Spirit Realty Capital 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Trading Symbol	SRC
Entity Central Index Key	0001308606
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90,108,177
Entity File Number	001-36004
Entity Tax Identification Number	201676382
Entity Address, Address Line One	2727 North Harwood Street, Suite 300,
Entity Address, Address Line Two	Dallas, Texas 75201
Entity Address, City or Town	Dallas
Entity Address, State or Province	Texas
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	476-1900
Spirit Realty, L.P.
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY, L.P.
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity File Number	333-216815-01
Entity Tax Identification Number	201127940

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate investments:
Land and improvements	$ 1,724,383	$ 1,632,664
Buildings and improvements	3,352,610	3,125,053
Total real estate investments	5,076,993	4,757,717
Less: accumulated depreciation	(669,696)	(621,456)
Net real estate held for investment	4,407,297	4,136,261
Loans receivable, net	38,220	47,044
Intangible lease assets, net	297,749	294,463
Real estate assets under direct financing leases, net	16,371
Real estate assets under direct financing leases, net		20,289
Real estate assets held for sale, net	9,362	18,203
Net investments	4,768,999	4,516,260
Cash and cash equivalents	9,984	14,493
Deferred costs and other assets, net	119,960	156,428
Investment in Master Trust 2014	33,490	33,535
Preferred equity investment in SMTA	150,000	150,000
Goodwill	225,600	225,600
Total assets	5,308,033	5,096,316
Liabilities:
Revolving credit facilities		146,300
Term loans, net	814,336	419,560
Senior Unsecured Notes, net	691,940	295,767
Mortgages and notes payable, net	286,312	463,196
Convertible Notes, net	333,427	729,814
Total debt, net	2,126,015	2,054,637
Intangible lease liabilities, net	118,477	120,162
Accounts payable, accrued expenses and other liabilities	134,081	119,768
Total liabilities	2,378,573	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 June 30, 2019 and December 31, 2018	166,177	166,177
Common stock, $0.05 par value, 175,000,000 shares authorized: 90,110,727 and 85,787,355 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	4,506	4,289
Capital in excess of common stock par value	5,165,396	4,995,697
Accumulated deficit	(2,385,685)	(2,357,255)
Accumulated other comprehensive loss	(20,934)	(7,159)
Total stockholders’ equity	2,929,460	2,801,749
Partnership units
Total liabilities and stockholders’ equity/partners' capital	5,308,033	5,096,316
Spirit Realty, L.P.
Real estate investments:
Land and improvements	1,724,383	1,632,664
Buildings and improvements	3,352,610	3,125,053
Total real estate investments	5,076,993	4,757,717
Less: accumulated depreciation	(669,696)	(621,456)
Net real estate held for investment	4,407,297	4,136,261
Loans receivable, net	38,220	47,044
Intangible lease assets, net	297,749	294,463
Real estate assets under direct financing leases, net	16,371
Real estate assets under direct financing leases, net		20,289
Real estate assets held for sale, net	9,362	18,203
Net investments	4,768,999	4,516,260
Cash and cash equivalents	9,984	14,493
Deferred costs and other assets, net	119,960	156,428
Investment in Master Trust 2014	33,490	33,535
Preferred equity investment in SMTA	150,000	150,000
Goodwill	225,600	225,600
Total assets	5,308,033	5,096,316
Liabilities:
Revolving credit facilities		146,300
Term loans, net	814,336	419,560
Senior Unsecured Notes, net	691,940	295,767
Notes payable to Spirit Realty Capital, Inc., net	333,427	729,814
Mortgages and notes payable, net	286,312	463,196
Total debt, net	2,126,015	2,054,637
Intangible lease liabilities, net	118,477	120,162
Accounts payable, accrued expenses and other liabilities	134,081	119,768
Total liabilities	2,378,573	2,294,567
Commitments and contingencies (see Note 6)
Partnership units
General partner's capital: 797,644 units issued and outstanding as of both June 30, 2019 and December 31, 2018	22,690	23,061
Limited partners' preferred capital: 6,900,000 units issued and outstanding as of both June 30, 2019 and December 31, 2018	166,177	166,177
Limited partners' capital: 89,313,083 and 84,989,711 units issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	2,740,593	2,612,511
Total partners' capital	2,929,460	2,801,749
Total liabilities and stockholders’ equity/partners' capital	$ 5,308,033	$ 5,096,316

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	175,000,000	175,000,000
Common stock, shares issued	90,110,727	85,787,355
Common stock, shares outstanding	90,110,727	85,787,355
Spirit Realty, L.P.
Stockholders’ equity:
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	89,313,083	84,989,711
Limited partners' capital, units outstanding	89,313,083	84,989,711

Consolidated Statements of Oper

Consolidated Statements of Operation - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental income	$ 106,506		$ 210,573
Rental income		$ 98,236		$ 199,743
Interest income on loans receivable	920	294	1,906	1,289
Earned income from direct financing leases	308		704
Earned income from direct financing leases		465		930
Related party fee income	7,249	2,219	14,176	2,219
Other income	762	1,245	979	1,817
Total revenues	115,745	102,459	228,338	205,998
Expenses:
General and administrative	13,833	13,520	27,014	28,810
Property costs (including reimbursable)	4,407	4,806	9,561	10,357
Deal pursuit costs	173	70	244	117
Interest	25,176	23,548	51,787	46,601
Depreciation and amortization	41,342	39,942	82,691	80,636
Impairments	3,607	1,478	7,299	4,975
Total expenses	88,538	83,364	178,596	171,496
Other income:
(Loss) gain on debt extinguishment	(14,676)	5,509	(5,893)	27,092
Gain (loss) on disposition of assets	29,776	(860)	38,506	391
Preferred dividend income from SMTA	3,750	1,250	7,500	1,250
Total other income	18,850	5,899	40,113	28,733
Income from continuing operations before income tax expense	46,057	24,994	89,855	63,235
Income tax expense	(320)	(177)	(540)	(340)
Income from continuing operations	45,737	24,817	89,315	62,895
Loss from discontinued operations	0	(7,653)	0	(15,013)
Net income	45,737	17,164	89,315	47,882
Dividends paid to preferred shareholders	(2,588)	(2,588)	(5,176)	(5,176)
Net income attributable to common stockholders/after preferred distributions	$ 43,149	$ 14,576	$ 84,139	$ 42,706
Net income per share attributable to common stockholders - basic:
Continuing operations (in USD per share)	$ 0.49	$ 0.26	$ 0.97	$ 0.65
Discontinued operations (in USD per share)		(0.09)		(0.15)
Net income per share attributable to common stockholders - basic (in USD per share)	0.49	0.17	0.97	0.50
Net income per share attributable to common stockholders - diluted:
Continuing operations (in USD per share)	0.49	0.26	0.96	0.65
Discontinued operations (in USD per share)		(0.09)		(0.15)
Net income per share attributable to common stockholders - diluted (in USD per share)	$ 0.49	$ 0.17	$ 0.96	$ 0.50
Weighted average shares of common stock outstanding:
Basic (in shares)	87,001,987	85,627,324	86,253,698	87,291,718
Diluted (in shares)	87,890,699	85,804,263	86,779,297	87,403,230
Weighted average partnership units outstanding:
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6250	$ 0.9000	$ 1.2500	$ 1.8000
Spirit Realty, L.P.
Revenues:
Rental income	$ 106,506		$ 210,573
Rental income		$ 98,236		$ 199,743
Interest income on loans receivable	920	294	1,906	1,289
Earned income from direct financing leases	308		704
Earned income from direct financing leases		465		930
Related party fee income	7,249	2,219	14,176	2,219
Other income	762	1,245	979	1,817
Total revenues	115,745	102,459	228,338	205,998
Expenses:
General and administrative	13,833	13,520	27,014	28,810
Property costs (including reimbursable)	4,407	4,806	9,561	10,357
Deal pursuit costs	173	70	244	117
Interest	25,176	23,548	51,787	46,601
Depreciation and amortization	41,342	39,942	82,691	80,636
Impairments	3,607	1,478	7,299	4,975
Total expenses	88,538	83,364	178,596	171,496
Other income:
(Loss) gain on debt extinguishment	(14,676)	5,509	(5,893)	27,092
Gain (loss) on disposition of assets	29,776	(860)	38,506	391
Preferred dividend income from SMTA	3,750	1,250	7,500	1,250
Total other income	18,850	5,899	40,113	28,733
Income from continuing operations before income tax expense	46,057	24,994	89,855	63,235
Income tax expense	(320)	(177)	(540)	(340)
Income from continuing operations	45,737	24,817	89,315	62,895
Loss from discontinued operations		(7,653)		(15,013)
Net income	45,737	17,164	89,315	47,882
Dividends paid to preferred shareholders	(2,588)	(2,588)	(5,176)	(5,176)
Net income attributable to common stockholders/after preferred distributions	43,149	14,576	84,139	42,706
Net income attributable to the general partner
Continuing operations	394	192	774	476
Discontinued operations		(59)		(114)
Net income attributable to the general partner	394	133	774	362
Net income attributable to the limited partners
Continuing operations	45,343	24,625	88,541	62,419
Discontinued operations		(7,594)		(14,899)
Net income attributable to the limited partners	$ 45,343	$ 17,031	$ 88,541	$ 47,520
Weighted average partnership units outstanding:
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6250	$ 0.9000	$ 1.2500	$ 1.8000
Basic	87,001,987	85,627,324	86,253,698	87,291,718
Diluted	87,890,699	85,804,263	86,779,297	87,403,230
Net income per partnership unit - basic:
Continuing operations	$ 0.49	$ 0.26	$ 0.97	$ 0.65
Discontinued operations		(0.09)		(0.15)
Net income per partnership unit - basic	0.49	0.17	0.97	0.50
Net income per partnership unit - diluted:
Continuing operations	0.49	0.26	0.96	0.65
Discontinued operations		(0.09)		(0.15)
Net income per partnership unit - diluted	$ 0.49	$ 0.17	$ 0.96	$ 0.50

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income available to common stockholders	$ 43,149	$ 14,576	$ 84,139	$ 42,706
Other comprehensive loss:
Change in net unrealized losses on cash flow hedges	(8,754)	0	(13,775)	0
Total comprehensive income	34,395	14,576	70,364	42,706
Spirit Realty, L.P.
Net income available to common stockholders	43,149	14,576	84,139	42,706
Other comprehensive loss:
Change in net unrealized losses on cash flow hedges	(8,754)	0	(13,775)	0
Total comprehensive income	$ 34,395	$ 14,576	$ 70,364	$ 42,706

