinguishment	(255)
Loss on disposition of assets	(1,856)
Total other loss	(2,111)
Loss from discontinued operations before income tax expense	(7,271)
Income tax expense	(89)
Loss from discontinued operations	$ (7,360)

Discontinued Operations - Sta_2

Discontinued Operations - Statements of Cash Flows Disclosures (Details) - Spirit MTA REIT - Spinoff $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 29,574
Net cash used in investing activities	$ (17,272)

Subsequent Events (Details)

Subsequent Events (Details) - shares	Apr. 29, 2019	Mar. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Common stock, shares authorized		750,000,000	750,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized	175,000,000