VEREIT (VER) 10-Q 8 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	7-May-14
Entity Information [Line Items]	'	'
Entity Registrant Name	'AMERICAN REALTY CAPITAL PROPERTIES, INC.	'
Entity Central Index Key	'0001507385	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	769,995,602

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
Real estate investments, at cost:	'	'
Land	$3,226,615,000	$1,378,865,000
Buildings, fixtures and improvements	11,841,722,000	5,291,031,000
Land and construction in progress	40,459,000	21,839,000
Acquired intangible lease assets	2,209,747,000	758,376,000
Total real estate investments, at cost	17,318,543,000	7,450,111,000
Less: accumulated depreciation and amortization	-422,355,000	-269,684,000
Total real estate investments, net	16,896,188,000	7,180,427,000
Investment in unconsolidated entities	105,775,000	0
Investment in direct financing leases, net	65,723,000	66,112,000
Investment securities, at fair value	213,803,000	62,067,000
Loans held for investment, net	98,185,000	26,279,000
Cash and cash equivalents	83,067,000	52,725,000
Restricted cash	55,559,000	35,921,000
Intangible assets, net	371,634,000	0
Deferred costs and other assets, net	294,694,000	279,109,000
Goodwill	2,287,122,000	102,419,000
Due from affiliates	8,550,000	0
Total assets	20,480,300,000	7,805,059,000
LIABILITIES AND EQUITY	'	'
Mortgage notes payable, net	4,234,668,000	1,301,114,000
Corporate bonds, net	2,545,884,000	0
Convertible debt, net	973,737,000	972,490,000
Credit facilities	2,415,800,000	1,969,800,000
Other debt, net	148,809,000	104,804,000
Below-market lease liabilities, net	287,199,000	77,789,000
Accounts payable and accrued expenses	143,860,000	808,900,000
Deferred rent, derivative and other liabilities	195,826,000	40,271,000
Distributions payable	4,414,000	10,278,000
Due to affiliates	217,000	0
Total liabilities	10,950,414,000	5,285,446,000
Common stock, $0.01 par value, 1,500,000,000 and 750,000,000 shares authorized and 769,931,938 and 239,234,725 issued and outstanding at March 31, 2014 and December 31, 2013, respectively	7,699,000	2,392,000
Additional paid-in capital	10,305,815,000	2,939,287,000
Accumulated other comprehensive income	13,397,000	7,666,000
Accumulated deficit	-1,365,467,000	-867,436,000
Total stockholders’ equity	8,961,871,000	2,082,331,000
Non-controlling interests	298,716,000	167,983,000
Total equity	9,260,587,000	2,250,314,000
Total liabilities and equity	20,480,300,000	7,805,059,000
Series D preferred stock, $0.01 par value, 21,735,008 shares (part of 100,000,000 aggregate preferred shares authorized) issued and outstanding at March 31, 2014 and December 31, 2013, respectively	'	'
LIABILITIES AND EQUITY	'	'
Preferred stock	269,299,000	269,299,000
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,654,919 and 42,199,547 shares issued and outstanding at March 31, 2014 and December 31, 2013	'	'
LIABILITIES AND EQUITY	'	'
Preferred stock	$427,000	$422,000

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, issued	202,344,455	202,344,455
Common stock, outstanding	202,344,455	202,344,455
Series D preferred stock, $0.01 par value, 21,735,008 shares (part of 100,000,000 aggregate preferred shares authorized) issued and outstanding at March 31, 2014 and December 31, 2013, respectively	'	'
Convertible preferred stock, par value	$0.01	$0.01
Convertible preferred stock, shares authorized	21,735,008	21,735,008
Convertible preferred stock, issued	21,735,008	21,735,008
Convertible preferred stock, outstanding	21,735,008	21,735,008
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,654,919 and 42,199,547 shares issued and outstanding at March 31, 2014 and December 31, 2013	'	'
Convertible preferred stock, par value	$0.01	$0.01
Convertible preferred stock, shares authorized	100,000,000	100,000,000
Convertible preferred stock, issued	828,472	828,472
Convertible preferred stock, outstanding	828,472	828,472

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Rental income	$244,445	$40,987
Direct financing lease income	1,006	0
Operating expense reimbursements	21,096	1,910
Cole Capital revenue	54,067	0
Total revenues	320,614	42,897
Operating expenses:	'	'
Cole Capital reallowed fees and commissions	34,436	0
Acquisition related	11,884	10,327
Merger and other transaction related	222,192	137,769
Property operating	29,627	2,549
General and administrative	26,839	1,454
Equity based compensation	22,510	881
Depreciation and amortization	165,363	26,753
Total operating expenses	512,851	179,733
Operating loss	-192,237	-136,836
Other (expense) income:	'	'
Interest expense, net	-116,712	-6,056
Other income, net	5,512	853
Loss on derivative instruments, net	-20,197	-5
Gain on disposition of properties, net	2,979	0
Gain on sale of investments	0	451
Total other expenses, net	-128,418	-4,757
Net loss from continuing operations	-320,655	-141,593
Discontinued operations:	'	'
Loss from operations of held for sale properties	0	-16
Gain on held for sale properties	0	14
Net loss from discontinued operations	0	-2
Net loss	-320,655	-141,595
Net loss attributable to non-controlling interests	11,974	432
Net loss attributable to common stockholders	-308,681	-141,163
Net loss attributable to common stockholders	-332,313	-141,163
Basic and diluted net loss per share attributable to common stockholders	($0.61)	($0.84)
Less: Dividends attributable to preferred shares	'	'
Discontinued operations:	'	'
Dividends	-22,427	0
Less: Dividends attributable to participating securities	'	'
Discontinued operations:	'	'
Dividends	($1,205)	$0

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net loss attributable to common stockholders	($332,313)	($141,163)
Other comprehensive income (loss):	'	'
Designated derivatives, fair value adjustments	2,636	-1,177
Unrealized gain on investment securities, net	3,095	428
Total other comprehensive income (loss)	5,731	-749
Total comprehensive loss	($326,582)	($141,912)

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)

Total

Convertible Preferred Stock

Convertible Preferred Stock

Common Stock

Common Stock

Additional Paid-In Capital

Additional Paid-In Capital

Accumulated Other Comprehensive Loss

Accumulated Deficit

Accumulated Deficit

Accumulated Deficit

Total Stock-holders' Equity

Total Stock-holders' Equity

Total Stock-holders' Equity

Total Stock-holders' Equity

Noncontrolling Interest

Noncontrolling Interest

Stockholders' Equity, Total

Stockholders' Equity, Total

Stockholders' Equity, Total

Stockholders' Equity, Total

In Thousands, except Share data, unless otherwise specified

OP Units [Member]

OP Units [Member]

OP Units [Member]

Convertible Preferred Stock

Convertible Preferred Stock, Series D [Member]

Convertible Preferred Stock

Convertible Preferred Stock, Series D [Member]

OP Units [Member]

OP Units [Member]

Convertible Preferred Stock

Convertible Preferred Stock, Series D [Member]

OP Units [Member]

Value, outstanding, beginning balance at Dec. 31, 2013

$2,250,314

$422

'

$2,392

'

$2,939,287

'

$7,666

($867,436)

'

'

$2,082,331

'

'

'

$167,983

'

$2,250,314

'

'

'

Shares, outstanding, beginning balance at Dec. 31, 2013

'

42,199,547

'

239,234,725

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

524,305,318

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock

'

'

'

5,243

'

7,324,217

'

'

'

'

'

7,329,460

'

'

'

'

'

7,329,460

'

'

'

Offering costs

'

'

'

'

'

-1,715

'

'

'

'

'

-1,715

'

'

'

'

'

-1,715

'

'

'

Conversion of OP Units to common stock, shares

'

'

'

'

951,708

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of Common OP Units to common stock

'

'

'

'

10

'

13,444

'

'

'

'

'

'

'

13,454

'

-13,454

'

'

'

0

Conversion of OP Units to Series F Preferred Stock, Shares

'

'

455,372

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of Preferred OP Units to Series F Preferred Stock

'

'

5

'

'

'

9,404

'

'

'

'

'

'

'

9,409

'

-9,409

'

'

'

0

Issuance of RSUs, net, shares

'

'

'

5,440,187

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of RSUs, net

'

'

'

54

'

-1,332

'

'

'

'

'

-1,278

'

'

'

0

'

-1,278

'

'

'

Amortization of restricted shares and LTIPs

'

'

'

'

'

22,510

'

'

'

'

'

22,510

'

'

'

'

'

22,510

'

'

'

Distributions declared on common stock

'

'

'

'

'

'

'

'

-165,718

'

'

-165,718

'

'

'

'

'

-165,718

'

'

'

Issuance of OP Units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

153,884

'

153,884

'

'

'

Distributions to non-controlling interest holders

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-9,589

'

-9,589

'

'

'

Less: dividends declared on preferred shares and participating securities

-23,632

'

'

'

'

'

'

'

'

-22,427

-1,205

'

-22,427

-1,205

'

'

'

'

-22,427

-1,205

'

Contributions from non-controlling interest holders

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

279

'

279

'

'

'

Non-controlling interests retained in Cole Merger

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,996

'

20,996

'

'

'

Net loss

-320,655

'

'

'

'

'

'

'

-308,681

'

'

-308,681

'

'

'

-11,974

'

-320,655

'

'

'

Other comprehensive income

'

'

'

'

'

'

'

5,731

'

'

'

5,731

'

'

'

'

'

5,731

'

'

'

Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax

3,095

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value, outstanding, ending balance at Mar. 31, 2014

$9,260,587

$427

'

$7,699

'

$10,305,815

'

$13,397

($1,365,467)

'

'

$8,961,871

'

'

'

$298,716

'

$9,260,587

'

'

'

Shares, outstanding, ending balance at Mar. 31, 2014

'

42,654,919

'

769,931,938

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

CONSOLIDATED_STATEMENT_OF_CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net loss	($320,655)	($141,595)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Issuance of OP Units	153,884	108,247
Depreciation	111,015	21,474
Amortization of intangible lease assets	40,159	5,279
Amortization of deferred costs	38,064	1,222
Amortization of above- and below-market leases, net	358	68
Amortization of intangible assets	13,992	0
Amortization of discounts and premiums	-18,411	0
Gain on disposition of properties	-2,979	-14
Equity based compensation	22,510	3,260
Equity in income of unconsolidated entities	-251	0
Loss on derivative instruments	8,048	5
Gain on sale of investments, net	0	-451
Loss on extinguishment of debt	15,681	0
Changes in assets and liabilities:	'	'
Investment in direct financing leases	-3,104	0
Deferred costs and other assets, net	3,348	-4,710
Due from affiliates	-8,349	0
Accounts payable and accrued expenses	-148,052	-1,960
Deferred rent, derivative and other liabilities	-12,365	1,024
Due to affiliates	981	0
Net cash used in operating activities	-106,126	-8,151
Cash flows from investing activities:	'	'
Investments in real estate and other assets	-672,856	-412,628
Acquisition of a real estate business, net of cash acquired	-681,510	0
Capital expenditures	-4,796	0
Principal repayments received from borrowers	3,062	0
Investments in unconsolidated entities	-2,500	0
Return of investment from unconsolidated entities	941	0
Proceeds from disposition of properties	60,036	0
Investment in intangible assets	-258	0
Deposits for real estate investments	-55,029	-7,769
Uses and refunds of deposits for real estate investments	137,688	0
Purchases of investment securities	0	-63,269
Line of credit advances to affiliates	-36,000	0
Line of credit repayments from affiliates	39,100	0
Proceeds from sale of investment securities	0	44,198
Net cash used in investing activities	-1,212,122	-439,468
Cash flows from financing activities:	'	'
Proceeds from mortgage notes payable	669,336	0
Payments on mortgage notes payable	-739,087	0
Payments on other debt	-4,938	0
Proceeds from credit facilities	2,131,000	675,000
Payments on credit facilities	-2,994,000	-159,604
Proceeds from corporate bonds	2,545,760	0
Payments of deferred financing costs	-43,037	-24,587
Common stock repurchases	0	-350,522
Proceeds from issuances of common stock	0	1,317,389
Payments of offering costs and fees related to stock issuances	-1,715	-138,578
Consideration to Former Manager for internalization	0	-3,035
Contributions from non-controlling interest holders	279	750
Distributions to non-controlling interest holders	-9,589	-921
Distributions paid	-201,485	-40,636
Payments to affiliates, net	0	-526
Change in restricted cash	-3,934	-179
Net cash provided by financing activities	1,348,590	1,274,551
Net change in cash and cash equivalents	30,342	826,932
Cash and cash equivalents, beginning of period	52,725	292,575
Cash and cash equivalents, end of period	83,067	1,119,507
Supplemental Disclosures:	'	'
Cash paid for interest	52,518	1,363
Cash paid for income taxes	0	222
Non-cash investing and financing activities:	'	'
Common stock issued through distribution reinvestment plan	$0	$7,498

Organization

Organization	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization	'
	Organization
	American Realty Capital Properties, Inc. (the “Company” or “ARCP”) is a self-managed Maryland corporation incorporated on December 2, 2010 that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning in the taxable year ended December 31, 2011. On September 6, 2011, the Company completed its initial public offering (the “IPO”). The Company’s common stock trades on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “ARCP”.
	The Company operates through two business segments, Real Estate Investment (“REI”) and its private capital management business, Cole Capital (“Cole Capital”), as further discussed in Note 5 — Segment Reporting. Substantially all of the Company’s REI segment is conducted through ARC Properties Operating Partnership, L.P., a Delaware limited partnership (the “OP”). The Company is the sole general partner and holder of 96.9% of the equity interests in the OP as of March 31, 2014. As of March 31, 2014, certain affiliates of the Company and certain unaffiliated investors are limited partners and owners of 2.5% and 0.6%, respectively, of the equity interests in the OP. Under the limited partnership agreement of the OP, after holding units of limited partner interests in the OP (“OP Units”) for a period of one year, unless otherwise consented to by the Company, holders of OP Units have the right to redeem the OP Units for the cash value of a corresponding number of shares of the Company’s common stock or, at the option of the OP, a corresponding number of shares of the Company’s common stock. The remaining rights of the holders of OP Units are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. Substantially all of the Cole Capital segment is conducted through Cole Capital Advisors, Inc. (“CCA”), an Arizona corporation. CCA is treated as a taxable REIT subsidiary (“TRS”) under Section 856 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).
	Prior to January 8, 2014, ARC Properties Advisors, LLC (the Company’s “Former Manager”), a wholly owned subsidiary of AR Capital, LLC (“ARC”), managed the Company’s affairs on a day-to-day basis, with the exception of certain acquisition, accounting and portfolio management services performed by employees of the Company. In August 2013, the Company’s board of directors determined that it was in the best interests of the Company and its stockholders to become self-managed, and the Company completed its transition to self-management on January 8, 2014. In connection with becoming self-managed, the Company terminated the management agreement with its Former Manager at no internalization cost to the Company, entered into employment and incentive compensation arrangements with its executives and acquired from its Former Manager certain assets necessary for its operations. See Note 19 — Related Party Transactions and Arrangements for further discussion.
	The Company has advanced its investment objectives by not only growing its net lease portfolio through organic acquisitions but also through strategic mergers and acquisitions. See Note 2 — Mergers and Acquisitions for further discussion.
	On March 13, 2014, the Company announced a plan to spin off substantially all of its multi-tenant shopping center properties into a newly formed publicly traded entity expected to qualify as a REIT, American Realty Capital Centers, Inc., that will operate under the name “ARCenters” and that is expected to trade on The NASDAQ Global Market under the symbol “ARCM”. The OP is expected to retain a 25% ownership stake of ARCM’s outstanding shares of common stock. The spin-off will be effected through a pro rata taxable special distribution of one share of ARCenters common stock for every 10 shares of the Company’s common stock and every 10 OP Units. The initial Form 10 registration statement relating to the spin-off was filed with the U.S. Securities and Exchange Commission (“SEC”) on April 5, 2014 and the distribution is expected to be completed in the second quarter of 2014. The Company’s board of directors has unanimously approved a plan to pursue the spin-off. The transaction is subject to certain conditions, including declaration by the SEC that ARCenters’ registration statement is effective, filing and approval of ARCenters’ listing application with The NASDAQ Global Market, customary third-party consents, and formal approval and declaration of the specified distribution by the Company’s board of directors. The Company may, at any time and for any reason until the proposed transaction is complete, abandon the spin-off or modify or change its terms.

Mergers_and_Acquisitions

Mergers and Acquisitions	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Mergers and Acquisitions	'
	Mergers and Acquisitions
	Completed Mergers and Significant Acquisitions
	American Realty Capital Trust III, Inc. Merger
	On December 14, 2012, the Company entered into an Agreement and Plan of Merger (the “ARCT III Merger Agreement”) with American Realty Capital Trust III, Inc. (“ARCT III”) and certain subsidiaries of each company. The ARCT III Merger Agreement provided for the merger of ARCT III with and into a subsidiary of the Company (the “ARCT III Merger”). The ARCT III Merger was consummated on February 28, 2013.
	Pursuant to the terms and subject to the conditions set forth in the ARCT III Merger Agreement, each outstanding share of common stock of ARCT III, including restricted shares which became vested, was converted into the right to receive (i) 0.95 of a share of the Company’s common stock (the “ARCT III Exchange Ratio”) or (ii) $12.00 in cash. In addition, each outstanding unit of equity ownership of ARCT III’s operating partnership (“ARCT III OP”) was converted into the right to receive 0.95 of the same class of unit of equity ownership in the OP.
	Upon the closing of the ARCT III Merger on February 28, 2013, the Company paid an aggregate of $350 million in cash for 29.2 million shares that elected cash consideration, or 16.5% of the then outstanding shares of ARCT III’s common stock (which is equivalent to 27.7 million shares of the Company’s common stock based on the ARCT III Exchange Ratio). In addition, 140.7 million shares of the Company’s common stock were issued in exchange for 148.1 million shares of ARCT III’s common stock adjusted for the ARCT III Exchange Ratio.
	Upon the consummation of the ARCT III Merger, American Realty Capital Trust III Special Limited Partner, LLC (the “ARCT III Special Limited Partner”), the holder of the special limited partner interest in the ARCT III OP, was entitled to subordinated distributions of net sales proceeds from the ARCT III OP which resulted in the issuance of units of limited partner interests in the ARCT III OP, when after applying the ARCT III Exchange Ratio, resulting in the issuance of an additional 7.3 million OP Units to affiliates of the Company’s Former Manager. The parties had agreed that such OP Units would be subject to a minimum one-year holding period from the date of issuance before being exchangeable into the Company’s common stock.
	Also in connection with the ARCT III Merger, the Company entered into an agreement with ARC and its affiliates to internalize certain functions performed by them prior to the ARCT III Merger, reduce certain fees paid to affiliates, purchase certain corporate assets and pay certain merger related fees. See Note 19 — Related Party Transactions and Arrangements.
	Accounting Treatment for the ARCT III Merger
	The Company and ARCT III, from inception to the ARCT III Merger date, were considered to be entities under common control. Both entities’ advisors were wholly owned subsidiaries of ARC. ARC and its related parties had significant ownership interests in the Company and ARCT III through the ownership of shares of common stock and other equity interests. In addition, the advisors of both entities were contractually eligible to receive potential fees for their services to both of the companies including asset management fees, incentive fees and other fees and continued to receive fees from the Company prior to the Company’s transition to self-management. Due to the significance of these fees, the advisors and ultimately ARC were determined to have a significant economic interest in both companies in addition to having the power to direct the significant activities of the companies through advisory/management agreements, which qualified them as affiliated companies under common control in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The acquisition of an entity under common control is accounted for on the carryover basis of accounting, whereby the assets and liabilities of the companies are recorded upon the merger on the same basis as they were carried by the companies on the ARCT III Merger date. In addition, U.S. GAAP requires the Company to present historical financial information as if the merger had occurred as of the beginning of the earliest period presented. Therefore, the accompanying consolidated financial statements including the notes thereto are presented as if the ARCT III Merger had occurred on January 1, 2013.
	CapLease, Inc. Merger
	On May 28, 2013, the Company entered into an Agreement and Plan of Merger (the “CapLease Merger Agreement”) with CapLease, Inc., a Maryland corporation (“CapLease”), and certain subsidiaries of each company. The CapLease Merger Agreement provided for the merger of CapLease with and into a subsidiary of the Company (the “CapLease Merger”).
	On November 5, 2013, the Company completed the CapLease Merger. Pursuant to the terms of the CapLease Merger Agreement, each outstanding share of common stock of CapLease, other than shares owned by the Company, CapLease or any of their respective wholly owned subsidiaries, was converted into the right to receive $8.50. Each outstanding share of preferred stock of CapLease, other than shares owned by the Company, CapLease or any of their respective wholly owned subsidiaries, was converted into the right to receive an amount in cash equal to the sum of $25.00 plus all accrued and unpaid dividends on such shares of preferred stock. In addition, in connection with the merger of CapLease, LP with and into the OP, each outstanding unit of equity ownership of CapLease’s operating partnership, other than units owned by CapLease or any wholly owned subsidiary of CapLease, was converted into the right to receive $8.50. Vesting of CapLease’s outstanding restricted stock was accelerated and restricted stock and any outstanding performance shares were fully earned and received $8.50 per share. In total, cash consideration of $920.7 million was paid to CapLease’s common and preferred shareholders.
	Accounting Treatment for the CapLease Merger
	The CapLease Merger has been accounted for under the acquisition method of accounting under U.S. GAAP. Under the acquisition method of accounting, the assets acquired and liabilities assumed from CapLease have been recorded as of the acquisition date at their respective fair values. Any excess of purchase price over the fair values is recorded as goodwill. Results of operations for CapLease are included in the Company’s consolidated financial statements from the date of acquisition.
	American Realty Capital Trust IV, Inc. Merger
	On July 1, 2013, the Company entered into an Agreement and Plan of Merger, as amended on October 6, 2013 and October 11, 2013, (the “ARCT IV Merger Agreement”) with American Realty Capital Trust IV, Inc., a Maryland corporation (“ARCT IV”), and certain subsidiaries of each company. The ARCT IV Merger Agreement provided for the merger of ARCT IV with and into a subsidiary of the OP (the “ARCT IV Merger”). The Company consummated the ARCT IV Merger on January 3, 2014.
	Pursuant to the terms of the ARCT IV Merger Agreement, as amended, each outstanding share of common stock of ARCT IV, including unvested restricted shares that vested in conjunction with the ARCT IV Merger, was exchanged for (i) $9.00 in cash, (ii) 0.5190 of a share of the Company’s common stock (the “ARCT IV Exchange Ratio”) and (iii) 0.5937 of a share of a new series of preferred stock of the Company designated as the 6.70% Series F Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and each outstanding unit of ARCT IV’s operating partnership (“ARCT IV OP Unit”), other than ARCT IV OP Units held by the American Realty Capital Trust IV Special Limited Partner, LLC, (the “ARCT IV Special Limited Partner”) and American Realty Capital Advisors IV, LLC (the “ARCT IV Advisor") was exchanged for (i) $9.00 in cash, (ii) 0.5190 of an OP Unit and (iii) 0.5937 of a OP Unit designated as Series F Preferred Units (“Series F OP Units”). In total, the Company paid $650.9 million in cash, issued 36.9 million shares of common stock and 42.2 million shares of Series F Preferred Stock, and issued 0.7 million units of Series F OP units and 0.6 million OP Units to the former ARCT IV shareholders and ARCT IV OP Unit holders in connection with the consummation of the ARCT IV Merger. In addition, each outstanding ARCT IV Class B Unit (as defined below) and each outstanding ARCT IV OP Unit held by the ARCT IV Special Limited Partner and the ARCT IV Advisor was converted into 2.3961 OP Units, resulting in the Company issuing 1.2 million OP Units.
	On January 3, 2014, the OP entered into a Contribution and Exchange Agreement (the “ARCT IV Contribution and Exchange Agreement”) with the ARCT IV OP, ARCT IV Special Limited Partner and ARC Real Estate Partner, LLC, an entity under common ownership with the Former Manager. The ARCT IV Special Limited Partner was entitled to receive certain distributions from the ARCT IV OP, including the subordinated distribution of net sales proceeds resulting from an “investment liquidity event” (as defined in the agreement of limited partnership of the ARCT IV OP). The ARCT IV Merger constituted an “investment liquidity event,” as a result of which the ARCT IV Special Limited Partner, in connection with management’s successful attainment of the 6.0% performance hurdle and the return to ARCT IV’s stockholders of approximately $358.3 million in addition to their initial investment, was entitled to receive a subordinated distribution of net sales proceeds from the ARCT IV OP equal to approximately $63.2 million. Pursuant to the ARCT IV Contribution and Exchange Agreement, the ARCT IV Special Limited Partner contributed its interest in the ARCT IV OP, inclusive of the subordinated distribution proceeds received, to the ARCT IV OP in exchange for 2.8 million equity units of the ARCT IV OP, based on agreed upon price per share of $22.50. The fair value of these units at date of issuance was $78.2 million and has been included in merger and other transaction costs in the accompanying consolidated statement of operations for the three months ended March 31, 2014. Upon consummation of the ARCT IV Merger, these equity units were immediately converted to 6.7 million OP Units after application of the exchange ratio of 2.3961 per share. In conjunction with the ARCT IV Merger Agreement, the ARCT IV Special Limited Partner agreed to a minimum two-year holding period for these OP units before converting them to shares of Company common stock.
	In addition, as part of the ARCT IV Contribution and Exchange Agreement, ARC Real Estate Partners, LLC, contributed $750,000 in cash to the ARCT IV OP, effective prior to the consummation of the ARCT IV Merger, in exchange for ARCT IV OP Units. Upon the consummation of the ARCT IV Merger, these equity units converted at an exchange ratio of 2.3961 OP Units per ARCT IV OP Unit, resulting in the Company issuing 0.1 million OP Units.
	Accounting Treatment for the ARCT IV Merger
	The Company and ARCT IV, from inception to the ARCT IV Merger date, were considered to be entities under common control. Both entities’ advisors were wholly owned subsidiaries of ARC. ARC and its related parties had ownership interests in the Company and ARCT IV through the ownership of shares of common stock and other equity interests. In addition, the advisors of both entities were contractually eligible to receive potential fees for their services to both of the companies including asset management fees, incentive fees and other fees and had continued to receive fees from the Company prior to the Company’s transition to self-management. Due to the significance of these fees, the advisors and ultimately ARC were determined to have a significant economic interest in both companies in addition to having the power to direct the activities of the companies through advisory/management agreements, which qualified them as affiliated companies under common control in accordance with U.S. GAAP. The acquisition of an entity under common control is accounted for on the carryover basis of accounting, whereby the assets and liabilities of the companies are recorded upon the merger on the same basis as they were carried by the companies on the ARCT IV Merger date. In addition, U.S. GAAP requires the Company to present historical financial information as if the entities were combined for each period presented. Therefore, the accompanying consolidated financial statements including the notes thereto are presented as if the ARCT IV Merger, including the impact of the equity transactions entered to consummate the merger, had occurred on January 1, 2013.
	Fortress Portfolio Acquisition
	On July 24, 2013, ARC and another related entity, on behalf of the Company and certain other entities sponsored directly or indirectly by ARC, entered into a purchase and sale agreement with affiliates of funds managed by Fortress Investment Group LLC (“Fortress”) for the purchase of 196 properties owned by Fortress, for an aggregate contract purchase price of $972.5 million, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs, which were allocated to the Company based on the pro rata fair value of the properties acquired by the Company relative to the fair value of all 196 properties to be acquired from Fortress. Of the 196 properties, 120 properties were allocated to and assigned by the Company (the “Fortress Portfolio”). On October 1, 2013, the Company closed on 41 of the 120 properties with a total purchase price of $200.3 million, exclusive of closing costs. During the three months ended March 31, 2014, the Company closed the acquisition of the remaining 79 properties in the Fortress Portfolio for an aggregate contract purchase price of $400.9 million, exclusive of closing costs. The total purchase price of the Fortress Portfolio was $601.2 million, exclusive of closing costs.
	Cole Real Estate Investments, Inc. Merger
	On October 22, 2013, the Company entered into an agreement and plan of merger (the “Cole Merger Agreement”) with Cole Real Estate Investments, Inc. (“Cole”), a Maryland corporation, and a wholly owned subsidiary of the Company. The Cole Merger Agreement provided for the merger of Cole with and into a wholly owned subsidiary of the Company (the “Cole Merger”). The Company consummated the Cole Merger on February 7, 2014 (the “Cole Acquisition Date”).
	Pursuant to the terms of the Cole Merger Agreement, each share of common stock of Cole issued and outstanding immediately prior to the effectiveness of the Cole Merger, including unvested restricted stock units (“RSUs”) and performance stock units that vested in conjunction with the Cole Merger, other than shares owned by the Company, any subsidiary of the Company or any wholly owned subsidiary of Cole, was converted into the right to receive either (i) 1.0929 shares of common stock, par value $0.01 per share, of the Company (the “Stock Consideration”) or (ii) $13.82 in cash (the “Cash Consideration” and together with the Stock Consideration, the “Merger Consideration”). Approximately 98% of all outstanding Cole holders received Stock Consideration and approximately 2% of outstanding Cole shares elected to receive Cash Consideration, pursuant to the terms of the Cole Merger Agreement, resulting in the Company issuing approximately 520.8 million shares of Company common stock and paying $181.8 million to holders of Cole shares based on their elections.
	In addition, the Company issued approximately 2.8 million shares of Company common stock, in the aggregate, to certain executives of Cole pursuant to letter agreements entered into between the Company and such individuals concurrently with the execution of the Cole Merger Agreement, as previously disclosed by the Company. Additionally, effective as of the Cole Acquisition Date, the Company issued, but has not yet allocated, 0.4 million shares with dividend equivalent rights commensurate with the Company’s common stock.
	Accounting Treatment for the Cole Merger
	The Cole Merger has been accounted for under the acquisition method of accounting under U.S. GAAP. Under the acquisition method of accounting, the assets acquired and liabilities assumed from Cole have been recorded as of the acquisition date at their respective fair values. Any excess of purchase price over the fair values is recorded as goodwill. Results of operations for Cole are included in the Company’s consolidated financial statements subsequent to the Cole Acquisition Date.
	Inland Portfolio Acquisition
	On August 8, 2013, ARC and another related entity, on behalf of the Company and certain other entities sponsored directly or indirectly by ARC, entered into a purchase and sale agreement with Inland American Real Estate Trust, Inc. (“Inland”) for the purchase of the equity interests of 67 companies owned by Inland for an aggregate contract purchase price of approximately $2.3 billion, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs. Of the 67 companies, the equity interests of 10 companies (the “Inland Portfolio”) were allocated to the Company for a purchase price of approximately $501.0 million, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs, which was allocated to the Company based on the pro rata fair value of the Inland Portfolio relative to the fair value of all 67 companies to be acquired from Inland by the Company and the other entities sponsored directly or indirectly by ARC. The Inland Portfolio is comprised of 33 properties. As of March 31, 2014, the Company had closed on 32 of the 33 properties for a total purchase price of $288.2 million, exclusive of closing costs. The Company does not consider it probable to close on the remaining one property