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
Beginning balance, value at Dec. 31, 2017	$ 3,319,609	$ 166,193	$ 4,489	$ 5,193,631	$ (2,044,704)	$ 0
Preferred shares outstanding, beginning balance at Dec. 31, 2017		6,900,000
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 attributable to common stockholders/after preferred distributions	28,130				28,130
Dividends declared on common stock	(78,581)				(78,581)
Tax withholdings related to net stock settlements	(484)				(484)
Tax withholdings related to net stock settlements (in shares)			(12,188)
Repurchase of common shares	(104,042)		$ (132)		(103,910)
Repurchase of common shares (in shares)			(2,632,210)
Stock-based compensation, net	4,091		$ 9	4,357	(275)
Stock-based compensation, net (in shares)			183,081
Ending balance, value at Mar. 31, 2018	3,168,723	$ 166,193	$ 4,366	5,197,988	(2,199,824)	0
Preferred shares outstanding, ending balance at Mar. 31, 2018		6,900,000
Common shares outstanding, ending balance at Mar. 31, 2018			87,312,818
Beginning balance, value at Dec. 31, 2017	3,319,609	$ 166,193	$ 4,489	5,193,631	(2,044,704)	0
Preferred shares outstanding, beginning balance at Dec. 31, 2017		6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2017			89,774,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47,882
Net income attributable to common stockholders/after preferred distributions	42,706
Ending balance, value at Jun. 30, 2018	2,829,286	$ 166,193	$ 4,286	4,986,719	(2,327,912)
Preferred shares outstanding, ending balance at Jun. 30, 2018		6,900,000
Common shares outstanding, ending balance at Jun. 30, 2018			85,714,513
Beginning balance, value at Mar. 31, 2018	3,168,723	$ 166,193	$ 4,366	5,197,988	(2,199,824)	0
Preferred shares outstanding, beginning balance at Mar. 31, 2018		6,900,000
Common shares outstanding, beginning balance at Mar. 31, 2018			87,312,818
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,164				17,164
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders/after preferred distributions	14,576				14,576
Dividends declared on common stock	(77,143)				(77,143)
Tax withholdings related to net stock settlements	(1,173)		$ (2)		(1,171)
Tax withholdings related to net stock settlements (in shares)			(28,375)
Repurchase of common shares	(64,123)		$ (80)		(64,043)
Repurchase of common shares (in shares)			(1,612,236)
SMTA dividend distribution	(216,005)			(216,005)
Stock-based compensation, net	4,431		$ 2	4,736	(307)
Stock-based compensation, net (in shares)			42,306
Ending balance, value at Jun. 30, 2018	2,829,286	$ 166,193	$ 4,286	4,986,719	(2,327,912)
Preferred shares outstanding, ending balance at Jun. 30, 2018		6,900,000
Common shares outstanding, ending balance at Jun. 30, 2018			85,714,513
Beginning balance, value at Dec. 31, 2018	$ 2,801,749	$ 166,177	$ 4,289	4,995,697	(2,357,255)	(7,159)
Preferred shares outstanding, beginning balance at Dec. 31, 2018	6,900,000	6,900,000
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 attributable to common stockholders/after preferred distributions	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	(704)		$ (1)		(703)
Tax withholdings related to net stock settlements (in shares)			(17,800)
Issuance of shares of common stock, net	32,686		$ 45	32,641
Issuance of shares of common stock, net (in shares)			893,526
Other	(79)			(79)
Stock-based compensation, net	3,269		$ 8	3,570	(309)
Stock-based compensation, net (in shares)			148,705
Ending balance, value at Mar. 31, 2019	2,818,636	$ 166,177	$ 4,341	5,031,829	(2,371,531)	(12,180)
Preferred shares outstanding, ending balance at Mar. 31, 2019		6,900,000
Common shares outstanding, ending balance at Mar. 31, 2019			86,811,786
Beginning balance, value at Dec. 31, 2018	$ 2,801,749	$ 166,177	$ 4,289	4,995,697	(2,357,255)	(7,159)
Preferred shares outstanding, beginning balance at Dec. 31, 2018	6,900,000	6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2018			85,787,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 89,315
Net income attributable to common stockholders/after preferred distributions	$ 84,139
Tax withholdings related to net stock settlements (in shares)	(34,000)
Ending balance, value at Jun. 30, 2019	$ 2,929,460	$ 166,177	$ 4,506	5,165,396	(2,385,685)	(20,934)
Preferred shares outstanding, ending balance at Jun. 30, 2019	6,900,000	6,900,000
Common shares outstanding, ending balance at Jun. 30, 2019			90,110,727
Beginning balance, value at Mar. 31, 2019	$ 2,818,636	$ 166,177	$ 4,341	5,031,829	(2,371,531)	(12,180)
Preferred shares outstanding, beginning balance at Mar. 31, 2019		6,900,000
Common shares outstanding, beginning balance at Mar. 31, 2019			86,811,786
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,737				45,737
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders/after preferred distributions	43,149				43,149
Other comprehensive loss	(8,754)					(8,754)
Dividends declared on common stock	(56,318)				(56,318)
Tax withholdings related to net stock settlements	(678)		$ (1)		(677)
Tax withholdings related to net stock settlements (in shares)			(16,367)
Issuance of shares of common stock, net	129,850		$ 165	129,685
Issuance of shares of common stock, net (in shares)			3,292,102
Stock-based compensation, net	3,575		$ 1	3,882	(308)
Stock-based compensation, net (in shares)			23,206
Ending balance, value at Jun. 30, 2019	$ 2,929,460	$ 166,177	$ 4,506	$ 5,165,396	$ (2,385,685)	$ (20,934)
Preferred shares outstanding, ending balance at Jun. 30, 2019	6,900,000	6,900,000
Common shares outstanding, ending balance at Jun. 30, 2019			90,110,727

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income		$ 89,315	$ 47,882
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		82,691	116,097
Impairments		7,299	15,918
Amortization of deferred financing costs		3,805	5,552
Amortization of debt discounts		4,626	8,252
Stock-based compensation expense		7,461	9,104
Loss (gain) on debt extinguishment		5,893	(26,729)
Gain on dispositions of real estate and other assets		(38,506)	(117)
Non-cash revenue		(8,237)	(9,765)
Bad debt expense and other		162	1,592
Changes in operating assets and liabilities:
Deferred costs and other assets, net		(1,313)	(3,254)
Accounts payable, accrued expenses and other liabilities		(8,921)	(4,121)
Net cash provided by operating activities		144,275	160,411
Investing activities
Acquisitions of real estate		(447,499)	(18,144)
Capitalized real estate expenditures		(25,680)	(21,133)
Investments in loans receivable		0	(35,450)
Collections of principal on loans receivable and real estate assets under direct financing leases		8,080	22,818
Proceeds from dispositions of real estate and other assets, net		163,165	37,563
Net cash used in investing activities		(301,934)	(14,346)
Financing activities
Borrowings under revolving credit facilities		615,700	475,500
Repayments under revolving credit facilities		(762,000)	(241,000)
Borrowings under mortgages and notes payable		0	104,247
Repayments under mortgages and notes payable		(171,279)	(164,883)
Borrowings under term loans		820,000	0
Repayments under term loans		(420,000)	0
Repayments under Convertible Notes		(402,500)	0
Borrowings under Senior Unsecured Notes		399,696	0
Debt extinguishment costs		(12,314)	(2,968)
Deferred financing costs		(13,916)	(1,398)
Cash, cash equivalents and restricted cash held by SMTA at Spin-Off		0	(73,081)
Sale of SubREIT preferred shares			5,000
Proceeds from issuance of common stock, net of offering costs		162,270	0
Repurchase of shares of common stock, including tax withholdings related to net stock settlements		(1,382)	(169,821)
Common stock dividends paid		(107,872)	(159,534)
Preferred stock dividends paid		(5,176)	(5,176)
Net cash provided by (used in) financing activities		101,227	(233,114)
Net decrease in cash, cash equivalents and restricted cash		(56,432)	(87,049)
Cash, cash equivalents and restricted cash, beginning of period		77,421	114,707
Cash, cash equivalents and restricted cash, end of period		20,989	27,658
Cash paid for interest		43,242	76,963
Cash paid for income taxes		1,045	754
Supplemental Disclosures of Non-Cash Activities:
Distributions declared and unpaid		56,318	78,381
Relief of debt through sale or foreclosure of real estate properties		10,368	56,119
Net real estate and other collateral assets sold or surrendered to lender		654	28,271
Cash flow hedge changes in fair value		14,326	0
Accrued interest capitalized to principal	[1]	251	412
Accrued market-based award dividend rights		616	306
Accrued capitalized costs		3,270	0
Accrued deferred financing costs		1,109
Financing provided in connection with disposition of assets		0	2,888
Right-of-use lease assets		6,143	0
Lease liabilities		6,143	0
Reclass of residual value from direct financing lease to operating lease		3,960
Investment in preferred shares		0	150,000
Non-cash distribution to SMTA, net		0	142,924
Spirit Realty, L.P.
Operating activities
Net income		89,315	47,882
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		82,691	116,097
Impairments		7,299	15,918
Amortization of deferred financing costs		3,805	5,552
Amortization of debt discounts		4,626	8,252
Stock-based compensation expense		7,461	9,104
Loss (gain) on debt extinguishment		5,893	(26,729)
Gain on dispositions of real estate and other assets		(38,506)	(117)
Non-cash revenue		(8,237)	(9,765)
Bad debt expense and other		162	1,592
Changes in operating assets and liabilities:
Deferred costs and other assets, net		(1,313)	(3,254)
Accounts payable, accrued expenses and other liabilities		(8,921)	(4,121)
Net cash provided by operating activities		144,275	160,411
Investing activities
Acquisitions of real estate		(447,499)	(18,144)
Capitalized real estate expenditures		(25,680)	(21,133)
Investments in loans receivable		0	(35,450)
Collections of principal on loans receivable and real estate assets under direct financing leases		8,080	22,818
Proceeds from dispositions of real estate and other assets, net		163,165	37,563
Net cash used in investing activities		(301,934)	(14,346)
Financing activities
Borrowings under revolving credit facilities		615,700	475,500
Repayments under revolving credit facilities		(762,000)	(241,000)
Borrowings under mortgages and notes payable		0	104,247
Repayments under mortgages and notes payable		(171,279)	(164,883)
Borrowings under term loans		820,000	0
Repayments under term loans		(420,000)	0
Repayments under Convertible Notes		(402,500)	0
Borrowings under Senior Unsecured Notes		399,696	0
Debt extinguishment costs		(12,314)	(2,968)
Deferred financing costs		(13,916)	(1,398)
Cash, cash equivalents and restricted cash held by SMTA at Spin-Off		0	(73,081)
Sale of SubREIT preferred shares			5,000
Proceeds from issuance of common stock, net of offering costs		162,270	0
Repurchase of shares of common stock, including tax withholdings related to net stock settlements		(1,382)	(169,821)
Common stock dividends paid		(107,872)	(159,534)
Preferred stock dividends paid		(5,176)	(5,176)
Net cash provided by (used in) financing activities		101,227	(233,114)
Net decrease in cash, cash equivalents and restricted cash		(56,432)	(87,049)
Cash, cash equivalents and restricted cash, beginning of period		77,421	114,707
Cash, cash equivalents and restricted cash, end of period		20,989	27,658
Cash paid for interest		43,242	76,963
Cash paid for income taxes		1,045	754
Supplemental Disclosures of Non-Cash Activities:
Distributions declared and unpaid		56,318	78,381
Relief of debt through sale or foreclosure of real estate properties		10,368	56,119
Net real estate and other collateral assets sold or surrendered to lender		654	28,271
Cash flow hedge changes in fair value		14,326	0
Accrued interest capitalized to principal	[1]	251	412
Accrued market-based award dividend rights		616	306
Accrued capitalized costs		3,270	0
Accrued deferred financing costs		1,109
Financing provided in connection with disposition of assets		0	2,888
Right-of-use lease assets		6,143	0
Lease liabilities		6,143	0
Reclass of residual value from direct financing lease to operating lease		3,960
Investment in preferred shares		0	150,000
Non-cash distribution to SMTA, net		$ 0	$ 142,924
[1]	Accrued and overdue interest on certain CMBS notes that were intentionally placed in default.