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	The consolidated financial statements of the Company included herein were prepared in conformity with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results for the entire year or any subsequent interim period.
	These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2013 of the Company, which are included on Form 10-K filed with the SEC on February 27, 2014. There have been no significant changes to these policies during the three months ended March 31, 2014, other than the updates described below.
	Reclassification
	Certain reclassifications have been made to the previously issued historical financial statements of the Company to conform to this presentation.
	Investment in Unconsolidated Entities
	Investment in Unconsolidated Joint Ventures
	Investment in unconsolidated joint ventures as of March 31, 2014 consisted of the Company’s interest in six joint ventures that owned six properties (the “Unconsolidated Joint Ventures”). As of March 31, 2014, the Company owned aggregate equity investments of $100.7 million in the Unconsolidated Joint Ventures. The Company accounts for the Unconsolidated Joint Ventures using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of these investments. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the joint ventures’ earnings and distributions.
	Investment in Managed REITs
	As of March 31, 2014, the Company owned aggregate equity investments of $5.1 million in the following publicly registered, non-traded REITs: Cole Credit Property Trust, Inc. (“CCPT”); Cole Credit Property Trust IV, Inc. (“CCPT IV”); Cole Corporate Income Trust, Inc. (“CCIT”); Cole Real Estate Income Strategy (Daily NAV), Inc. (“INAV”); Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) and Cole Credit Property Trust V, Inc. (“CCPT V,” and collectively with CCPT, CCPT IV, CCIT INAV and CCIT II the “Managed REITs”). The Company accounts for these investments using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over the Managed REITs’ operating and financial policies through its advisory and property management agreements with the respective Managed REITs. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the respective Managed REIT’s earnings and distributions.
	Leasehold Improvements and Property and Equipment
	The Company leases its office facilities under operating leases. Leasehold improvements related to these are recorded at cost less accumulated amortization. Leasehold improvements are amortized over the lesser of the estimated useful life or remaining lease term.
	Property and equipment, which primarily include office furniture, fixtures and equipment and computer hardware and software, are stated at cost less accumulated depreciation. Property and equipment are depreciated on a straight-line method over the estimated useful lives of the assets, which range from five to seven years. The Company reassesses the useful lives of its property and equipment and adjusts the future monthly depreciation expense based on the new useful life, as applicable. If the Company disposes of an asset, the asset and related accumulated depreciation are written off upon disposal.
	Impairments
	Investment in Unconsolidated Entities
	The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of any of its investment in the unconsolidated entities. If an event or change in circumstance has occurred, the Company is required to evaluate its investment in the unconsolidated entity for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an unconsolidated entity for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions.  The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified, and no impairment losses were recorded related to the Company’s unconsolidated entities for the period from the Cole Acquisition Date to March 31, 2014.
	Leasehold Improvements and Property and Equipment
	Leasehold improvements and property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If this review indicates that the carrying amount of the asset is not recoverable, the Company records an impairment loss, measured at fair value by estimated discounted cash flows or market appraisals. No impairments of leasehold improvements or property or equipment were identified during the three months ended March 31, 2014.
	Program Development Costs
	The Company pays for organization, registration and offering expenses associated with the sale of common stock of the Managed REITs.  The reimbursement of these expenses by the Managed REITs is limited to a certain percentage of the proceeds raised from their offerings, in accordance with their respective advisory agreement and charter. Such expenses paid by the Company on behalf of the Managed REITs in excess of these limits that are expected to be collected are recorded as program development costs. The Company assesses the collectability of the program development costs, considering the offering period and historical and forecasted sales of shares under the Managed REITs’ respective offering and reserves for any balances considered not collectible. No reserves were recorded as of March 31, 2014, as the Company expects to be reimbursed for all of the program development costs by the Managed REITs as additional proceeds from their respective offerings are raised. Program development costs are included in deferred costs and other assets, net in the accompanying consolidated balance sheets.
	Due from Affiliates
	The Company receives or may be entitled to receive compensation and reimbursement for services primarily relating to the Managed REITs’ offerings and the investment, management, financing and disposition of their respective assets. Refer to Note 19 — Related Party Transaction and Arrangements for further explanation.
	Reportable Segments
	The Company has concluded that it has two reportable segments as it has organized its operations into two segments for management and internal financial reporting purposes, Real Estate Investment and Cole Capital. The identification and aggregation of reportable segments requires the Company’s management to exercise certain judgments. Refer to Note 5 — Segment Reporting for further information.
	Revenue Recognition - Cole Capital
	Revenue consists of securities sales commissions and dealer manager fees, real estate acquisition fees, property management fees, advisory fees, asset management fees and performance fees for services relating to the Managed REITs’ offerings and the investment and management of their respective assets, in accordance with the respective advisory and dealer manager agreements. The Company records revenue related to acquisition fees, securities sales commissions and dealer manager fees upon completion of a transaction and advisory, asset and property management fees as services are performed. The Company is also reimbursed for certain costs incurred in providing these services. Securities sales commission and dealer manager reimbursements are recorded as revenue as the expenses are incurred. Other reimbursements are recorded as revenue when reimbursements are reasonably assured.
	Income Taxes
	The Company currently qualifies and has elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code. As a REIT, except as discussed below, the Company generally is not subject to federal income tax on taxable income that it distributes to its stockholders so long as it distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
	The Company conducts substantially all of its Cole Capital business operations through a taxable REIT subsidiary (“TRS”). A TRS is a subsidiary of a REIT that is subject to corporate federal, state and local income taxes, as applicable. The Company’s use of a TRS enables it to engage in certain business activities while complying with the REIT qualification requirements and to retain any income generated by these businesses for reinvestment without the requirement to distribute those earnings. The Company conducts all of its business in the United States, and as a result, the Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. Certain of the Company’s inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation.
	The Company provides for income taxes in accordance with current authoritative accounting and tax guidance. The tax expense or benefit related to significant, unusual or extraordinary items is recognized in the quarter in which those items occur. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the quarter in which the change occurs. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or the tax environment changes.
	Repurchase Agreements
	In certain circumstances the Company may obtain financing through a repurchase agreement. The Company evaluates the initial transfer of a financial instrument and the related repurchase agreement for sale accounting treatment. In instances where the Company maintains effective control over the transferred securities, the Company accounts for the transaction as a secured borrowing, and accordingly, both the securities and related repurchase agreement payable are recorded separately in the accompanying consolidated balance sheets in investment securities, at fair value and other debt, net, respectively. In instances where the Company does not maintain effective control over the transferred securities, the Company accounts for the transaction as a sale of securities for proceeds consisting of cash and a forward purchase contract.
	Recent Accounting Pronouncements
	In April 2014, the U.S. Financial Accounting Standards Board issued Accounting Standards Update, 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which amends the reporting requirements for discontinued operations by updating the definition of a discontinued operation to be a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, resulting in fewer disposals that qualify for discontinued operations reporting yet the pronouncement also requires expanded disclosures for discontinued operations. The Company adopted ASU 2014-08 effective January 1, 2014. Starting with the first quarter of 2014, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 will be presented within income from continuing operations on the accompanying consolidated statements of income.

Acquisition_of_CapLease_and_Co

Acquisition of CapLease and Cole	3 Months Ended
	Mar. 31, 2013
Business Combinations [Abstract]	'
Acquisition of CapLease and Cole	'
	CapLease Acquisition
	On November 5, 2013 (the “CapLease Acquisition Date”), the Company completed the CapLease Merger, an acquisition of a real estate investment trust that primarily owned and managed a diversified portfolio of single tenant commercial real estate properties subject to long-term leases, the majority of which were net leases, to high credit quality tenants, by acquiring 100% of the outstanding common stock and voting interests of CapLease. The acquisition was accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The Company’s consolidated financial statements include the results of operations of CapLease subsequent to the CapLease Acquisition Date.
	The purchase price includes a cash payment of $920.7 million, which was funded by the Company through additional borrowings under its revolving credit facility and the credit facility assumed from CapLease. See Note 12 — Other Debt and Note 13 — Credit Facilities.
	The purchase price allocation for the CapLease Merger is considered preliminary, and additional adjustments may be recorded during the measurement period in accordance with U.S. GAAP. The purchase price allocation will be finalized as the Company receives additional information relevant to the acquisition, including a final valuation of the assets purchased and liabilities assumed.
	The preliminary purchase price for the acquisition was allocated to assets acquired and liabilities assumed based on their estimated fair value. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the CapLease Acquisition Date initially recorded, as well as measurement period adjustments made and the revised estimated fair values of the assets acquired and liabilities assumed at the CapLease Acquisition Date (in thousands):
				Preliminary
				Amounts Previously Recognized as of the CapLease Acquisition Date (1)				Measurement Period Adjustments				Adjusted Amounts Recognized as of the CapLease Acquisition Date
	Fair value of consideration given			$	920,697			$	—			$	920,697
	Assets purchased, at fair value:
	Land			235,843				(2,778		)		233,065
	Buildings, fixtures and improvements			1,596,481				(8,147		)		1,588,334
	Land and construction in process			12,352				—				12,352
	Acquired intangible lease assets			191,964				(1,102		)		190,862
	Total real estate investments			2,036,640				(12,027		)		2,024,613
	Cash and cash equivalents			41,799				—				41,799
	Investment securities			60,730				—				60,730
	Loans held for investment			26,457				—				26,457
	Restricted cash			29,159				—				29,159
	Deferred costs and other assets, net			21,564				—				21,564
	Deferred costs			325				—				325
	Total identifiable assets purchased			2,216,674				(12,027		)		2,204,647
	Liabilities assumed, at fair value:
	Mortgage notes payable			1,037,510				—				1,037,510
	Secured credit facility			121,000				—				121,000
	Other debt			114,208				—				114,208
	Below-market leases			57,058				—				57,058
	Derivative liabilities			158				—				158
	Accounts payable and accrued expenses			46,484				517				47,001
	Deferred rent, derivative and other liabilities			8,867				—				8,867
	Total liabilities assumed			1,385,285				517				1,385,802
	Non-controlling interest retained by third party			567				—				567
	Net identifiable assets acquired by Company			830,822				(12,544		)		818,278
	Goodwill			$	89,875			$	12,544			$	102,419
	____________________________________
	-1	As reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
	After the December 31, 2013 financial statements were issued, the Company received final purchase and sale agreements for two properties that were sold to third parties during the first quarter of 2014.  After giving consideration to the sales price of these properties, the Company has estimated that the fair value of these properties originally acquired as part of the CapLease Merger to be $12.0 million.  As a result of the sale, the carrying amount of real estate investments was retrospectively decreased by $12.0 million as of the CapLease Acquisition Date, with a corresponding increase to goodwill in the accompanying consolidated balance sheet as of December 31, 2013.  The impact to depreciation expense recognized during the year ended December 31, 2013 was not significant, and, therefore, the Company has not retrospectively adjusted its consolidated statements of operations. In addition to the adjustment above, the Company identified $0.5 million of additional accrued expenses that were outstanding as of the CapLease Acquisition Date.
	Management is in the process of further evaluating the purchase price accounting. The fair value of real estate investments and below-market leases have been estimated by the Company with the assistance of third-party valuation firms. Based on a preliminary analysis received to date, the estimated fair value of these assets and liabilities total $2.0 billion and $57.1 million, respectively. The recorded values represent the estimated fair values related to such assets and liabilities. Upon completion of the analysis, including a review of the appraisals and assessment of current market rates, changes to the estimated fair values may result. Such post-closing adjustments are customary in nature in accordance with ASC 805, Business Combinations.
	The ascribed value of the noncontrolling interest has been estimated based on the fair value of the percentage ownership of The Woodlands, Texas development activity not held by the Company. See to Note 6 — Real Estate Investments.
	The fair value of the remaining CapLease assets and liabilities have been calculated in accordance with the Company’s policy on purchase price allocation, as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
	Goodwill of approximately $102.4 million is expected to be assigned to the REI segment upon completion of the valuation. The goodwill recognized is attributed to the enhancement of the Company’s year-round rental revenue stream, expected synergies and the assembled work force at CapLease.
	The pro forma consolidated statements of operations in Note 6 — Real Estate Investments are presented as if CapLease had been included in the consolidated results of the Company for the entire periods ended March 31, 2014 and 2013.
	Cole Acquisition
	On February 7, 2014, the Company completed its acquisition of Cole, as discussed in Note 2 — Mergers and Acquisitions. The Company accounted for the Cole Merger as a business combination under the acquisition method of accounting. Therefore, the Company’s consolidated financial statements include the results of operations of Cole subsequent to the Cole Acquisition Date.
	Fair Value of Consideration Transferred
	The Company is in the process of gathering certain additional information in order to finalize its assessment of the fair value of the consideration transferred; thus, the fair values of currently recorded assets and liabilities are subject to change. The estimated fair value of the consideration transferred at the Cole Acquisition Date totaled approximately $7.5 billion and consisted of the following (in thousands):
		As of Cole Acquisition
		Date (Preliminary)
	Estimated Fair Value of Consideration Transferred:
	Cash	$	181,775
	Common stock	7,285,868
	Total consideration transferred	$	7,467,643
	The fair value of the 520.8 million shares of common stock issued, excluding those common shares transferred to former Cole executives, was determined based on the closing market price of the Company’s common stock on the Cole Acquisition Date.
	Allocation of Consideration
	The consideration transferred pursuant to the Cole Merger Agreement was allocated to the assets acquired and liabilities assumed for the REI segment and Cole Capital, based upon their preliminary estimated fair values as of the Cole Acquisition Date. The Company is in the process of gathering certain additional information in order to finalize its assessment of the fair value of certain intangible assets; thus, the provisional measurements of intangible assets and goodwill are subject to change. Such post-closing adjustments are customary in nature in accordance with ASC 805, Business Combinations. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed by segment at the Cole Acquisition Date (in thousands):
		Preliminary
		REI Segment				Cole Capital				Total as of Cole Acquisition Date
	Identifiable Assets Acquired at Fair Value:
	Land	$	1,737,390			$	—			$	1,737,390
	Buildings, fixtures and improvements	5,898,895				—				5,898,895
	Land and construction in process	—				—				—
	Acquired intangible lease assets	1,323,614				—				1,323,614
	Total real estate investments	8,959,899				—				8,959,899
	Investment in unconsolidated entities	100,659				3,307				103,965
Investment securities, at fair value	151,197				—				151,197
Loans held for investment, net	72,326				—				72,326
Cash and cash equivalents	130,747				20,413				151,160
Restricted cash	15,704				—				15,704
Intangible assets	—				385,368				385,368
Deferred costs and other assets	45,081				50,893				95,974
Due from affiliates	—				3,301				3,301
Total identifiable assets acquired	9,475,613				463,282				9,938,894
Identifiable Liabilities Assumed at Fair Value:
Mortgage notes payable, net	2,719,072				—				2,719,072
Credit facilities	1,309,000				—				1,309,000
Other debt	49,013				—				49,013
Below-market lease liabilities	212,377				—				212,377
Accounts payable and accrued expenses	73,441				60,468				133,909
Deferred rent, derivative and other liabilities	42,764				110,529				153,293
Dividends payable	6,271				—				6,271
Contingent consideration	3,606				48,373				51,979
Due to affiliates	—				44				44
Total liabilities assumed	4,415,544				219,414				4,634,958
Noncontrolling interests	20,996				—				20,996
Net identifiable assets acquired	5,039,073				243,868				5,282,940
Goodwill	1,628,571				556,132				2,184,703
Net assets acquired	$	6,667,644			$	800,000			$	7,467,643
The fair value of real estate investments and below-market lease liabilities allocated to the REI segment have been estimated by the Company with the assistance of a third-party valuation firm. Based on a preliminary analysis received to date, the estimated fair value of these assets and liabilities total $9.0 billion and $212.4 million, respectively. The recorded values represent the estimated fair values related to such assets and liabilities. Upon completion of the analysis, including a review of the appraisals and assessment of current market rates, changes to the estimated fair values may result.
The intangible assets acquired primarily consist of management and advisory contracts that the Company has with the Managed REITs and are subject to an estimated useful life of approximately four years. The Company recorded $14.0 million of amortization expense for the period from the Cole Acquisition Date to March 31, 2014. The estimated amortization expense for the remainder of the year ending December 31, 2014 is $72.6 million. The estimated amortization expense for each of the years ending December 31, 2015, 2016 and 2017 is $96.3 million and the estimated amortization expense for the year ending December 31, 2018 is $9.8 million.
Goodwill of approximately $1.6 billion is expected to be assigned to the REI segment upon completion of the external valuation. The goodwill recognized is attributed to the enhancement of the Company’s year-round rental revenue stream, realized and expected synergies, the impact of the merger on lowering the Company’s cost of capital, as well as the benefits of critical mass, improved portfolio diversification, and enhanced access to capital markets. Goodwill of approximately $556.1 million is expected to be assigned to Cole Capital upon completion of the external valuation. The goodwill is primarily supported by management’s belief that Cole Capital brings an established management platform with numerous strategic benefits including growth from new income streams and the ability to offer new products. None of the goodwill is expected to be deductible for income tax purposes.
The fair value of the remaining Cole assets and liabilities have been calculated in accordance with the Company’s policy on purchase price allocation, as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
The amounts of revenue and net income related to Cole property acquisitions and Cole Capital included in the accompanying consolidated statements of operations from the Cole Acquisition Date to the period ended March 31, 2014 was $162.6 million and $0.7 million respectively.
The pro forma consolidated statements of operations in Note 6 — Real Estate Investments are presented as if Cole had been included in the consolidated results of the Company for the entire periods ended March 31, 2014 and 2013.

Segment_Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2013
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	The Company operates under two segments, REI and Cole Capital.
	REI - Through its REI segment, the Company acquires, owns and operates a diverse portfolio of core commercial real estate investments primarily consisting of single-tenant, freestanding commercial real estate properties. The Company focuses on investing in properties that are net leased to credit tenants, which are generally large public companies with investment-grade ratings and other creditworthy tenants. The Company’s long-term business strategy is to acquire a diverse portfolio consisting of approximately 70.0% long-term leases and 30.0% medium-term, with an average portfolio remaining primary lease term of approximately 10 to 12 years. The Company considers properties that are leased on a “medium-term” basis to mean properties originally leased long-term (ten years or longer) that currently have a primary remaining lease duration of generally three to eight years, on average. The Company expects this investment strategy to provide for stable income from credit tenants and to provide for growth opportunities from re-leasing of current below market leases. As of March 31, 2014, the Company owned 3,809 properties comprising 101.8 million square feet of single and multi-tenant retail and commercial space located in 49 states, which include properties owned through consolidated joint ventures. As of March 31, 2014, the rentable space at these properties was 98.9% leased with a weighted average remaining lease term of 10.2 years. As of March 31, 2014, the Company also owned 25 commercial mortgage-backed securities (“CMBS”), 14 loans held for investment and, through the Unconsolidated Joint Ventures, had interests in six properties comprising 1.6 million rentable square feet of commercial and retail space.
	Cole Capital - Cole Capital is contractually responsible for managing the Managed REITs’ affairs on a day-to-day basis, identifying and making acquisitions and investments on the Managed REITs’ behalf, and recommending to each of the Managed REIT’s respective board of directors an approach for providing investors with liquidity. Cole Capital serves as the dealer manager and distributes shares of common stock for certain Managed REITs and advises them regarding offerings, manages relationships with participating broker-dealers and financial advisors and provides assistance in connection with compliance matters relating to the offerings. Cole Capital receives compensation and reimbursement for services relating to the Managed REITs’ offerings and the investment, management, financing and disposition of their respective assets, as applicable. Cole Capital also develops new REIT offerings, including obtaining regulatory approvals from the SEC, the Financial Industry Regulatory Authority, Inc. (“FINRA”) and various jurisdictions for such offerings.
	The Company allocates certain operating expenses, such as audit and legal fees, board of director fees, employee related costs and benefits and general overhead expenses between its two segments. The following tables present a summary of the comparative financial results and total assets for each business segment (in thousands):
		Three Months Ended March 31,
		2014			2013
	REI:
	Rental income	$	244,445		$	40,987
	Direct financing lease income	1,006			—
	Operating expense reimbursements	21,096			1,910
	Total real estate investment revenues	266,547			42,897
	Acquisition related	11,884			10,327
	Merger and other transaction related	222,192			137,769
	Property operating expenses	29,627			2,549
	General and administrative expenses	7,750			1,454
	Equity based compensation	22,510			881
	Depreciation and amortization	151,004			26,753
	Total operating expenses	444,967			179,733
	Operating loss	(178,420		)	(136,836		)
	Interest expense, net	(116,717		)	(6,056		)
	Other income, net	322			853
	Loss on derivative instruments, net	(20,197		)	(5		)
	Gain on disposition of properties, net	2,979			—
	Gain on sale of investments	—			451
	Total other expenses, net	(133,613		)	(4,757		)
	Net loss from continuing operations	(312,033		)	(141,593		)
	Discontinued operations:
	Loss from operations of held for sale properties	—			(16		)
	Gain on held for sale properties	—			14
	Net loss from discontinued operations	—			(2		)
	Net loss	$	(312,033	)	$	(141,595	)
		Three Months Ended March 31,
		2014			2013
	Cole Capital:
	Dealer manager and distribution fees, selling commissions and offering reimbursements	$	42,453		$	—
	Transaction service fees	4,559			—
	Management fees and reimbursements	7,055			—
	Total Cole Capital revenues	54,067			—
	Cole Capital reallowed fees and commissions	34,436			—
	General and administrative expenses	19,089			—
	Depreciation and amortization	14,359			—
	Total operating expenses	67,884			—
	Total other income	5,195			—
	Net loss	$	(8,622	)	$	—
	Total Company:
	Total revenues	$	320,614		$	42,897
	Total operating expenses	512,851			179,733
	Total other expense	(128,418		)	(4,757		)
	Loss from continuing operations	(320,655		)	(141,593		)
	Loss from discontinued operations	—			(2		)
	Net loss	$	(320,655	)	$	(141,595	)
		Total Assets
		March 31, 2014			December 31, 2013
	Real Estate Investment	$	19,480,029		$	7,805,059
	Cole Capital	1,000,271			—
	Total Company	$	20,480,300		$	7,805,059

Real_Estate_Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Real Estate Investments	'
	Real Estate Investments
	Excluding the Cole Merger and the ARCT IV Merger, the Company acquired interests in 215 commercial properties, including five land parcels, for an aggregate purchase price of $936.1 million during the three months ended March 31, 2014 (the “2014 Acquisitions”). The Company is in the process of obtaining and reviewing the final third-party appraisals for the 2014 Acquisitions, as such, the fair value of the related asset acquired and liabilities assumed during the three months ended March 31, 2014 are provisionally allocated. The following table presents the allocation of the fair value of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):
		Three Months Ended March 31,
		2014			2013
	Real estate investments, at cost:
	Land	$	133,903		$	74,700
	Buildings, fixtures and improvements	694,935			291,664
	Total tangible assets	828,838			366,364
	Acquired intangible assets:
	In-place leases	120,421			45,223
	Above-market leases	11,559			—
	Assumed intangible liabilities:
	Below-market leases	(1,156		)	—
	Fair value adjustment of assumed notes payable	(23,589		)	—
	Total purchase price of assets acquired, net	936,073			411,587
	Notes payable assumed	263,217			—
	Cash paid for acquired real estate investments	$	672,856		$	411,587
	Number of properties acquired	215			112
	The following table presents unaudited pro forma information as if all of the 2014 Acquisitions and the Cole Merger and ARCT IV Merger, as discussed in Note 2 — Mergers and Acquisitions, were completed on January 1, 2013 for each period presented below. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of acquisitions to reflect the additional depreciation and amortization and interest expense that would have been charged had the acquisitions occurred on January 1, 2013. Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $11.9 million and $10.3 million for the three months ended March 31, 2014 and 2013, respectively and merger and other transaction related expenses of $222.2 million and $137.8 million for the three months ended March 31, 2014 and 2013, respectively. These costs were recognized in the pro forma information for the three months ended March 31, 2013 (in thousands):
		Three Months Ended March 31,
		2014			2013
	Pro forma revenues	$	413,780		$	44,330
	Pro forma net income (loss) attributable to stockholders	$	(20,374	)	$	6,056
	ARCT IV GE Capital Portfolio
	After the ARCT IV December 31, 2013 financial statements were issued, ARCT IV completed its review of the final appraisals received from third party firms for certain properties included in the ARCT IV GE Capital Portfolio. After giving consideration to the appraisals of these properties, the Company has estimated that the fair value of the land, building, fixtures and improvements, acquired leases assets and acquired lease liabilities to be $183.2 million, $300.4 million, $47.0 million, and $7.8 million, respectively. Additionally, as part of ARCT IV’s review of the final appraisals, assets that were classified as direct financing leases were reclassified into real estate investments. As a result of these adjustments, the carrying amount land, acquired leases assets and acquired lease liabilities was retrospectively increased by $40.7 million, $2.7 million, and $7.8 million, respectively, as of the date ARCT IV acquired the ARCT IV GE Capital Portfolio. In addition, the carrying amount of buildings, fixtures and improvements and investments in direct financing leases was decreased by $32.1 million and $3.5 million, respectively as of the same date. These adjustments to carrying value are reflected in the accompanying consolidated balance sheet as of December 31, 2013.  The impact to depreciation expense recognized during the year ended December 31, 2013 was not significant, and therefore, the Company has not retrospectively adjusted its consolidated statements of operations.
	Future Lease Payments
	The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items (in thousands):
		Future Minimum Operating Lease			Future Minimum
		Base Rent Payments			Direct Financing Lease Payments (1)
	April 1, 2014 - December 31, 2014	$	921,815		$	3,802
	2015	1,152,446			4,757
	2016	1,127,440			4,674
	2017	1,075,967			4,273
	2018	1,021,150			3,183
	Thereafter	7,251,560			10,052
	Total	$	12,550,378		$	30,741
	____________________________________
	(1) 47 properties are subject to direct financing leases and, therefore, revenue is recognized as direct financing lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.
	Net Investment in Direct Financing Leases
	The components of the Company’s net investment in direct financing leases as of March 31, 2014 and December 31, 2013 are as follows (in thousands):
		March 31, 2014			December 31, 2013
	Future minimum lease payments receivable	$	31,001		$	33,729
	Unguaranteed residual value of property	47,089			46,172
	Unearned income	(12,367		)	(13,789		)
	Net investment in direct financing leases	$	65,723		$	66,112
	Development Activities
	During the three months ended March 31, 2014, the Company acquired five land parcels, upon which single tenant commercial properties will be developed. Based on budgeted construction costs, the remaining costs to complete the buildings is estimated to be $7.9 million in aggregate. The land acquired for an aggregate amount of $4.6 million is included in land in the accompanying consolidated balance sheet. In addition, during the three months ended March 31, 2014, the Company substantially completed the development of a 450,000 square foot distribution warehouse in Columbia, South Carolina. The build-to-suit project has an estimated total investment of $22.0 million. As of March 31, 2014, the Company had a total investment of $20.1 million, including capitalized interest of $37,000, and estimated remaining investment of $1.9 million related to the development project.
	Prior to the CapLease Acquisition Date, CapLease entered into an agreement with a major Texas-based developer to develop a 150,000 square foot speculative office building in The Woodlands, Texas, adjacent to and part of the same development as an existing office building owned by CapLease since 2012. Costs of the project, which are budgeted to be $34.0 million, are scheduled to be funded by equity contributions from the Company and its developer partner, and $17.0 million of advances during the construction period under a development loan entered into with Amegy Bank. All equity contributions are scheduled to be borne as follows: the Company, 90%; and the developer, 10%; except for cost overruns, which will be borne 50% by each. Because the Company has a controlling financial interest in the investment, it consolidates the investment for financial accounting purposes. The Company has an option to purchase, and the developer the option to sell to the Company, in each case at fair market value, the developer’s interest in the project upon (i) substantial completion of the project and (ii) leases being entered into for 95% of the square footage of the project. Construction activity and funding of the project commenced during the quarter ended September 30, 2013 and is expected to be completed during the second half of 2014. As of March 31, 2014, the Company had a total investment of $12.3 million, including capitalized interest of $45,000, and estimated remaining investment of $21.7 million related to the development project.
	Tenant Concentration
	The following table lists the tenants of the Company whose annualized rental income, determined on a straight-line basis, represented greater than 10% of consolidated annualized rental income as of March 31, 2013. Annualized rental income for net leases is rental income as of the period reported, which includes the effect of tenant concessions such as free rent, as applicable. There were no tenants exceeding 10% of consolidated annualized rental income March 31, 2014.
		March 31,
	Tenant	2014		2013
	Dollar General	*		12.00%
	Citizens Bank	*		12.00%
	____________________________________
	* The tenants’ annualized rental income was not greater than 10% of total consolidated annualized rental income for all portfolio properties as of the period specified.
	No other tenant represents more than 10% of total consolidated annualized rental income for the periods presented.
	Geographic Concentration
	As of March 31, 2014, properties located in Texas represented 12.2% of consolidated annualized rental income determined on a straight-line basis. There were no geographic concentrations exceeding 10% of consolidated annualized rental income at March 31, 2013.

Investment_Securities_at_Fair_

Investment Securities, at Fair Value	3 Months Ended
	Mar. 31, 2014
Investments, All Other Investments [Abstract]	'
Investment Securities, at Fair Value	'
	Investment Securities, at Fair Value
	Investment securities are considered available-for-sale and, therefore, increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income (loss) as a component of equity on the consolidated balance sheets unless the securities are considered to be other than temporarily impaired at which time the losses are reclassified to expense.
	The following tables detail the unrealized gains and losses on investment securities as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31, 2014
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Investments in real estate fund	$	1,605	$	43	$	—		$	1,648
	CMBS	209,076		3,546		(467		)	212,155
	Total	$	210,681	$	3,589	$	(467	)	$	213,803
		December 31, 2013
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Investments in real estate fund	$	1,589	$	—	$	(105	)	$	1,484
	CMBS	60,452		498		(367		)	60,583
	Total	$	62,041	$	498	$	(472	)	$	62,067
	CMBS
	In connection with the Cole Merger, the Company acquired 15 CMBS with an estimated aggregate fair value of $151.2 million as of the Cole Acquisition Date. As of March 31, 2014, the Company owned 25 CMBS with an estimated aggregate fair value of $212.2 million. As of March 31, 2014, certain of these securities were pledged as collateral under repurchase agreements (the “Repurchase Agreements”), as discussed in Note 12 — Other Debt. As of December 31, 2013, the Company owned 10 CMBS with an estimated aggregate fair value of $60.6 million.
	As of March 31, 2014, the fair value of six CMBS was below its amortized cost. The Company evaluated each of the securities for other-than-temporary impairment at March 31, 2014, and determined that no other-than-temporary impairment charges on its securities were appropriate. The Company believes that none of the unrealized losses on investment securities are other-than-temporary because management expects the Company will receive all contractual principal and interest related to these investments. In addition, the Company did not have the intent to sell the securities or believe it would be required to sell them as of March 31, 2014.
	The scheduled maturity of the Company’s CMBS as of March 31, 2014 is as follows (in thousands):
		March 31, 2014
		Amortized Cost		Fair Value
	Due within one year	$	—	$	—
	Due after one year through five years	1,325		1,348
	Due after five years through ten years	178,885		181,055
	Due after ten years	28,866		29,752
		$	209,076	$	212,155
	Investment in Real Estate Fund
	As of March 31, 2014, the Company had investments in a real estate fund that is sponsored by an affiliate of the Former Manager of the Company and which invests primarily in equity securities of other publicly traded REITs.

Loans_Held_for_Investment

Loans Held for Investment	3 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
Loans Held for Investment	'
	Loans Held for Investment
	Loans Held for Investment
	During the three months ended March 31, 2014, in connection with the Cole Merger, the Company acquired two mortgage notes receivable, each of which is secured by an office building. The mortgage notes had a fair value of $72.3 million as of the Cole Acquisition Date. As of December 31, 2013, the Company owned 12 loans held for investment, which were acquired in connection with the CapLease Merger and consist predominantly of mortgage loans on properties subject to leases to investment grade tenants. The loans had a fair value of $26.5 million at the CapLease Merger Date. At March 31, 2014, the Company owned 14 loans held for investment, which had a carrying value of $98.2 million and carried interest rates ranging from 5.28% to 7.24%. As of December 31, 2013, the loans held for investment had a carrying value of $26.3 million and carried interest rates ranging from 5.28% to 7.24%. The fair value adjustment is being amortized to interest expense in the consolidated statements of operations over the lives of the secured terms.
	The Company’s loan portfolio is comprised primarily of fully amortizing or nearly fully amortizing first mortgage loans on commercial real estate leased to a single tenant. Payments of debt service on the Company’s loans is, in substantially all cases, funded directly by rent payments paid into a lockbox account by the underlying tenant. Therefore, the Company’s monitoring of the credit quality of its loans held for investment is focused primarily on an analysis of the tenant, including review of tenant credit ratings (including changes in ratings) and other measures of tenant credit quality, trends in the tenant’s industry and general economic conditions, and an analysis of measures of collateral coverage, such as an estimate of the loan’s loan-to-value (“LTV”) ratio (principal amount outstanding divided by estimated value of the property) and its remaining term until maturity. As of March 31, 2014 and December 31, 2013, the Company had no reserve for loan loss.

Deferred_Costs_and_Other_Asset

Deferred Costs and Other Assets, Net	3 Months Ended
	Mar. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Deferred Costs and Other Assets, Net	'
	and Other Assets, Net
	Deferred costs and other assets, net consisted of the following as of March 31, 2014 and December 31, 2013 (amounts in thousands):
		March 31, 2014		December 31, 2013
	Deferred costs, net	$	116,094	$	119,731
	Accounts receivable, net (2)	54,684		16,538
	Straight-line rent receivable	28,995		19,009
	Prepaid expenses	21,247		5,379
	Leasehold improvements, property and equipment, net (1)	19,979		1,451
	Restricted escrow deposits	19,154		101,814
	Derivative assets, at fair value	9,829		9,189
	Other assets	24,712		5,998
		$	294,694	$	279,109
	____________________________________
	(1) Amortization expense for leasehold improvements totaled $197,000 for the three months ended March 31, 2014. Accumulated amortization was $250,000 and $53,000 as of March 31, 2014 and December 31, 2013, respectively. Depreciation expense for property and equipment totaled $275,000 for the three months ended March 31, 2014. Accumulated depreciation was $355,000 and $80,000 as of March 31, 2014 and December 31, 2013, respectively.
	(2) Allowance for doubtful accounts was $908,000 and $187,000 as of March 31, 2014 and December 31, 2013, respectively.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The guidance defines three levels of inputs that may be used to measure fair value:
	Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
	Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
	Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
	The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be infrequent.
	Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of March 31, 2014, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. As of March 31, 2014, the Company’s interest rate cap derivative measured at fair value on a recurring basis was zero and was classified in Level 2 of the fair value hierarchy.
	The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):
		Quoted Prices				Significant Other				Significant				Balance as of
		in Active				Observable				Unobservable				31-Mar-14
		Markets				Inputs				Inputs
		Level 1				Level 2				Level 3
	Assets:
	Investments in real estate fund	$	—			$	1,648			$	—			$	1,648
	CMBS	—				—				212,155				212,155
	Interest rate swap assets	—				9,829				—				9,829
	Total assets	$	—			$	11,477			$	212,155			$	223,632
	Liabilities:
	Interest rate swap liabilities	$	—			$	(8,737	)		$	—			$	(8,737	)
	Series D Preferred Stock embedded derivative	—				—				(26,734		)		(26,734		)
	Contingent consideration arrangements	—				—				(4,903		)		(4,903		)
	Total liabilities	$	—			$	(8,737	)		$	(31,637	)		$	(40,374	)
		Quoted Prices				Significant Other				Significant				Balance as of December 31, 2013
		in Active				Observable				Unobservable
		Markets				Inputs				Inputs
		Level 1				Level 2				Level 3
	Assets:
	Investments in real estate fund	$	—			$	1,484			$	—			$	1,484
	CMBS	—				—				60,583				60,583
	Interest rate swap assets	—				9,189				—				9,189
	Total assets	$	—			$	10,673			$	60,583			$	71,256
	Liabilities:
	Interest rate swap liabilities	$	—			$	(1,719	)		$	—			$	(1,719	)
	Series D Preferred Stock embedded derivative	—				—				(16,736		)		(16,736		)
	Total liabilities	$	—			$	(1,719	)		$	(16,736	)		$	(18,455	)
	Investments in real estate fund — The fair value of the Company’s investments in real estate fund are based published pricing.
	CMBS — The fair values of the Company’s CMBS are valued using broker quotations, collateral values, subordination levels and liquidity of the individual securities.
	Derivatives — The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.
	Series D Preferred Stock embedded derivative — The valuation of this derivative instrument is determined using a binomial option pricing model. Key inputs in the model include the expected term, risk-free interest rate, volatility and dividend yield.
	Contingent Consideration Arrangements — The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of the contingent payments related to property acquisitions is determined based on the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. The estimated fair value of the property-related contingent consideration arrangements totaled $4.9 million as of March 31, 2014 and is included in the accompanying consolidated balance sheet in deferred rent, derivative and other liabilities. There were no property related contingent consideration arrangements as of December 31, 2013.
	The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, due to affiliates and accounts payable approximate their carrying value on the accompanying consolidated balance sheets due to their short-term nature and are classified as Level 1 under the fair value hierarchy.
	A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 or Level 3 of the fair value hierarchy during the three months ended March 31, 2014.
	The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2014 (in thousands):
		CMBS				Series D Preferred Stock Embedded Derivative				Contingent Consideration				Total
										Arrangements
	Beginning Balance as of December 31, 2013	$	60,583			$	(16,736	)		$	—			$	43,847
	Total gains and losses:
	Unrealized gain included in other comprehensive income, net	2,948				—				—				2,948
	Changes in fair value included in net income, net	—				(9,998		)		(1,297		)		(11,295		)
	Purchases, issuances, settlements and amortization:
	Purchases/issuances	151,197				—				(3,606		)		147,591
	Amortization included in net income, net	(2,573		)		$	—			—				(2,573		)
	Ending balance as of March 31, 2014	$	212,155			$	(26,734	)		$	(4,903	)		$	180,518
	The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (dollar amounts in thousands):
				Carrying Amount at				Fair Value at				Carrying Amount at				Fair Value at
		Level		March 31, 2014				March 31, 2014				December 31, 2013				December 31, 2013
	Assets:
	Loans held for investment	3		$	98,185			$	98,652			$	26,279			$	26,435
	Liabilities:
	Mortgage notes payable, net	3		$	4,234,668			$	4,265,230			$	1,301,114			$	1,305,823
	Corporate bonds, net	3		$	2,545,884			$	2,545,884			$	—			$	—
	Convertible debt, net	3		$	973,737			$	976,629			$	972,490			$	976,629
	Senior corporate credit facility	3		2,265,800				2,265,800				1,819,800				1,819,800
Secured term loan	3		53,958				54,035				58,979				59,049
Trust preferred notes	3		26,563				23,485				26,548				23,345
Unsecured credit facility	3		150,000				150,000				150,000				150,000
Other debt	3		68,288				68,414				19,278				19,350
Total liabilities			$	10,318,898			$	10,349,477			$	4,348,209			$	4,353,996
Loans held for investment — The fair value of the Company’s fixed-rate loan portfolio is estimated with a discounted cash flow analysis, utilizing scheduled cash flows and discount rates estimated by management to approximate those that a willing buyer and seller might use.
Credit facilities — Management believes that the stated interest rates (which float based on short-term interest rates) approximates market rates. As such, the fair values of these obligations is estimated to be equal to the outstanding principal amounts.
Convertible notes, mortgage notes payable and secured term loan — The fair value of mortgages payable on real estate investments and the secured term loan is estimated by an independent third party using a discounted cash flow analysis, based on management’s estimates of market interest rates.
Trust preferred notes — The fair value of the Company’s other long-term debt is estimated using a discounted cash flow analysis, based on management’s estimates of market interest rates.

Mortgage_Note_Payable

Mortgage Note Payable	3 Months Ended
	Mar. 31, 2014
Notes Payable [Abstract]	'
Mortgage Notes Payable	'
	Mortgage Notes Payable
	The Company’s mortgage notes payable consist of the following as of March 31, 2014 and December 31, 2013 (dollar amounts in thousands):
			Encumbered Properties		Outstanding Loan Amount		Weighted Average		Weighted Average Maturity (2)
							Effective Interest Rate (1)
	March 31, 2014		697		$	4,128,384	4.83	%	6.23
	December 31, 2013		177		$	1,258,661	3.42	%	3.41
	____________________________________
	-1	Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.41% to 7.20% at March 31, 2014 and 1.83% to 6.28% at December 31, 2013.
	-2	Weighted average remaining years until maturity as of March 31, 2014 and December 31, 2013, respectively.
	In conjunction with the various mergers and portfolio acquisitions, as described in Note 2 — Mergers and Acquisitions, aggregate net premiums totaling $137.4 million were recorded upon the assumption of the mortgages for above-market interest rates. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgages using a method that approximates the effective-interest method. As of March 31, 2014, there was $106.3 million in unamortized net premiums included in mortgage notes payable, net on the consolidated balance sheets.
	The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2014 (in thousands):
	Year		Total
	April 1, 2014 - December 31, 2014		$	134,152
	2015		202,578
	2016		242,769
	2017		567,950
	2018		252,923
	Thereafter		2,728,012
	Total		$	4,128,384
	The Company’s mortgage loan agreements generally require restrictions on corporate guarantees and the maintenance of financial covenants including maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios). As of March 31, 2014, the Company was in compliance with the debt covenants under the mortgage loan agreements.
	During the three months ended March 31, 2014, the Company defeased $721.7 million of mortgage notes payable, including notes that were subject to interest rate swap agreements. In connection with the debt defeasances, the Company paid prepayment fees totaling $29.8 million. In addition, the Company paid $9.9 million for the settlement of interest rate swaps that were associated with certain of the mortgage notes, which approximated the fair value of the interest rate swaps. In addition, the Company wrote off the deferred financing costs and premiums and discounts associated with these mortgages, which resulted in a reduction to interest expense of $22.0 million. The recently paid off mortgages had a weighted average remaining interest rate of 5.16% and a weighted average remaining term of 2.2 years.

Other_Debt

Other Debt	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Other Debt	'
	Other Debt
	Corporate Bond Offering
	On February 6, 2014, the OP issued, in a private offering, $2.55 billion aggregate principal amount of senior unsecured notes consisting of $1.3 billion aggregate principal amount of 2.00% senior notes due 2017 (the “2017 Notes”), $750.0 million aggregate principal amount of 3.00% senior notes due 2019 (the “2019 Notes”) and $500.0 million aggregate principal amount of 4.60% senior notes due 2024 (the “2024 Notes,” and, together with the 2017 Notes and 2019 Notes, the “Notes”). The Notes are guaranteed by the Company. The OP may redeem all or a part of any series of the Notes at any time at its option at the redemption prices set forth in the indenture governing the Notes, plus accrued and unpaid interest on the principal amount of the Notes of such series being redeemed to, but excluding, the applicable redemption date. With respect to the 2019 Notes and the 2024 Notes, if such Notes are redeemed on or after January 6, 2019, with respect to the 2019 Notes, or November 6, 2023, with respect to the 2024 Notes, the redemption price will equal 100% of the principal amount of the Notes of the applicable series to be redeemed, plus accrued and unpaid interest on the amount being redeemed to, but excluding, the applicable redemption date. In conjunction with this corporate bond offering, aggregate discounts totaling $4.2 million were recorded. As of March 31, 2014, the unamortized net discount totaled $4.1 million.
	Convertible Senior Note Offering
	On July 29, 2013, the Company issued $300.0 million of the Convertible Senior Notes and, pursuant to an over-allotment exercise by the underwriters of such offering, issued an additional $10.0 million of its Convertible Senior Notes on August 1, 2013 (collectively, the “Original 2018 Notes”). On December 10, 2013, the Company issued an additional $287.5 million through a reopening of the Original 2018 Notes indenture agreement (the “Reopened 2018 Notes,” together with the Original 2018 Notes, the “2018 Notes”). The 2018 Notes mature on August 1, 2018. The fair value of the Original 2018 Notes and Reopened 2018 Notes was determined at issuance to be $299.6 million and $282.1 million, respectively, resulting in a debt discount of $10.4 million and $5.4 million, respectively, with an offset recorded to additional paid-in capital representing the equity component of the notes for the conversion options. The discount is being amortized to interest expense over the expected lives of the 2018 Notes. As of March 31, 2014, the carrying value of the Original 2018 Notes and Reopened 2018 Notes was $301.0 million and $282.5 million, respectively. The holders may elect to convert the 2018 Notes into cash, common stock of the Company or a combination thereof, at the Company’s option, in limited circumstances prior to February 1, 2018 and may convert the 2018 Notes at any time into such consideration on or after February 1, 2018. The initial conversion rate is 59.805 shares of the Company’s common stock per $1,000 principal amount of 2018 Notes.
	On December 10, 2013, the Company issued $402.5 million of 3.75% Convertible Senior Notes (the “2020 Notes”). The 2020 Notes mature on December 15, 2020. The fair value of the 2020 Notes was determined at issuance to be $389.7 million, resulting in a debt discount of $12.8 million with an offset recorded to additional paid-in capital representing the equity component of the notes for the conversion options. The discount is being amortized to interest expense over the expected life of the 2020 Notes. As of March 31, 2014, the carrying value of the 2020 Notes was $390.2 million. The holders may elect to convert the 2020 Notes into cash, common stock of the Company or a combination thereof, at the Company’s option, in limited circumstances prior to June 15, 2020 and may convert the 2020 Notes at any time into such consideration on or after June 15, 2020. The initial conversion rate is 66.0262 shares of the Company’s common stock per $1,000 principal amount of 2020 Notes.
	In connection with the 2018 Notes and 2020 Notes, the remaining unamortized discount totaled $26.3 million as of March 31, 2014.
	Trust Preferred Notes
	As part of the CapLease Merger, the Company assumed $30.9 million in aggregate principal amount of fixed/floating rate preferred notes with a fair value of $26.5 million at the CapLease Acquisition Date. The trust preferred securities represent an unsecured subordinated recourse debt obligation of the Company and require quarterly interest payments calculated at a fixed interest rate equal to 7.68% per annum through January 30, 2016, and subsequently at a variable interest rate equal to LIBOR plus 2.60% per annum. The notes must be redeemed on January 30, 2036, and may be redeemed, in whole or in part, at par, at the Company’s option, at any time. The discount recorded on the notes is being amortized to interest expense on the consolidated statements of operations over the life of the preferred notes. As of March 31, 2014, the carrying value of the preferred securities was $26.6 million, which is included in other debt in the accompanying consolidated balance sheets.
	Secured Term Loan
	As part of the CapLease Merger, the Company assumed a secured term loan with KBC Bank, N.V. with a principal balance of $59.8 million and a fair value of $60.7 million at the CapLease Acquisition Date. The interest coupon on the loan is fixed at 5.81% annually until the loan matures in January 2018. The loan is non-recourse to the Company, subject to limited non-recourse exceptions. During the three months ended March 31, 2014, the Company made principal payments of $4.9 million. The premium is being amortized to interest expense on the consolidated statements of operations over the life of the secured term loan. As of March 31, 2014, the carrying value of the secured term loan was $54.0 million, which is included in other debt in the accompanying consolidated balance sheets.
	Amounts related to the secured term loan as of March 31, 2014 were as follows (in thousands):
		Borrowings		Collateral Carrying Value
	Loans held for investment	$	13,802	$	22,197
	Intercompany mortgage loans on CapLease properties	7,291		19,117
	Commercial mortgage-backed securities	32,144		44,506
		$	53,237	$	85,820
	Other Debt
	As part of the CapLease Merger, the Company assumed $19.2 million of senior notes (the “Senior Notes”) that bear interest at an annual interest rate of 7.50%, payable semi-annually on April 1 and October 1, with a fair value of $19.3 million at the CapLease Acquisition Date. The Senior Notes mature on October 1, 2027. The Company has the right to redeem the Senior Notes in whole or in part for cash at any time or from time to time at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus any accrued and unpaid interest. Holders of the Senior Notes may require the Company to repurchase their Senior Notes, in whole or in part, on October 1, 2017 and October 1, 2022, for a cash price equal to 100% of the principal amount of the Senior Notes to be repurchased, plus any accrued and unpaid interest. The discount is being amortized to interest expense on the consolidated statements of operations over the life of the Senior Notes. As of March 31, 2014, the carrying value of the Senior Notes was $19.3 million, which is included in other debt in the accompanying consolidated balance sheets.
	In conjunction with the CapLease Merger, aggregate net discounts totaling $3.5 million were recorded upon assumption of the trust preferred notes, secured term loan and Senior Notes. As of March 31, 2014, unamortized net discounts were $3.6 million in unamortized net discounts included in other debt on the consolidated balance sheets.
	Future Minimum Repayments
	The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2014 (in thousands):
		Principal Repayment
	April 1, 2014 - December 31, 2014	$	56,925
	2015	11,862
	2016	12,516
	2017	26,890
	2018	13,267
	Thereafter	30,930
		$	152,390
	Barclay’s Facility
	As of December 31, 2013, the Company had available commitments from Barclays Bank PLC, and other committed parties, for up to $2.1 billion in senior secured term loans (the “Barclays Facility”) in order to fund cash amounts payable in connection with the Cole Merger, which were subject to certain conditions, including the absence of a material adverse effect in respect of Cole, the negotiation of definitive documentation and pro forma compliance with financial covenants. Any other long-term debt obtained by the Company would have reduced the commitments under the Barclays Facility. The Barclays Facility contained an accordion feature to allow the Company, under certain circumstances, to increase commitments thereunder by up to $350.0 million.
	The Company could have elected to use the Barclays Facility to fund a portion of the consideration to be paid pursuant to the Cole Merger, to refinance existing indebtedness of Cole and to pay related fees and expenses. The commitments received in the Barclays Facility were schedule to terminate upon the occurrence of certain customary events, and in any event on April 22, 2014, which date may be extended by an additional three months under certain circumstances. The Barclays Facility was terminated upon the issuance of the senior unsecured notes in February 2014, as discussed above. In connection with the termination, the Company recorded $32.6 million as amortization of deferred financing costs associated with the Barclays Facility, which is included in interest expense, net in the accompanying consolidated statement of operations.
	Repurchase Agreements
	As part of the Cole Merger, the Company assumed $49.0 million of repurchase agreements secured by a portion of the Company’s CMBS portfolio. The Repurchase Agreements have interest rates ranging from LIBOR plus 1.35% to 1.75% and mature on various dates from May 2014 through June 2014. Upon maturity, the Company may elect to renew the Repurchase Agreements for 90 day periods until the CMBS mature. The CMBS have a weighted average remaining term of 7.93 years. Under the Repurchase Agreements, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of the pledged assets would require the Company to provide additional collateral to fund margin calls. As of March 31, 2014, the securities held as collateral had a fair value of $140.9 million and an amortized cost of $139.3 million. There was no cash collateral held by the counterparty as of March 31, 2014. The Repurchase Agreements are being accounted for as secured borrowings because the Company maintains effective control of the financed assets. The Repurchase Agreements are non-recourse to the Company and the OP and are included in other debt in the accompanying consolidated balance sheet.

Credit_Facilities

Credit Facilities	3 Months Ended
	Mar. 31, 2014
Line of Credit Facility [Abstract]	'
Credit Facilities	'
	Credit Facilities
	Senior Corporate Credit Facility
	The Company and the OP are parties to a credit facility with Wells Fargo, National Association, as administrative agent and other lenders party thereto (the “Credit Facility”).
	On March 31, 2014, the Company entered into an augmenting lender supplemental to the Credit Facility to raise the commitments to $3.0 billion. At March 31, 2014, the Credit Facility contained a $940.0 million term loan facility and a $2.0 billion revolving credit facility, of which $940.0 million and $1.3 billion were outstanding, respectively. In February 2014, the Credit Facility was amended and certain modifications were made to the terms of the agreement. Loans under the Credit Facility are priced at the applicable rate, at the Company’s election, either a floating interest rate based on one month LIBOR, determined on a daily basis, plus 2.25% to 3.00%; or a prime-based interest rate, based upon the Company’s current leverage. To the extent that the Company receives an investment grade credit rating as determined by a major credit rating agency, at the Company’s election, advances under the revolving credit facility will be priced at their applicable rate plus 0.90% to 1.75% and term loans will be priced at a floating interest rate of LIBOR plus 1.15% to 2.00%, based upon the Company’s then current investment grade credit rating. The Company may also make fixed rate borrowings under the Credit Facility. At March 31, 2014, the Company had undrawn commitments of $684.2 million under the Credit Facility.
	The Credit Facility provides for monthly interest payments. In the event of a default, each lender has the right to terminate its obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Company has guaranteed the obligations under the Credit Facility. The revolving credit facility will terminate on February 14, 2017, unless extended for an additional year pursuant to the terms of the agreement. The Company may prepay borrowings under the Credit Facility and the Company may incur an unused fee of 0.15% to 0.25% per annum on the unused amount depending on the unused balance as a percentage of the total facility and the type of funding. As of March 31, 2014, the Credit Facility also required the Company to maintain certain property available for collateral as a condition to funding.
	As of March 31, 2014, there was $2.3 billion outstanding on the Credit Facility, of which $1.3 billion bore a floating interest rate of 3.15%. There is $940.0 million outstanding on the Credit Facility which is fixed through the use of derivative instruments used to hedge interest rate volatility. Including the spread, which can vary based on the Company’s leverage, interest on this portion was 2.54% at March 31, 2014. At March 31, 2014, there was up to $684.2 million available to the Company for future borrowings, subject to borrowing availability.
	The Credit Facility requires restrictions on corporate guarantees as well as the maintenance of financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) and the maintenance of a minimum net worth. At March 31, 2014, the Company was in compliance with the debt covenants under the Credit Facility.
	ARCT IV Credit Facility
	As part of the ARCT IV Merger, the Company assumed a $800.0 million senior unsecured credit facility with various lenders, with Regions Bank acting as the administrative agent (the “ARCT IV Credit Facility”). As of the date of the ARCT IV Merger, there was $760.0 million outstanding under the ARCT IV Credit Facility, which consisted of a $300.0 million term loan facility and $460.0 million under the revolving credit facility. In connection with the ARCT IV Merger, the Company prepaid all of its loans pursuant to, and terminated all commitments available under, the ARCT IV Credit Facility.
	Unsecured Credit Facility
	As part of the CapLease Merger, the Company assumed an unsecured credit facility with Wells Fargo, National Association, which had commitments of up to $150.0 million at March 31, 2014. In February 2014, such credit facility was amended and certain modifications were made to the terms of the agreement (the “Unsecured Credit Facility”). The Unsecured Credit Facility was fully drawn with $150.0 million outstanding at March 31, 2014.
	The borrowings under the Unsecured Credit Facility bear interest at an annual rate of one-month LIBOR or LIBOR based on an interest period of one, three or six months, at the Company’s election, plus an applicable margin of 2.75%, payable quarterly in arrears. The Unsecured Credit Facility matures on December 31, 2014 and may be prepaid, in whole or in part, without premium or penalty, at the Company’s option, at any time.
	The obligations under the Unsecured Credit Facility are secured by mortgages on certain real property assets acquired from CapLease comprising the borrowing base. The Unsecured Credit Facility includes affirmative and negative covenants and financial performance covenants. At March 31, 2014, the Company was in compliance with the debt covenants under the Unsecured Credit Facility.
	Repayment of Previous Credit Facilities
	On February 28, 2013, the Company repaid all of the outstanding borrowings under its previous senior secured revolving credit facility in the amount of $124.6 million and the credit agreement for such facility was terminated. The average interest rate on the borrowings during the period the balance was outstanding was 3.11%. On February 14, 2013, simultaneous with entering into the Credit Facility, the Company terminated its then effective unsecured credit facility agreement, which had been unused.

Derivatives_and_Hedging_Activi

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivatives and Hedging Activities	'
	Derivatives and Hedging Activities
	Risk Management Objective of Using Derivatives
	The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations.
	Cash Flow Hedges of Interest Rate Risk
	The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above the cap strike rate on the contract and payments of variable-rate amounts if interest rates fall below the floor strike rate on the contract.
	The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2014, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.
	Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $10.3 million will be reclassified from other comprehensive income as an increase to interest expense. During the three months ended March 31, 2014, the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur.
	As of March 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):
	Interest Rate Derivative	Number of		Notional Amount
		Instruments
	Interest rate swaps	17		$	1,174,544
	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2014 and December 31, 2013 (in thousands):
	Derivatives Designated as Hedging Instruments	Balance Sheet Location		March 31, 2014				31-Dec-13
	Interest rate products	Deferred costs and other assets, net		$	8,301			$	9,189
	Interest rate products	Deferred rent, derivative and other liabilities		$	(5,946	)		$	(1,719	)
	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2014 and 2013, respectively (in thousands):
		Three Months Ended March 31,
	Derivatives in Cash Flow Hedging Relationships	2014				2013
	Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	$	2,636			$	(1,859	)
	Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$	—			$	682
	Derivatives Not Designated as Hedging Instruments
	Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and were approximately $8.0 million for the three months ended March 31, 2014. The Company did not have any derivatives that were not designated during the three months ended March 31, 2013.
	As of March 31, 2014, the Company had the following outstanding interest rate derivatives that were not designated as qualifying hedging relationships:
	Interest Rate Derivative	Number of Instruments			Notional Amount
	Interest rate cap	1			$	500,000
	Interest rate swaps	5			234,800
	Total	6			$	734,800
	The table below presents the fair value of the Company’s derivate financial instruments not designated as hedges as well as their classification on the consolidated balance sheets as of March 31, 2014 and December 31, 2013:
	Derivatives Not Designated as Hedging Instruments	Balance Sheet Location		March 31, 2014				31-Dec-13
	Series D Preferred Stock embedded derivative	Deferred rent, derivative and other liabilities		$	(26,734	)		$	(16,736	)
	Interest rate products	Deferred rent, derivative and other liabilities		$	(2,791	)		$	—
	Interest rate products	Deferred costs and other assets, net		$	1,528			$	—
	Refer to Note 17 — Preferred and Common Stock for additional information for the Series D Preferred Stock embedded derivative.
	Tabular Disclosure Offsetting Derivatives
	The table below details a gross presentation, the effects of offsetting and a net presentation of the Company’s derivatives as of March 31, 2014 and December 31, 2013. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.
	Offsetting of Derivative Assets and Liabilities
		Gross Amounts of Recognized Assets				Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet			Financial Instruments		Cash Collateral Received		Net Amount
	March 31, 2014	$	9,829			$	(35,471	)		$	—	$	9,829	$	(35,471	)	$	—	$	—	$	(25,642	)
	31-Dec-13	$	9,189			$	(18,455	)		$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)
	Credit-risk-related Contingent Features
	The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.
	As of March 31, 2014, the fair value of the interest rate derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was $10.3 million. As of March 31, 2014, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $10.3 million at March 31, 2014.