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($) $ in Thousands		Total	Spirit Realty, L.P.	Spirit Realty, L.P.Limited Partners' Capital		Spirit Realty, L.P.General Partner's Capital	[2]	Limited Partner Series A Preferred UnitsSpirit Realty, L.P.Limited Partners' Capital
Beginning balance, value at Dec. 31, 2017			$ 3,319,609	$ 3,128,990	[1]	$ 24,426		$ 166,193	[1]
Partners' preferred units, beginning balance at Dec. 31, 2017	[1]							6,900,000
Partners' common units, beginning balance at Dec. 31, 2017				88,976,491	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 30,718	30,718	$ 30,489	[1]	$ 229
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		28,130	28,130	27,901	[1]	229
Dividends declared on common stock		(78,581)	(78,581)	(77,880)	[1]	(701)
Tax withholdings related to net stock settlements		(484)	(484)	$ (484)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(12,188)
Repurchase of partnership units			(104,042)	$ (104,042)	[1]
Repurchase of partnership units (in shares)	[1]			(2,632,210)
Stock-based compensation, net			4,091	$ 4,091	[1]
Stock-based compensation, net (in shares)	[1]			183,081
Ending balance, value at Mar. 31, 2018			3,168,723	$ 2,978,576	[1]	$ 23,954		$ 166,193	[1]
Partners' preferred units, ending balance at Mar. 31, 2018	[1]							6,900,000
Partners' common units, ending balance at Mar. 31, 2018				86,515,174	[1]	797,644
Beginning balance, value at Dec. 31, 2017			3,319,609	$ 3,128,990	[1]	$ 24,426		$ 166,193	[1]
Partners' preferred units, beginning balance at Dec. 31, 2017	[1]							6,900,000
Partners' common units, beginning balance at Dec. 31, 2017				88,976,491	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		47,882	47,882
Net income attributable to common stockholders/after preferred distributions		42,706	42,706
Ending balance, value at Jun. 30, 2018			2,829,286	$ 2,639,709	[1]	$ 23,384		$ 166,193	[1]
Partners' preferred units, ending balance at Jun. 30, 2018	[1]							6,900,000
Partners' common units, ending balance at Jun. 30, 2018				84,916,869	[1]	797,644
Beginning balance, value at Mar. 31, 2018			3,168,723	$ 2,978,576	[1]	$ 23,954		$ 166,193	[1]
Partners' preferred units, beginning balance at Mar. 31, 2018	[1]							6,900,000
Partners' common units, beginning balance at Mar. 31, 2018				86,515,174	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		17,164	17,164	$ 17,031	[1]	$ 133
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		14,576	14,576	14,443	[1]	133
Dividends declared on common stock		(77,143)	(77,143)	(76,440)	[1]	(703)
Tax withholdings related to net stock settlements		(1,173)	(1,173)	$ (1,173)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(28,375)
Repurchase of partnership units			(64,123)	$ (64,123)	[1]
Repurchase of partnership units (in shares)	[1]			(1,612,236)
SMTA dividend distribution		(216,005)	(216,005)	$ (216,005)	[1]
Stock-based compensation, net			4,431	$ 4,431	[1]
Stock-based compensation, net (in shares)	[1]			42,306
Ending balance, value at Jun. 30, 2018			2,829,286	$ 2,639,709	[1]	$ 23,384		$ 166,193	[1]
Partners' preferred units, ending balance at Jun. 30, 2018	[1]							6,900,000
Partners' common units, ending balance at Jun. 30, 2018				84,916,869	[1]	797,644
Beginning balance, value at Dec. 31, 2018			2,801,749	$ 2,612,511	[1]	$ 23,061		$ 166,177	[1]
Partners' preferred units, beginning balance at Dec. 31, 2018	[1]							6,900,000
Partners' common units, beginning balance at Dec. 31, 2018				84,989,711	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		43,578	43,578	$ 43,198	[1]	$ 380
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		40,990	40,990	40,610	[1]	380
Other comprehensive loss		(5,021)	(5,021)	(4,974)	[1]	(47)
Dividends declared on common stock		(54,254)	(54,254)	(53,750)	[1]	(504)
Tax withholdings related to net stock settlements		(704)	(704)	$ (704)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(17,800)
Issuance of common units, net			32,686	$ 32,686	[1]
Issuance of common units, net (in shares)	[1]			893,526
Other			(79)	$ (78)	[1]	(1)
Stock-based compensation, net			3,269	$ 3,269	[1]
Stock-based compensation, net (in shares)	[1]			148,705
Ending balance, value at Mar. 31, 2019			2,818,636	$ 2,629,570	[1]	$ 22,889		$ 166,177	[1]
Partners' preferred units, ending balance at Mar. 31, 2019	[1]							6,900,000
Partners' common units, ending balance at Mar. 31, 2019				86,014,142	[1]	797,644
Beginning balance, value at Dec. 31, 2018			2,801,749	$ 2,612,511	[1]	$ 23,061		$ 166,177	[1]
Partners' preferred units, beginning balance at Dec. 31, 2018	[1]							6,900,000
Partners' common units, beginning balance at Dec. 31, 2018				84,989,711	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		89,315	89,315
Net income attributable to common stockholders/after preferred distributions		$ 84,139	84,139
Tax withholdings related to net stock settlements (in shares)		(34,000)
Ending balance, value at Jun. 30, 2019			2,929,460	$ 2,740,593	[1]	$ 22,690		$ 166,177	[1]
Partners' preferred units, ending balance at Jun. 30, 2019	[1]							6,900,000
Partners' common units, ending balance at Jun. 30, 2019				89,313,083	[1]	797,644
Beginning balance, value at Mar. 31, 2019			2,818,636	$ 2,629,570	[1]	$ 22,889		$ 166,177	[1]
Partners' preferred units, beginning balance at Mar. 31, 2019	[1]							6,900,000
Partners' common units, beginning balance at Mar. 31, 2019				86,014,142	[1]	797,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 45,737	45,737	$ 45,343	[1]	$ 394
Dividends declared on preferred stock		(2,588)	(2,588)	(2,588)	[1]
Net income attributable to common stockholders/after preferred distributions		43,149	43,149	42,755	[1]	394
Other comprehensive loss		(8,754)	(8,754)	(8,674)	[1]	(80)
Dividends declared on common stock		(56,318)	(56,318)	(55,805)	[1]	(513)
Tax withholdings related to net stock settlements		$ (678)	(678)	$ (678)	[1]
Tax withholdings related to net stock settlements (in shares)	[1]			(16,367)
Issuance of common units, net			129,850	$ 129,850	[1]
Issuance of common units, net (in shares)	[1]			3,292,102
Stock-based compensation, net			3,575	$ 3,575	[1]
Stock-based compensation, net (in shares)	[1]			23,206
Ending balance, value at Jun. 30, 2019			$ 2,929,460	$ 2,740,593	[1]	$ 22,690		$ 166,177	[1]
Partners' preferred units, ending balance at Jun. 30, 2019	[1]							6,900,000
Partners' common units, ending balance at Jun. 30, 2019				89,313,083	[1]	797,644
[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.

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Organization	Note 1. 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 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 . 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	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. 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 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 June 30, 2019 and December 31, 2018, net assets totaling $0.48 billion and $0.90 billion, respectively, were held, and net liabilities totaling $0.30 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 June 30, 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 June 30, 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 June 30, 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 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 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 $2.9 million and $4.9 million at June 30, 2019 and December 31, 2018, respectively, against accounts receivable balances of $9.7 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 $0.7 million and $1.1 million at June 30, 2019 and December 31, 2018, respectively, against straight-line receivables of $74.9 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): June 30, 2019 December 31, 2018 June 30, 2018 Cash and cash equivalents $ 9,984 $ 14,493 $ 9,289 Restricted cash: Collateral deposits (1) 440 351 372 Tenant improvements, repairs, and leasing commissions (2) 9,985 9,093 9,147 Master Trust Release (3) — 7,412 7,412 1031 Exchange proceeds, net — 45,042 — Other (4) 580 1,030 1,438 Total cash, cash equivalents and restricted cash $ 20,989 $ 77,421 $ 27,658 (1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses. (2) (3) Proceeds from the sale of assets pledged as collateral under the Master Trust 2013 notes, which are held on deposit until a qualifying substitution is made or the funds are applied as prepayment of principal. The Master Trust 2013 notes were extinguished in June 2019. See Note 4 for additional detail. (4) 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 (recovery) expense was $(0.6) million and $0.3 million for the three and six months ended June 30, 2019, respectively. 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 lease 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

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Investments	Note 3. Investments As of June 30, 2019, the Company's gross investment in real estate properties and loans totaled approximately $5.4 billion, representing investments in 1,606 properties, including 43 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 48 states with Texas, at 11.9%, as the only state with a Real Estate Investment Value greater than 10% of the Real Estate Investment Value of the Company's entire portfolio. Owned Properties During the six months ended June 30, 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) 126 — 126 474,689 — 474,689 Dispositions of real estate (3)(4) (7 ) (18 ) (25 ) (22,082 ) (123,204 ) (145,286 ) Transfers to Held for Sale (20 ) 20 — (120,344 ) 120,344 — Transfers from Held for Sale — — — — — — Impairments — — — (2,536 ) (4,763 ) (7,299 ) Write-off of intangibles — — — (3,471 ) (2,557 ) (6,028 ) Other — — — 12 — 12 Gross balance, June 30, 2019 1,558 5 1,563 5,380,792 11,884 5,392,676 Accumulated depreciation (669,696 ) (1,603 ) (671,299 ) Accumulated amortization (108,156 ) (919 ) (109,075 ) Net balance, June 30, 2019 (5) $ 4,602,940 $ 9,362 $ 4,612,302 (1) Includes investments of $24.3 million in revenue producing capitalized expenditures, as well as $3.2 million of non-revenue producing capitalized expenditures during the six months ended June 30, 2019. (2) The acquisition of 29 properties were completed as sale-lease back transactions, representing $313.2 million of investment, during the six months ended June 30, 2019. (3) For the six months ended June 30, 2019, the total gain on disposal of assets for properties held in use and held for sale was $8.2 million and $30.3 million, respectively. (4) Includes one deed-in-lieu property with a real estate investment of $0.8 million that was transferred to the lender during the six months ended June 30, 2019. (5) Held in Use land and buildings, net of accumulated depreciation $ 4,407,297 Intangible lease assets, net 297,749 Real estate assets under direct financing leases, net 16,371 Real estate assets held for sale, net 9,362 Intangible lease liabilities, net (118,477 ) Net balance $ 4,612,302 Operating Leases As of June 30, 2019 and December 31, 2018, the Company held 1,560 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Base cash rent $ 98,418 $ 129,388 $ 195,217 $ 279,835 Variable cash rent (including reimbursables) 2,942 3,591 6,580 9,121 Straight-line rent, net of bad debt expense (1) 4,485 4,187 7,392 9,087 Amortization of above- and below- market lease intangibles, net (2) 661 1,219 1,384 2,372 Total rental income $ 106,506 $ 138,385 $ 210,573 $ 300,415 (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 $6.5 million and $8.7 million for the three months ended June 30, 2019 and 2018, respectively, and $13.2 million and $18.7 million for the six months ended June 30, 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 July 1, 2019) at June 30, 2019 are as follows (in thousands): June 30, 2019 Remainder of 2019 $ 201,055 2020 400,086 2021 383,396 2022 364,314 2023 343,755 Thereafter 2,640,609 Total future minimum rentals $ 4,333,215 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): June 30, 2019 December 31, 2018 In-place leases $ 383,464 $ 381,143 Above-market leases 68,327 62,902 Less: accumulated amortization (154,042 ) (149,582 ) Intangible lease assets, net $ 297,749 $ 294,463 Below-market leases $ 164,363 $ 167,527 Less: accumulated amortization (45,886 ) (47,365 ) Intangible lease liabilities, net $ 118,477 $ 120,162 Direct Financing Leases As of June 30, 2019 and December 31, 2018, the Company held three and 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): June 30, 2019 December 31, 2018 Minimum lease payments receivable $ 4,728 $ 5,390 Estimated residual value of leased assets 16,137 20,097 Unearned income (4,494 ) (5,198 ) Real estate assets under direct financing leases, net $ 16,371 $ 20,289 Scheduled minimum future payments to be received under the remaining non-cancelable term of these direct financing leases at June 30, 2019 are as follows (in thousands): June 30, 2019 Remainder of 2019 $ 599 2020 578 2021 527 2022 541 2023 554 Thereafter 1,929 Total future minimum rentals $ 4,728 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 June 30, 2019, of which one note totaling $0.1 million is secured by tenant assets and stock and the other note, with a balance of $1.9 million, is unsecured. During the six months ended June 30, 2019, the Company had the following loan activity: Mortgage Loans Other Notes Total Properties Investment Investment Investment Principal, December 31, 2018 52 $ 42,660 $ 2,082 $ 44,742 Acquisitions — — — — Dispositions — — — — Principal payments and payoffs (9 ) (7,979 ) (56 ) (8,035 ) Allowance for loan losses — — — — Principal, June 30, 2019 43 $ 34,681 $ 2,026 $ 36,707 The following table details loans receivable, net of premiums, discounts and allowance for loan losses (dollars in thousands): June 30, 2019 December 31, 2018 Mortgage loans - principal $ 34,681 $ 42,660 Mortgage loans - premiums, net of amortization 1,706 2,527 Allowance for loan losses — — Mortgage loans, net 36,387 45,187 Other notes receivable - principal 2,026 2,082 Other notes receivable - discounts, net of amortization (193 ) (225 ) Allowance for loan losses — — Other notes receivable, net 1,833 1,857 Total loans receivable, net $ 38,220 $ 47,044 Impairments The following table summarizes total impairment losses recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Real estate and intangible asset impairment $ 3,607 $ 1,349 $ 7,299 $ 15,935 Recovery of loans receivable, previously impaired — — — (17 ) Total impairment loss $ 3,607 $ 1,349 $ 7,299 $ 15,918