Accounts_Payable_and_Accrued_E

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2014
Payables and Accruals [Abstract]	'
Accounts Payable and Accrued Expenses	'
	Accounts Payable and Accrued Expenses
	Accounts payable and accrued expenses consisted of the following as of March 31, 2014 and 2013 (in thousands):
		March 31, 2014		December 31, 2013
	Accrued other	$	51,077	$	38,028
	Accrued interest	41,516		14,189
	Accrued real estate taxes	38,208		15,727
	Accounts payable	13,059		7,566
	Accrued merger costs	—		673,990
	Accrued Outperformance Plan (OPP) obligation	—		59,400
		$	143,860	$	808,900

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Litigation
	In the ordinary course of business, the Company may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against the Company, except as follows:
	ARCT III Litigation Matters
	After the announcement of the ARCT III Merger Agreement on December 17, 2012, Randell Quaal filed a putative class action lawsuit filed on January 30, 2013 against the Company, the OP, ARCT III, ARCT III OP, the members of the board of directors of ARCT III and certain subsidiaries of the Company in the Supreme Court of the State of New York. The plaintiff alleges, among other things, that the board of ARCT III breached its fiduciary duties in connection with the transactions contemplated under the ARCT III Merger Agreement. In February 2013, the parties agreed to a memorandum of understanding regarding settlement of all claims asserted on behalf of the alleged class of ARCT III stockholders. In connection with the settlement contemplated by that memorandum of understanding, the class action and all claims asserted therein will be dismissed, subject to court approval. The proposed settlement terms required ARCT III to make certain additional disclosures related to the ARCT III Merger, which were included in a Current Report on Form 8-K filed by ARCT III with the SEC on February 21, 2013. The memorandum of understanding also added that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, including confirmatory discovery and court approval following notice to ARCT III’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding, therefore any losses that may be incurred to settle this matter are not determinable.
	CapLease Litigation Matters
	Since the announcement of the CapLease Merger Agreement on May 28, 2013, the following lawsuits have been filed:
	On May 28, 2013, Jacquelyn Mizani filed a putative class action lawsuit in the Supreme Court for the State of New York against the Company, the OP, Safari Acquisition LLC, CapLease, CapLease LP, CLF OP General Partner, LLC and the members of the CapLease board of directors (the “Mizani Action”). The complaint alleges, among other things, that the merger agreement at issue was the product of breaches of fiduciary duty by the CapLease directors because the proposed merger transaction (the “CapLease Transaction”) purportedly does not provide for full and fair value for the CapLease shareholders, the CapLease Transaction allegedly was not the result of a competitive bidding process, the merger agreement allegedly contains coercive deal protection measures and the merger agreement and the CapLease Transaction purportedly were approved as a result of improper self-dealing by certain defendants who would receive certain alleged employment compensation benefits and continued employment pursuant to the merger agreement. The complaint also alleges that CapLease, the Company, the OP and Safari Acquisition LLC aided and abetted the CapLease directors’ alleged breaches of fiduciary duty.
	On July 3, 2013, Fred Carach filed a putative class action and derivative lawsuit in the Supreme Court for the State of New York against the Company, the OP, Safari Acquisition LLC, CapLease, CapLease LP, CLF OP General Partner, LLC and the members of the CapLease board of directors (the “Carach Action”). The complaint alleges, among other things, that the merger agreement was the product of breaches of fiduciary duty by the CapLease directors because the merger purportedly does not provide for full and fair value for the CapLease shareholders, the CapLease Transaction allegedly was not the result of a competitive bidding process, the merger agreement allegedly contains coercive deal protection measures and the merger agreement and the CapLease Transaction purportedly were approved as a result of improper self-dealing by certain defendants who would receive certain alleged employment compensation benefits and continued employment pursuant to the merger agreement. The complaint also alleges that with respect to the Registration Statement and draft joint proxy statement issued in connection with the proposed CapLease Transaction on July 2, 2013, that disclosures made therein were insufficient or otherwise improper. The complaint also alleges that CapLease, the Company, the OP and Safari Acquisition LLC aided and abetted the CapLease directors’ alleged breaches of fiduciary duty.
	On June 25, 2013, Dewey Tarver filed a putative class action and derivative lawsuit in the Circuit Court for Baltimore City against the Company, the OP, Safari Acquisition LLC, CapLease, CapLease LP, CLF OP General Partner, LLC and the members of the CapLease board of directors (the “Tarver Action”). The complaint alleges, among other things, that the merger agreement was the product of breaches of fiduciary duty by the CapLease directors because the CapLease Transaction purportedly does not provide for full and fair value for the CapLease shareholders, the CapLease Transaction allegedly was not the result of a competitive bidding process, the merger agreement allegedly contains coercive deal protection measures and the merger agreement and the CapLease Transaction purportedly were approved as a result of improper self-dealing by certain defendants who would receive certain alleged employment compensation benefits and continued employment pursuant to the merger agreement. The complaint also alleges that CapLease, CapLease LP, CLF OP General Partner, LLC, the Company, the OP and Safari Acquisition, LLC aided and abetted the CapLease directors’ alleged breaches of fiduciary duty.
	Counsel who filed each of these three cases reached an agreement with each other as to who will serve as lead plaintiff and lead plaintiffs’ counsel in the cases and where they will be prosecuted. Thus, on August 9, 2013, counsel in the Tarver Action filed a motion for stay in the Baltimore Court, informing the court that they had agreed to join and participate in the prosecution of the Mizani and Carach Actions in the New York Court. The Defendants consented to the stay of the Tarver Action in the Baltimore Court, and on September 5, 2013, Judge Pamela J. White issued an order granting that stay. Consequently, there has been no subsequent activity in the Baltimore Court in the Tarver Action. Also on August 9, 2013, all counsel involved in the Mizani and Carach Actions filed a joint stipulation in the New York Court, reflecting agreement among all parties that the Mizani and Carach Actions should be consolidated (jointly, “the Consolidated Actions”) and setting out a schedule for early motion practice in response to the complaints filed (the “Consolidation Stipulation”). Pursuant to the Consolidation Stipulation, an amended complaint was also filed in the New York court on August 9, 2013 and was designated as the operative complaint in the Consolidated Actions (“Operative Complaint”). Pursuant to the Consolidation Stipulation, all Defendants filed a motion to dismiss all claims asserted in the Operative Complaint on September 23, 2013. Plaintiffs’ response was due on or before November 7, 2013. On November 7, 2013, Plaintiffs filed a motion seeking leave to file a second amended complaint, which the Defendants have opposed. On March 24, 2014, Plaintiffs’ counsel in the Consolidated Actions dismissed those claims without prejudice. Consequently, only the Tarver Action currently remains pending among these cases, although it remains stayed.
	On October 8, 2013, John Poling filed a putative class action lawsuit in the Circuit Court for Baltimore City against the Company, the OP, Safari Acquisition LLC, CapLease, CapLease LP, CLF OP General Partner, LLC and the members of the CapLease board of directors (the “Poling Action”). The complaint alleges that the merger agreement breaches the terms of the CapLease’ 8.375% Series B Cumulative Redeemable Preferred Stock (“Series B”) and the terms of the 7.25% Series C Cumulative Redeemable Preferred Stock (“Series C”) and is in violation of the Series B Articles Supplementary and the Series C Articles Supplementary. The Complaint alleges claims for breach of contract and breach of fiduciary duty against the CapLease entities and the CapLease board of directors. The complaint also alleges that the Company, the OP and Safari Acquisition, LLC aided and abetted CapLease and the CapLease directors’ alleged breach of contract and breach of fiduciary duty.
	On November 13, 2013, all counsel involved in the Poling Action filed a joint stipulation, reflecting agreement among all parties concerning a schedule for early motion practice in response to the complaint filed (the “Scheduling Stipulation”). Pursuant to the Scheduling Stipulation, all Defendants filed a motion to dismiss all claims asserted in the Operative Complaint on December 20, 2013. Plaintiffs’ counsel has opposed that the motion to dismiss, and a hearing on the motion tis currently scheduled for May 15, 2014.
	Cole Litigation Matters
	Three putative class action and/or derivative lawsuits, which were filed earlier this year, assert claims for breach of fiduciary duty, abuse of control, corporate waste, unjust enrichment, aiding and abetting breach of fiduciary duty and other claims relating to the merger between a wholly owned subsidiary of Cole and Cole Holdings Corporation, pursuant to which Cole became a self-managed REIT. On October 22, 2013, the Circuit Court for Baltimore City granted all defendants’ motion to dismiss with prejudice the action pending before the court, but the plaintiffs have appealed that dismissal. The other two lawsuits, which also purport to assert shareholder class action claims under the Securities Act of 1933, as amended (the “Securities Act”), are pending in the United States District Court for the District of Arizona. Defendants filed a motion to dismiss both complaints on January 10, 2014. Subsequently, both of those lawsuits have been stayed by the Court pursuant to a joint request made by all parties pending final approval of the consolidated Baltimore Cole Merger Actions described below.
	To date, eleven lawsuits have been filed in connection with the Cole Merger. Two of these suits - Wunsch v. Cole, et al (“Wunsch”), No. 13-CV-2186, and Sobon v. Cole, et al (“Sobon”) - were filed as putative class actions on October 25, 2013 and November 18, 2013, respectively, in the U.S. District Court for the District of Arizona. Between October 30, 2013 and November 14, 2013, eight other putative stockholder class action or derivative lawsuits were filed in the Circuit Court for Baltimore City, Maryland, captioned as: (i) Operman v. Cole, et al (“Operman”); (ii) Branham v. Cole, et al (“Branham”); (iii) Wilfong v. Cole, et al. (“Wilfong”); (iv) Polage v. Cole, et al. (“Polage”); (v) Corwin v. Cole, et al (“Corwin”); (vi) Green v. Cole, et al (“Green”); (vii) Flynn v. Cole, et al (“Flynn”) and (viii) Morgan v. Cole, et al. (“Morgan”). All of these lawsuits name the Company, Cole and Cole’s board of directors as defendants; Wunsch, Sobon, Branham, Wilfong, Flynn, Green, Morgan and Polage also name CREInvestments, LLC, a Maryland limited liability company and a wholly-owned subsidiary of the Cole, as a defendant. All of the named plaintiffs claim to be Cole stockholders and purport to represent all holders of Cole’s stock. Each complaint generally alleges that the individual defendants breached fiduciary duties owed to plaintiff and the other public stockholders of Cole in connection with the Cole Merger, and that certain entity defendants aided and abetted those breaches. The breach of fiduciary duty claims asserted include claims that the Cole Merger does not provide for full and fair value for the Cole shareholders, that the Cole Merger was the product of an “inadequate sale process,” that the Cole Merger Agreement contains coercive deal protection measures and the Cole Merger Agreement and that the Cole Merger were approved as a result of or in a manner which facilitates improper self-dealing by certain defendants. In addition, the Flynn, Corwin, Green, Wilfong, Polage and Branham lawsuits claim that the individual defendants breached their duty of candor to shareholders and the Branham and Polage lawsuits assert claims derivatively against the individual defendants for their alleged breach of fiduciary duties owed to Cole. The Polage lawsuit also asserts derivative claims for waste of corporate assets and unjust enrichment. The Wunsch and Sobon lawsuits also assert claims against Cole and the individual defendants under Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), based on allegations that the proxy materials omitted to disclose allegedly material information, and a claim against the individual defendants under Section 20(a) of the Exchange Act based on the same allegations. Among other remedies, the complaints seek unspecified money damages, costs and attorneys’ fees.
	In January 2014, the parties to the eight lawsuits filed in the Circuit Court for Baltimore City, Maryland (“the consolidated Baltimore Cole Merger Actions") entered into a memorandum of understanding regarding settlement of all claims asserted on behalf of the alleged class of Cole stockholders. In connection with the settlement contemplated by that memorandum of understanding, the class action and all claims asserted therein will be dismissed, subject to court approval. The proposed settlement terms required Cole to make certain additional disclosures related to the Cole Merger, which were included in a Current Report on Form 8-K filed by Cole with the SEC on January 14, 2014. The memorandum of understanding also contemplated that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, including confirmatory discovery and court approval following notice to Cole’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding, therefore any losses that may be incurred to settle this matter are not determinable.
	The Sobon lawsuit was voluntarily dismissed on February 3, 2014. The Company believes that the Wunsch lawsuit in connection with the Cole Merger is without merit and that it has substantial meritorious defenses to the claims set forth in the complaint.
	On December 27, 2013, Realistic Partners filed a putative class action lawsuit against the Company and the members of its board of directors in the Supreme Court for the State of New York. Cole was later added as a defendant also. The plaintiff alleges, among other things, that the board of the Company breached its fiduciary duties in connection with the transactions contemplated under the Cole Merger Agreement and that Cole aided and abetted those breaches. In January 2014, the parties entered into a memorandum of understanding regarding settlement of all claims asserted on behalf of the alleged class of the Company’s stockholders. In connection with the settlement contemplated by that memorandum of understanding, the class action and all claims asserted therein will be dismissed, subject to court approval. The proposed settlement terms required the Company to make certain additional disclosures related to the Cole Merger, which were included in a Current Report on Form 8-K filed by the Company with the SEC on January 17, 2014. The memorandum of understanding also contemplated that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, including confirmatory discovery and court approval following notice to the Company’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding, therefore any losses that may be incurred to settle this matter are not determinable.
	The Company maintains directors and officers liability insurance, which the Company believes should provide coverage to the Company and its officers and directors for most or all of any costs, settlements or judgments resulting from the lawsuits.
	Contractual Lease Obligations
	The following table reflects the minimum base rental cash payments due from the Company over the next five years and thereafter for certain ground and office lease obligations (in thousands):
		Future Minimum
		Base Rent Payments
	April 1, 2014 - December 31, 2014	$	10,264
	2015	12,922
	2016	11,575
	2017	10,248
	2018	7,918
	Thereafter	83,734
	Total	$	136,661
	Purchase Commitments
	Cole Capital enters into purchase and sale agreements and deposits funds into escrow towards the purchase of such acquisitions, most of which are expected to be assigned to one of the Managed REITs at or prior to the closing of the respective acquisition. As of March 31, 2014, the Company was a party to 41 purchase and sale agreements with unaffiliated third-party sellers to purchase a 100% interest in 157 properties, subject to meeting certain criteria, for an aggregate purchase price of $520.7 million, exclusive of closing costs.  As of March 31, 2014, the Company had $10.1 million of property escrow deposits held by escrow agents in connection with these future property acquisitions, which may be forfeited if the transactions are not completed under certain circumstances. The Company will be reimbursed by the assigned Managed REIT for amounts escrowed when it acquires a property.
	Environmental Matters
	In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition, in each case, that it believes will have a material adverse effect on the results of operations.

Preferred_and_Common_Stock

Preferred and Common Stock	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Preferred and Common Stock	'
	Preferred and Common Stock
	Series D and Series E Preferred Stock
	On September 16, 2013, the Company’s board of directors unanimously approved the issuance of Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”) and the issuance of Series E Cumulative Preferred Stock (“Series E Preferred Stock”).
	On September 15, 2013, the Company entered into definitive purchase agreements pursuant to which it agreed to issue Series D Preferred Stock, par value $0.01 per share, and common stock, par value $0.01 per share, to certain institutional holders promptly following the close of the Company’s merger with CapLease, via a private placement. Pursuant to the definitive purchase agreements, the Company issued approximately 21.7 million shares of Series D Preferred Stock and 15.1 million shares of common stock, for gross proceeds of $288.0 million and $186.0 million, respectively, on November 8, 2013. The Series D Preferred Stock will pay dividends at the rate of 5.81% per annum on its face amount of $13.59 per share (equivalent to $0.79 per share on an annualized basis). The Series D Preferred Stock is redeemable by the Company on August 31, 2014 (the “Redemption Date”). Subsequent to that date, or in certain other circumstances, the Series D Preferred Stock is convertible into common stock or Series E Preferred Stock or redeemable into cash, at the discretion of the Company upon such request for conversion by the holders of Series D Preferred Stock.
	In the event of a liquidation, the holders of Series D Preferred Stock are entitled to receive the greater of (a) $13.59 per share plus accrued and unpaid dividends (the “Liquidation Preference”) plus a 20% premium and (b) an amount the Series D Preferred Stock holders would have received had they converted into shares of common stock immediately prior to the liquidation event.
	If the Company elects to redeem the Series D Preferred Stock on the Redemption Date, the Company shall pay the greater of (a) the product of the number of Series D Preferred Stock and the 102% of the Liquidation Preference and (b) the product of the shares of common stock that would be issued if the Series D Preferred Stock converted immediately prior to the Redemption Date and 102% of the one-day value-weighted average price (“VWAP”) of the common stock.
	At any time after the Redemption Date, the holders of Series D Preferred Stock may convert some or all of their outstanding Series D Preferred Stock into shares of common stock. Upon such an election to convert, the Company may elect the following settlement options (1) convert the shares of Series D Preferred Stock into the number of fully paid and non-assessable common stock obtained by dividing the aggregate Liquidation Preference of such Series D Preferred Stock by the Conversion Price, as defined below, (2) convert the shares of Series D Preferred Stock into an equal number of shares of Series E Preferred Stock, additional shares of Series E Preferred Stock may be issued under certain circumstances, or (3) an amount equal to the product of the number of shares of Series D Preferred Stock and the Cash Conversion Price, as defined below.
	The Conversion Price shall be the lowest of (i) a 2% discount to the VWAP of the common stock for the 10 Trading Days prior to the Conversion Election Date, (ii) a 2% discount to the closing price on the Conversion Election Date and (iii) $13.59. The Cash Conversion Price shall be the greater of (i) 102% of the Liquidation Preference and (ii) the one day VWAP of the common stock on the date of the election.
	The Company has concluded that the conversion option qualifies as a derivative and should be bifurcated from the host instrument. At issuance, the conversion option had a fair value of $18.7 million. As of March 31, 2014, the fair value of the conversion option had a fair value of $26.7 million, compared to a fair value of $16.7 million as of December 31, 2013. The Company recorded the change in fair value of $10.0 million in loss on derivative instruments, net in the consolidated statements of operations for the three months ended March 31, 2014.
	As the holders of Series D Preferred Stock are entitled to receive liquidation preferences that other equity holders are not entitled to, the Company determined the Series D Preferred Stock meets the definition of a deemed liquidation event and therefore should be classified as temporary equity under U.S. GAAP. At the date of issuance, the fair value of the Series D Preferred Stock was $269.3 million. As of March 31, 2014, the Company has determined that a liquidation event is not probable; therefore, the Company has concluded that the Series D Preferred Stock is not currently redeemable or likely to become redeemable. As such, the Company has not accreted the initial value of the Series D Preferred Stock.
	As of March 31, 2014, there were 21,735,008 authorized and issued shares of Series D Preferred Stock and no authorized and issued shares of Series E Preferred Stock, respectively.
	Series F Preferred Stock
	On October 6, 2013, in connection with the modification to the ARCT IV Merger, the Company’s board of directors unanimously approved the issuance of Series F Preferred Stock. Upon consummation of the ARCT IV Merger on January 3, 2014, 42.2 million shares of Series F Preferred Stock were issued to ARCT IV shareholders and issued 0.7 million units of Series F OP Units to the ARCT IV OP Unit holders. Subsequent to original issuance and through March 31, 2014, 455,372 Series F OP Unit were converted to an equivalent number of Series F Preferred Stock. As of March 31, 2014, there were 42,654,919 shares of Series F Preferred Stock and 266,093 Series F OP Units issued and outstanding.
	The Series F Preferred Stock will pay cumulative cash dividends at the rate of 6.70% per annum on its liquidation preference of $25.00 per share (equivalent to $1.675 per share on an annual basis). The Series F Preferred Stock will not be redeemable by the Company before the fifth anniversary of the date on which such Series F Preferred Stock is issued (the “Initial Redemption Date”), except under circumstances intended to preserve the Company’s status as a real estate investment trust for federal and/or state income tax purposes and except upon the occurrence of a change of control. On and after the Initial Redemption Date, the Company may, at its option, redeem shares of the Series F Preferred Stock, in whole or from time to time in part, at a redemption price of $25.00 per share plus, subject to exceptions, any accrued and unpaid dividends thereon to the date fixed for redemption. The shares of Series F Preferred Stock have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless the Company redeems or otherwise repurchases them or they become convertible and are converted into common stock (or, if applicable, alternative consideration). The Series F Preferred Stock trades on the NASDAQ under the symbol “ARCPP”.
	Increases in Authorized Common Stock
	On December 9, 2013, the Company filed articles of amendment to its charter to increase the number of authorized shares of common stock to 1.5 billion shares.
	Offerings
	On August 1, 2012, the Company filed a $500 million universal shelf registration statement and a resale registration statement with the SEC. Each registration statement became effective on August 17, 2012. As of March 31, 2014, the Company had issued 2.1 million shares of common stock under the $500 million universal shelf registration statement. No preferred stock, debt or equity-linked security had been issued under this $500 million universal shelf registration statement. The resale registration statement, as amended, registers the resale of up to 1,882,248 shares of common stock issued in connection with any future conversion of certain currently outstanding restricted shares, convertible preferred stock or limited partnership interests in the OP.
	In January 2013, the Company commenced its “at the market” equity offering program (“ATM”) in which it may from time to time offer and sell shares of its common stock having aggregate offering proceeds of up to $60.0 million. The shares will be issued pursuant to the Company’s $500.0 million universal shelf registration statement.
	On March 14, 2013, the Company filed a universal automatic shelf registration statement that was automatically declared effective and achieved well-known seasoned issuer (“WKSI”) status. The Company intends to maintain both the $500 million universal shelf registration statement and the WKSI universal automatic shelf registration statement.
	Dividends
	In October 2011, the Company began paying dividends on the fifteenth day of each month to stockholders of record on the eighth day of such month. On October 23, 2013, the board of directors of the Company authorized an annualized dividend per share of $1.00, effective February 10, 2014. The per share annualized dividend of $1.00 reflects an increase of $0.06 per share from an annualized dividend of $0.94 per share. The annualized dividend rate at March 31, 2014 was $1.00 per share.
	Common Stock Repurchases
	On August 20, 2013, the Company’s board of directors reauthorized its $250.0 million share repurchase program, which was originally authorized in February 2013. During the three months ended March 31, 2014, the Company did not repurchase any shares of common stock under the share repurchase program.
	Upon the closing of the ARCT III Merger, on February 28, 2013, 29.2 million shares, or 16.5% of the then-outstanding shares of ARCT III’s common stock, were paid in cash at $12.00 per share, which is equivalent to 27.7 million shares of the Company’s common stock based on the ARCT III Exchange Ratio. In addition, 148.1 million shares of ARCT III’s common stock were converted to shares of the Company’s common stock at the ARCT III Exchange Ratio, resulting in an additional 140.7 million shares of the Company’s common stock outstanding after the exchange.

Equity_Based_Compensation

Equity Based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Compensation	'
	Equity Based Compensation
	Equity Plan
	The Company has adopted the American Realty Capital Properties, Inc. Equity Plan (the “Equity Plan”), which provides for the grant of stock options, stock appreciation rights, restricted shares of common stock, restricted stock units, dividend equivalent rights and other stock-based awards to the Company’s and its affiliates’ non-executive directors, officers and other employees and advisors or consultants who are providing services to the Company or its affiliates.
	The Company authorized and reserved a total number of shares equal to 10.0% of the total number of issued and outstanding shares of common stock (on a fully diluted basis assuming the redemption of all OP Units for shares of common stock) to be issued at any time under the Equity Plan for equity incentive awards excluding an initial grant of 167,400 shares to its Former Manager in connection with the IPO, all of which were vested as of March 31, 2014. As of March 31, 2014, the Company has awarded 6,715,197 shares under the Equity Plan.
	The fair value of restricted common stock awards under the Equity Plan is determined on the grant date using the closing stock price on NASDAQ that day. The fair value of restricted common stock awarded to the non-employees under the Equity Plan is expensed in full at the date of grant based on the closing stock price on NASDAQ that day.
	Director Stock Plan
	The Company has adopted the American Realty Capital Properties, Inc. Non-Executive Director Stock Plan (the “Director Stock Plan”), which provides for the grant of restricted shares of common stock to each of the Company’s independent directors, each of whom is a non-executive director. Awards of restricted stock will vest ratably over a three-year period following the date of grant in increments of 34%, 33% and 33%, respectively, per annum, subject to the director’s continued service on the board of directors, and shall provide for “distribution equivalents” with respect to this restricted stock, whether or not vested, at the same time and in the same amounts as distributions are paid to the stockholders. At March 31, 2014, a total of 99,000 shares of common stock are reserved for issuance under the Director Stock Plan. As of March 31, 2014, the Company has awarded 60,854 shares under the Director Stock Plan.
	The fair value of restricted common stock awards under the Director Stock Plan is determined on the grant date using the closing stock price on NASDAQ that day.
	ARCT IV Restricted Share Plan
	ARCT IV had an employee and director incentive restricted share plan (the “RSP”), which provided for the automatic grant of 1,333 restricted shares of common stock to each of its independent directors without any further action by ARCT IV’s board of directors or its stockholders on the date of initial election to the board of directors and on the date of each annual stockholder’s meeting thereafter. Restricted stock issued to independent directors vested over a five-year period following the date of grant in increments of 20% per annum. The RSP provided ARCT IV with the ability to grant awards of restricted shares to its directors, officers and employees (if ARCT IV ever had employees), employees of the ARCT IV Advisor and its affiliates, employees of entities that provided services to ARCT IV, directors of the ARCT IV Advisor or of entities that provided services to ARCT IV, certain consultants to ARCT IV and the ARCT IV Advisor and its affiliates or to entities that provided services to ARCT IV.
	Immediately prior to the effective time of the ARCT IV Merger, each then-outstanding share of ARCT IV restricted stock fully vested. All shares of ARCT IV common stock then-outstanding as a result of the full vesting of shares of ARCT IV restricted stock, and the satisfaction of any applicable withholding taxes, received shares of the Company’s common stock based on the ARCT IV Exchange Ratio.
	The following table details the restricted shares activity within the Equity Plan and Director Stock Plan during the three months ended March 31, 2014:
			Equity Plan					Director Stock Plan
			Shares of			Weighted-Average Issue Price		Shares of	Weighted-Average Issue Price
			Restricted Common Stock					Restricted Common Stock
	Unvested, December 31, 2013		931,442			$	13.82	15,000	$	14.45
	Granted		5,523,846			13.2		42,854	13.99
	Vested		(676,066	)		12.79		—	—
	Forfeited		—			—		—	—
	Unvested, March 31, 2014		5,779,222			$	13.35	57,854	$	14.11
	For the three months ended March 31, 2014 and 2013, compensation expense for restricted shares was $18.1 million, which includes the $11.4 million of compensation expense recorded for 0.8 million restricted shares granted to affiliates during the three months ended March 31, 2014, and $0.9 million, respectively. For the three months ended March 31, 2014, merger and other transaction related costs includes compensation expense of $0.5 million due to the Cole Merger.
	Multi-Year Performance Plan
	Upon consummation of the ARCT III Merger, the Company entered into the 2013 Advisor Multi-Year Outperformance Agreement (the “OPP”) with its Former Manager, whereby its Former Manager was able to potentially earn compensation upon the attainment of stockholder value creation targets.
	Under the OPP, the Company’s Former Manager was granted 8,241,101 long-term incentive plan units of the OP (“LTIP Units”), which could be earned or forfeited based on the Company’s total return to stockholders (including both share price appreciation and common stock distributions) (“Total Return”), for the three-year period that commenced on December 11, 2012.
	Pursuant to previous authorization of the Company’s board of directors, as a result of the termination of the Management Agreement, all 8,241,101 LTIP Units became fully earned, vested and convertible into OP units upon the consummation of the Company’s transition to self-management on January 8, 2014. During the three months ended March 31, 2014, the Company recorded expenses of $1.6 million for the LTIP Units under the OPP, which is recorded in merger and other transaction related expenses in the accompanying consolidated statements of operations. As of March 31, 2014, all LTIP Units under the OPP were earned and $93.9 million of the expense has been included in non-controlling interest on the consolidated balance sheets.
	New Multi-Year Outperformance Plan
	On October 21, 2013, the Company approved a multi-year outperformance plan (the “New OPP”), which became effective upon the Company’s transition to self-management, which occurred on January 8, 2014. Under the New OPP, individual agreements were entered into between the Company and the participants selected by the Company’s board of directors (the “Participants”) that set forth the Participant’s participation percentage in the New OPP and the number of LTIP Units of the OP subject to the award (“OPP Agreements”). Under the New OPP and the OPP Agreements, the Participants are eligible to earn performance-based bonus awards equal to the Participant’s participation percentage of a pool that is funded up to a maximum award opportunity (the “New OPP Cap”) of $218.1 million, which is equal to approximately 5% of the Company’s equity market capitalization at the time of the approval of the New OPP (“the Initial Market Cap”). Subject to the New OPP Cap, the pool will equal an amount to be determined based on the Company’s level of achievement of total return to stockholders, including both share price appreciation and common stock distributions (“Total Return”), as measured against an absolute hurdle and against a peer group of companies for a three-year performance period that commenced on October 1, 2013 (the “Performance Period”); with valuation dates on which a portion of the LTIP Units up to a specified amount of the New OPP Cap could be earned on the last day of each 12-month period during the Performance Period (each an “Annual Period”) and the initial 24-month period of the Performance Period (the “Interim Period”), as follows:
			Performance Period		Annual Period		Interim Period
	Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:		21%		7%		14%
	Relative Component: 4% of any excess Total Return attained above the median Total Return for the performance period of the Peer Group(1), subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period:
	•	100% will be earned if cumulative Total Return achieved is at least:	18%		6%		12%
	•	50% will be earned if a cumulative Total Return achieved is:	0%		0%		0%
	•	0% will be earned if cumulative Total Return achieved is less than:	0%		0%		0%
	•	a percentage from 50% to 100% calculated by linear interpolation will be earned if cumulative Total Return achieved is if between:	0% - 18%		0% - 6%		0%- 12%
	____________________________________
	(1) The “Peer Group” is comprised of the following companies: EPR Properties; Getty Realty Corporation; Lexington Realty Trust; National Retail Properties, Inc.; Realty Income Corporation; and Spirit Realty Capital, Inc.
	The New OPP provides for early calculation and vesting of the award in the event of a change in control of the Company, prior to the end of the Performance Period. Under the New OPP, treatment of a Participant’s award upon a termination of service will be governed by the terms of the Participant’s OPP Agreement or service agreement with the Company. In the event a Participant’s OPP Agreement or service agreement does not provide for treatment of the award upon the Participant’s termination, then the award will be forfeited upon such termination. The Participants are entitled to receive a tax gross-up in the event that any amounts paid to the Participant under the New OPP constitute “parachute payments” as defined in Section 280G of the Code. The LTIP Units granted under the New OPP represent units of equity ownership in the OP that are structured as a profits interest therein. Subject to the Participant’s continued service through each vesting date, one-third of any earned LTIP Units will vest on October 1, 2016, October 1, 2017 and October 1, 2018, respectively. The Participants are entitled to receive distributions on their LTIP Units to the extent provided for in the limited partnership agreement of the OP, as amended from time to time. During the three months ended March 31, 2014, the Company recorded expenses of $4.4 million for the New OPP, which is recorded in equity based compensation on the consolidated statement of operations. As of March 31, 2014, the Company recorded $0.3 million of distributions payable for dividends related to the LTIP Units.

Related_Party_Transactions_and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions and Arrangements	'
	Related Party Transactions and Arrangements
	REI Segment
	Ownership by Affiliates
	Certain affiliates and executives of the Company have ownership in the Company through ownership of shares of the Company’s common stock, shares of unvested restricted common stock and OP units. As of March 31, 2014 and December 31, 2013, 3.05% and 4.37%, respectively, of the total equity units issued by the Company were owned by affiliates.
	Transition to Self-Management
	In its transition toward self-management, the Company discontinued certain relationships with affiliates and entities under common ownership with the Company’s Former Manager, an entity wholly owned by ARC, of which certain current officers and/or directors of the Company, are members.
	Termination of Management Agreement
	In connection with its transition to self-management, on January 8, 2014, the Company terminated the amended and restated management agreement with its Former Manager, pursuant to which the Former Manager managed the Company’s day-to-day operations until such date.
	Assumption of RCS Advisory Services, LLC Services Agreement
	Pursuant to an Assignment and Assumption Agreement, dated January 8, 2014, between ARC, the parent of our Former Manager, and RCS Advisory Services, LLC, an entity under common ownership with our Former Manager, ARC assigned to the Company, and the Company assumed, the rights and obligation under a Services Agreement (the “Services Agreement”), dated as of June 10, 2013, between ARC and RCS Advisory Services, LLC. Under the Services Agreement, RCS Advisory Services, LLC and its affiliates may provide certain transaction management services to the Company (including, without limitation, offering registration, regulatory advice with respect to the SEC and FINRA registration maintenance, transaction management, marketing support, due diligence advice and related meetings, events training and education and conference management) and other services, employees and other resources. Such services are charged hourly. During the three months ended March 31, 2014, the Company incurred and paid $0.1 million of fees in respect of the Services Agreement, which were included in merger and other transaction related costs in the consolidated statement of operations.
	Transition Services Agreement
	Pursuant to a Transition Services Agreement, dated October 21, 2013 (the “Transition Services Agreement”), affiliates of the Company’s Former Manager agreed to provide certain transition services to the Company, including accounting support, acquisition support, investor relations support, public relations support, human resources and administration, general human resources duties, payroll services, benefits services, insurance and risk management, information technology, telecommunications and Internet and services relating to office supplies. The Transition Services Agreement was in effect for a 60-day term beginning on January 8, 2014. Fees under the Transition Services Agreement were charged at an hourly rate and, during the 60-day tail period, the Company incurred and paid $10.0 million of fees under the Transition Services Agreement. These fees were included in merger and other transaction related costs in the consolidated statement of operations.
	Purchase of Furniture, Fixtures and Equipment
	On January 8, 2014, the Company, through the OP, entered into the Asset Purchase and Sale Agreement with its Former Manager (the “Purchase Agreement”), pursuant to which our Former Manager transferred to the Company furniture, fixtures and equipment used by the Company’s Former Manager in connection with the business of the Company, as well as reimbursed the Former Manager for certain unreimbursed expenses. During the three months ended March 31, 2014, pursuant to the Purchase Agreement, the Company paid the Former Manager $10.0 million for the furniture, fixtures and equipment and for certain unreimbursed expenses. The Company paid the full amount under the Purchase Agreement, which substantially related to employee-related expenses, during the three months ended March 31, 2014. These fees were included in merger and other transaction related costs in the consolidated statement of operations.
	Fees Paid in Connection with the ARCT IV Merger
	The Company entered into an agreement with an entity under common ownership with the Former Manager, Realty Capital Securities, LLC (“RCS”), to provide strategic and financial advisory services to the Company in connection with the ARCT IV Merger. The Company agreed to pay a fee equal to 0.25% of the transaction value upon the consummation of the transaction and reimburse out of pocket expenses. The Company accrued $7.7 million of such fees and $0.6 million of such expense reimbursements as of December 31, 2013 and paid the outstanding balance in January of 2014. No fees were incurred under this agreement during the three months ended March 31, 2014 or 2013.
	The Company entered into an agreement with entities under common ownership with the Former Manager, RCS, RCS Advisory Services, LLC, and American National Stock Transfer, LLC (“ANST”), to provide financial advisory and information agent services in connection with the ARCT IV Merger and the related proxy solicitation seeking approval of such merger by the Company’s stockholders. Services provided include facilitation of the preparation, distribution and accumulation and tabulation of proxy materials, stockholder, analyst and financial advisor communications and consultation on materials and communications made to the public and regulatory agencies regarding the ARCT IV Merger. The Company agreed to pay $0.6 million in fees and reimburse out of pocket expenses pursuant to this agreement. This amount was fully accrued as of December 31, 2013 and paid in January 2014. No fees were incurred under this agreement during the three months ended March 31, 2014 or 2013.
	In addition, during the three months ended March 31, 2014, the Company reimbursed out of pocket expenses of $0.6 million to ARC Advisory Services, LLC, an affiliate of the Former Manager, in connection with services provided for the ARCT IV Merger.
	ARCT IV entered into an agreement with an entity under common ownership with the Former Manager, RCS, to provide strategic and financial advisory services to assist ARCT IV with its alternatives for a potential liquidity event. ARCT IV agreed to pay a fee equal to 0.25% of the transaction value upon the consummation of the transaction, but not less than $2.5 million, and reimburse out of pocket expenses. ARCT IV accrued $7.7 million of such fees and $0.6 million of such expense reimbursements as of December 31, 2013 and paid the outstanding balance in January 2014. No fees were incurred under this agreement during the three months ended March 31, 2014 or 2013.
	The Company and ARCT IV entered into agreements with entities under common ownership with the Former Manager, ARC Advisory Services, LLC and RCS Advisory Services, LLC, to provide legal support services, up to the date that ARCT IV entered into the ARCT IV Merger Agreement. In total the Company and ARCT IV agreed to pay $0.5 million pursuant to this agreement. This amount was fully accrued as of December 31, 2013 and paid in January of 2014. No fees were incurred under this agreement during the three months ended March 31, 2014 or 2013.
	ARCT IV entered into an agreement with entities under common ownership with the Former Manager, RCS, RCS Advisory Services, LLC, and ANST, to provide advisory and information agent services in connection with the ARCT IV Merger and the related proxy solicitation seeking approval of such merger by ARCT IV’s stockholders. Services provided include facilitation of the preparation, distribution and accumulation and tabulation of proxy materials, stockholder, analyst and financial advisor communications and consultation on materials and communications made to the public and regulatory agencies regarding the ARCT IV Merger. ARCT IV agreed to pay $0.8 million in fees and reimburse out of pocket expenses pursuant to this agreement. As of December 31, 2013, $0.8 million of such fees and $0.2 million of such expense reimbursements were accrued and were paid in January of 2014. No fees were incurred under this agreement during the three months ended March 31, 2014 or 2013.
	ARCT IV entered into an agreement with with entities under common ownership with the Former Manager, ARC Advisory Services, LLC and RCS Advisory Services, LLC, to provide support services including legal, accounting, marketing, human resources and information technology, among other services, until the earlier of the potential merger closing date or one year from the effective date of the agreement of July 1, 2013. ARCT IV agreed to pay $2.0 million in fees and reimburse out of pocket expenses pursuant to this agreement. As of December 31, 2013, $2.0 million of such fees and $0.4 million of such expense reimbursements were accrued and were paid in January of 2014. No fees were incurred under this agreement during the three months ended March 31, 2014 or 2013.
	ARCT IV entered into the Asset Purchase and Sale Agreement with the ARCT IV Advisor, pursuant to which the ARCT IV Advisor transferred to the Company furniture, fixtures and equipment used by the ARCT IV Advisor and ARCT IV reimbursed the ARCT IV Advisor for certain unreimbursed expenses. In connection with the agreement, during the three months ended March 31, 2014, the Company paid $2.1 million for furniture, fixtures and equipment and other capitalized costs, $1.7 million for offering costs, which were recorded as a reduction to additional paid-in capital on the consolidated balance sheet and $2.0 million for certain unreimbursed expenses, which were recorded in merger and other transaction related costs on the consolidated statement of operations.
	Pursuant to ARCT IV’s advisory agreement with the ARCT IV Advisor, ARCT IV agreed to pay the ARCT IV Advisor a brokerage commission on the sale of property in connection with the ARCT IV Merger. At the time of the ARCT IV Merger, ARCT IV paid $8.4 million to the ARCT IV Advisor in connection with such agreement. These commissions were included in merger and other transaction related costs in the consolidated statement of operations. No fees were incurred under this agreement during the three months ended March 31, 2013.
	Fees Paid in Connection with the Cole Merger
	The Company entered into an agreement with an entity under common ownership with the Former Manager, RCS, to provide strategic and financial advisory services to the Company in connection with the Cole Merger. The Company agreed to pay a fee equal to 0.25% of the transaction value upon the consummation of the transaction and reimburse out of pocket expenses. During the three months ended March 31, 2014, the Company incurred and paid $28.4 million of such fees. These fees were included in merger and other transaction related costs in the consolidated statement of operations. No fees were incurred under this agreement during the three months ended March 31, 2013.
	The Company entered into an agreement with entities under common ownership with the Former Manager, RCS, RCS Advisory Services, LLC and ANST, to provide advisory and information agent services in connection with the proposed merger and the related proxy solicitation seeking approval of such merger by the Company’s stockholders. The Company agreed to pay $0.8 million in fees and reimburse out of pocket expenses pursuant to this agreement. During the three months ended March 31, 2014, the Company incurred and paid $0.8 million of such fees and $0.4 million of such expense reimbursements were incurred. These fees were included in merger and other transaction related costs in the consolidated statement of operations. No fees were incurred under this agreement during the three months ended March 31, 2013.
	The Company entered into an agreement with an entity under common ownership with the Former Manager, RCS Advisory Services, LLC, to provide support services, including legal, accounting, marketing, human resources and information technology. The Company agreed to pay $2.9 million in fees and reimburse out of pocket expenses pursuant to this agreement. During the three months ended March 31, 2014, the Company incurred and paid $2.9 million of such fees and $1.3 million of such expense reimbursements were incurred. These fees were included in merger and other transaction related costs in the consolidated statement of operations. No fees were incurred under this agreement during the three months ended March 31, 2013.
	Also in connection with the Cole Merger, during the three months ended March 31, 2014, the Company reimbursed an entity under common ownership with the Former Manager, ARC Advisory Services, LLC, $0.7 million for services and out of pocket expenses incurred in relation to the Cole Merger. These fees were included in merger and other transaction related costs in the consolidated statement of operations. No fees were incurred under this agreement during the three months ended March 31, 2013.
	Fees Paid in Connection with the ARCT III Merger
	ARCT III entered into an agreement with an entity under common ownership with the Former Manager, ARC Advisory Services, LLC, to provide legal support services up to the date that ARCT III entered into the ARCT III Merger Agreement and until the ARCT III Merger was consummated for $0.5 million. This amount was fully accrued as of December 31, 2012 and was paid in February 2013 in conjunction with the consummation of the ARCT III Merger.
	ARCT III entered into an agreement with an entity under common ownership with the Former Manager, ARC Advisory Services, LLC, to provide support services including legal, accounting, marketing, human resources and information technology, among other services, until the earlier of the ARCT III Merger closing date or one year from the date of the agreement for $2.0 million. The Company recorded $1.7 million in expense for the three months ended March 31, 2013, in addition to the $0.3 million that was accrued as of December 31, 2012, and paid the full amount in conjunction with the consummation of the ARCT III Merger in February 2013.
	ARCT III entered into an agreement with entities under common ownership with the Former Manager, RCS and ARC Advisory Services, LLC, to provide financial advisory and information agent services related to the proxy solicitation seeking approval of the ARCT III Merger by ARCT III’s stockholders for $0.6 million. Services provided included facilitation of the preparation, distribution and accumulation and tabulation of proxy materials, stockholder, analyst and financial advisor communications and consultation on materials and communications made to the public and regulatory agencies regarding the ARCT III Merger. The Company recorded $0.5 million in expense for the three months ended March 31, 2013 in addition to the $0.1 million that was accrued as of December 31, 2012 and paid the full amount in conjunction with the consummation of the ARCT III Merger in February of 2013.
	The Company, through the OP, entered into an Asset Purchase and Sale Agreement with American Realty Capital Advisors III, LLC (“the ARCT III Advisor") pursuant to which, concurrently with the closing of the ARCT III Merger and in connection with the internalization by the Company of certain property level management and accounting activities, the ARCT III Advisor sold to the OP certain furniture, fixtures, equipment and other assets used by the ARCT III Advisor in connection with managing the property level business and operations and accounting functions of the Company and the OP, included at the cost of such assets, for an aggregate price of $5.8 million, which included the reimbursement of certain costs and expenses incurred by the ARCT III Advisor in connection with the ARCT III Merger. The Company paid the total full amount of the agreement during the three months ended March 31, 2013. In relation to the agreement, the Company acquired fixed assets with a carryover basis of $1.0 million from the the ARCT III Advisor; the consideration paid to the ARCT III Advisor in excess of the carryover basis was approximately $3.0 million.
	On February 28, 2013, the OP entered into a Contribution and Exchange Agreement (the “ARCT III Contribution and Exchange Agreement”) with the ARCT III OP and ARCT III Special Limited Partner, the holder of the special limited partner interest in the ARCT III OP. The ARCT III Special Limited Partner was entitled to receive certain distributions from the ARCT III OP, including the subordinated distribution of net sales proceeds resulting from an “investment liquidity event” (as defined in the agreement of limited partnership of the ARCT III OP). The ARCT III Merger constituted an “investment liquidity event,” as a result of which the ARCT III Special Limited Partner, in connection with management’s successful attainment of the 6.0% performance hurdle and the return to ARCT III’s stockholders of approximately $557.3 million in addition to their initial investment, was entitled to receive a subordinated distribution of net sales proceeds from the ARCT III OP equal to approximately $98.4 million. Pursuant to the ARCT III Contribution and Exchange Agreement, the ARCT III Special Limited Partner contributed its interest in the ARCT III OP, inclusive of the subordinated distribution proceeds received, to the ARCT III OP in exchange for 7.6 million ARCT III OP Units. Upon consummation of the ARCT III Merger on February 28, 2013, these ARCT III OP Units were immediately converted to 7.3 million OP Units after application of the ARCT III Exchange Ratio. In conjunction with the ARCT III Merger Agreement, the Special Limited Partner agreed to a minimum one year holding period for these OP Units before converting them to shares of Company common stock.
	Fees Paid in Connection with the ARCenters spin-off
	The Company entered into an agreement with an entity under common ownership with the Former Manager, RCS, to provide strategic and financial advisory services to the Company in connection with the ARCenters spin-off. During the three months ended March 31, 2014, the Company incurred $1.8 million of such fees, which are included in accounts payable and accrued expenses in the accompanying balance sheet as of March 31, 2014. No fees were incurred under this agreement during the three months ended March 31, 2013.
	Fees Paid in Connection with the Operations of the Company
	Each of the Company, ARCT III and ARCT IV paid the Company’s Former Manager, the ARCT III Advisor and the ARCT IV Advisor, as applicable, an acquisition fee equal to 1.0% of the contract purchase price, inclusive of assumed indebtedness, of each property the Company, ARCT III or ARCT IV, as applicable, acquired. The acquisition fee was payable in cash at the closing of each acquisition. In conjunction with the ARCT III Merger, it was agreed that these fees would no longer be paid by either the Company or ARCT III. In conjunction with the ARCT IV Merger, it was agreed that these fees would no longer be paid by ARCT IV. Acquisition fees are recorded in Acquisition related costs in the accompanying consolidated statements of operations.
	Each of the Company, ARCT III and ARCT IV paid the Company’s Former Manager, the ARCT III Advisor and the ARCT IV Advisor, as applicable, a financing consideration fee equal to 0.75% of the amount available under any secured mortgage financing or refinancing that the Company, ARCT III or ARCT IV, as applicable, obtained and used for the acquisition of properties that was arranged by the Company’s Former Manager, ARCT III Advisor or ARCT IV Advisor, as applicable. The financing coordination fee was payable in cash at the closing of each financing. In conjunction with the ARCT III Merger, it was agreed that these fees would no longer be paid to either the Company or ARCT III. In conjunction with the ARCT IV Merger, it was agreed that these fees would no longer be paid by ARCT IV.
	Prior to the termination of the amended and restated management agreement, the Company was required to pay its Former Manager a quarterly incentive fee, calculated based on 20% of the excess Company annualized core earnings (as defined in the management agreement with its Former Manager) over the weighted average number of shares multiplied by the weighted average price per share of common stock. One half of each quarterly installment of the incentive fee will be payable in shares of common stock. The remainder of the incentive fee will be payable in cash. No such incentive fees were incurred or paid to the Company’s Former Manager since inception through January 8, 2014.
	Prior to January 8, 2014, the Company paid its Former Manager an annual base management fee equal to 0.50% per annum of the average unadjusted book value of the Company’s real estate assets, calculated and payable monthly in advance. The management fee was payable in cash. In conjunction with the ARCT III Merger, the base management fee was reduced to 0.40% per annum for the unadjusted book value of assets over $3.0 billion. The amount of base management fee incurred by the Company during the period ended March 31, 2014 prior to the terminating the amended and restated management agreement was not significant. In addition, as of December 31, 2013, the Company had accrued $5.0 million in base management fees. In lieu of cash, on January 21, 2014, the Company’s Former Manager agreed to settle all outstanding balances in stock, resulting in the Company issuing 388,461 shares of common stock to our Former Manager. The fair value of the shares issued approximated the amount of accrued asset management fees at the date of settlement.
	The Company also pays fees for transfer agent services to an entity under common ownership with the Former Manager, ANST. During the three months ended March 31, 2014, the Company incurred and paid $0.3 million in relation to transfer agent services.
	Until July 1, 2012, ARCT III paid the ARCT III Advisor an asset management fee of 0.75% per annum of the cost of its assets (cost includes the purchase price, acquisition expenses, capital expenditures and other customarily capitalized costs, but excludes acquisition fees) plus costs and expenses incurred by the ARCT III Advisor in providing asset management services; provided, however, that the asset management fee was reduced by any amounts payable to ARCT III’s property manager as an oversight fee, such that the aggregate of the asset management fee and the oversight fee did not exceed 0.75% per annum of the cost of ARCT III’s assets plus costs and expenses incurred by the ARCT III Advisor in providing asset management services. Prior to July 1, 2012, this fee was payable in monthly installments at the discretion of ARCT III’s board of directors in cash, common stock or restricted stock grants, or any combination thereof. Asset management fees, if accrued, are recorded in Operating fees to affiliates in the consolidated statements of operations and comprehensive loss.
	Effective July 1, 2012, the payment of asset management fees in monthly installments in cash, shares or restricted stock grants, or any combination thereof to the ARCT III Advisor was eliminated. Instead, ARCT III issued (subject to periodic approval by its board of directors) to the ARCT III Advisor performance-based restricted partnership units of the ARCT III OP designated as “ARCT III Class B units,” which were intended to be profits interests and to vest, and no longer be subject to forfeiture, at such time as: (x) the value of the ARCT III OP’s assets plus all distributions made equal or exceeded the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle”); and (y) a liquidity event has occurred.
	The ARCT III Advisor received distributions on unvested ARCT III Class B units equal to the distribution rate received on ARCT III common stock. Such distributions on issued ARCT III Class B units were included as general and administrative expense in the consolidated statements of operations and comprehensive loss until the performance condition is considered probable to occur. 145,022 ARCT III Class B units were approved by ARCT III’s board of directors as of December 31, 2012. During January and February 2013, ARCT III’s board of directors approved, and ARCT III issued, 603,599 ARCT III Class B units to the ARCT III Advisor for its asset management services provided. As of December 31, 2012, ARCT III did not consider achievement of the performance condition to be probable as the shareholder vote for the ARCT III Merger, which would allow vesting of these ARCT III Class B Units, was not completed. The performance condition related to these ARCT III Class B units was satisfied upon the completion of the ARCT III Merger and expense of $9.9 million was recorded at that time. The ARCT III Class B units then converted to ARCT III OP units which converted to 711,190 OP Units after the application of the ARCT III Exchange Ratio. These expenses were recorded in merger and other transaction related in the consolidated statements of operations and comprehensive loss.
	In connection with the asset management services provided by the ARCT IV Advisor, ARCT IV issued (subject to periodic approval by the board of directors) to the ARCT IV Advisor performance-based restricted partnership units of the ARCT IV OP designated as “ARCT IV Class B Units,” which were intended to be profit interests and to vest, and no longer be subject to forfeiture, at such time as: (x) the value of the ARCT IV OP’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle”); (y) any one of the following occurs: (1) the termination of the advisory agreement by an affirmative vote of a majority of the Company’s independent directors without cause; (2) a listing; or (3) another liquidity event; and (z) the ARCT IV Advisor was still providing advisory services to ARCT IV.
	The calculation of the ARCT IV asset management fees was equal to: (i) 0.1875% of the cost of ARCT IV’s assets; divided by (ii) the value of one share of ARCT IV common stock as of the last day of such calendar quarter. When approved by the board of directors, the ARCT IV Class B Units were issued to the ARCT IV Advisor quarterly in arrears pursuant to the terms of the ARCT IV OP agreement.
	During the year ended December 31, 2013, the board of directors approved the issuance of 492,483 ARCT IV Class B Units to the ARCT IV Advisor in connection with this arrangement. As of December 31, 2013, ARCT IV did not consider achievement of the performance condition to be probable and no expense was recorded at that time. The ARCT IV Advisor received distributions on unvested ARCT IV Class B Units equal to the distribution rate received on the ARCT IV common stock. Such distributions on ARCT IV Class B Units were included in general and administrative expense in the consolidated statements of operations until the performance condition was considered probable to occur. The performance condition related to the 498,857 ARCT IV Class B Units, which includes units issued for the period of January 1, 2014 through the ARCT IV Merger Date, was satisfied upon the completion of the ARCT IV Merger. These ARCT IV Class B Units immediately converted into OP Units at the 2.3961 exchange ratio discussed in Note 2 — Mergers and Acquisitions and the Company recorded an expense of $13.9 million based on the fair value of the ARCT IV Class B Units at that time.
	ARCT III paid an affiliate of ARC, unless it contracted with a third party, a property management fee of up to 2% of gross revenues from ARCT III’s stand-alone single-tenant net leased properties and 4% of gross revenues from its multi-tenant properties, plus, in each case, market-based leasing commissions applicable to the geographic location of the property. ARCT III also reimbursed the affiliate for property level expenses. If ARCT III contracted directly with third parties for such services, it paid them customary market fees and paid the affiliated property manager, an oversight fee of up to 1% of the gross revenues of the property managed. Property management fees are recorded in Operating fees to affiliates in the accompanying consolidated statements of operations.
	Effective March 1, 2013, ARCT IV entered into an agreement with RCS to provide strategic advisory services and investment banking services required in the ordinary course of ARCT IV’s business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. Strategic advisory fees were amortized over the term of the ARCT IV IPO and included in acquisition and transaction related expense on the consolidated statements of operations. RCS and its affiliates also provide transfer agent services, as well as transaction management and other professional services. Those fees are included in general and administrative expenses on the consolidated statement of operations during the period the service was provided.
	The Company reimburses certain affiliates for out-of-pocket costs actually incurred by its those affiliates, including without limitation, legal fees and expenses, due diligence fees and expenses, other third party fees and expenses, costs of appraisals, travel expenses, nonrefundable option payments and deposits on properties not acquired, accounting fees and expenses, title insurance premiums and other closing costs, personnel costs and miscellaneous expenses relating to the selection, acquisition and due diligence of properties. The Company’s reimbursement obligation is not subject to any dollar limitation. Expenses are typically reimbursed in cash on a monthly basis following the end of each month. Reimbursements are recorded based on the related activity to which the expense relates. Other than those reimbursements incurred and discussed above, the Company did not incur any reimbursement expenses during the three month period ended March 31, 2014.
	In order to facilitate the smooth transition of property management services following the consummation of the ARCT III Merger, the Company, the OP and ARC agreed that the Property Management and Leasing Agreement would be extended for a 60-day period following the consummation of the ARCT III Merger for which the Company paid ARC $2.3 million. These fees were recorded in merger and transaction related in the consolidated statements of operations and comprehensive loss.
	In connection with providing strategic advisory services related to certain portfolio acquisitions, from time to time, ARCT IV entered into arrangements in which the investment banking division of RCS receives a transaction fee of 0.25% of the transaction value for such portfolio acquisition transactions. No such arrangements were entered during the three months ended March 31, 2014.
	The following table details amounts incurred by the Company, ARCT III or ARCT IV, other than those incurred for the ARCT IV Merger, the Cole Merger, the ARCT III Merger and the ARCenters spin-off, and contractually due to ARC, the ARCT III Advisor, the ARCT IV Advisor or the Company’s Former Manager and forgiven in connection with the operations related services described above (in thousands):
		Three Months Ended March 31,											Payable as of
		2014					2013						March 31,			December 31,
		Incurred			Forgiven		Incurred			Forgiven			2014			2013
	One-time fees:
	Acquisition fees (1)	$	—		$	—	$	7,054		$	—		$	—		$	—
	Financing fees and related cost reimbursements	—			—		7,500			—			—			—
	Other expense reimbursements	—			—		54			—			—			—
	Transaction fees	—			—		—			—			—			3,455
On-going fees:
Base management fees (2)	—			—		2,654			370			—			5,654
Transfer agent fees	344			—		799			—			—			57
Property management and leasing fees (2)	—			—		—			—			—			217
Strategic advisory fees	—			—		920			—			—			—
Distributions on Class B Units	—			—		2			—			—			—
Total operational fees and reimbursements	$	344		$	—	$	18,983		$	370		$	—		$	9,383
____________________________________
(1) In conjunction with the ARCT III Merger, the payment of acquisition fees was terminated, except with respect to properties that were in ARCP’s or ARCT III’s pipeline at the ARCT III Merger date; any fees that were paid because the Company’s Former Manager or the ARCT III Advisor had sourced and negotiated the purchase price prior to the ARCT III Merger.
(2) The amounts incurred and paid were recognized in merger and other transaction related costs during the three months ended March 31, 2013 as they relate to the ARCT III Merger. The amounts incurred during the quarter ended March 31, 2013 and payable as of March 31, 2013 were accrued through January 7, 2014, the date prior to transition to self-management.
Upon consummation of the ARCT III Merger, the Company entered into the OPP with its Former Manager, whereby its Former Manager was able to potentially earn compensation upon the attainment of stockholder value creation targets. Pursuant to previous authorization of the Company’s board of directors, as a result of the termination of the Management Agreement, all LTIP Units issued to the Former Manager under the OPP became fully earned and vested and were earned upon the consummation of the Company’s transition to self-management on January 8, 2014. On October 21, 2013, the Company approved the New OPP, to be effective as of the Company’s transition to self-management. Under the New OPP, individual agreements are entered into between the Company and selected participants that set forth the participant’s participation percentage in the New OPP and the number of LTIP Units subject to the participant’s award. Under the OPP Agreements, the participants will be eligible to earn performance-based bonus awards equal to the Participant’s participation percentage of a pool that will be funded up to a maximum award opportunity. See Note 18 — Equity Based Compensation for a more detailed description of these plans.
Fees Paid in Connection with Common Stock Offerings
RCS served as the dealer manager of the ARCT III and ARCT IV IPOs. RCS received fees and compensation in connection with the sale of ARCT III’s and ARCT IV’s common stock in the respective IPOs. RCS received a selling commission of up to 7% of gross offering proceeds before reallowance of commissions earned by participating broker-dealers in each of the IPOs. In addition, RCS received up to 3% of the gross proceeds from the sale of common stock, before reallowance to participating broker-dealers, as a dealer-manager fee in each of the IPOs. RCS was permitted to reallow its dealer-manager fee to such participating broker-dealers, based on such factors as the volume of shares sold by respective participating broker-dealers and marketing support incurred as compared to those of other participating broker-dealers. RCS has also received compensation for various other Company equity transactions.
The following table details the results of such activities related to RCS, which are recorded as offering costs on the consolidated statement of changes in equity (amounts in thousands):
	Three Months Ended March 31,					Payable as of
	2014			2013		March 31, 2014			December 31, 2013
Total commissions and fees paid to RCS	$	—		$	139,961	$	—		$	—
The Company, ARCT III and ARCT IV reimbursed its Former Manager, the ARCT III Advisor, the ARCT IV Advisor and RCS, as applicable, for services relating to the ARCT III IPO, the ARCT IV IPO and other significant transactions such as the Company’s at-the-market equity program. The following table details the results of such activities related to offering and other significant transactions costs reimbursed to the Company’s Former Manager, the ARCT III Advisor, the ARCT IV Advisor and RCS (amounts in thousands):
	Three Months Ended March 31,					Payable as of
	2014			2013		March 31, 2014			December 31, 2013
Offering expense and other significant transactions reimbursements	$	1,865		$	12,077	$	—		$	—
Cole Capital
Cole Capital is contractually responsible for managing the Managed REITs’ affairs on a day-to-day basis, identifying and making acquisitions and investments on the Managed REITs’ behalf, and recommending to each of the Managed REIT’s respective board of directors an approach for providing investors with liquidity. In addition, the Company distributes the shares of common stock for certain Managed REITs and advises them regarding offerings, manages relationships with participating broker-dealers and financial advisors and provides assistance in connection with compliance matters relating to the offerings. The Company receives compensation and reimbursement for services relating to the Managed REITs’ offerings and the investment, management and disposition of their respective assets, as applicable.
Offerings
The Company generally receives a selling commission of up to 7.0% of gross offering proceeds related to the sale of shares of CCPT IV, CCIT II and CCPT V common stock in their primary offerings, before reallowance of commissions earned by participating broker-dealers. The Company has and intends to continue to reallow 100% of selling commissions earned to participating broker-dealers. In addition, the Company generally receives 2.0% of gross offering proceeds in the primary offerings, before reallowance to participating broker-dealers, as a dealer manager fee in connection with the sale of CCPT IV, CCIT II and CCPT V shares of common stock. The Company, in its sole discretion, may reallow all or a portion of its dealer manager fee to such participating broker-dealers as a marketing and due diligence expense reimbursement, based on factors such as the volume of shares sold by such participating broker-dealers and the amount of marketing support provided by such participating broker-dealers. No selling commissions or dealer manager fees are paid to the Company or other broker-dealers with respect to shares sold under the respective Managed REIT’s distribution reinvestment plans, under which the stockholders may elect to have distributions reinvested in additional shares.
In connection with the sale of INAV shares of common stock, the Company receives an asset-based dealer manager fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to (i) 1/365th of 0.55% of the net asset value (“NAV”) for Wrap Class shares of common stock (“W Shares”) for such day, (ii) 1/365th of 0.55% of the NAV for Advisor Class shares of common stock (“A Shares”) for such day and (iii) 1/365th of 0.25% of the NAV for Institutional Class shares of common stock (“I Shares”) for such day. The Company, in its sole discretion, may reallow a portion of its dealer manager fee received on W Shares, A Shares and I Shares to participating broker-dealers. In addition, the Company receives a selling commission on A Shares sold in the primary offering of up to 3.75% of the offering price per share for A Shares. The Company has and intends to continue to reallow 100% of selling commissions earned to participating broker-dealers. The Company also receives an asset-based distribution fee for A Shares that is payable in arrears on a monthly basis and accrues daily in an amount equal to 1/365th of 0.50% of the NAV for A Shares for such day. The Company, in its sole discretion, may reallow a portion of the distribution fee to participating broker-dealers. No selling commissions are paid to the Company or other broker-dealers with respect to W Shares or I Shares or on shares of any class of INAV common stock sold pursuant to INAV’s distribution reinvestment plan, under which the stockholders may elect to have distributions reinvested in additional shares, and no distribution fees are paid to the Company or other broker-dealers with respect to W Shares or I Shares.
All other organization and offering expenses associated with the sale of the Managed REITs’ common stock (excluding selling commissions, if applicable, and the dealer manager fee) are paid for in advance by the Company and subject to reimbursement by the Managed REITs, up to certain limits per the respective advisory agreement. As these costs are incurred, they are recorded as reimbursement revenue, up to the respective limit, and are included in dealer manager fees, selling commissions and offering reimbursements in the financial results for Cole Capital in Note 5 — Segment Reporting. Expenses paid on behalf of the Managed REITs in excess of these limits that are expected to be collected are recorded as program development costs. As of March 31, 2014, the Company had $3.6 million of organization and offering costs paid on behalf of the Managed REITs in excess of the limits that have not been reimbursed, which are expected to be reimbursed by the Managed REITs as they raise additional proceeds from the respective offering. The program development costs are included in deferred costs and other assets, net in the accompanying consolidated unaudited balance sheets. Subsequent to March 31, 2014, the Company had incurred $28.7 thousand of additional organization and offering costs and no costs had been reimbursed from the Managed REITs.
The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided to the Managed REITs (as described above) during the period from the Cole Acquisition Date to March 31, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three months ended March 31, 2013.
	Period from the Cole Acquisition Date to March 31, 2014
	CCPT IV			CCPT V			CCIT II			INAV			Total
Offering:
Selling commission revenue	$	29,125		$	—		$	371		$	21		$	29,517
Selling commissions reallowance expense	$	29,125		$	—		$	371		$	21		$	29,517
Dealer manager and distribution fee revenue	$	8,773		$	—		$	114		$	65		$	8,952
Dealer manager fees reallowance expense	$	4,864		$	—		$	53		$	2		$	4,919
Other expense reimbursement revenue	$	3,767		$	50		$	114		$	53		$	3,984
Operations
The Company earns acquisition fees related to the acquisition, development or construction of properties on behalf of certain of the Managed REITs. In addition, the Company is reimbursed for acquisition expenses incurred in the process of acquiring properties up to certain limits per the respective advisory agreement. The Company is not reimbursed for personnel costs in connection with services for which it receives acquisition fees or real estate commissions. In addition, the Company may earn disposition fees related to the sale of one or more properties, including those held indirectly through joint ventures, on behalf of a Managed REIT. Acquisition and disposition fees and reimbursements, as applicable, are included in transaction service fees in the financial results for Cole Capital in Note 5 — Segment Reporting.
The Company earns advisory and asset and property management fees from certain Managed REITs and other affiliates. In addition, the Company may be reimbursed for expenses incurred in providing advisory and asset and property management services, subject to certain limitations. In connection with services provided by the Company related to the origination or refinancing of any debt financing obtained by certain Managed REITs that is used to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company is reimbursed for financing expenses incurred, subject to certain limitations. Advisory fees, asset and property management fees and reimbursements of expenses are included in management fees and reimbursements in the financial results for Cole Capital in Note 5 — Segment Reporting.
The Company recorded fees and expense reimbursements as shown in the table below for services provided primarily to the Managed REITs (as described above) during the period from the Cole Acquisition Date to March 31, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three months ended March 31, 2013.
	Period from the Cole Acquisition Date to March 31, 2014
	CCPT IV			CCPT V		CCIT			CCIT II			INAV			Other		Total
Operations:
Acquisition fee revenue	$	3,998		$	66	$	495		$	—		$	—		$	—	$	4,559
Asset management fee revenue	$	—		$	—	$	—		$	—		$	—		$	151	$	151
Property management and leasing fee revenue	$	—		$	—	$	—		$	—		$	—		$	100	$	100
Operating expense reimbursement revenue	$	1,065		$	17	$	429		$	—		$	—		$	—	$	1,511
Advisory and performance fee revenue	$	2,564		$	—	$	2,595		$	26		$	108		$	—	$	5,293
Investment in the Managed REITs
As of March 31, 2014, the Company owned aggregate equity investments of $5.1 million in the Managed REITs, which is included in investment in unconsolidated entities in the accompanying consolidated balance sheet. The table below presents certain information related to the Company’s investments in the Managed REITs as of March 31, 2014 (carrying amount in thousands):
	March 31, 2014
Managed REIT	% of Outstanding Shares Owned		Carrying Amount of Investment
CCPT	0.01	%	$	5
CCPT IV	0.01	%	140
CCPT V	100	%	2,517
CCIT	0.01	%	97
CCIT II	33.14	%	2,139
INAV	0.28	%	163
			$	5,061
Due from Affiliates
As of March 31, 2014, $5.4 million was expected to be collected from the Managed REITs for services provided by the Company and expenses subject to reimbursement by the Managed REITs in accordance with their respective advisory and property management agreements and was included in due from affiliates on the accompanying consolidated balance sheet. In connection with the Cole Merger, the Company acquired two secured revolving line of credit agreements that provide for an aggregate of $2.9 million of available borrowings to CCPT, and a revolving line of credit agreement that provides for $10.0 million of available borrowings to CCIT II. In addition, during the three months ended March 31, 2014, the Company entered into a revolving line of credit agreement that provides for $10.0 million of available borrowings to CCPT V. The CCPT line of credit agreements each bear a fixed interest rate of 5.75%, mature in March 2015 and are secured by a single retail property. The CCIT II and CCPT V line of credit agreements each bear an interest rate equal to the one-month LIBOR plus 2.20% and mature in January 2015 and March 2015, respectively. During the three months ended March 31, 2014, CCPT borrowed $300,000 on one of the lines of credit, and CCIT II and CCPT V borrowed $1.9 million and $1.0 million, respectively, on their lines of credit. These borrowings are included in due from affiliates in the accompanying consolidated balance sheet.