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 4. Debt The debt of the Company and the Weighted Average Effective Interest Rates (1) Weighted Average Stated Rates (2) Weighted Average Maturity (3) June 30, 2019 December 31, 2018 (in Years) (In Thousands) Revolving credit facilities 5.60 % 3.34 % 3.8 $ — $ 146,300 Term loans 4.11 % 3.50 % 3.8 820,000 420,000 Senior Unsecured Notes 3.91 % 4.19 % 8.8 700,000 300,000 Master Trust Notes 5.53 % — — — 167,854 CMBS 5.77 % 5.35 % 4.2 262,703 274,758 Related party notes payable 1.00 % 1.00 % 8.7 26,404 27,890 Convertible Notes 5.06 % 3.75 % 1.9 345,000 747,500 Total debt 4.75 % 3.96 % 5.2 2,154,107 2,084,302 Debt discount, net (10,411 ) (14,733 ) Deferred financing costs, net (4) (17,681 ) (14,932 ) Total debt, net $ 2,126,015 $ 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 six months ended June 30, 2019 (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of June 30, 2019 (3) Represents the weighted average maturity based on the outstanding principal balance as of June 30, 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 As of the 2019 Credit Facility bore interest at LIBOR plus an applicable margin of 1.10 % per annum and the aggregate revolving commitments incurred a facility fee of 0.25 % per annum. In connection with entering into the 2019 Credit Facility, the Company incurred costs of As of Term Loans The Operating Partnership had an unsecured term loan facility, the 2015 Term Loan, which had a facility size of 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 As of In connection with entering into the A-1 Term Loans and A-2 Term Loans, the Company incurred origination costs of As of Senior Unsecured Notes On August 18, 2016, the Operating Partnership issued $300.0 million aggregate principal amount of senior notes, which are guaranteed by the Company. The 2026 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 2026 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. On June 27, 2019, the Operating Partnership issued $400.0 million aggregate principal amount of senior notes, which are guaranteed by the Company. The 2029 Senior Unsecured Notes were issued at 99.274% of their principal face amount, resulting in net proceeds of $395.9 million, after deducting the debt discount and transaction fees and expenses. The 2029 Senior Unsecured Notes accrue interest at a rate of % per annum, payable on January 15 and July 15 of each year, and mature on July 15, 202 9 . The In connection with the 2016 offering, the In connection with the issuance of the 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. During the three months ended June 30, 2019, the Company elected to retire the Master Trust 2013 notes, which had one series of notes outstanding, Series 2013-2 Class A, with a stated interest rate of 5.27%. 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 267 owned and financed properties at time of repayment. As a result of the early repayment, the properties securing the notes became unencumbered and the Company recognized a loss on debt extinguishment of $14.7 million. CMBS As of Related Party Mortgage Loans Payable Wholly-owned subsidiaries of the Company are the borrower on Convertible Notes In May 2014, the Company issued cash. The 2021 Notes will mature on May 15, 2021 and interest is payable semiannually in arrears on May 15 and November 15 of each year. The In connection with the issuance of the In connection with the offering, the Company also incurred Debt Extinguishment During the During the Debt Maturities As of Scheduled Principal Balloon Payment Total Remainder of 2019 $ 3,459 $ — $ 3,459 2020 7,109 — 7,109 2021 7,404 345,000 352,404 2022 7,686 442,400 450,086 2023 6,174 197,912 204,086 Thereafter 16,894 1,120,069 1,136,963 Total $ 48,726 $ 2,105,381 $ 2,154,107 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest expense – revolving credit facilities (1) $ 1,798 $ 2,849 $ 3,976 $ 4,201 Interest expense – term loans 5,691 — 9,669 — Interest expense – Senior Unsecured Notes 3,515 3,337 6,853 6,675 Interest expense – mortgages and notes payable 5,829 23,480 12,082 56,187 Interest expense – Convertible Notes (2) 4,649 6,128 10,776 12,255 Non-cash interest expense: Amortization of deferred financing costs 1,774 2,573 3,805 5,552 Amortization of debt discount, net 1,920 3,689 4,626 8,252 Total interest expense $ 25,176 $ 42,056 $ 51,787 $ 93,122 (1) Includes facility fees of approximately (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	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity and Partners' Capital	Note 5. Stockholders’ Equity and Partners' Capital Common Stock During the Preferred Stock As of ATM Program In As of generating $ 91.4 million in gross proceeds. 1.8 million of these sales were through forward sales agreements, which were physically settled in shares. Aggregate gross proceeds capacity of $ million remained available under the program as of June 30, 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 Dividends Declared For the 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 May 30, 2019 $ 0.375 June 14, 2019 $ 2,588 June 28, 2019 Common Stock February 28, 2019 $ 0.625 March 29, 2019 $ 54,254 April 15, 2019 May 30, 2019 $ 0.625 June 28, 2019 $ 56,318 July 15, 2019 The Common Stock dividend declared on

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. 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 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 June 30, 2019, no accruals have been made. As of Purchase and Capital Improvement Commitments As of acquisitions contain standard cancellation clauses contingent on the results of due diligence. $ 50.7 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 The Company is also a lessee under The following table summarizes total rental expenses recognized on the accompanying consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Office and Equipment Base Rental Expense $ 201 $ 194 $ 402 $ 388 Office Variable Rental Expense 182 173 454 335 Total Office and Equipment Rental Expense $ 383 $ 367 $ 856 $ 723 Total Ground Lease Rental Expense $ 62 $ 305 $ 178 $ 694 The Company’s recorded lease liabilities under all of these operating leases as of Ground Leases Office and Equipment Leases Total Remainder of 2019 $ 124 $ 1,045 $ 1,169 2020 247 2,090 2,337 2021 244 2,092 2,336 2022 163 2,099 2,262 2023 142 2,113 2,255 Thereafter 675 6,610 7,285 Total 1,595 16,049 17,644 Less: imputed interest (263 ) (9,403 ) (9,666 ) Total operating lease liabilities $ 1,332 $ 6,646 $ 7,978 Imputed interest was calculated using a weighted-average discount rate of

Derivative and Hedging Activiti

Derivative and Hedging Activities	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	Note 7. 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 Amount Fixed Interest Rate Effective Date Maturity Date June 30, 2019 December 31, 2018 Interest Rate Swap $ 200,000 2.8140 % 02/01/19 02/01/24 $ 10,449 $ 3,559 Interest Rate Swap $ 100,000 2.8174 % 02/01/19 02/01/24 $ 5,242 $ 1,801 Interest Rate Swap $ 100,000 2.8180 % 02/01/19 02/01/24 $ 5,243 $ 1,799 $ 20,934 $ 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 and six months ended June 30, 2019 Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Gross Amount of Loss Recognized in AOCL on Derivatives $ 9,097 $ 14,326 Amount of Loss Reclassified from AOCL to Interest (1) $ 343 $ 551 (1) Interest expense for the three and six months ended June 30, 2019 was $25.2 million and $51.8 million, respectively. During the next 12 months, we estimate that approximately

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. 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 June 30, 2019 Derivatives: Interest rate swaps financial liabilities $ 20,934 $ — $ 20,934 $ — 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 June 30, 2019 and December 31, 2018 (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 June 30, 2019 Long-lived assets held and used $ 7,926 $ — $ — $ 7,926 Long-lived assets held for sale $ 499 $ — $ — $ 499 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 As of For four of the held and used property accounted for at fair value as of June 30, 2019, the Company estimated property fair value using price per square foot of comparable properties. The following tables provides information about the price per square foot of comparable properties input used: June 30, 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 $32.85 - $740.74 $ 276.84 103,784 $ — $ — — For the remaining June 30, 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 $37.88 - $137.25 $ 48.95 52,866 $185.42 - $638.72 $ 507.11 27,302 Office $ — $ — — $ 225.04 $ 225.04 5,999 As of both June 30, 2019 and December 31, 2018, one long-lived asset held for sale was accounted for at fair value. 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): June 30, 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 $ 73.01 $ 73.01 6,840 $ 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 The estimated fair values of these financial instruments have been derived based on market quotes for identical or similar instruments in markets that are not active 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): June 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 38,220 $ 38,760 $ 47,044 $ 48,740 Investment in Master Trust 2014 33,490 34,557 33,535 33,811 Revolving credit facilities — — 146,300 146,731 Term loans, net (1) 814,336 850,985 419,560 424,670 Senior Unsecured Notes, net (1) 691,940 715,497 295,767 291,696 Mortgages and notes payable, net (1) 286,312 305,845 463,196 487,548 Convertible Notes, net (1) 333,427 352,286 729,814 740,330 (1)

Incentive Award Plan

Incentive Award Plan	6 Months Ended
	Jun. 30, 2019
Compensation Cost Items [Abstract]
Incentive Award Plan	Note 9. Incentive Award Plan Restricted Shares of Common Stock During the Market-Based Awards During the Approximately Stock-based Compensation Expense For the three months ended June 30, 2019 and 2018, the Company recognized As of

Income Per Share and Partnershi

Income Per Share and Partnership Unit	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Income Per Share and Partnership Unit	Note 10. Income Per Share and Partnership Unit Income The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic and diluted income: Income from continuing operations $ 45,737 $ 24,817 $ 89,315 $ 62,895 Less: dividends paid to preferred stockholders (2,588 ) (2,588 ) (5,176 ) (5,176 ) Less: income attributable to unvested restricted stock (250 ) (345 ) (522 ) (728 ) Income used in basic and diluted income per share from continuing operations 42,899 21,884 83,617 56,991 Loss used in basic and diluted loss per share from discontinued operations — (7,653 ) — (15,013 ) Net income attributable to common stockholders used in basic and diluted income per share $ 42,899 $ 14,231 $ 83,617 $ 41,978 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 87,422,369 86,028,575 86,673,672 87,653,364 Less: Unvested weighted average shares of restricted stock (420,382 ) (401,251 ) (419,974 ) (361,647 ) Weighted average shares of common stock outstanding used in basic income per share 87,001,987 85,627,324 86,253,698 87,291,718 Net income per share attributable to common stockholders - basic: Continuing operations $ 0.49 $ 0.26 $ 0.97 $ 0.65 Discontinued operations — (0.09 ) — (0.15 ) Net income per share attributable to common stockholders - basic $ 0.49 $ 0.17 $ 0.97 $ 0.50 Dilutive weighted average shares of common stock outstanding: (1) Unsettled shares under open forward equity contracts 772,040 — 328,617 — Unvested market-based awards 116,672 176,939 196,982 111,512 Weighted average shares of common stock outstanding used in diluted income per share 87,890,699 85,804,263 86,779,297 87,403,230 Net income per share attributable to common stockholders - diluted Continuing operations $ 0.49 $ 0.26 $ 0.96 $ 0.65 Discontinued operations — (0.09 ) — (0.15 ) Net income per share attributable to common stockholders - diluted $ 0.49 $ 0.17 $ 0.96 $ 0.50 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 160,606 84,847 191,215 67,796 (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

Related Party Transactions and

Related Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 11. Related Party Transactions and Arrangements Cost Sharing Arrangements In conjunction with the Asset Management Agreement In conjunction with the Property Management and Servicing Agreement The Operating Partnership provides property management services and special services for Related Party Loans Payable Wholly-owned subsidiaries of the Company are the borrower on Related Party Notes Receivable In conjunction with the $ 33.5 million as of both June 30, 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 and $ million for the three and six months ended June 30, 2019 , respectively, compared to $128 thousand for the both the three and six months ended June 30, 2018, 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 4.6 % with a remaining term of 3.4 years to maturity as of June 30, 2019 . The notes are classified as held-to-maturity and, as of June 30, 2019 , the amortized cost basis is equal to carrying value. Investments in In conjunction with the and Recent Developments In June 2019, SMTA announced it reached a definitive agreement to sell the assets held in Master Trust 2014, subject to certain conditions including SMTA shareholder approval. In conjunction with this announcement, the Company has agreed to the following, subject to the completion of the sale: • Terminate the existing Asset Management Agreement (SMTA will not be required to deliver notice 180 days in advance of termination or enter into an eight month transition services period • Sell the fee interest in three of the Company’s properties to a subsidiary of SMTA for $55.0 million in gross proceeds, subject to customary prorations, and extinguish the related party mortgage loans payable (with an outstanding principal balance of $26.4 million as of June 30, 2019); • Waive the Company’s rights to receive any potential promoted interest fee; and • Enter into an interim asset management agreement with SMTA whereby the Company’s will receive $1 million during the initial one-year term and $4 million for any renewal one-year term, plus certain cost reimbursements, to manage and liquidate the remaining SMTA assets; such agreement is terminable at any time by SMTA and by Spirit after the initial one-year term, in each case without a termination fee. Assuming a closing of the sale of the Master Trust 2014 assets at the end of the third quarter of 2019, the Company expects to: • Receive a termination fee for the Asset Management Agreement of approximately $48 million ($35 million net of estimated tax); • Receive $150 million for the repurchase of our preferred equity investment in SMTA; • Redeem the Investment in Master Trust 2014 notes (with an outstanding principal balance of $33.5 million as of June 30, 2019); and • Terminate the Property Management and Servicing Agreement for Master Trust 2014 in connection with the redemption of the Master Trust 2014 notes.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	Note 12. Discontinued Operations On May 31, 2018, the Company completed the consolidated statement of operations for the three and six months ended June 30, 2018 . The consolidated statement of cash flows for the six months ended June 30, 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 June 30, 2018 Six Months Ended June 30, 2018 Revenues: Rental income $ 40,149 $ 100,672 Interest income on loans receivable 663 1,495 Other income 392 776 Total revenues 41,204 102,943 Expenses: General and administrative 112 264 Transaction costs 16,033 19,965 Property costs (including reimbursable) 1,405 3,711 Deal pursuit costs 338 339 Interest 18,508 46,521 Depreciation and amortization 14,038 35,461 Impairments (129 ) 10,943 Total expenses 50,305 117,204 Other gain (loss): Loss on debt extinguishment (108 ) (363 ) Gain (loss) on disposition of assets 1,582 (274 ) Total other gain (loss) 1,474 (637 ) Loss from discontinued operations before income tax expense (7,627 ) (14,898 ) Income tax expense (26 ) (115 ) Loss from discontinued operations $ (7,653 ) $ (15,013 ) There were no discontinued operations included in the consolidated statement of operations or balance sheet presented herein for the three and six months ended June 30, 2019 and as of June 30, 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): Six Months Ended June 30, 2018 Net cash provided by operating activities $ 36,589 Net cash used in investing activities (31,452 ) Continuing Involvement Subsequent to the

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 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.
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 June 30, 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 June 30, 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 June 30, 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 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 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 $2.9 million and $4.9 million at June 30, 2019 and December 31, 2018, respectively, against accounts receivable balances of $9.7 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 $0.7 million and $1.1 million at June 30, 2019 and December 31, 2018, respectively, against straight-line receivables of $74.9 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 (recovery) expense was $(0.6) million and $0.3 million for the three and six months ended June 30, 2019, respectively. 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 lease 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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Cash and cash equivalents $ 9,984 $ 14,493 $ 9,289 Restricted cash: Collateral deposits (1) 440 351 372 Tenant improvements, repairs, and leasing commissions (2) 9,985 9,093 9,147 Master Trust Release (3) — 7,412 7,412 1031 Exchange proceeds, net — 45,042 — Other (4) 580 1,030 1,438 Total cash, cash equivalents and restricted cash $ 20,989 $ 77,421 $ 27,658 (1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses. (2) (3) Proceeds from the sale of assets pledged as collateral under the Master Trust 2013 notes, which are held on deposit until a qualifying substitution is made or the funds are applied as prepayment of principal. The Master Trust 2013 notes were extinguished in June 2019. See Note 4 for additional detail. (4) Funds held in lender-controlled accounts released after scheduled debt service requirements are met.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Summary of Real Estate and Loan Activity	During the six months ended June 30, 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) 126 — 126 474,689 — 474,689 Dispositions of real estate (3)(4) (7 ) (18 ) (25 ) (22,082 ) (123,204 ) (145,286 ) Transfers to Held for Sale (20 ) 20 — (120,344 ) 120,344 — Transfers from Held for Sale — — — — — — Impairments — — — (2,536 ) (4,763 ) (7,299 ) Write-off of intangibles — — — (3,471 ) (2,557 ) (6,028 ) Other — — — 12 — 12 Gross balance, June 30, 2019 1,558 5 1,563 5,380,792 11,884 5,392,676 Accumulated depreciation (669,696 ) (1,603 ) (671,299 ) Accumulated amortization (108,156 ) (919 ) (109,075 ) Net balance, June 30, 2019 (5) $ 4,602,940 $ 9,362 $ 4,612,302 (1) Includes investments of $24.3 million in revenue producing capitalized expenditures, as well as $3.2 million of non-revenue producing capitalized expenditures during the six months ended June 30, 2019. (2) The acquisition of 29 properties were completed as sale-lease back transactions, representing $313.2 million of investment, during the six months ended June 30, 2019. (3) For the six months ended June 30, 2019, the total gain on disposal of assets for properties held in use and held for sale was $8.2 million and $30.3 million, respectively. (4) Includes one deed-in-lieu property with a real estate investment of $0.8 million that was transferred to the lender during the six months ended June 30, 2019. (5) Held in Use land and buildings, net of accumulated depreciation $ 4,407,297 Intangible lease assets, net 297,749 Real estate assets under direct financing leases, net 16,371 Real estate assets held for sale, net 9,362 Intangible lease liabilities, net (118,477 ) Net balance $ 4,612,302 Mortgage Loans Other Notes Total Properties Investment Investment Investment Principal, December 31, 2018 52 $ 42,660 $ 2,082 $ 44,742 Acquisitions — — — — Dispositions — — — — Principal payments and payoffs (9 ) (7,979 ) (56 ) (8,035 ) Allowance for loan losses — — — — Principal, June 30, 2019 43 $ 34,681 $ 2,026 $ 36,707
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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Base cash rent $ 98,418 $ 129,388 $ 195,217 $ 279,835 Variable cash rent (including reimbursables) 2,942 3,591 6,580 9,121 Straight-line rent, net of bad debt expense (1) 4,485 4,187 7,392 9,087 Amortization of above- and below- market lease intangibles, net (2) 661 1,219 1,384 2,372 Total rental income $ 106,506 $ 138,385 $ 210,573 $ 300,415 (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 $6.5 million and $8.7 million for the three months ended June 30, 2019 and 2018, respectively, and $13.2 million and $18.7 million for the six months ended June 30, 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 July 1, 2019) at June 30, 2019 are as follows (in thousands): June 30, 2019 Remainder of 2019 $ 201,055 2020 400,086 2021 383,396 2022 364,314 2023 343,755 Thereafter 2,640,609 Total future minimum rentals $ 4,333,215
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): June 30, 2019 December 31, 2018 In-place leases $ 383,464 $ 381,143 Above-market leases 68,327 62,902 Less: accumulated amortization (154,042 ) (149,582 ) Intangible lease assets, net $ 297,749 $ 294,463 Below-market leases $ 164,363 $ 167,527 Less: accumulated amortization (45,886 ) (47,365 ) Intangible lease liabilities, net $ 118,477 $ 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): June 30, 2019 December 31, 2018 Minimum lease payments receivable $ 4,728 $ 5,390 Estimated residual value of leased assets 16,137 20,097 Unearned income (4,494 ) (5,198 ) Real estate assets under direct financing leases, net $ 16,371 $ 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 June 30, 2019 are as follows (in thousands): June 30, 2019 Remainder of 2019 $ 599 2020 578 2021 527 2022 541 2023 554 Thereafter 1,929 Total future minimum rentals $ 4,728
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): June 30, 2019 December 31, 2018 Mortgage loans - principal $ 34,681 $ 42,660 Mortgage loans - premiums, net of amortization 1,706 2,527 Allowance for loan losses — — Mortgage loans, net 36,387 45,187 Other notes receivable - principal 2,026 2,082 Other notes receivable - discounts, net of amortization (193 ) (225 ) Allowance for loan losses — — Other notes receivable, net 1,833 1,857 Total loans receivable, net $ 38,220 $ 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Real estate and intangible asset impairment $ 3,607 $ 1,349 $ 7,299 $ 15,935 Recovery of loans receivable, previously impaired — — — (17 ) Total impairment loss $ 3,607 $ 1,349 $ 7,299 $ 15,918

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Debt	The Company's debt is summarized below: Weighted Average Effective Interest Rates (1) Weighted Average Stated Rates (2) Weighted Average Maturity (3) June 30, 2019 December 31, 2018 (in Years) (In Thousands) Revolving credit facilities 5.60 % 3.34 % 3.8 $ — $ 146,300 Term loans 4.11 % 3.50 % 3.8 820,000 420,000 Senior Unsecured Notes 3.91 % 4.19 % 8.8 700,000 300,000 Master Trust Notes 5.53 % — — — 167,854 CMBS 5.77 % 5.35 % 4.2 262,703 274,758 Related party notes payable 1.00 % 1.00 % 8.7 26,404 27,890 Convertible Notes 5.06 % 3.75 % 1.9 345,000 747,500 Total debt 4.75 % 3.96 % 5.2 2,154,107 2,084,302 Debt discount, net (10,411 ) (14,733 ) Deferred financing costs, net (4) (17,681 ) (14,932 ) Total debt, net $ 2,126,015 $ 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 six months ended June 30, 2019 (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of June 30, 2019 (3) Represents the weighted average maturity based on the outstanding principal balance as of June 30, 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 Scheduled Principal Balloon Payment Total Remainder of 2019 $ 3,459 $ — $ 3,459 2020 7,109 — 7,109 2021 7,404 345,000 352,404 2022 7,686 442,400 450,086 2023 6,174 197,912 204,086 Thereafter 16,894 1,120,069 1,136,963 Total $ 48,726 $ 2,105,381 $ 2,154,107
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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest expense – revolving credit facilities (1) $ 1,798 $ 2,849 $ 3,976 $ 4,201 Interest expense – term loans 5,691 — 9,669 — Interest expense – Senior Unsecured Notes 3,515 3,337 6,853 6,675 Interest expense – mortgages and notes payable 5,829 23,480 12,082 56,187 Interest expense – Convertible Notes (2) 4,649 6,128 10,776 12,255 Non-cash interest expense: Amortization of deferred financing costs 1,774 2,573 3,805 5,552 Amortization of debt discount, net 1,920 3,689 4,626 8,252 Total interest expense $ 25,176 $ 42,056 $ 51,787 $ 93,122 (1) Includes facility fees of approximately (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)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of Dividends Declared	For the 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 May 30, 2019 $ 0.375 June 14, 2019 $ 2,588 June 28, 2019 Common Stock February 28, 2019 $ 0.625 March 29, 2019 $ 54,254 April 15, 2019 May 30, 2019 $ 0.625 June 28, 2019 $ 56,318 July 15, 2019

Commitments and Contingencies

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Office and Equipment Base Rental Expense $ 201 $ 194 $ 402 $ 388 Office Variable Rental Expense 182 173 454 335 Total Office and Equipment Rental Expense $ 383 $ 367 $ 856 $ 723 Total Ground Lease Rental Expense $ 62 $ 305 $ 178 $ 694
Minimum Rental Commitments Less Imputed Interests	The Company’s recorded lease liabilities under all of these operating leases as of Ground Leases Office and Equipment Leases Total Remainder of 2019 $ 124 $ 1,045 $ 1,169 2020 247 2,090 2,337 2021 244 2,092 2,336 2022 163 2,099 2,262 2023 142 2,113 2,255 Thereafter 675 6,610 7,285 Total 1,595 16,049 17,644 Less: imputed interest (263 ) (9,403 ) (9,666 ) Total operating lease liabilities $ 1,332 $ 6,646 $ 7,978

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 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 Amount Fixed Interest Rate Effective Date Maturity Date June 30, 2019 December 31, 2018 Interest Rate Swap $ 200,000 2.8140 % 02/01/19 02/01/24 $ 10,449 $ 3,559 Interest Rate Swap $ 100,000 2.8174 % 02/01/19 02/01/24 $ 5,242 $ 1,801 Interest Rate Swap $ 100,000 2.8180 % 02/01/19 02/01/24 $ 5,243 $ 1,799 $ 20,934 $ 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 and six months ended June 30, 2019 Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Gross Amount of Loss Recognized in AOCL on Derivatives $ 9,097 $ 14,326 Amount of Loss Reclassified from AOCL to Interest (1) $ 343 $ 551 (1) Interest expense for the three and six months ended June 30, 2019 was $25.2 million and $51.8 million, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 Derivatives: Interest rate swaps financial liabilities $ 20,934 $ — $ 20,934 $ — 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 June 30, 2019 and December 31, 2018 (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 June 30, 2019 Long-lived assets held and used $ 7,926 $ — $ — $ 7,926 Long-lived assets held for sale $ 499 $ — $ — $ 499 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 following tables provides information about the price per square foot of comparable properties input used: June 30, 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 $32.85 - $740.74 $ 276.84 103,784 $ — $ — — June 30, 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 $37.88 - $137.25 $ 48.95 52,866 $185.42 - $638.72 $ 507.11 27,302 Office $ — $ — — $ 225.04 $ 225.04 5,999 June 30, 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 $ 73.01 $ 73.01 6,840 $ 126.73 $ 126.73 63,128
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): June 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 38,220 $ 38,760 $ 47,044 $ 48,740 Investment in Master Trust 2014 33,490 34,557 33,535 33,811 Revolving credit facilities — — 146,300 146,731 Term loans, net (1) 814,336 850,985 419,560 424,670 Senior Unsecured Notes, net (1) 691,940 715,497 295,767 291,696 Mortgages and notes payable, net (1) 286,312 305,845 463,196 487,548 Convertible Notes, net (1) 333,427 352,286 729,814 740,330 (1)

Income Per Share and Partners_2

Income Per Share and Partnership Unit (Tables)	6 Months Ended
	Jun. 30, 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 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic and diluted income: Income from continuing operations $ 45,737 $ 24,817 $ 89,315 $ 62,895 Less: dividends paid to preferred stockholders (2,588 ) (2,588 ) (5,176 ) (5,176 ) Less: income attributable to unvested restricted stock (250 ) (345 ) (522 ) (728 ) Income used in basic and diluted income per share from continuing operations 42,899 21,884 83,617 56,991 Loss used in basic and diluted loss per share from discontinued operations — (7,653 ) — (15,013 ) Net income attributable to common stockholders used in basic and diluted income per share $ 42,899 $ 14,231 $ 83,617 $ 41,978 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 87,422,369 86,028,575 86,673,672 87,653,364 Less: Unvested weighted average shares of restricted stock (420,382 ) (401,251 ) (419,974 ) (361,647 ) Weighted average shares of common stock outstanding used in basic income per share 87,001,987 85,627,324 86,253,698 87,291,718 Net income per share attributable to common stockholders - basic: Continuing operations $ 0.49 $ 0.26 $ 0.97 $ 0.65 Discontinued operations — (0.09 ) — (0.15 ) Net income per share attributable to common stockholders - basic $ 0.49 $ 0.17 $ 0.97 $ 0.50 Dilutive weighted average shares of common stock outstanding: (1) Unsettled shares under open forward equity contracts 772,040 — 328,617 — Unvested market-based awards 116,672 176,939 196,982 111,512 Weighted average shares of common stock outstanding used in diluted income per share 87,890,699 85,804,263 86,779,297 87,403,230 Net income per share attributable to common stockholders - diluted Continuing operations $ 0.49 $ 0.26 $ 0.96 $ 0.65 Discontinued operations — (0.09 ) — (0.15 ) Net income per share attributable to common stockholders - diluted $ 0.49 $ 0.17 $ 0.96 $ 0.50 Potentially dilutive shares of common stock Unvested shares of restricted stock, less shares assumed repurchased at market 160,606 84,847 191,215 67,796 (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)	6 Months Ended
	Jun. 30, 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 June 30, 2018 Six Months Ended June 30, 2018 Revenues: Rental income $ 40,149 $ 100,672 Interest income on loans receivable 663 1,495 Other income 392 776 Total revenues 41,204 102,943 Expenses: General and administrative 112 264 Transaction costs 16,033 19,965 Property costs (including reimbursable) 1,405 3,711 Deal pursuit costs 338 339 Interest 18,508 46,521 Depreciation and amortization 14,038 35,461 Impairments (129 ) 10,943 Total expenses 50,305 117,204 Other gain (loss): Loss on debt extinguishment (108 ) (363 ) Gain (loss) on disposition of assets 1,582 (274 ) Total other gain (loss) 1,474 (637 ) Loss from discontinued operations before income tax expense (7,627 ) (14,898 ) Income tax expense (26 ) (115 ) Loss from discontinued operations $ (7,653 ) $ (15,013 ) There were no discontinued operations included in the consolidated statement of operations or balance sheet presented herein for the three and six months ended June 30, 2019 and as of June 30, 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): Six Months Ended June 30, 2018 Net cash provided by operating activities $ 36,589 Net cash used in investing activities (31,452 )