Economic_Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2014
Economic Dependency [Abstract]	'
Economic Dependency	'
	Economic Dependency
	Prior to transitioning to self-management on January 8, 2014, the Company engaged, under various agreements, its Former Manager, and entities under common ownership with the Former Manager to provide certain services that are essential to the Company, including asset management services and supervision of the management and leasing of properties owned by the Company, the sale of shares of the Company’s common stock, as well as other administrative responsibilities for the Company including information technology, legal services and investor relations.
	As a result of these relationships, the Company was dependent upon its Former Manager its affiliates and entities under common ownership with the Former Manager. In the event that these companies were unable to provide the Company with the respective services, the Company would have been required to find alternative providers of these services. As a result of the ARCT III Merger, the Company internalized certain accounting and property acquisition services previously performed by its Former Manager and its affiliates. The Company may from time to time engage entities under common control with the Former Manager for legal, information technology or other support services for which it will pay a fee, subject to approval by the Company’s independent directors. No such engagements are in place between the Company and its Former Manager and its affiliates.

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Net Loss Per Share	'
	Net Loss Per Share
	The Company’s unvested restricted stock and LTIPs contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings per share under the two-class method. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested restricted stock and LTIPS are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings.
	The following is a summary of the basic and diluted net loss per share computation for the three months ended March 31, 2014 and 2013 (dollar amounts in thousands, except for per share data):
		Three Months Ended March 31,
		2014			2013
	Net loss attributable to the Company	$	(308,681	)	$	(141,163	)
	Less: dividends declared on preferred shares and participating securities	(23,632		)	(158		)
	Net loss attributable to common stockholders	(332,313		)	(141,321		)
	Weighted average shares of common stock outstanding	547,781,932			167,847,516
	Basic and diluted net loss per share attributable to common stockholders	$	(0.61	)	$	(0.84	)
	As of March 31, 2014, the Company excluded 24,797,256 OP Units outstanding, which are convertible to an equal number of shares of the Company’s common stock, 5,837,076 shares of unvested restricted stock outstanding, 10,744,697 LTIP Units and 21,735,008 shares of the Company’s Series D Convertible Preferred Stock outstanding from the calculation of diluted net loss per share as the effect would have been antidilutive.

Property_Dispositions

Property Dispositions	3 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Property Dispositions	'
	During the three months ended March 31, 2014, the Company disposed of 16 single-tenant properties and one multi-tenant property for an aggregate gross sales price of $60.3 million (the “2014 Property Dispositions”). There were no properties disposed of during the three months ended March 31, 2013. No disposition fees were paid in connection with the sale of the 2014 Property Dispositions and the Company has no continuing involvement with these properties.
	As of March 31, 2014, there were no properties classified as held for sale. As of December 31, 2013, the Company classified one property as held for sale, which has been presented as discontinued operations on the Company’s consolidated statements of operations.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	As a REIT, the Company generally is not subject to federal income tax, with the exception of its TRS. However, the Company, including its TRS, is still subject to certain state and local income taxes in the various jurisdictions in which it operates.
	Based on the above, Cole Capital, substantially all of which is conducted through a TRS, recognized a benefit from federal and state income taxes of $5.0 million for the three months ended March 31, 2014, which is included in other income, net in the accompanying consolidated statement of operations. No provision for income taxes was recognized for the three months ended March 31, 2013 as the Company did not commence operations for Cole Capital until the Cole Acquisition Date. The difference in the benefit from income taxes reflected in the consolidated statements of operations as compared to the provision calculated at the statutory federal income tax rate is primarily attributable to various permanent differences and state and local income taxes.
	The REI segment recognized state income and franchise taxes of $1.1 million during the three months ended March 31, 2014 and $0.2 million during the three months ended March 31, 2013, which are included in general and administrative expenses in the accompanying consolidated statements of operations.
	The Company had no unrecognized tax benefits as of or during the three months ended March 31, 2014 and 2013. Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities. With few exceptions, the Company is no longer subject to federal or state examinations by tax authorities for years before 2010.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the following:
	Completion of Acquisition of Assets
	The following table presents certain information about the properties that the Company acquired from April 1, 2014 to May 8, 2014 (dollar amounts in millions):
		No. of Buildings	Square Feet	Base Purchase Price (1)
			(in millions)
	Total Portfolio – March 31, 2014	3,809	101.8	$	17,961
	Acquisitions	25	1	111
	Total portfolio – May 8, 2014	3,834	102.8	$	18,072
	____________________________________
	(1)Contract purchase price, excluding acquisition and transaction related costs.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Accounting	'
	The consolidated financial statements of the Company included herein were prepared in conformity with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results for the entire year or any subsequent interim period.
	These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2013 of the Company, which are included on Form 10-K filed with the SEC on February 27, 2014. There have been no significant changes to these policies during the three months ended March 31, 2014, other than the updates described below.
Reclassification	'
	Reclassification
	Certain reclassifications have been made to the previously issued historical financial statements of the Company to conform to this presentation.
Investment in Unconsolidated Entities	'
	Investment in Unconsolidated Entities
	Investment in Unconsolidated Joint Ventures
	Investment in unconsolidated joint ventures as of March 31, 2014 consisted of the Company’s interest in six joint ventures that owned six properties (the “Unconsolidated Joint Ventures”). As of March 31, 2014, the Company owned aggregate equity investments of $100.7 million in the Unconsolidated Joint Ventures. The Company accounts for the Unconsolidated Joint Ventures using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of these investments. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the joint ventures’ earnings and distributions.
	Investment in Managed REITs
	As of March 31, 2014, the Company owned aggregate equity investments of $5.1 million in the following publicly registered, non-traded REITs: Cole Credit Property Trust, Inc. (“CCPT”); Cole Credit Property Trust IV, Inc. (“CCPT IV”); Cole Corporate Income Trust, Inc. (“CCIT”); Cole Real Estate Income Strategy (Daily NAV), Inc. (“INAV”); Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) and Cole Credit Property Trust V, Inc. (“CCPT V,” and collectively with CCPT, CCPT IV, CCIT INAV and CCIT II the “Managed REITs”). The Company accounts for these investments using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over the Managed REITs’ operating and financial policies through its advisory and property management agreements with the respective Managed REITs. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the respective Managed REIT’s earnings and distributions.
Leasehold Improvements and Property, Plant and Equipment	'
	Leasehold Improvements and Property and Equipment
	The Company leases its office facilities under operating leases. Leasehold improvements related to these are recorded at cost less accumulated amortization. Leasehold improvements are amortized over the lesser of the estimated useful life or remaining lease term.
	Property and equipment, which primarily include office furniture, fixtures and equipment and computer hardware and software, are stated at cost less accumulated depreciation. Property and equipment are depreciated on a straight-line method over the estimated useful lives of the assets, which range from five to seven years. The Company reassesses the useful lives of its property and equipment and adjusts the future monthly depreciation expense based on the new useful life, as applicable. If the Company disposes of an asset, the asset and related accumulated depreciation are written off upon disposal.
Impairments	'
	Impairments
	Investment in Unconsolidated Entities
	The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of any of its investment in the unconsolidated entities. If an event or change in circumstance has occurred, the Company is required to evaluate its investment in the unconsolidated entity for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an unconsolidated entity for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions.  The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified, and no impairment losses were recorded related to the Company’s unconsolidated entities for the period from the Cole Acquisition Date to March 31, 2014.
	Leasehold Improvements and Property and Equipment
	Leasehold improvements and property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If this review indicates that the carrying amount of the asset is not recoverable, the Company records an impairment loss, measured at fair value by estimated discounted cash flows or market appraisals. No impairments of leasehold improvements or property or equipment were identified during the three months ended March 31, 2014.
Program Development Costs	'
	Program Development Costs
	The Company pays for organization, registration and offering expenses associated with the sale of common stock of the Managed REITs.  The reimbursement of these expenses by the Managed REITs is limited to a certain percentage of the proceeds raised from their offerings, in accordance with their respective advisory agreement and charter. Such expenses paid by the Company on behalf of the Managed REITs in excess of these limits that are expected to be collected are recorded as program development costs. The Company assesses the collectability of the program development costs, considering the offering period and historical and forecasted sales of shares under the Managed REITs’ respective offering and reserves for any balances considered not collectible. No reserves were recorded as of March 31, 2014, as the Company expects to be reimbursed for all of the program development costs by the Managed REITs as additional proceeds from their respective offerings are raised.
Due From Affiliates	'
	Due from Affiliates
	The Company receives or may be entitled to receive compensation and reimbursement for services primarily relating to the Managed REITs’ offerings and the investment, management, financing and disposition of their respective assets. Refer to Note 19 — Related Party Transaction and Arrangements for further explanation.
Reportable Segments	'
	Reportable Segments
	The Company has concluded that it has two reportable segments as it has organized its operations into two segments for management and internal financial reporting purposes, Real Estate Investment and Cole Capital. The identification and aggregation of reportable segments requires the Company’s management to exercise certain judgments. Refer to Note 5 — Segment Reporting for further information.
Revenue Recognition - Private Capital Management Segment	'
	Revenue Recognition - Cole Capital
	Revenue consists of securities sales commissions and dealer manager fees, real estate acquisition fees, property management fees, advisory fees, asset management fees and performance fees for services relating to the Managed REITs’ offerings and the investment and management of their respective assets, in accordance with the respective advisory and dealer manager agreements. The Company records revenue related to acquisition fees, securities sales commissions and dealer manager fees upon completion of a transaction and advisory, asset and property management fees as services are performed. The Company is also reimbursed for certain costs incurred in providing these services. Securities sales commission and dealer manager reimbursements are recorded as revenue as the expenses are incurred. Other reimbursements are recorded as revenue when reimbursements are reasonably assured.
Income Taxes	'
	Income Taxes
	The Company currently qualifies and has elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code. As a REIT, except as discussed below, the Company generally is not subject to federal income tax on taxable income that it distributes to its stockholders so long as it distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
	The Company conducts substantially all of its Cole Capital business operations through a taxable REIT subsidiary (“TRS”). A TRS is a subsidiary of a REIT that is subject to corporate federal, state and local income taxes, as applicable. The Company’s use of a TRS enables it to engage in certain business activities while complying with the REIT qualification requirements and to retain any income generated by these businesses for reinvestment without the requirement to distribute those earnings. The Company conducts all of its business in the United States, and as a result, the Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. Certain of the Company’s inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation.
	The Company provides for income taxes in accordance with current authoritative accounting and tax guidance. The tax expense or benefit related to significant, unusual or extraordinary items is recognized in the quarter in which those items occur. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the quarter in which the change occurs. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or the tax environment changes.
Repurchase Agreements	'
	Repurchase Agreements
	In certain circumstances the Company may obtain financing through a repurchase agreement. The Company evaluates the initial transfer of a financial instrument and the related repurchase agreement for sale accounting treatment. In instances where the Company maintains effective control over the transferred securities, the Company accounts for the transaction as a secured borrowing, and accordingly, both the securities and related repurchase agreement payable are recorded separately in the accompanying consolidated balance sheets in investment securities, at fair value and other debt, net, respectively. In instances where the Company does not maintain effective control over the transferred securities, the Company accounts for the transaction as a sale of securities for proceeds consisting of cash and a forward purchase contract.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In April 2014, the U.S. Financial Accounting Standards Board issued Accounting Standards Update, 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which amends the reporting requirements for discontinued operations by updating the definition of a discontinued operation to be a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, resulting in fewer disposals that qualify for discontinued operations reporting yet the pronouncement also requires expanded disclosures for discontinued operations. The Company adopted ASU 2014-08 effective January 1, 2014. Starting with the first quarter of 2014, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 will be presented within income from continuing operations on the accompanying consolidated statements of income.

Acquisition_of_CapLease_and_Co1

Acquisition of CapLease and Cole (Tables)	3 Months Ended
	Mar. 31, 2014						Mar. 31, 2013
Business Combinations [Abstract]	'						'
Schedule of Business Acquisitions, by Acquisition	'						'
	The following table presents the allocation of the fair value of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):
										Preliminary
		Three Months Ended March 31,								Amounts Previously Recognized as of the CapLease Acquisition Date (1)				Measurement Period Adjustments				Adjusted Amounts Recognized as of the CapLease Acquisition Date
		2014			2013		Fair value of consideration given			$	920,697			$	—			$	920,697
	Real estate investments, at cost:
	Land	$	133,903		$	74,700
							Assets purchased, at fair value:
	Buildings, fixtures and improvements	694,935			291,664		Land			235,843				(2,778		)		233,065
	Total tangible assets	828,838			366,364		Buildings, fixtures and improvements			1,596,481				(8,147		)		1,588,334
	Acquired intangible assets:						Land and construction in process			12,352				—				12,352
	In-place leases	120,421			45,223
							Acquired intangible lease assets			191,964				(1,102		)		190,862
	Above-market leases	11,559			—
							Total real estate investments			2,036,640				(12,027		)		2,024,613
	Assumed intangible liabilities:
	Below-market leases	(1,156		)	—		Cash and cash equivalents			41,799				—				41,799
	Fair value adjustment of assumed notes payable	(23,589		)	—		Investment securities			60,730				—				60,730
	Total purchase price of assets acquired, net	936,073			411,587		Loans held for investment			26,457				—				26,457
	Notes payable assumed	263,217			—		Restricted cash			29,159				—				29,159
	Cash paid for acquired real estate investments	$	672,856		$	411,587	Deferred costs and other assets, net			21,564				—				21,564
	Number of properties acquired	215			112		Deferred costs			325				—				325
							Total identifiable assets purchased			2,216,674				(12,027		)		2,204,647
							Liabilities assumed, at fair value:
							Mortgage notes payable			1,037,510				—				1,037,510
							Secured credit facility			121,000				—				121,000
							Other debt			114,208				—				114,208
							Below-market leases			57,058				—				57,058
							Derivative liabilities			158				—				158
							Accounts payable and accrued expenses			46,484				517				47,001
							Deferred rent, derivative and other liabilities			8,867				—				8,867
							Total liabilities assumed			1,385,285				517				1,385,802
							Non-controlling interest retained by third party			567				—				567
							Net identifiable assets acquired by Company			830,822				(12,544		)		818,278
							Goodwill			$	89,875			$	12,544			$	102,419
							The estimated fair value of the consideration transferred at the Cole Acquisition Date totaled approximately $7.5 billion and consisted of the following (in thousands):
								As of Cole Acquisition
								Date (Preliminary)
							Estimated Fair Value of Consideration Transferred:
							Cash	$	181,775
							Common stock	7,285,868
							Total consideration transferred	$	7,467,643
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'						'
							The following table summarizes the estimated fair values of the assets acquired and liabilities assumed by segment at the Cole Acquisition Date (in thousands):
								Preliminary
								REI Segment				Cole Capital				Total as of Cole Acquisition Date
							Identifiable Assets Acquired at Fair Value:
							Land	$	1,737,390			$	—			$	1,737,390
							Buildings, fixtures and improvements	5,898,895				—				5,898,895
							Land and construction in process	—				—				—
							Acquired intangible lease assets	1,323,614				—				1,323,614
							Total real estate investments	8,959,899				—				8,959,899
							Investment in unconsolidated entities	100,659				3,307				103,965
							Investment securities, at fair value	151,197				—				151,197
							Loans held for investment, net	72,326				—				72,326
							Cash and cash equivalents	130,747				20,413				151,160
							Restricted cash	15,704				—				15,704
							Intangible assets	—				385,368				385,368
							Deferred costs and other assets	45,081				50,893				95,974
							Due from affiliates	—				3,301				3,301
							Total identifiable assets acquired	9,475,613				463,282				9,938,894
							Identifiable Liabilities Assumed at Fair Value:
							Mortgage notes payable, net	2,719,072				—				2,719,072
							Credit facilities	1,309,000				—				1,309,000
							Other debt	49,013				—				49,013
							Below-market lease liabilities	212,377				—				212,377
							Accounts payable and accrued expenses	73,441				60,468				133,909
							Deferred rent, derivative and other liabilities	42,764				110,529				153,293
							Dividends payable	6,271				—				6,271
							Contingent consideration	3,606				48,373				51,979
							Due to affiliates	—				44				44
							Total liabilities assumed	4,415,544				219,414				4,634,958
							Noncontrolling interests	20,996				—				20,996
							Net identifiable assets acquired	5,039,073				243,868				5,282,940
							Goodwill	1,628,571				556,132				2,184,703
							Net assets acquired	$	6,667,644			$	800,000			$	7,467,643

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2013
Segment Reporting [Abstract]	'
Schedule of segment reporting information, by segment	'
		Three Months Ended March 31,
		2014			2013
	REI:
	Rental income	$	244,445		$	40,987
	Direct financing lease income	1,006			—
	Operating expense reimbursements	21,096			1,910
	Total real estate investment revenues	266,547			42,897
	Acquisition related	11,884			10,327
	Merger and other transaction related	222,192			137,769
	Property operating expenses	29,627			2,549
	General and administrative expenses	7,750			1,454
	Equity based compensation	22,510			881
	Depreciation and amortization	151,004			26,753
	Total operating expenses	444,967			179,733
	Operating loss	(178,420		)	(136,836		)
	Interest expense, net	(116,717		)	(6,056		)
	Other income, net	322			853
	Loss on derivative instruments, net	(20,197		)	(5		)
	Gain on disposition of properties, net	2,979			—
	Gain on sale of investments	—			451
	Total other expenses, net	(133,613		)	(4,757		)
	Net loss from continuing operations	(312,033		)	(141,593		)
	Discontinued operations:
	Loss from operations of held for sale properties	—			(16		)
	Gain on held for sale properties	—			14
	Net loss from discontinued operations	—			(2		)
	Net loss	$	(312,033	)	$	(141,595	)
		Three Months Ended March 31,
		2014			2013
	Cole Capital:
	Dealer manager and distribution fees, selling commissions and offering reimbursements	$	42,453		$	—
	Transaction service fees	4,559			—
	Management fees and reimbursements	7,055			—
	Total Cole Capital revenues	54,067			—
	Cole Capital reallowed fees and commissions	34,436			—
	General and administrative expenses	19,089			—
	Depreciation and amortization	14,359			—
	Total operating expenses	67,884			—
	Total other income	5,195			—
	Net loss	$	(8,622	)	$	—
	Total Company:
	Total revenues	$	320,614		$	42,897
	Total operating expenses	512,851			179,733
	Total other expense	(128,418		)	(4,757		)
	Loss from continuing operations	(320,655		)	(141,593		)
	Loss from discontinued operations	—			(2		)
	Net loss	$	(320,655	)	$	(141,595	)
		Total Assets
		March 31, 2014			December 31, 2013
	Real Estate Investment	$	19,480,029		$	7,805,059
	Cole Capital	1,000,271			—
	Total Company	$	20,480,300		$	7,805,059

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2014							Mar. 31, 2013
Real Estate [Abstract]	'							'
Schedule of Business Acquisitions, by Acquisition	'							'
	The following table presents the allocation of the fair value of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):
											Preliminary
		Three Months Ended March 31,									Amounts Previously Recognized as of the CapLease Acquisition Date (1)		Measurement Period Adjustments			Adjusted Amounts Recognized as of the CapLease Acquisition Date
		2014			2013			Fair value of consideration given			$	920,697	$	—		$	920,697
	Real estate investments, at cost:
	Land	$	133,903		$	74,700
								Assets purchased, at fair value:
	Buildings, fixtures and improvements	694,935			291,664			Land			235,843		(2,778		)	233,065
	Total tangible assets	828,838			366,364			Buildings, fixtures and improvements			1,596,481		(8,147		)	1,588,334
	Acquired intangible assets:							Land and construction in process			12,352		—			12,352
	In-place leases	120,421			45,223
								Acquired intangible lease assets			191,964		(1,102		)	190,862
	Above-market leases	11,559			—
								Total real estate investments			2,036,640		(12,027		)	2,024,613
	Assumed intangible liabilities:
	Below-market leases	(1,156		)	—			Cash and cash equivalents			41,799		—			41,799
	Fair value adjustment of assumed notes payable	(23,589		)	—			Investment securities			60,730		—			60,730
	Total purchase price of assets acquired, net	936,073			411,587			Loans held for investment			26,457		—			26,457
	Notes payable assumed	263,217			—			Restricted cash			29,159		—			29,159
	Cash paid for acquired real estate investments	$	672,856		$	411,587		Deferred costs and other assets, net			21,564		—			21,564
	Number of properties acquired	215			112			Deferred costs			325		—			325
								Total identifiable assets purchased			2,216,674		(12,027		)	2,204,647
								Liabilities assumed, at fair value:
								Mortgage notes payable			1,037,510		—			1,037,510
								Secured credit facility			121,000		—			121,000
								Other debt			114,208		—			114,208
								Below-market leases			57,058		—			57,058
								Derivative liabilities			158		—			158
								Accounts payable and accrued expenses			46,484		517			47,001
								Deferred rent, derivative and other liabilities			8,867		—			8,867
								Total liabilities assumed			1,385,285		517			1,385,802
								Non-controlling interest retained by third party			567		—			567
								Net identifiable assets acquired by Company			830,822		(12,544		)	818,278
								Goodwill			$	89,875	$	12,544		$	102,419
								The estimated fair value of the consideration transferred at the Cole Acquisition Date totaled approximately $7.5 billion and consisted of the following (in thousands):
									As of Cole Acquisition
									Date (Preliminary)
								Estimated Fair Value of Consideration Transferred:
								Cash	$	181,775
								Common stock	7,285,868
								Total consideration transferred	$	7,467,643
Business Acquisition, Pro Forma Information	'							'
	The following table presents unaudited pro forma information as if all of the 2014 Acquisitions and the Cole Merger and ARCT IV Merger, as discussed in Note 2 — Mergers and Acquisitions, were completed on January 1, 2013 for each period presented below. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of acquisitions to reflect the additional depreciation and amortization and interest expense that would have been charged had the acquisitions occurred on January 1, 2013. Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $11.9 million and $10.3 million for the three months ended March 31, 2014 and 2013, respectively and merger and other transaction related expenses of $222.2 million and $137.8 million for the three months ended March 31, 2014 and 2013, respectively. These costs were recognized in the pro forma information for the three months ended March 31, 2013 (in thousands):
		Three Months Ended March 31,
		2014			2013
	Pro forma revenues	$	413,780		$	44,330
	Pro forma net income (loss) attributable to stockholders	$	(20,374	)	$	6,056
Schedule of Future Minimum Rental Payments for Operating Leases	'							'
	The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items (in thousands):
		Future Minimum Operating Lease			Future Minimum
		Base Rent Payments			Direct Financing Lease Payments (1)
	April 1, 2014 - December 31, 2014	$	921,815		$	3,802
	2015	1,152,446			4,757
	2016	1,127,440			4,674
	2017	1,075,967			4,273
	2018	1,021,150			3,183
	Thereafter	7,251,560			10,052
	Total	$	12,550,378		$	30,741
	____________________________________
	(1) 47 properties are subject to direct financing leases and, therefore, revenue is recognized as direct financing lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.
Schedule of Future Minimum Lease Payments for Capital Leases	'							'
	The components of the Company’s net investment in direct financing leases as of March 31, 2014 and December 31, 2013 are as follows (in thousands):
		March 31, 2014			December 31, 2013
	Future minimum lease payments receivable	$	31,001		$	33,729
	Unguaranteed residual value of property	47,089			46,172
	Unearned income	(12,367		)	(13,789		)
	Net investment in direct financing leases	$	65,723		$	66,112
Schedule of Annualized Rental Income by Major Tenants	'							'
	The following table lists the tenants of the Company whose annualized rental income, determined on a straight-line basis, represented greater than 10% of consolidated annualized rental income as of March 31, 2013. Annualized rental income for net leases is rental income as of the period reported, which includes the effect of tenant concessions such as free rent, as applicable. There were no tenants exceeding 10% of consolidated annualized rental income March 31, 2014.
		March 31,
	Tenant	2014		2013
	Dollar General	*		12.00%
	Citizens Bank	*		12.00%
	____________________________________
	* The tenants’ annualized rental income was not greater than 10% of total consolidated annualized rental income for all portfolio properties as of the period specified.