Organization - Narrative (Detai

Organization - Narrative (Details)	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2019USD ($)renewal_option	Jun. 30, 2019USD ($)segmentrenewal_option	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 5,308,033,000	$ 5,308,033,000		$ 5,096,316,000
Net liabilities	$ 2,378,573,000	$ 2,378,573,000		2,294,567,000
Number of segments | segment		1
Number of renewal options (or more) | renewal_option	1	1
Option to terminate, percentage (less than)	1.00%	1.00%
Option to purchase, percentage (less than)	6.00%	6.00%
Rent escalators adjustment period		1 year
Reserves for uncollectible amounts	$ 2,900,000	$ 2,900,000		4,900,000
Accounts receivable	9,700,000	9,700,000		12,400,000
Reserve for losses	700,000	700,000		1,100,000
Deferred rental revenue receivables	74,900,000	74,900,000		69,400,000
Goodwill impairment		0
Provision for income taxes		0
Bad debt expense	(600,000)	300,000
Operating lease, right-of-use assets	5,900,000	5,900,000
Operating lease, liabilities	$ 7,978,000	$ 7,978,000
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
Walgreen Co.
Summary Of Significant Accounting Policies [Line Items]
Lease term	50 years	50 years
Termination period		5 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	5 years	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	10 years	10 years
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 480,000,000	$ 480,000,000		900,000,000
Net liabilities	$ 300,000,000	$ 300,000,000		$ 480,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 9,984	$ 14,493	$ 9,289
Total cash, cash equivalents and restricted cash	20,989	77,421	27,658	$ 114,707
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	440	351	372
Tenant improvements, repairs, and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	9,985	9,093	9,147
Master Trust Release
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	7,412	7,412
1031 Exchange proceeds, net
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	45,042	0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 580	$ 1,030	$ 1,438

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Jun. 30, 2019USD ($)PropertyStateNote	Dec. 31, 2018Property
Investment [Line Items]
Gross investment in real estate properties and loans | $	$ 5,400
Number of real estate properties | Property	1,606
Portfolio disbursement, number of states | State	48
Minimum of investment in real estate properties	10.00%
Number of properties under operating leases | Property	1,560	1,458
Number of other notes receivable | Note	2
Number of other notes receivable, secured | Note	1
Secured Debt
Investment [Line Items]
Other notes receivable | $	$ 0.1
Unsecured Debt
Investment [Line Items]
Other notes receivable | $	$ 1.9
Financed Real Estate
Investment [Line Items]
Number of real estate properties | Property	43
Texas
Investment [Line Items]
Investment in real estate properties	11.90%

Investments - Summary of Owned

Investments - Summary of Owned Real Estate Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Property	Dec. 31, 2018USD ($)
Number of Properties
Ending balance (in properties) | Property	1,606
Dollar Amount of Investments
Ending balance	$ 5,400,000
Less: accumulated depreciation	(669,696)	$ (621,456)
Net balance	$ 4,612,302
Held in Use
Number of Properties
Beginning balance (in properties) | Property	1,459
Acquisitions/improvements (in properties) | Property	126
Dispositions of real estate (in properties) | Property	(7)
Transfers to Held for Sale (in properties) | Property	(20)
Transfers from Held for Sale (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of intangibles (in properties) | Property	0
Other (in properties) | Property	0
Ending balance (in properties) | Property	1,558
Dollar Amount of Investments
Beginning Balance	$ 5,054,524
Acquisitions	474,689
Dispositions	(22,082)
Transfers to Held for Sale	(120,344)
Transfers from Held for Sale	0
Impairments	(2,536)
Write-off of intangibles	(3,471)
Other	12
Ending balance	5,380,792
Less: accumulated depreciation	(669,696)
Real Estate Investment Property, Accumulated Amortization	(108,156)
Net balance	$ 4,602,940
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	(18)
Transfers to Held for Sale (in properties) | Property	20
Transfers from Held for Sale (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of intangibles (in properties) | Property	0
Other (in properties) | Property	0
Ending balance (in properties) | Property	5
Dollar Amount of Investments
Beginning Balance	$ 22,064
Acquisitions	0
Dispositions	(123,204)
Transfers to Held for Sale	120,344
Transfers from Held for Sale	0
Impairments	(4,763)
Write-off of intangibles	(2,557)
Other	0
Ending balance	11,884
Less: accumulated depreciation	(1,603)
Real Estate Investment Property, Accumulated Amortization	(919)
Net balance	$ 9,362
Total
Number of Properties
Beginning balance (in properties) | Property	1,462
Acquisitions/improvements (in properties) | Property	126
Dispositions of real estate (in properties) | Property	(25)
Transfers to Held for Sale (in properties) | Property	0
Transfers from Held for Sale (in properties) | Property	0
Impairments (in properties) | Property	0
Write-off of intangibles (in properties) | Property	0
Other (in properties) | Property	0
Ending balance (in properties) | Property	1,563
Dollar Amount of Investments
Beginning Balance	$ 5,076,588
Acquisitions	474,689
Dispositions	(145,286)
Transfers to Held for Sale	0
Transfers from Held for Sale	0
Impairments	(7,299)
Write-off of intangibles	(6,028)
Other	12
Ending balance	5,392,676
Less: accumulated depreciation	(671,299)
Real Estate Investment Property, Accumulated Amortization	(109,075)
Net balance	$ 4,612,302

Investments - Summary of Owne_2

Investments - Summary of Owned Real Estate Activity (Footnote) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Property	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Revenue producing capitalized expenditures	$ 24,300
Capitalized maintenance expenditures	$ 3,200
Number of properties acquired as sales-leaseback transactions | Property	29
Investment amount from sale-leaseback transaction	$ 313,200
Held in Use land and buildings, net of accumulated depreciation	4,407,297	$ 4,136,261
Intangible lease assets, net	297,749	294,463
Real estate assets under direct financing leases, net	16,371
Real estate assets held for sale, net	9,362	18,203
Intangible lease liabilities, net	(118,477)	$ (120,162)
Net balance	4,612,302
Held-in-use
Real Estate [Line Items]
Gain on disposal of assets for properties	8,200
Held-for-sale
Real Estate [Line Items]
Gain on disposal of assets for properties	$ 30,300
Deed-In-Lieu Properties
Real Estate [Line Items]
Number of properties disposed | Property	1
Amount of disposition of real estate	$ 800

Investments - Operating Lease I

Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Lessor, Lease, Description [Line Items]
Base cash rent	$ 98,418		$ 195,217
Variable cash rent (including reimbursables)	2,942		6,580
Straight-line rent, net of bad debt expense	4,485		7,392
Amortization of above- and below- market lease intangibles, net	661		1,384
Total rental income	106,506		210,573
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 6,500	$ 8,700	$ 13,200	$ 18,700
Continuing and discontinuing operations
Lessor, Lease, Description [Line Items]
Base cash rent		129,388		279,835
Variable cash rent (including reimbursables)		3,591		9,121
Straight-line rent, net of bad debt expense		4,187		9,087
Amortization of above- and below- market lease intangibles, net		1,219		2,372
Total rental income		$ 138,385		$ 300,415

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Contractual Rent to be Received from Operating Leases (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2019	$ 201,055
2020	400,086
2021	383,396
2022	364,314
2023	343,755
Thereafter	2,640,609
Total future minimum rentals	$ 4,333,215

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (154,042)	$ (149,582)
Intangible lease assets, net	297,749	294,463
Below-market leases	164,363	167,527
Less: accumulated amortization	(45,886)	(47,365)
Intangible lease liabilities, net	118,477	120,162
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	383,464	381,143
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	$ 68,327	$ 62,902

Investments - Schedule of Compo

Investments - Schedule of Components of Real Estate Investments Held Under Direct Financing Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Minimum lease payments receivable	$ 4,728
Estimated residual value of leased assets	16,137
Unearned income	(4,494)
Real estate assets under direct financing leases, net	$ 16,371
Minimum lease payments receivable		$ 5,390
Estimated residual value of leased assets		20,097
Unearned income		(5,198)
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	Jun. 30, 2019USD ($)
Real Estate [Abstract]
Remainder of 2019	$ 599
2020	578
2021	527
2022	541
2023	554
Thereafter	1,929
Total future minimum rentals	$ 4,728

Investments - Schedule of Loan

Investments - Schedule of Loan Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Property
Number of Properties
Ending balance (in properties) | Property	1,606
Loans Receivable
Beginning Balance	$ 44,742
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(8,035)
Allowance for loan losses	0
Ending Balance	$ 36,707
Mortgage Loans
Number of Properties
Beginning balance (in properties) | Property	52
Acquisitions (in properties) | Property	0
Dispositions of real estate (in properties) | Property	0
Principal payments and payoffs (in properties) | Property	(9)
Allowance for loan losses (in properties) | Property	0
Ending balance (in properties) | Property	43
Loans Receivable
Beginning Balance	$ 42,660
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(7,979)
Allowance for loan losses	0
Ending Balance	34,681
Other Notes
Loans Receivable
Beginning Balance	2,082
Acquisitions	0
Dispositions	0
Principal payments and payoffs	(56)
Allowance for loan losses	0
Ending Balance	$ 2,026

Investments - Schedule of Loans

Investments - Schedule of Loans Receivable, Net of Premium and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	$ 36,707	$ 44,742
Total loans receivable, net	38,220	47,044
Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	34,681	42,660
Mortgage loans - premiums, net of amortization	1,706	2,527
Allowance for loan losses	0	0
Total loans receivable, net	36,387	45,187
Other Notes Receivable
Loans and Leases Receivable Disclosure [Line Items]
Loans and leases receivable, gross	2,026	2,082
Mortgage loans - premiums, net of amortization	(193)	(225)
Allowance for loan losses	0	0
Total loans receivable, net	$ 1,833	$ 1,857

Investments - Summary of Total

Investments - Summary of Total Impairment Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Abstract]
Real estate and intangible asset impairment	$ 3,607	$ 1,349	$ 7,299	$ 15,935
Recovery of loans receivable, previously impaired	0	0	0	(17)
Total impairment loss	$ 3,607	$ 1,349	$ 7,299	$ 15,918

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	May 31, 2014
Debt Instrument [Line Items]
Total debt, gross	$ 2,154,107	$ 2,084,302
Debt discount, net	(10,411)	(14,733)
Deferred financing costs, net	(17,681)	(14,932)
Total debt, net	$ 2,126,015	2,054,637
Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	4.75%
Stated Interest Rate	3.96%
Remaining Term to Maturity	5 years 2 months 12 days
Revolving credit facilities
Debt Instrument [Line Items]
Total debt, gross		146,300
Revolving credit facilities | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	5.60%
Stated Interest Rate	3.34%
Remaining Term to Maturity	3 years 9 months 18 days
Term loans
Debt Instrument [Line Items]
Total debt, gross	$ 820,000	420,000
Term loans | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	4.11%
Stated Interest Rate	3.50%
Remaining Term to Maturity	3 years 9 months 18 days
Senior Unsecured Notes
Debt Instrument [Line Items]
Total debt, gross	$ 700,000	300,000
Deferred financing costs, net	$ (6,300)	(2,700)
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	3.91%
Stated Interest Rate	4.19%
Remaining Term to Maturity	8 years 9 months 18 days
Master Trust Notes
Debt Instrument [Line Items]
Total debt, gross		167,854
Master Trust Notes | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	5.53%
CMBS
Debt Instrument [Line Items]
Total debt, gross	$ 262,703	274,758
Deferred financing costs, net	$ (2,900)	(3,200)
CMBS | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	5.77%
Stated Interest Rate	5.35%
Remaining Term to Maturity	4 years 2 months 12 days
CMBS | Minimum
Debt Instrument [Line Items]
Stated Interest Rate	4.67%
CMBS | Maximum
Debt Instrument [Line Items]
Stated Interest Rate	6.00%
Related party notes payable | Affiliated Entity | Mortgage loans payable
Debt Instrument [Line Items]
Total debt, gross	$ 26,404	27,890
Related party notes payable | Weighted Average | Affiliated Entity | Mortgage loans payable
Debt Instrument [Line Items]
Effective Interest Rates	1.00%
Stated Interest Rate	1.00%
Remaining Term to Maturity	8 years 8 months 12 days
Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 345,000	747,500
Deferred financing costs, net	$ (2,800)	$ (4,300)	$ (19,600)
Convertible Notes | Weighted Average
Debt Instrument [Line Items]
Effective Interest Rates	5.06%
Stated Interest Rate	3.75%
Remaining Term to Maturity	1 year 10 months 24 days