Investment_Securities_at_Fair_1

Investment Securities, at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, All Other Investments [Abstract]	'
Schedule of Available-for-sale Securities Reconciliation	'
	The following tables detail the unrealized gains and losses on investment securities as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31, 2014
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Investments in real estate fund	$	1,605	$	43	$	—		$	1,648
	CMBS	209,076		3,546		(467		)	212,155
	Total	$	210,681	$	3,589	$	(467	)	$	213,803
		December 31, 2013
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Investments in real estate fund	$	1,589	$	—	$	(105	)	$	1,484
	CMBS	60,452		498		(367		)	60,583
	Total	$	62,041	$	498	$	(472	)	$	62,067
Available-for-sale Securities	'
	The scheduled maturity of the Company’s CMBS as of March 31, 2014 is as follows (in thousands):
		March 31, 2014
		Amortized Cost		Fair Value
	Due within one year	$	—	$	—
	Due after one year through five years	1,325		1,348
	Due after five years through ten years	178,885		181,055
	Due after ten years	28,866		29,752
		$	209,076	$	212,155

Deferred_Costs_and_Other_Asset1

Deferred Costs and Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Schedule of Other Assets	'
	and other assets, net consisted of the following as of March 31, 2014 and December 31, 2013 (amounts in thousands):
		March 31, 2014		December 31, 2013
	Deferred costs, net	$	116,094	$	119,731
	Accounts receivable, net (2)	54,684		16,538
	Straight-line rent receivable	28,995		19,009
	Prepaid expenses	21,247		5,379
	Leasehold improvements, property and equipment, net (1)	19,979		1,451
	Restricted escrow deposits	19,154		101,814
	Derivative assets, at fair value	9,829		9,189
	Other assets	24,712		5,998
		$	294,694	$	279,109
	____________________________________
	(1) Amortization expense for leasehold improvements totaled $197,000 for the three months ended March 31, 2014. Accumulated amortization was $250,000 and $53,000 as of March 31, 2014 and December 31, 2013, respectively. Depreciation expense for property and equipment totaled $275,000 for the three months ended March 31, 2014. Accumulated depreciation was $355,000 and $80,000 as of March 31, 2014 and December 31, 2013, respectively.
	(2) Allowance for doubtful accounts was $908,000 and $187,000 as of March 31, 2014 and December 31, 2013, respectively.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	'
	The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):
		Quoted Prices				Significant Other				Significant				Balance as of
		in Active				Observable				Unobservable				31-Mar-14
		Markets				Inputs				Inputs
		Level 1				Level 2				Level 3
	Assets:
	Investments in real estate fund	$	—			$	1,648			$	—			$	1,648
	CMBS	—				—				212,155				212,155
	Interest rate swap assets	—				9,829				—				9,829
	Total assets	$	—			$	11,477			$	212,155			$	223,632
	Liabilities:
	Interest rate swap liabilities	$	—			$	(8,737	)		$	—			$	(8,737	)
	Series D Preferred Stock embedded derivative	—				—				(26,734		)		(26,734		)
	Contingent consideration arrangements	—				—				(4,903		)		(4,903		)
	Total liabilities	$	—			$	(8,737	)		$	(31,637	)		$	(40,374	)
		Quoted Prices				Significant Other				Significant				Balance as of December 31, 2013
		in Active				Observable				Unobservable
		Markets				Inputs				Inputs
		Level 1				Level 2				Level 3
	Assets:
	Investments in real estate fund	$	—			$	1,484			$	—			$	1,484
	CMBS	—				—				60,583				60,583
	Interest rate swap assets	—				9,189				—				9,189
	Total assets	$	—			$	10,673			$	60,583			$	71,256
	Liabilities:
	Interest rate swap liabilities	$	—			$	(1,719	)		$	—			$	(1,719	)
	Series D Preferred Stock embedded derivative	—				—				(16,736		)		(16,736		)
	Total liabilities	$	—			$	(1,719	)		$	(16,736	)		$	(18,455	)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	'
	The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2014 (in thousands):
		CMBS				Series D Preferred Stock Embedded Derivative				Contingent Consideration				Total
										Arrangements
	Beginning Balance as of December 31, 2013	$	60,583			$	(16,736	)		$	—			$	43,847
	Total gains and losses:
	Unrealized gain included in other comprehensive income, net	2,948				—				—				2,948
	Changes in fair value included in net income, net	—				(9,998		)		(1,297		)		(11,295		)
	Purchases, issuances, settlements and amortization:
	Purchases/issuances	151,197				—				(3,606		)		147,591
	Amortization included in net income, net	(2,573		)		$	—			—				(2,573		)
	Ending balance as of March 31, 2014	$	212,155			$	(26,734	)		$	(4,903	)		$	180,518
Fair Value, by Balance Sheet Grouping	'
	The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (dollar amounts in thousands):
				Carrying Amount at				Fair Value at				Carrying Amount at				Fair Value at
		Level		March 31, 2014				March 31, 2014				December 31, 2013				December 31, 2013
	Assets:
	Loans held for investment	3		$	98,185			$	98,652			$	26,279			$	26,435
	Liabilities:
	Mortgage notes payable, net	3		$	4,234,668			$	4,265,230			$	1,301,114			$	1,305,823
	Corporate bonds, net	3		$	2,545,884			$	2,545,884			$	—			$	—
	Convertible debt, net	3		$	973,737			$	976,629			$	972,490			$	976,629
	Senior corporate credit facility	3		2,265,800				2,265,800				1,819,800				1,819,800
	Secured term loan	3		53,958				54,035				58,979				59,049
	Trust preferred notes	3		26,563				23,485				26,548				23,345
	Unsecured credit facility	3		150,000				150,000				150,000				150,000
	Other debt	3		68,288				68,414				19,278				19,350
	Total liabilities			$	10,318,898			$	10,349,477			$	4,348,209			$	4,353,996

Mortgage_Note_Payable_Tables

Mortgage Note Payable (Tables)	3 Months Ended
	Mar. 31, 2014
Notes Payable [Abstract]	'
Schedule of Mortgage Notes Payable	'
	The Company’s mortgage notes payable consist of the following as of March 31, 2014 and December 31, 2013 (dollar amounts in thousands):
			Encumbered Properties		Outstanding Loan Amount		Weighted Average		Weighted Average Maturity (2)
							Effective Interest Rate (1)
	March 31, 2014		697		$	4,128,384	4.83	%	6.23
	December 31, 2013		177		$	1,258,661	3.42	%	3.41
	____________________________________
	-1	Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.41% to 7.20% at March 31, 2014 and 1.83% to 6.28% at December 31, 2013.
	-2	Weighted average remaining years until maturity as of March 31, 2014 and December 31, 2013, respectively.
Schedule Of Aggregate Principal Payments Of Mortgages	'
	The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2014 (in thousands):
	Year		Total
	April 1, 2014 - December 31, 2014		$	134,152
	2015		202,578
	2016		242,769
	2017		567,950
	2018		252,923
	Thereafter		2,728,012
	Total		$	4,128,384
	The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2014 (in thousands):
			Principal Repayment
	April 1, 2014 - December 31, 2014		$	56,925
	2015		11,862
	2016		12,516
	2017		26,890
	2018		13,267
	Thereafter		30,930
			$	152,390

Other_Debt_Tables

Other Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt	'
	Amounts related to the secured term loan as of March 31, 2014 were as follows (in thousands):
		Borrowings		Collateral Carrying Value
	Loans held for investment	$	13,802	$	22,197
	Intercompany mortgage loans on CapLease properties	7,291		19,117
	Commercial mortgage-backed securities	32,144		44,506
		$	53,237	$	85,820
Schedule Of Aggregate Principal Payments Of Mortgages	'
	The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2014 (in thousands):
	Year	Total
	April 1, 2014 - December 31, 2014	$	134,152
	2015	202,578
	2016	242,769
	2017	567,950
	2018	252,923
	Thereafter	2,728,012
	Total	$	4,128,384
	The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2014 (in thousands):
		Principal Repayment
	April 1, 2014 - December 31, 2014	$	56,925
	2015	11,862
	2016	12,516
	2017	26,890
	2018	13,267
	Thereafter	30,930
		$	152,390

Derivatives_and_Hedging_Activi1

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Interest Rate Derivatives	'
	As of March 31, 2014, the Company had the following outstanding interest rate derivatives that were not designated as qualifying hedging relationships:
	Interest Rate Derivative	Number of Instruments			Notional Amount
	Interest rate cap	1			$	500,000
	Interest rate swaps	5			234,800
	Total	6			$	734,800
	As of March 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):
	Interest Rate Derivative	Number of		Notional Amount
		Instruments
	Interest rate swaps	17		$	1,174,544
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	'
	The table below presents the fair value of the Company’s derivate financial instruments not designated as hedges as well as their classification on the consolidated balance sheets as of March 31, 2014 and December 31, 2013:
	Derivatives Not Designated as Hedging Instruments	Balance Sheet Location		March 31, 2014				31-Dec-13
	Series D Preferred Stock embedded derivative	Deferred rent, derivative and other liabilities		$	(26,734	)		$	(16,736	)
	Interest rate products	Deferred rent, derivative and other liabilities		$	(2,791	)		$	—
	Interest rate products	Deferred costs and other assets, net		$	1,528			$	—
	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2014 and December 31, 2013 (in thousands):
	Derivatives Designated as Hedging Instruments	Balance Sheet Location		March 31, 2014				31-Dec-13
	Interest rate products	Deferred costs and other assets, net		$	8,301			$	9,189
	Interest rate products	Deferred rent, derivative and other liabilities		$	(5,946	)		$	(1,719	)
Derivative Instruments and Hedging Activities Disclosure	'
	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2014 and 2013, respectively (in thousands):
		Three Months Ended March 31,
	Derivatives in Cash Flow Hedging Relationships	2014				2013
	Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	$	2,636			$	(1,859	)
	Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$	—			$	682
Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheet	'
	Offsetting of Derivative Assets and Liabilities
		Gross Amounts of Recognized Assets				Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet			Financial Instruments		Cash Collateral Received		Net Amount
	March 31, 2014	$	9,829			$	(35,471	)		$	—	$	9,829	$	(35,471	)	$	—	$	—	$	(25,642	)
	31-Dec-13	$	9,189			$	(18,455	)		$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)

Accounts_Payable_and_Accrued_E1

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2014
Payables and Accruals [Abstract]	'
Schedule of Accrued Liabilities	'
	Accounts payable and accrued expenses consisted of the following as of March 31, 2014 and 2013 (in thousands):
		March 31, 2014		December 31, 2013
	Accrued other	$	51,077	$	38,028
	Accrued interest	41,516		14,189
	Accrued real estate taxes	38,208		15,727
	Accounts payable	13,059		7,566
	Accrued merger costs	—		673,990
	Accrued Outperformance Plan (OPP) obligation	—		59,400
		$	143,860	$	808,900

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Contractual Obligation, Fiscal Year Maturity Schedule	'
	The following table reflects the minimum base rental cash payments due from the Company over the next five years and thereafter for certain ground and office lease obligations (in thousands):
		Future Minimum
		Base Rent Payments
	April 1, 2014 - December 31, 2014	$	10,264
	2015	12,922
	2016	11,575
	2017	10,248
	2018	7,918
	Thereafter	83,734
	Total	$	136,661

Equity_Based_Compensation_Tabl

Equity Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule [Table Text Block]	'
	Subject to the New OPP Cap, the pool will equal an amount to be determined based on the Company’s level of achievement of total return to stockholders, including both share price appreciation and common stock distributions (“Total Return”), as measured against an absolute hurdle and against a peer group of companies for a three-year performance period that commenced on October 1, 2013 (the “Performance Period”); with valuation dates on which a portion of the LTIP Units up to a specified amount of the New OPP Cap could be earned on the last day of each 12-month period during the Performance Period (each an “Annual Period”) and the initial 24-month period of the Performance Period (the “Interim Period”), as follows:
			Performance Period		Annual Period		Interim Period
	Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:		21%		7%		14%
	Relative Component: 4% of any excess Total Return attained above the median Total Return for the performance period of the Peer Group(1), subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period:
	•	100% will be earned if cumulative Total Return achieved is at least:	18%		6%		12%
	•	50% will be earned if a cumulative Total Return achieved is:	0%		0%		0%
	•	0% will be earned if cumulative Total Return achieved is less than:	0%		0%		0%
	•	a percentage from 50% to 100% calculated by linear interpolation will be earned if cumulative Total Return achieved is if between:	0% - 18%		0% - 6%		0%- 12%
	____________________________________
	(1) The “Peer Group” is comprised of the following companies: EPR Properties; Getty Realty Corporation; Lexington Realty Trust; National Retail Properties, Inc.; Realty Income Corporation; and Spirit Realty Capital, Inc.
Schedule of Share-based Compensation, Activity	'
	The following table details the restricted shares activity within the Equity Plan and Director Stock Plan during the three months ended March 31, 2014:
			Equity Plan					Director Stock Plan
			Shares of			Weighted-Average Issue Price		Shares of	Weighted-Average Issue Price
			Restricted Common Stock					Restricted Common Stock
	Unvested, December 31, 2013		931,442			$	13.82	15,000	$	14.45
	Granted		5,523,846			13.2		42,854	13.99
	Vested		(676,066	)		12.79		—	—
	Forfeited		—			—		—	—
	Unvested, March 31, 2014		5,779,222			$	13.35	57,854	$	14.11

Related_Party_Transactions_and1

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	'
	The following table details amounts incurred by the Company, ARCT III or ARCT IV, other than those incurred for the ARCT IV Merger, the Cole Merger, the ARCT III Merger and the ARCenters spin-off, and contractually due to ARC, the ARCT III Advisor, the ARCT IV Advisor or the Company’s Former Manager and forgiven in connection with the operations related services described above (in thousands):
		Three Months Ended March 31,											Payable as of
		2014					2013						March 31,			December 31,
		Incurred			Forgiven		Incurred			Forgiven			2014			2013
	One-time fees:
	Acquisition fees (1)	$	—		$	—	$	7,054		$	—		$	—		$	—
	Financing fees and related cost reimbursements	—			—		7,500			—			—			—
	Other expense reimbursements	—			—		54			—			—			—
	Transaction fees	—			—		—			—			—			3,455
	On-going fees:
	Base management fees (2)	—			—		2,654			370			—			5,654
	Transfer agent fees	344			—		799			—			—			57
	Property management and leasing fees (2)	—			—		—			—			—			217
	Strategic advisory fees	—			—		920			—			—			—
	Distributions on Class B Units	—			—		2			—			—			—
	Total operational fees and reimbursements	$	344		$	—	$	18,983		$	370		$	—		$	9,383
	____________________________________
	(1) In conjunction with the ARCT III Merger, the payment of acquisition fees was terminated, except with respect to properties that were in ARCP’s or ARCT III’s pipeline at the ARCT III Merger date; any fees that were paid because the Company’s Former Manager or the ARCT III Advisor had sourced and negotiated the purchase price prior to the ARCT III Merger.
	(2) The amounts incurred and paid were recognized in merger and other transaction related costs during the three months ended March 31, 2013 as they relate to the ARCT III Merger. The amounts incurred during the quarter ended March 31, 2013 and payable as of March 31, 2013 were accrued through January 7, 2014, the date prior to transition to self-management.
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	'
	The following table details the results of such activities related to RCS, which are recorded as offering costs on the consolidated statement of changes in equity (amounts in thousands):
		Three Months Ended March 31,					Payable as of
		2014			2013		March 31, 2014			December 31, 2013
	Total commissions and fees paid to RCS	$	—		$	139,961	$	—		$	—
Schedule Of Offering Costs Reimbursements to Related Party	'
	The following table details the results of such activities related to offering and other significant transactions costs reimbursed to the Company’s Former Manager, the ARCT III Advisor, the ARCT IV Advisor and RCS (amounts in thousands):
		Three Months Ended March 31,					Payable as of
		2014			2013		March 31, 2014			December 31, 2013
	Offering expense and other significant transactions reimbursements	$	1,865		$	12,077	$	—		$	—
Schedule of Related Party Transactions	'
	The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided to the Managed REITs (as described above) during the period from the Cole Acquisition Date to March 31, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three months ended March 31, 2013.
		Period from the Cole Acquisition Date to March 31, 2014
		CCPT IV			CCPT V			CCIT II			INAV			Total
	Offering:
	Selling commission revenue	$	29,125		$	—		$	371		$	21		$	29,517
	Selling commissions reallowance expense	$	29,125		$	—		$	371		$	21		$	29,517
	Dealer manager and distribution fee revenue	$	8,773		$	—		$	114		$	65		$	8,952
	Dealer manager fees reallowance expense	$	4,864		$	—		$	53		$	2		$	4,919
	Other expense reimbursement revenue	$	3,767		$	50		$	114		$	53		$	3,984
	As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three months ended March 31, 2013.
		Period from the Cole Acquisition Date to March 31, 2014
		CCPT IV			CCPT V		CCIT			CCIT II			INAV			Other		Total
	Operations:
	Acquisition fee revenue	$	3,998		$	66	$	495		$	—		$	—		$	—	$	4,559
	Asset management fee revenue	$	—		$	—	$	—		$	—		$	—		$	151	$	151
	Property management and leasing fee revenue	$	—		$	—	$	—		$	—		$	—		$	100	$	100
	Operating expense reimbursement revenue	$	1,065		$	17	$	429		$	—		$	—		$	—	$	1,511
	Advisory and performance fee revenue	$	2,564		$	—	$	2,595		$	26		$	108		$	—	$	5,293
Schedule Of Investment In The Managed Real Estate Investment Trusts	'
	The table below presents certain information related to the Company’s investments in the Managed REITs as of March 31, 2014 (carrying amount in thousands):
		March 31, 2014
	Managed REIT	% of Outstanding Shares Owned		Carrying Amount of Investment
	CCPT	0.01	%	$	5
	CCPT IV	0.01	%	140
	CCPT V	100	%	2,517
	CCIT	0.01	%	97
	CCIT II	33.14	%	2,139
	INAV	0.28	%	163
				$	5,061

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted	'
	The following is a summary of the basic and diluted net loss per share computation for the three months ended March 31, 2014 and 2013 (dollar amounts in thousands, except for per share data):
		Three Months Ended March 31,
		2014			2013
	Net loss attributable to the Company	$	(308,681	)	$	(141,163	)
	Less: dividends declared on preferred shares and participating securities	(23,632		)	(158		)
	Net loss attributable to common stockholders	(332,313		)	(141,321		)
	Weighted average shares of common stock outstanding	547,781,932			167,847,516
	Basic and diluted net loss per share attributable to common stockholders	$	(0.61	)	$	(0.84	)

Subsequent_Events_Tables

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Schedule of Subsequent Events	'
	The following table presents certain information about the properties that the Company acquired from April 1, 2014 to May 8, 2014 (dollar amounts in millions):
		No. of Buildings	Square Feet	Base Purchase Price (1)
			(in millions)
	Total Portfolio – March 31, 2014	3,809	101.8	$	17,961
	Acquisitions	25	1	111
	Total portfolio – May 8, 2014	3,834	102.8	$	18,072
	____________________________________
	(1)Contract purchase price, excluding acquisition and transaction related costs.

Organization_Details

Organization (Details)	0 Months Ended			3 Months Ended
	Mar. 13, 2014	Mar. 13, 2014	Mar. 13, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
		Common Stock [Member]	OP Units [Member]	ARC Properties Operating Partnership, L.P. [Member]	General Partner [Member]	Affiliated Entity [Member]	Unaffiliated Third Party [Member]
					ARC Properties Operating Partnership, L.P. [Member]	Contributor [Member]
						ARC Real Estate Partners, LLC [Member]
Operations [Line Items]	'	'	'	'	'	'	'
General partner ownership interest in OP, Percent	'	'	'	'	96.90%	'	'
Limited partner ownership interest in OP, Percent	'	'	'	'	'	2.50%	0.60%
Partnership units, holding period until right to redeem	'	'	'	'1 year	'	'	'
Sale of stock, percentage of ownership after transaction	25.00%	'	'	'	'	'	'
Distribution of affiliate common stock, per number of shares	'	10	10	'	'	'	'

Mergers_and_Acquisitions_Detai

Mergers and Acquisitions (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

5 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Sep. 15, 2013

Mar. 31, 2014

Jul. 24, 2013

Mar. 31, 2014

Oct. 02, 2013

Feb. 07, 2014

Feb. 07, 2014

Feb. 07, 2014

Jul. 24, 2013

Mar. 31, 2014

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 07, 2014

Nov. 05, 2013

Mar. 31, 2014

Nov. 05, 2013

Nov. 05, 2013

Nov. 05, 2013

Nov. 05, 2013

Jan. 03, 2014

Jan. 03, 2014

Jan. 03, 2014

Jan. 03, 2014

Mar. 31, 2014

Jan. 03, 2014

Aug. 08, 2013

Mar. 31, 2014

Feb. 28, 2013

Jan. 03, 2014

Jan. 03, 2014

Jan. 03, 2014

Aug. 08, 2013

Mar. 31, 2014

Feb. 28, 2013

Jan. 03, 2014

Jan. 03, 2014

Jan. 03, 2014

Jan. 03, 2014

Feb. 28, 2013

Mar. 31, 2014

Feb. 28, 2013

Jan. 03, 2014

Jan. 03, 2014

Jan. 03, 2014

property

property

Series F Preferred Stock [Member]

ARCP Fortress Portfolio [Member]

ARCP Fortress Portfolio [Member]

ARCP Fortress Portfolio [Member]

Cole Merger [Member]

Cole Merger [Member]

Cole Merger [Member]

Fortress Portfolio [Member]

Fortress Portfolio [Member]

ARCP Merger [Member]

ARCP Merger [Member]

ARCP shares converted from ARCT III shares [Member]

CapLease [Member]

CapLease [Member]

CapLease [Member]

CapLease [Member]

CapLease [Member]

CapLease [Member]

CapLease [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCP Inland Portfolio [Member]

ARCP Inland Portfolio [Member]

ARCP [Member]

ARCP [Member]

ARCP [Member]

ARCP [Member]

ARCP [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

ARCP IV [Member]

ARCP IV [Member]

ARCP IV [Member]

American Realty Capital III Special Limited Partnership, LLC [Member]

American Realty Capital III Special Limited Partnership, LLC [Member]

American Realty Capital III Special Limited Partnership, LLC [Member]

American Realty Capital III Special Limited Partnership, LLC [Member]

American Realty Capital Real Estate Partners, LLC [Member]

American Realty Capital Real Estate Partners, LLC [Member]

property

property

Cash [Member]

Cash [Member]

property

Common Stock [Member]

Cash [Member]

Cash [Member]

Cash [Member]

Cash [Member]

Cash [Member]

Cash [Member]

Series F Preferred Stock [Member]

Common Stock [Member]

OP Units [Member]

OP Units [Member]

Cash [Member]

property

property

ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCP Inland Portfolio [Member]

Advisor [Member]

Advisor [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCP Merger [Member]

ARCP Merger [Member]

ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

Option One [Member]

Option Two [Member]

Option One [Member]

Option Two [Member]

Option Two [Member]

Preferred Stock [Member]

Common Stock [Member]

OP Units [Member]

Restricted Stock [Member]

company

Series F Preferred Stock [Member]

Common Stock [Member]

Class B Units [Member]

company

Annual Targeted Investor Return [Member]

Annual Targeted Investor Return [Member]

Advisor [Member]

Special Limited Partner [Member]

Series F OP Units [Member]

OP Units [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Class B Units [Member]

Pre-tax Non-compounded Return on Capital Contribution [Member]

Pre-tax Non-compounded Return on Capital Contribution [Member]

Annual Targeted Investor Return [Member]

Entity Wholly Owned by Sponsor [Member]

Entity Wholly Owned by Sponsor [Member]

Entity Wholly Owned by Sponsor [Member]

Entity Wholly Owned by Sponsor [Member]

Pre-tax Non-compounded Return on Capital Contribution [Member]

Post-Conversion [Member]

Post-Conversion [Member]

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible stock issued during period, shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.95

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible stock issued during period, value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$12

'

'

'

'

$25

$8.50

$8.50

$8.50

'

'

'

'

'

$9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, consideration transferred

'

'

'

'

'

'

'

'

$7,467,643,000

'

$13.82

'

$400,900,000

$350,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$501,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$750,000

'

Shares, outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

148,100,000

29,200,000

27,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of shares outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, issued

202,344,455

'

202,344,455

'

'

'

'

'

'

'

'

'

'

140,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partner ownership interest, Issuance of Units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,300,000

'

7,300,000

'

'

'

Units minimum holding period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

Payments to acquire businesses, gross

'

'

'

'

'

'

'

'

181,775,000

'

'

'

'

'

'

'

181,774,000

920,697,000

[1]

920,697,000

'

'

'

'

650,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, equity interest issued or issuable, number of shares

'

'

'

'

'

'

'

'

400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

42,200,000

36,900,000

'

'

'

'

'

'

'

'

1,200,000

'

'

'

'

2,800,000

700,000

600,000

'

'

'

'

'

100,000

Percentage of stock, designated cumulative preferred stock

'

'

'

'

6.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, equity interest issued or issuable, per share conversion rate

'

'

'

'

'

'

'

'

'

$1.09

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.59

$0.52

$2.40

'

'

'

'

$22.50

'

'

'

'

'

'

'

'

Related party transaction, cumulative capital investment return, as a percentage of benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

6.00%

'

'

'

'

'

'

'

'

'

Related party transaction, cumulative capital investment return

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

557,300,000

358,300,000

'

'

'

'

'

'

'

'

'

Subordinated distributions of net sale proceeds

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

63,200,000

'

'

Business acquisition, equity interest issued or issuable, value assigned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

78,200,000

'

'

'

'

'

'

'

'

Conversion of stock, shares converted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties

'

'

'

'

'

120

79

'

'

'

'

196

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate investments, at cost

17,318,543,000

'

7,450,111,000

'

'

'

'

200,300,000

'

'

'

972,500,000

601,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,300,000,000

288,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired

215

112

'

'

'

'

41

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, par value

$0.01

'

$0.01

$0.01

'

'

'

'

'

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, percentage of voting interests acquired

'

'

'

'

'

'

'

'

98.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percent of voting interests that received cash

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of stock

'

'

'

'

'

'

'

'

$520,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued (in shares)

'

'

'

'

'

'

'

'

2,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of companies

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

67

'

'

'

'

'

10

'

'

'

'

'

'

'

'

'

'

'

'

Remaining properties to acquire

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

As reported in the Companybs Annual Report on Form 10-K for the year ended December 31, 2013.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Carrying Amount of Investment	5,061
Minimum [Member] | Office Furniture, Fixtures and Equipment and Computer Hardware and Software [Member]	'
Property, plant and equipment, useful life	'5 years
Maximum [Member] | Office Furniture, Fixtures and Equipment and Computer Hardware and Software [Member]	'
Property, plant and equipment, useful life	'7 years
Unconsolidated Managed Real Estate Investment Trusts [Member]	'
Carrying Amount of Investment	5,100
Unconsolidated Joint Venture [Member]	'
Number of unconsolidated joint ventures	6
Number of owned properties	6
Carrying Amount of Investment	100,700

Acquisition_of_CapLease_and_Co2

Acquisition of CapLease and Cole - CapLease Acquisition Narrative (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Feb. 07, 2014	Nov. 05, 2013		Mar. 31, 2014		Mar. 31, 2014
In Thousands, unless otherwise specified			CapLease [Member]	CapLease [Member]		CapLease [Member]		CapLease [Member]
								Purchase Price Allocation Adjustments [Member]
Business Acquisition [Line Items]	'	'	'	'		'		'
Cash	'	'	$181,774	$920,697	[1]	$920,697		$0
Properties	'	'	'	-12,027		'		'
Goodwill	2,287,122	102,419	'	89,875	[1]	102,419		12,544
Accounts payable and accrued expenses	'	'	'	46,484	[1]	47,001		517
Real estate investments acquired	'	'	'	2,036,640	[1]	2,024,613		-12,027
Below-market leases	'	'	'	'		$57,058	[1]	$0
[1]	As reported in the Companybs Annual Report on Form 10-K for the year ended December 31, 2013.

Acquisition_of_CapLease_and_Co3

Acquisition of CapLease and Cole - CapLease Acquisition (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Feb. 07, 2014	Nov. 05, 2013		Mar. 31, 2014		Mar. 31, 2014
In Thousands, unless otherwise specified			CapLease [Member]	CapLease [Member]		CapLease [Member]		Purchase Price Allocation Adjustments [Member]
								CapLease [Member]
Business Acquisition [Line Items]	'	'	'	'		'		'
Payments to acquire businesses, gross	'	'	$181,774	$920,697	[1]	$920,697		$0
Assets purchased, at fair value:	'	'	'	'		'		'
Land	'	'	'	235,843	[1]	233,065		-2,778
Buildings, fixtures and improvements	'	'	'	1,596,481	[1]	1,588,334		-8,147
Land and construction in process	'	'	'	12,352	[1]	12,352		0
Acquired intangible lease assets	'	'	'	191,964	[1]	190,862		-1,102
Total real estate investments	'	'	'	2,036,640	[1]	2,024,613		-12,027
Cash and cash equivalents	'	'	'	41,799	[1]	41,799		0
Investment securities	'	'	'	60,730	[1]	60,730		0
Loans held for investment	'	'	'	26,457	[1]	26,457		0
Restricted cash	'	'	'	29,159	[1]	29,159		0
Prepaid expenses and other assets	'	'	'	21,564	[1]	21,564		0
Deferred costs	'	'	'	325	[1]	325		0
Total identifiable assets acquired	'	'	'	2,216,674	[1]	2,204,647		-12,027
Liabilities assumed, at fair value:	'	'	'	'		'		'
Mortgage notes payable	'	'	'	1,037,510	[1]	1,037,510		0
Secured credit facility	'	'	'	121,000	[1]	121,000		0
Mortgage notes payable, net	'	'	'	114,208	[1]	114,208		0
Below-market leases	'	'	'	'		57,058	[1]	0
Derivative liabilities	'	'	'	158	[1]	158		0
Accounts payable and accrued expenses	'	'	'	46,484	[1]	47,001		517
Deferred rent, derivative and other liabilities	'	'	'	8,867	[1]	8,867		0
Total liabilities assumed	'	'	'	1,385,285	[1]	1,385,802		517
Noncontrolling interests	'	'	'	567	[1]	567		0
Net identifiable assets acquired by Company	'	'	'	830,822	[1]	818,278		-12,544
Goodwill	$2,287,122	$102,419	'	$89,875	[1]	$102,419		$12,544
[1]	As reported in the Companybs Annual Report on Form 10-K for the year ended December 31, 2013.