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details) - Revolving credit facilities - Unsecured Debt	Jan. 14, 2019USD ($)ExtensionOption	Jun. 30, 2019USD ($)	Apr. 30, 2019	Dec. 31, 2018USD ($)
Credit Facility 2015
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 800,000,000
Credit Facility 2015 | Deferred Costs and Other Assets
Line of Credit Facility [Line Items]
Unamortized deferred financing costs				$ 400,000
Credit Facility 2019
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 800,000,000
Number of extension options | ExtensionOption	2
Term of extension option	6 months
Increased borrowing capacity under accordion feature	$ 400,000,000
Credit facility maturity date	Mar. 31, 2023
Facility fee percentage		0.20%	0.25%
Origination costs	$ 4,800,000
Remaining borrowing capacity		$ 800,000,000
Letters of credit outstanding		0
Credit Facility 2019 | Deferred Costs and Other Assets
Line of Credit Facility [Line Items]
Unamortized deferred financing costs		$ 4,300,000
Credit Facility 2019 | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.90%	1.10%

Debt - Term Loans - Narrative (

Debt - Term Loans - Narrative (Details) - USD ($)	Jan. 14, 2019	Jun. 30, 2019	Apr. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 17,681,000		$ 14,932,000
Borrowings outstanding		$ 814,336,000		419,560,000
Convertible Senior Notes Due 2019 | Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate		2.875%
Term loans | 2015 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity				420,000,000
Unamortized deferred financing costs				$ 400,000
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
Credit facility maturity date	Mar. 31, 2024
Origination costs	$ 6,500,000
Unamortized deferred financing costs		$ 5,700,000
Borrowings outstanding		$ 420,000,000
Term loans | A-1 Term Loan | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%	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		$ 400,000,000
Available borrowing capacity		$ 0
Term loans | A-2 Term Loan | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - USD ($)	Jun. 27, 2019	Aug. 18, 2016	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 820,000,000	$ 0
Unamortized deferred financing costs			17,681,000		$ 14,932,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized discount			1,700,000		1,500,000
Unamortized deferred financing costs			$ 6,300,000		$ 2,700,000
Senior Unsecured Notes | 2016 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%
Debt instrument, maturity date		Sep. 15, 2026
Redemption price, percent of principal amount			100.00%
Deferred financing costs		$ 3,400,000
Unamortized discount		$ 1,900,000
Senior Unsecured Notes | 2019 Senior Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 400,000,000
Principal amount issued	99.274%
Proceeds from issuance of debt	$ 395,900,000
Stated interest rate	4.00%
Debt instrument, maturity date	Jul. 15, 2029
Redemption price, percent of principal amount			100.00%
Deferred financing costs	$ 3,800,000
Unamortized discount	$ 300,000

Debt - Master Trust Notes - Nar

Debt - Master Trust Notes - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)Propertydebt_series	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Propertydebt_series	Jun. 30, 2018USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ (14,676)	$ 5,509	$ (5,893)	$ 27,092
Master Trust Notes | Series 2013-2, Class A
Debt Instrument [Line Items]
Number of debt series outstanding | debt_series	1		1
Stated interest rate	5.27%		5.27%
Number of properties securing borrowings | Property	267		267
Loss on extinguishment of debt			$ (14,700)

Debt - CMBS - Narrative (Detail

Debt - CMBS - Narrative (Details) $ in Thousands	Jun. 30, 2019USD ($)Propertyloan	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 17,681	$ 14,932
Weighted Average
Debt Instrument [Line Items]
Stated interest rate	3.96%
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
Unamortized deferred financing costs	$ 2,900	3,200
Unamortized premium	$ 100	$ 100
CMBS | Weighted Average
Debt Instrument [Line Items]
Stated interest rate	5.35%
CMBS | Minimum
Debt Instrument [Line Items]
Stated interest rate	4.67%
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	6 Months Ended
	Jun. 30, 2019USD ($)Propertyloan	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Outstanding principal	$ 2,154,107	$ 2,084,302
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	$ 26,404	$ 27,890
Number of properties agreed to sell | Property	3
Gross proceeds from sale of properties	$ 55,000
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate	4.75%
Weighted average maturity	5 years 2 months 12 days
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	8 years 8 months 12 days

Debt - Convertible Notes (Detai

Debt - Convertible Notes (Details)	May 31, 2014USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 17,681,000	$ 14,932,000
Convertible Senior Notes
Debt Instrument [Line Items]
Debt discount, value of the embedded conversion premium	$ 56,700,000	8,800,000	13,300,000
Unamortized deferred financing costs	19,600,000	$ 2,800,000	$ 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%
Debt instrument, maturity date	May 15, 2019
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 instrument, maturity date	May 15, 2021
Debt conversion ratio	15.2727	17.4458
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 - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)Propertyloan	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Propertyloan	Jun. 30, 2018USD ($)
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment	$ (14,676)	$ 5,509	$ (5,893)	$ 27,092
Master Trust Notes | Series 2013-2, Class A
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment			(14,700)
Mortgages
Debt Instrument [Line Items]
Debt extinguished			$ 10,400	$ 179,300
Number of loans paid off | loan	1		1
Number of real estate properties, securing debt | Property	1		1
Weighted average contractual interest rate	9.85%	5.69%	9.85%	5.69%
Gain (loss) on debt extinguishment			$ 9,500	$ 26,700
Mortgages | Master Trust Notes | Series 2013-2, Class A
Debt Instrument [Line Items]
Debt extinguished				123,100
Mortgages | CMBS
Debt Instrument [Line Items]
Debt extinguished				$ 56,200
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	Jun. 30, 2019	Dec. 31, 2018
Scheduled Debt Maturities
Remainder of 2019	$ 3,459
2020	7,109
2021	352,404
2022	450,086
2023	204,086
Thereafter	1,136,963
Total debt, net	2,154,107	$ 2,084,302
Scheduled Principal
Scheduled Debt Maturities
Remainder of 2019	3,459
2020	7,109
2021	7,404
2022	7,686
2023	6,174
Thereafter	16,894
Total debt, net	48,726
Balloon Payment
Scheduled Debt Maturities
2020	0
2021	345,000
2022	442,400
2023	197,912
Thereafter	1,120,069
Total debt, net	$ 2,105,381

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Non-cash interest expense:
Amortization of deferred financing costs			$ 3,805	$ 5,552
Amortization of debt discount, net			4,626	8,252
Total interest expense	$ 25,176	$ 23,548	51,787	46,601
Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Facility fees	500	600	1,200	1,100
Continuing and discontinuing operations
Non-cash interest expense:
Amortization of deferred financing costs	1,774	2,573	3,805	5,552
Amortization of debt discount, net	1,920	3,689	4,626	8,252
Total interest expense	25,176	42,056	51,787	93,122
Continuing and discontinuing operations | Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Interest expense	1,798	2,849	3,976	4,201
Continuing and discontinuing operations | Term loans
Schedule Of Interest Expenses [Line Items]
Interest expense	5,691	0	9,669	0
Continuing and discontinuing operations | Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	3,515	3,337	6,853	6,675
Continuing and discontinuing operations | Mortgages and Notes Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	5,829	23,480	12,082	56,187
Continuing and discontinuing operations | Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 4,649	$ 6,128	$ 10,776	$ 12,255

Stockholders' Equity and Part_3

Stockholders' Equity and Partners' Capital - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		32 Months Ended
	May 31, 2019	May 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Shares withheld for taxes					34,000
Shares withheld for taxes, value					$ 1,400,000
Forward sale agreements, shares of common stock	11,500,000
Forward sale agreements, price per share	$ 41
Forward sale agreements, initial price per share	$ 39.36
Gross proceeds from issuance of common stock					$ 162,270,000	$ 0
Preferred stock, shares outstanding			6,900,000		6,900,000		6,900,000	6,900,000
Dividend rate					6.00%
Liquidation value (in USD per share)			$ 25		$ 25		$ 25
Dividend rate, quarterly basis (in USD per share)					0.375
Dividend rate, annual basis (in USD per share)					$ 1.50
Less: dividends paid to preferred stockholders			$ 2,588,000	$ 2,588,000	$ 5,176,000	$ 5,176,000
Common stock, par value per share (in USD per share)			$ 0.05		$ 0.05		$ 0.05	$ 0.05
May 2018
Class Of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 250,000,000	$ 250,000,000		$ 250,000,000		$ 250,000,000
Stock repurchase program, period in force		18 months
Stock repurchase program, repurchase of common shares (in shares)					0
Forward Sale Agreements
Class Of Stock [Line Items]
Issuance of common shares (in shares)					1,900,000
Gross proceeds from issuance of common stock					$ 76,000,000
ATM Program, November 2016
Class Of Stock [Line Items]
Issuance of common shares (in shares)					2,300,000		2,400,000
Gross proceeds from issuance of common stock					$ 91,400,000
Common stock, par value per share (in USD per share)			$ 0.05		$ 0.05		$ 0.05
Common stock authorized					$ 500,000,000
Gross proceeds capacity remaining			$ 404,900,000		$ 404,900,000		$ 404,900,000
Share issued during the period (in USD per share)					$ 39.19
ATM Program, Forward Sales
Class Of Stock [Line Items]
Issuance of common shares (in shares)					1,800,000

Stockholders' Equity and Part_4

Stockholders' Equity and Partners' Capital - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	May 30, 2019	Feb. 28, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Preferred stock, dividend per share (in USD per share)	$ 0.375	$ 0.375
Preferred stock, total amount	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588
Common stock, dividend per share (in USD per share)	$ 0.625	$ 0.625	$ 0.6250		$ 0.9000		$ 1.2500	$ 1.8000
Common stock, total amount	$ 56,318	$ 54,254	$ 56,318	$ 54,254	$ 77,143	$ 78,581

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	6 Months Ended
	Jun. 30, 2019USD ($)tenantclaimground_lease	Dec. 31, 2018USD ($)
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	$ 71,400,000
Total commitments relating to future acquisitions	38,700,000
Commitments to purchase capital assets within one year expected to be funded within one year	$ 50,700,000
Operating lease renewal option	two
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 1 month 6 days
Operating lease, weighted average discount rate	4.26%
Incentive to lessee	$ 1,700,000
Operating lease, right-of-use assets	$ 5,900,000

Commitments and Contingencies_2

Commitments and Contingencies - Rent Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Office and Equipment Base Rental Expense
Lessee, Lease, Description [Line Items]
Office and Equipment Base Rental Expense	$ 201	$ 194	$ 402	$ 388
Rental Expense	383	367	856	723
Office Variable Rental Expense
Lessee, Lease, Description [Line Items]
Office Variable Rental Expense	182	173	454	335
Total Ground Lease Rental Expense
Lessee, Lease, Description [Line Items]
Rental Expense	$ 62	$ 305	$ 178	$ 694

Commitments and Contingencies_3

Commitments and Contingencies - Minimum Rental Commitments Less Imputed Interest (Details) $ in Thousands	Jun. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Remainder of 2019	$ 1,169
2020	2,337
2021	2,336
2022	2,262
2023	2,255
Thereafter	7,285
Total	17,644
Less: imputed interest	(9,666)
Total operating lease liabilities	7,978
Ground Leases
Lessee, Lease, Description [Line Items]
Remainder of 2019	124
2020	247
2021	244
2022	163
2023	142
Thereafter	675
Total	1,595
Less: imputed interest	(263)
Total operating lease liabilities	1,332
Office and Equipment Leases
Lessee, Lease, Description [Line Items]
Remainder of 2019	1,045
2020	2,090
2021	2,092
2022	2,099
2023	2,113
Thereafter	6,610
Total	16,049
Less: imputed interest	(9,403)
Total operating lease liabilities	$ 6,646

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Schedule of Interest Rate Swap Agreements (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Interest rate swaps financial liabilities	$ 20,934,000	$ 7,159,000
Designated as Hedging Instrument | Interest Rate Swap At 2.8140% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 200,000,000
Fixed Interest Rate	2.814%
Designated as Hedging Instrument | Interest Rate Swap At 2.8174% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 100,000,000
Fixed Interest Rate	2.8174%
Designated as Hedging Instrument | Interest Rate Swap At 2.8180% Fixed Interest Rate
Derivative [Line Items]
Notional Amount	$ 100,000,000
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	$ 10,449,000	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	5,242,000	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	$ 5,243,000	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 25,176	$ 23,548	$ 51,787	$ 46,601
Amount reclassified as an increase to interest expense related to active hedges of existing floating-rate debt within the next 12 months			3,900
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gross Amount of Loss Recognized in AOCL on Derivatives	9,097		14,326
Interest Expense | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL to Interest	$ 343		$ 551

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps financial liabilities	$ 20,934	$ 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	20,934	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	20,934	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	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 7,926	$ 14,866
Long-lived assets held for sale	499	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	7,926	14,866
Long-lived assets held for sale	$ 499	$ 7,695

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Property	6 Months Ended
	Jun. 30, 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
Number of long-lived assets held and used accounted for at fair value	7	8
Number of long-lived assets held for sale accounted for fair value	1	1
Fair Value Estimated Using Ground Lease
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of long-lived assets held and used accounted for at fair value		3
Fair Value Estimated Using Comparable Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of held and used property accounted for at fair value	4
Fair Value Estimated Using Listing Price or Broker Opinion of Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of held and used property accounted for at fair value	3	5

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	Jun. 30, 2019ft²$ / ft²	Dec. 31, 2018ft²$ / ft²
Fair Value Estimated Using Comparable Properties | Measurement Input, Price Per Square Foot | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input		0
Fair Value Estimated Using Comparable Properties | 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	32.85
Fair Value Estimated Using Comparable Properties | 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	740.74
Fair Value Estimated Using Comparable Properties | 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	276.84	0
Fair Value Estimated Using Comparable Properties | Measurement Input, Square Footage | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input | ft²	103,784	0
Fair Value Estimated Using Listing Price or Broker Opinion of Value | 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	37.88	185.42
Fair Value Estimated Using Listing Price or Broker Opinion of Value | 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	137.25	638.72
Fair Value Estimated Using Listing Price or Broker Opinion of Value | 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	48.95	507.11
Fair Value Estimated Using Listing Price or Broker Opinion of Value | 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
Fair Value Estimated Using Listing Price or Broker Opinion of Value | 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
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Measurement Input, Square Footage | Retail
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets held-for-use, measurement input | ft²	52,866	27,302
Fair Value Estimated Using Listing Price or Broker Opinion of Value | 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	Jun. 30, 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	73.01	126.73
Measurement Input, Price Per Square Foot | Weighted Average
Long Lived Assets Held-for-sale [Line Items]
Long-lived assets held for sale, measurement input	73.01	126.73
Measurement Input, Square Footage
Long Lived Assets Held-for-sale [Line Items]
Long-lived assets held for sale, measurement input | ft²	6,840	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	Jun. 30, 2019	Dec. 31, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 38,220	$ 47,044
Investment in Master Trust 2014	33,490	33,535
Revolving credit facilities		146,300
Convertible Notes, net	333,427	729,814
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	38,760	48,740
Investment in Master Trust 2014	34,557	33,811
Revolving credit facilities		146,731
Convertible Notes, net	352,286	740,330
Term loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	814,336	419,560
Term loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	850,985	424,670
Senior Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	691,940	295,767
Senior Unsecured Notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	715,497	291,696
Mortgages and Notes Payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	286,312	463,196
Mortgages and Notes Payable | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, net	$ 305,845	$ 487,548

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 19.5		$ 19.5		$ 15.5
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3.9	$ 4.7	7.5	$ 9.1
Non-vested Shares of Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense			$ 6.6
Outstanding unvested shares	399		399
Unamortized stock-based compensation expense	$ 10.3		$ 10.3		8.1
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding unvested shares	500		500
Number of shares available for grant	97		97
Volatility rate			25.40%
Minimum required service period			3 years
Dividend rights accrued	$ 2.3		$ 2.3		1.7
Unamortized stock-based compensation expense	$ 9.2		$ 9.2		$ 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%
Performance Shares | Group of Industry Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate, minimum			15.30%
Volatility rate, maximum			30.80%
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)			173

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic and diluted income:
Income from continuing operations	$ 45,737	$ 24,817	$ 89,315	$ 62,895
Less: dividends paid to preferred stockholders	(2,588)	(2,588)	(5,176)	(5,176)
Less: income attributable to unvested restricted stock	(250)	(345)	(522)	(728)
Income used in basic and diluted income per share from continuing operations	42,899	21,884	83,617	56,991
Loss used in basic and diluted loss per share from discontinued operations	0	(7,653)	0	(15,013)
Net income attributable to common stockholders used in basic and diluted income per share	$ 42,899	$ 14,231	$ 83,617	$ 41,978
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	87,422,369	86,028,575	86,673,672	87,653,364
Less: Unvested weighted average shares of restricted stock	(420,382)	(401,251)	(419,974)	(361,647)
Weighted average shares of common stock outstanding used in basic income per share	87,001,987	85,627,324	86,253,698	87,291,718
Net income per share attributable to common stockholders - basic:
Continuing operations (in USD per share)	$ 0.49	$ 0.26	$ 0.97	$ 0.65
Discontinued operations (in USD per share)		(0.09)		(0.15)
Net income per share attributable to common stockholders - basic (in USD per share)	$ 0.49	$ 0.17	$ 0.97	$ 0.50
Dilutive weighted average shares of common stock outstanding:
Unsettled shares under open forward equity contracts	772,040	0	328,617	0
Weighted average shares of common stock outstanding used in diluted income per share	87,890,699	85,804,263	86,779,297	87,403,230
Net income per share attributable to common stockholders - diluted:
Continuing operations (in USD per share)	$ 0.49	$ 0.26	$ 0.96	$ 0.65
Discontinued operations (in USD per share)		(0.09)		(0.15)
Net income per share attributable to common stockholders - diluted (in USD per share)	$ 0.49	$ 0.17	$ 0.96	$ 0.50
Unvested shares of restricted stock, less shares assumed repurchased at market
Potentially dilutive shares of common stock
Potentially dilutive shares	160,606	84,847	191,215	67,796
Unvested market-based awards
Dilutive weighted average shares of common stock outstanding:
Dilutive weighted average shares of common stock outstanding	116,672	176,939	196,982	111,512

Income Per Share and Partners_4

Income Per Share and Partnership Unit - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Potentially dilutive shares, convertible debt	0	0	0	0

Related Party Transactions an_2

Related Party Transactions and Arrangements - Cost Sharing Arrangements (Details) - Spirit MTA REIT - Affiliated Entity - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from related parties	$ 100	$ 100
Due to related parties	$ 20	$ 1,800

Related Party Transactions an_3

Related Party Transactions and Arrangements - Asset Management Agreement (Details) - USD ($)	May 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party fee income		$ 7,249,000	$ 2,219,000	$ 14,176,000	$ 2,219,000
Affiliated Entity | Asset Management Agreement
Related Party Transaction [Line Items]
Annual management revenue in related party transaction	$ 20,000,000
Due from related parties		1,700,000		1,700,000		$ 1,700,000	$ 1,700,000
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		$ 5,000,000		$ 10,000,000

Related Party Transactions an_4

Related Party Transactions and Arrangements - Property Management and Servicing Agreement (Details) - USD ($) $ in Thousands	May 20, 2014	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party fee income		$ 7,249	$ 2,219	$ 14,176	$ 2,219
Affiliated Entity | Property Management
Related Party Transaction [Line Items]
Annual management fees rate	0.25%
Related party fee income		1,400		3,000
Affiliated Entity | Special Servicing Fees
Related Party Transaction [Line Items]
Annual management fees rate	0.75%
Related party fee income		400		800
Affiliated Entity | Property Management and Servicing Agreement
Related Party Transaction [Line Items]
Due from related parties		$ 500		$ 500		$ 500

Related Party Transactions an_5

Related Party Transactions and Arrangements - Related Party Loans Payable (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)Propertyloan	Jun. 30, 2019USD ($)Propertyloan	Dec. 31, 2018USD ($)
Affiliated Entity | Mortgage loans payable
Related Party Transaction [Line Items]
Interest expense on note payable	$ 67	$ 0.1
Related party notes payable | Affiliated Entity | Mortgage loans payable
Related Party Transaction [Line Items]
Number of mortgage loans with related party | loan	4	4
Number of properties with related party | Property	6	6
Outstanding principal of related parties notes payable	$ 26.4	$ 26.4	$ 27.9
Weighted Average
Related Party Transaction [Line Items]
Weighted average effective interest rate	4.75%	4.75%
Weighted average maturity		5 years 2 months 12 days
Weighted Average | Related party notes payable | Affiliated Entity | Mortgage loans payable
Related Party Transaction [Line Items]
Weighted average effective interest rate	1.00%	1.00%
Weighted average maturity		8 years 8 months 12 days

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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Percentage of economic interest	5.00%	5.00%
Notes receivable from related parties	$ 33.5	$ 33.5	$ 33.5
Interest income earned from related parties note	$ 0.4	$ 0.8
Weighted average stated interest rate of loans receivable		4.60%
Remaining term of loans receivable		3 years 4 months 24 days

Related Party Transactions an_7

Related Party Transactions and Arrangements - Investments in SMTA (Details) - USD ($)	May 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Preferred stock, shares issued		6,900,000		6,900,000		6,900,000
Dividend rate				6.00%
Preferred stock, liquidation preference (in USD per share)		$ 25		$ 25
Preferred dividend income from SMTA		$ 3,750,000	$ 1,250,000	$ 7,500,000	$ 1,250,000
Preferred equity investment in SMTA		150,000,000		150,000,000		$ 150,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Preferred dividend income from SMTA		3,800,000		7,500,000
Dividends receivable		$ 3,800,000		$ 3,800,000		$ 3,800,000
Spirit MTA REIT | Affiliated Entity
Related Party Transaction [Line Items]
Preferred stock, shares issued	6,000,000
Aggregate liquidation preference amount	$ 150,000,000
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

Related Party Transactions an_8

Related Party Transactions and Arrangements - Recent Developments (Details) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2019USD ($)Property	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Spirit MTA REIT | Scenario Forecast
Related Party Transaction [Line Items]
Number fee interest properties | Property	3
Gross proceeds from sale of properties	$ 55
Receive for repurchase of preferred equity investment	$ 150
Spirit MTA REIT | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ 0.1	$ 0.1
Asset Management Agreement | Scenario Forecast
Related Party Transaction [Line Items]
Related party initial agreement term	1 year
Related party renewal agreement term	1 year
Receive termination fee	$ 48
Receive termination fee net of estimated tax	35
Asset Management Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ 1.7	1.7
Asset Management Agreement | Spirit MTA REIT
Related Party Transaction [Line Items]
Transition services period		8 months
Asset Management Agreement | Spirit MTA REIT | Initial one-year term | Scenario Forecast
Related Party Transaction [Line Items]
Due from related parties	1
Asset Management Agreement | Spirit MTA REIT | Renewal one-year term | Scenario Forecast
Related Party Transaction [Line Items]
Due from related parties	$ 4
Mortgage loans payable | Affiliated Entity | Related party notes payable
Related Party Transaction [Line Items]
Outstanding principal of related parties notes payable		$ 26.4	27.9
Master Trust 2014 Series 2017-1 | Affiliated Entity
Related Party Transaction [Line Items]
Outstanding principal of related parties notes payable		$ 33.5	$ 33.5

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	May 31, 2018
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	$ 22.7
Cash outflows from continuing involvement subsequent to spin-off	$ 22.7

Discontinued Operations - State

Discontinued Operations - Statements of Operations Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Expenses:
Deal pursuit costs	$ 173	$ 70	$ 244	$ 117
Other gain (loss):
Loss from discontinued operations	$ 0	(7,653)	$ 0	(15,013)
Spirit MTA REIT | Spinoff
Revenues:
Rental income		40,149		100,672
Interest income on loans receivable		663		1,495
Other income		392		776
Total revenues		41,204		102,943
Expenses:
General and administrative		112		264
Transaction costs		16,033		19,965
Property costs (including reimbursable)		1,405		3,711
Deal pursuit costs		338		339
Interest		18,508		46,521
Depreciation and amortization		14,038		35,461
Impairments		(129)		10,943
Total expenses		50,305		117,204
Other gain (loss):
Loss on debt extinguishment		(108)		(363)
Gain (loss) on disposition of assets		1,582		(274)
Total other gain (loss)		1,474		(637)
Loss from discontinued operations before income tax expense		(7,627)		(14,898)
Income tax expense		(26)		(115)
Loss from discontinued operations		$ (7,653)		$ (15,013)

Discontinued Operations - Sta_2

Discontinued Operations - Statements of Cash Flows Disclosures (Details) - Spirit MTA REIT - Spinoff $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 36,589
Net cash used in investing activities	$ (31,452)