Acquisition_of_CapLease_and_Co4

Acquisition of CapLease and Cole Acquisition of CapLease and Cole - Cole Acquisition Narrative (Details) (USD $)	3 Months Ended			0 Months Ended	2 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Feb. 07, 2014	Mar. 31, 2014	Mar. 31, 2014	Feb. 07, 2014	Feb. 07, 2014
				Cole Merger [Member]	Cole Merger [Member]	Cole Merger [Member]	Cole Merger [Member]	Cole Merger [Member]
						Management And Advisory Contracts [Member]	Real Estate Investment Segment [Member]	Private Capital Management
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'
Business combination, consideration transferred	'	'	'	$7,467,643,000	'	'	'	'
Common stock, value, issued	7,699,000	'	2,392,000	'	'	'	'	'
Real estate investments acquired	'	'	'	8,959,899,000	'	'	8,959,899,000	0
Below-market lease liabilities	'	'	'	212,377,000	'	'	212,377,000	0
Finite-lived intangible asset, useful life	'	'	'	'	'	'4 years	'	'
Amortization of intangible assets	13,992,000	0	'	'	'	14,000,000	'	'
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]	'	'	'	'	'	'	'	'
Amortization expense, remainder of 2014	'	'	'	'	72,600,000	'	'	'
Amortization expense, 2015	'	'	'	'	96,300,000	'	'	'
Amortization expense, 2016	'	'	'	'	96,300,000	'	'	'
Amortization expense, 2017	'	'	'	'	96,300,000	'	'	'
Amortization expense, 2018	'	'	'	'	9,800,000	'	'	'
Goodwill	2,287,122,000	'	102,419,000	2,184,703,000	'	'	1,628,571,000	556,132,000
Revenue of acquiree since acquisition date	'	'	'	'	162,600,000	'	'	'
Earnings or loss of acquiree since acquisition date	'	'	'	'	$700,000	'	'	'

Acquisition_of_CapLease_and_Co5

Acquisition of CapLease and Cole - Cole Acquisition Fair Value Transferred (Details) (Cole Merger [Member], USD $)	0 Months Ended
	Feb. 07, 2014
Cole Merger [Member]	'
Business Acquisition [Line Items]	'
Cash	$181,775,000
Common stock	7,285,868,000
Total consideration transferred	$7,467,643,000

Acquisition_of_CapLease_and_Co6

Acquisition of CapLease and Cole - Cole Acquisition Assets Acquired and Liabilities Assumed (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Feb. 07, 2014	Feb. 07, 2014	Feb. 07, 2014
In Thousands, unless otherwise specified			Cole Merger [Member]	Real Estate Investment Segment [Member]	Private Capital Management
				Cole Merger [Member]	Cole Merger [Member]
Assets purchased, at fair value:	'	'	'	'	'
Land	'	'	$1,737,390	$1,737,390	$0
Buildings, fixtures and improvements	'	'	5,898,895	5,898,895	0
Land and construction in process	'	'	0	0	0
Acquired intangible lease assets	'	'	1,323,614	1,323,614	0
Total real estate investments	'	'	8,959,899	8,959,899	0
Investment in unconsolidated entities	'	'	103,965	100,659	3,307
Investment in marketable securities	'	'	151,197	151,197	0
Loans held for investment, net	'	'	72,326	72,326	0
Cash and cash equivalents	'	'	151,160	130,747	20,413
Restricted cash	'	'	15,704	15,704	0
Intangible assets	'	'	385,368	0	385,368
Deferred costs and other assets	'	'	95,974	45,081	50,893
Due from affiliates	'	'	3,301	0	3,301
Total identifiable assets acquired	'	'	9,938,894	9,475,613	463,282
Liabilities assumed, at fair value:	'	'	'	'	'
Mortgage notes payable, net	'	'	2,719,072	2,719,072	0
Credit facilities	'	'	1,309,000	1,309,000	0
Other debt	'	'	49,013	49,013	0
Below-market lease liabilities	'	'	212,377	212,377	0
Accounts payable and accrued expenses	'	'	133,909	73,441	60,468
Deferred rent, derivative and other liabilities	'	'	153,293	42,764	110,529
Dividends payable	'	'	6,271	6,271	0
Contingent consideration	'	'	51,979	3,606	48,373
Due to affiliates	'	'	44	0	44
Total liabilities assumed	'	'	4,634,958	4,415,544	219,414
Noncontrolling interests	'	'	20,996	20,996	0
Net identifiable assets acquired	'	'	5,282,940	5,039,073	243,868
Goodwill	2,287,122	102,419	2,184,703	1,628,571	556,132
Net identifiable assets acquired by Company	'	'	$7,467,643	$6,667,644	$800,000

Segment_Reporting_Details

Segment Reporting (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

segment

Commercial Mortgage Backed Securities [Member]

Real Estate Investment Segment [Member]

Real Estate Investment Segment [Member]

Real Estate Investment Segment [Member]

Real Estate Investment Segment [Member]

Real Estate Investment Segment [Member]

Real Estate Investment Segment [Member]

Private Capital Management

Private Capital Management

Private Capital Management

Minimum [Member]

Maximum [Member]

Long Term [Member]

Short Term [Member] [Member]

security

note_receivable

Commercial Mortgage Backed Securities [Member]

Consolidated Properties [Member]

Unconsolidated joint venture properties

Real Estate Investment Segment [Member]

Real Estate Investment Segment [Member]

Real Estate Investment Segment [Member]

Real Estate Investment Segment [Member]

security

property

property

state

sqft

sqft

Segment Reporting Information [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of reportable segments

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate portfolio, property concentration, percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

70.00%

30.00%

Real estate portfolio, property average remaining lease term

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'12 years

'

'

Number of owned properties

'

'

'

'

'

'

'

'

3,809

6

'

'

'

'

'

'

'

Square feet of property

'

'

'

'

'

'

'

'

101,800,000

'

'

'

'

'

'

'

'

Number of states in which entity operates

'

'

'

'

'

'

'

'

49

'

'

'

'

'

'

'

'

Percentage of rentable space leased

'

'

'

'

'

'

'

'

98.90%

'

'

'

'

'

'

'

'

Real estate property, weighted average remaining lease term

'

'

'

'

'

'

'

'

'10 years 2 months 12 days

'

'

'

'

'

'

'

'

Number of securities acquired

'

'

'

10

'

'

'

25

'

'

'

'

'

'

'

'

'

Number of loans held for investment

'

'

'

'

14

'

'

'

'

'

'

'

'

'

'

'

'

Net rentable area

'

'

'

'

'

'

'

'

'

1,600,000

'

'

'

'

'

'

'

Rental income

$244,445

$40,987

'

'

$244,445

$40,987

'

'

'

'

'

'

'

'

'

'

'

Direct financing lease income

1,006

0

'

'

1,006

0

'

'

'

'

'

'

'

'

'

'

'

Operating expense reimbursements

'

'

'

'

21,096

1,910

'

'

'

'

'

'

'

'

'

'

'

Dealer manager and distribution fees, selling commissions and offering reimbursements

'

'

'

'

'

'

'

'

'

'

42,453

0

'

'

'

'

'

Transaction service fees

'

'

'

'

'

'

'

'

'

'

4,559

0

'

'

'

'

'

Management fees and reimbursements

'

'

'

'

'

'

'

'

'

'

7,055

0

'

'

'

'

'

Total revenues

320,614

42,897

'

'

266,547

42,897

'

'

'

'

'

'

'

'

'

'

'

Total Cole Capital revenues

54,067

0

'

'

'

'

'

'

'

'

54,067

0

'

'

'

'

'

Acquisition related

'

'

'

'

11,884

10,327

'

'

'

'

'

'

'

'

'

'

'

Cole Capital reallowed fees and commissions

34,436

0

'

'

'

'

'

'

'

'

34,436

0

'

'

'

'

'

Merger and other transaction related

222,192

137,769

'

'

222,192

137,769

'

'

'

'

'

'

'

'

'

'

'

Property operating expenses

29,627

2,549

'

'

29,627

2,549

'

'

'

'

'

'

'

'

'

'

'

General and administrative expenses

26,839

1,454

'

'

7,750

1,454

'

'

'

'

19,089

0

'

'

'

'

'

Equity based compensation

22,510

881

'

'

22,510

881

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization

165,363

26,753

'

'

151,004

26,753

'

'

'

'

14,359

0

'

'

'

'

'

Total operating expenses

512,851

179,733

'

'

444,967

179,733

'

'

'

'

67,884

0

'

'

'

'

'

Total other income

-128,418

-4,757

'

'

'

'

'

'

'

'

5,195

0

'

'

'

'

'

Operating loss

-192,237

-136,836

'

'

-178,420

-136,836

'

'

'

'

'

'

'

'

'

'

'

Interest expense, net

-116,712

-6,056

'

'

-116,717

-6,056

'

'

'

'

'

'

'

'

'

'

'

Other income, net

5,512

853

'

'

322

853

'

'

'

'

'

'

'

'

'

'

'

Loss on derivative instruments, net

-20,197

-5

'

'

-20,197

-5

'

'

'

'

'

'

'

'

'

'

'

Gain on disposition of properties, net

2,979

0

'

'

2,979

0

'

'

'

'

'

'

'

'

'

'

'

Gain on sale of investments

0

451

'

'

0

451

'

'

'

'

'

'

'

'

'

'

'

Total other expenses, net

-128,418

-4,757

'

'

-133,613

-4,757

'

'

'

'

'

'

'

'

'

'

'

Net loss

'

'

'

'

'

'

'

'

'

'

-8,622

0

'

'

'

'

'

Net loss from continuing operations

-320,655

-141,593

'

'

-312,033

-141,593

'

'

'

'

'

'

'

'

'

'

'

Loss from operations of held for sale properties

0

-16

'

'

0

-16

'

'

'

'

'

'

'

'

'

'

'

Gain on held for sale properties

2,979

14

'

'

0

14

'

'

'

'

'

'

'

'

'

'

'

Net loss from discontinued operations

0

-2

'

'

0

-2

'

'

'

'

'

'

'

'

'

'

'

Net loss attributable to common stockholders

-320,655

-141,595

'

'

-312,033

-141,595

'

'

'

'

'

'

'

'

'

'

'

Assets

$20,480,300

'

$7,805,059

'

$19,480,029

'

$7,805,059

'

'

'

$1,000,271

'

$0

'

'

'

'

Real_Estate_Investments_Detail

Real Estate Investments (Details) (USD $)

3 Months Ended

3 Months Ended

36 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Feb. 07, 2014

Mar. 31, 2014

Mar. 31, 2013

Jun. 28, 2013

property

property

Dollar General [Member]

Citizens Bank [Member]

Customer Concentration Risk [Member]

Geographic Concentration Risk [Member]

Columbia, South Carolina [Member]

The Woodlands, Texas [Member]

The Woodlands, Texas [Member]

The Woodlands, Texas [Member]

The Woodlands, Texas [Member]

Leases, Acquired-in-Place [Member]

Leases, Acquired-in-Place [Member]

Above Market Leases [Member]

Above Market Leases [Member]

Acquisitions, 2014, Excluding Cole Merger [Member]

Acquisitions, 2014, Excluding Cole Merger [Member]

Development Activities [Member]

Cole Merger [Member]

Cole Merger [Member]

Cole Merger [Member]

GE Capital Portfolio [Member]

Texas

sqft

sqft

Parent [Member]

Developer [Member]

property

land_parcel

Direct Financing Lease [Member]

land_parcel

property

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired

215

112

'

'

'

'

'

'

'

'

'

'

'

'

'

'

215

'

'

'

'

'

47

Number of land parcels acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5

'

5

'

'

'

'

Business combination, consideration transferred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$936,100,000

'

'

$7,467,643,000

'

'

'

Land

133,903,000

74,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Buildings, fixtures and improvements

694,935,000

291,664,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total tangible assets

828,838,000

366,364,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquired intangible assets:

'

'

'

'

'

'

'

'

'

'

'

'

120,421,000

45,223,000

11,559,000

0

'

'

'

'

'

'

'

Below-market leases

1,156,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value adjustment of assumed notes payable

-23,589,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total purchase price of assets acquired, net

936,073,000

411,587,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable assumed

263,217,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash paid for acquired real estate investments

672,856,000

411,587,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Merger and other transaction related

222,192,000

137,769,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,900,000

10,300,000

'

'

222,200,000

137,800,000

'

Pro forma revenues

413,780,000

44,330,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro forma net income (loss) attributable to stockholders

-20,374,000

6,056,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Payments, April 1, 2014 - December 31, 2014

921,815,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Direct Financing Lease Payments, April 1, 2014 - December 31, 2014

3,802,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Payments, 2015

1,152,446,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Direct Financing Lease Payments, 2015

4,757,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Payments, 2016

1,127,440,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Direct Financing Lease Payments, 2016

4,674,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Payments, 2017

1,075,967,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Payments, 2018

1,021,150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Direct Financing Lease Payments, 2018

3,183,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Payments, Thereafter

7,251,560,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Direct Financing Lease Payments, Thereafter

10,052,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Payments, Total

12,550,378,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Direct Financing Lease Payments, Total

30,741,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future minimum lease payments receivable

31,001,000

'

33,729,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unguaranteed residual value of property

47,089,000

'

46,172,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unearned income

-12,367,000

'

-13,789,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment in direct financing leases, net

65,723,000

'

66,112,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated cost to complete construction

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,900,000

'

'

'

'

Land

3,226,615,000

'

1,378,865,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,600,000

'

'

'

'

Number of square feet

'

'

'

'

'

'

'

450,000

150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment amount, total

'

'

'

'

'

'

'

22,033,000

33,987,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Property investment, amount

'

'

'

'

'

'

'

20,115,000

12,322,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest costs capitalized

'

'

'

'

'

'

'

45,000

37,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining investment amount

'

'

'

'

'

'

'

1,918,000

21,665,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from senior corporate credit facility

'

'

'

'

'

'

'

'

17,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity contributions percentage

'

'

'

'

'

'

'

'

'

'

90.00%

10.00%

'

'

'

'

'

'

'

'

'

'

'

Cost overruns percentage split

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of square footage leased

'

'

'

'

'

'

'

'

'

95.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Concentration risk, percentage

'

'

'

12.00%

12.00%

10.00%

[2]

12.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future Minimum Direct Financing Lease Payments, 2017

$4,273,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

properties are subject to direct financing leases and, therefore, revenue is recognized as direct financing lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.

[2]

The tenantsb annualized rental income was not greater than 10% of total consolidated annualized rental income for all portfolio properties as of the period specified.

Investment_Securities_at_Fair_2

Investment Securities, at Fair Value (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investment [Line Items]	'	'
Available-for-sale Securities, Amortized Cost Basis	$210,681	$62,041
Available-for-sale Securities, Gross Unrealized Gain	3,589	498
Available-for-sale Securities, Gross Unrealized Loss	-467	-472
Investment securities, at fair value	213,803	62,067
Commercial mortgage backed securities, maturities, fair value	'	'
Investment securities, at fair value	213,803	62,067
Securities (Assets) [Member]	'	'
Investment [Line Items]	'	'
Available-for-sale Securities, Amortized Cost Basis	1,605	1,589
Available-for-sale Securities, Gross Unrealized Gain	43	0
Available-for-sale Securities, Gross Unrealized Loss	0	-105
Investment securities, at fair value	1,648	1,484
Commercial mortgage backed securities, maturities, fair value	'	'
Investment securities, at fair value	1,648	1,484
Commercial Mortgage Backed Securities [Member]	'	'
Investment [Line Items]	'	'
Available-for-sale Securities, Amortized Cost Basis	209,076	60,452
Available-for-sale Securities, Gross Unrealized Gain	3,546	498
Available-for-sale Securities, Gross Unrealized Loss	-467	-367
Investment securities, at fair value	212,155	60,583
Commercial mortgage backed securities, maturities, amortized cost basis	'	'
Due within one year	0	'
Due after one year through five years	1,325	'
Due after five years through ten years	178,885	'
Due after ten years	28,866	'
Amortized cost basis, total	209,076	'
Commercial mortgage backed securities, maturities, fair value	'	'
Due within one year	0	'
Due after one year through five years	1,348	'
Due after five years through ten years	181,055	'
Due after ten years	29,752	'
Investment securities, at fair value	$212,155	$60,583

Investment_Securities_at_Fair_3

Investment Securities, at Fair Value - Narrative (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
	security	security
Investment [Line Items]	'	'
Investment securities, at fair value	$213,803	$62,067
Commercial Mortgage Backed Securities [Member]	'	'
Investment [Line Items]	'	'
Number of securities acquired	'	10
Investment securities, at fair value	212,155	60,583
Number of securities acquired, fair value below amortized cost	6	'
Commercial Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]	'	'
Investment [Line Items]	'	'
Investment securities, at fair value	212,200	60,600
Cole Merger [Member] | Commercial Mortgage Backed Securities [Member]	'	'
Investment [Line Items]	'	'
Number of securities acquired	15	'
Cole Merger [Member] | Commercial Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]	'	'
Investment [Line Items]	'	'
Investment securities, at fair value	$151,200	'

Loans_Held_for_Investment_Deta

Loans Held for Investment (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Nov. 05, 2013		Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Feb. 07, 2014
			CapLease [Member]	CapLease [Member]	CapLease [Member]		CapLease [Member]	CapLease [Member]	Mortgage Notes Receivable [Member]	Mortgage Notes Receivable [Member]
			loan				Minimum [Member]	Maximum [Member]		mortgage_note
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'		'	'	'	'
Number of mortgage notes receivable (in mortgage notes receivable)	'	'	'	'	'		'	'	'	2
Mortgage loans on real estate, commercial and consumer, net	'	'	'	'	'		'	'	$72,300,000	'
Number of loans held for investment	'	'	12	'	'		'	'	'	'
Loans held for investment	'	'	26,457,000	'	26,457,000	[1]	'	'	'	'
Loans held for investment, net	$98,185,000	$26,279,000	'	$26,300,000	'		'	'	'	'
Interest Rate	'	'	'	'	'		5.28%	7.24%	'	'
[1]	As reported in the Companybs Annual Report on Form 10-K for the year ended December 31, 2013.

Deferred_Costs_and_Other_Asset2

Deferred Costs and Other Assets, Net (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Property, Plant and Equipment [Line Items]	'	'	'
Deferred costs, net	$116,094	'	$119,731
Leasehold improvements, property and equipment, net	19,979	'	1,451
Accounts receivable, net (2)	54,684	'	16,538
Straight-line rent receivable	28,995	'	19,009
Prepaid expenses	21,247	'	5,379
Restricted escrow deposits	19,154	'	101,814
Derivative assets, at fair value	9,829	'	9,189
Other assets	24,712	'	5,998
Total, deferred costs and other assets, net	294,694	279,109	279,109
Depreciation	111,015	21,474	'
Allowance for doubtful accounts receivable	908	'	187
Leasehold Improvements [Member] | Cole Merger [Member]	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'
Amortization	197	'	'
Accumulated depreciation, depletion and amortization, property, plant, and equipment	250	'	53
Office Furniture, Fixtures and Equipment and Computer Hardware and Software [Member]	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'
Accumulated depreciation, depletion and amortization, property, plant, and equipment	355	'	80
Depreciation	$275	'	'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Fair Value, by Balance Sheet Grouping) (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

In Thousands, unless otherwise specified

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Convertible Debt [Member]

Trust Preferred Securities Subject to Mandatory Redemption [Member]

Other Debt Obligations [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Contingent Consideration [Member]

Contingent Consideration [Member]

Contingent Consideration [Member]

Contingent Consideration [Member]

Equity Securities [Member]

Equity Securities [Member]

Equity Securities [Member]

Equity Securities [Member]

Equity Securities [Member]

Equity Securities [Member]

Equity Securities [Member]

Equity Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Interest Rate Swap [Member]

Series D Preferred Stock Embedded Derivative [Member]

Series D Preferred Stock Embedded Derivative [Member]

Series D Preferred Stock Embedded Derivative [Member]

Series D Preferred Stock Embedded Derivative [Member]

Series D Preferred Stock Embedded Derivative [Member]

Series D Preferred Stock Embedded Derivative [Member]

Series D Preferred Stock Embedded Derivative [Member]

Series D Preferred Stock Embedded Derivative [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Convertible Debt [Member]

Convertible Debt [Member]

Convertible Debt [Member]

Mortgages Notes Payable [Member]

Mortgages Notes Payable [Member]

Mortgages Notes Payable [Member]

Mortgages Notes Payable [Member]

Corporate Bonds [Member]

Corporate Bonds [Member]

Corporate Bonds [Member]

Corporate Bonds [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Trust Preferred Securities Subject to Mandatory Redemption [Member]

Trust Preferred Securities Subject to Mandatory Redemption [Member]

Trust Preferred Securities Subject to Mandatory Redemption [Member]

Term Loan [Member]

Term Loan [Member]

Term Loan [Member]

Term Loan [Member]

Other Debt Obligations [Member]

Other Debt Obligations [Member]

Other Debt Obligations [Member]

Commercial Mortgage Backed Securities [Member]

Series D Preferred Stock Embedded Derivative [Member]

Contingent Consideration [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 1 [Member]

Estimate of Fair Value Measurement [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Estimate of Fair Value Measurement [Member]

Estimate of Fair Value Measurement [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment securities, at fair value

$213,803

$62,067

'

'

'

'

$212,155

$60,583

$212,200

$60,600

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$0

$1,648

$1,484

$0

$0

$1,648

$1,484

$212,155

$60,583

$0

$0

$0

$0

$212,155

$60,583

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative assets, at fair value

9,829

9,189

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

9,829

9,189

0

0

9,829

9,189

'

'

'

'

'

'

'

'

Total assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

212,155

60,583

11,477

10,673

0

0

223,632

71,256

'

'

'

'

'

'

'

'

Derivative Financial Instruments, Liabilities, Fair Value Disclosure

-35,471

-18,455

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

-8,737

-1,719

0

0

-8,737

-1,719

-26,734

-16,736

0

0

0

0

-26,734

-16,736

Contingent consideration arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-4,903

0

0

-4,903

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-31,637

-16,736

-8,737

-1,719

0

0

-40,374

-18,455

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value

'

'

'

'

'

'

'

'

'

'

43,847

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

60,583

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gain Included in Other Comprehensive Income, Net

'

'

'

'

'

'

'

'

'

'

2,948

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,948

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Changes in Fair Value Included in Net Income, Net

'

'

'

'

'

'

'

'

'

'

-11,295

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchase/Issuance

'

'

'

'

'

'

'

'

'

'

147,591

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

151,197

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Amortization Included in Net income, Net

'

'

'

'

'

'

'

'

'

'

-2,573

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-2,573

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value

'

'

'

'

'

'

'

'

'

'

180,518

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

212,155

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-16,736

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Unrealized Gain Included in Other Comprehensive Income, Net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Changes in Fair Value Included in Net Income, Net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-9,998

-1,297

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Purchase/Issuance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

-3,606

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Amortization Included in Net Income, Net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-26,734

-4,903

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans held for investment, net

98,185

26,279

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

98,185

26,279

98,652

26,435

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, fair value disclosure

'

'

$10,318,898

$973,737

$26,563

$68,288

'

'

'

'

'

$4,348,209

$10,349,477

$4,353,996

$972,490

$976,629

$976,629

$4,234,668

$1,301,114

$4,265,230

$1,305,823

$2,545,884

$0

$2,545,884

$0

$1,819,800

$2,265,800

$1,819,800

$150,000

$150,000

$150,000

$150,000

$26,548

$23,485

$23,345

$53,958

$58,979

$54,035

$59,049

$19,278

$68,414

$19,350

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage_Note_Payable_Schedule

Mortgage Note Payable (Schedule of Mortgage Notes Payable) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
	property				property
Mortgage Loans on Real Estate [Line Items]	'		'		'
Outstanding Loan Amount	$4,234,668,000		'		$1,301,114,000
Mortgages [Member]	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Encumbered Properties	697		'		177
Outstanding Loan Amount	4,128,384,000		'		1,258,661,000
Weighted Average Effective Interest Rate	4.83%	[1]	'		3.42%	[1]
Weighted Average Maturity	'6 years 2 months 23 days	[2]	'3 years 4 months 28 days	[2]	'
Long-term debt, defeased	721,710,210		'		'
Long-term debt, defeased, prepayments and swap breakage fee	29,814,987		'		'
Payment to settle interest rate swaps	9,900,000		'		'
Write off of deferred debt issuance cost	22,000,000		'		'
CapLease [Member]	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Mortgages assumed in real estate acquisitions	137,400,000		'		'
Debt instrument, unamortized discount (premium), net	$106,300,000		'		'
Minimum [Member] | Mortgages [Member]	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Effective interest rate	2.41%		'		1.83%
Maximum [Member] | Mortgages [Member]	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Effective interest rate	7.20%		'		6.28%
[1]	Mortgage notes payable primarily have fixed rates or are fixed by way of interest rate swap arrangements.B Effective interest rates range from 2.41% to 7.20% at MarchB 31, 2014 and 1.83% to 6.28% at DecemberB 31, 2013.
[2]	Weighted average remaining years until maturity as of MarchB 31, 2014 and DecemberB 31, 2013, respectively.

Mortgage_Note_Payable_Schedule1

Mortgage Note Payable (Schedule Of Aggregate Future Principal Payments On Mortgage Notes Payable) (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Line Items]	'
April 1, 2014 - December 31, 2014	$56,925
2015	11,862
2016	12,516
2017	26,890
2018	13,267
Thereafter	30,930
Long-term Debt	152,390
Mortgages [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
April 1, 2014 - December 31, 2014	134,152
2015	202,578
2016	242,769
2017	567,950
2018	252,923
Thereafter	2,728,012
Long-term Debt	$4,128,384

Other_Debt_Bond_Offering_Detai

Other Debt - Bond Offering (Details) (Unsecured Debt [Member], USD $)	0 Months Ended
	Feb. 07, 2014	Mar. 31, 2014
Senior Unsecured Note [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, face amount	$2,550,000,000	'
Debt instrument, redemption price, percentage	100.00%	'
Debt instrument, unamortized discount (premium), net	4,200,000	4,100,000
Two Percent Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, face amount	1,300,000,000	'
Debt instrument, interest rate, stated percentage	2.00%	'
Three Percent Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, face amount	750,000,000	'
Debt instrument, interest rate, stated percentage	3.00%	'
Four Point Six Percent Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, face amount	$500,000,000	'
Debt instrument, interest rate, stated percentage	4.60%	'

Other_Debt_Convertible_Senior_

Other Debt - Convertible Senior Note Offering (Details) (USD $)

Mar. 31, 2014

Jul. 29, 2013

Mar. 31, 2014

Sep. 30, 2013

Mar. 31, 2014

Sep. 30, 2013

Dec. 10, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Convertible Senior Notes [Member]

Original 2018 Notes [Member]

Original 2018 Notes [Member]

Reopened 2018 Notes [Member]

Reopened 2018 Notes [Member]

2020 Notes [Member]

2020 Notes [Member]

Portion at Fair Value Measurement [Member]

Portion at Fair Value Measurement [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Convertible Senior Notes [Member]

Underwriter's Option to Purchase Addtional Notes, Proceeds [Member]

Convertible Senior Notes [Member]

Underwriter's Option to Purchase Addtional Notes, Proceeds [Member]

Convertible Senior Notes [Member]

Convertible Senior Notes [Member]

Original 2018 Notes [Member]

Reopened 2018 Notes [Member]

Original 2018 Notes [Member]

Reopened 2018 Notes [Member]

Convertible Senior Notes [Member]

Convertible Senior Notes [Member]

Convertible Senior Notes [Member]

Convertible Senior Notes [Member]

Convertible Senior Notes [Member]

Convertible Senior Notes [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of convertible debt

'

$300,000,000

'

$10,000,000

'

$287,500,000

$402,500,000

'

'

'

'

'

Debt instrument, interest rate, stated percentage

'

'

'

'

'

'

3.75%

'

'

'

'

'

Long-term debt, fair value

'

'

'

'

'

'

'

389,700,000

299,600,000

282,100,000

301,000,000

282,500,000

Debt instrument, unamortized discount

'

'

10,400,000

'

5,400,000

'

12,800,000

26,300,000

'

'

'

'

Long-term debt

152,390,000

'

'

'

'

'

'

390,200,000

'

'

'

'

Debt instrument, convertible, conversion price, per conversion

'

'

'

'

'

'

'

66.0262

'

'

59.805

'

Shares converted per amount

'

'

'

'

'

'

'

$1,000

'

'

$1,000

'

Other_Debt_Trust_Preferred_Not

Other Debt - Trust Preferred Notes (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2014	Nov. 05, 2013		Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
		CapLease [Member]	CapLease [Member]		CapLease [Member]	CapLease [Member]	CapLease [Member]	Carrying (Reported) Amount, Fair Value Disclosure [Member]
					Unsecured Debt [Member]	Senior Notes [Member]	Senior Notes [Member]	CapLease [Member]
					Trust Preferred Notes [Member]		Secured Term Loan [Member]	Senior Notes [Member]
								Secured Term Loan [Member]
Debt Instrument [Line Items]	'	'	'		'	'	'	'
Business combination, recognized identifiable assets acquired and liabilities assumed, non-current liabilities, long-term debt	'	$114,208,000	$114,208,000	[1]	$30,900,000	$19,200,000	'	'
Long-term debt, fair value	'	'	'		26,500,000	19,300,000	'	'
Debt instrument, interest rate, stated percentage	'	'	'		7.68%	7.50%	5.81%	'
Debt instrument, basis spread on variable rate	'	'	'		2.60%	'	'	'
Long-term debt	$152,390,000	'	'		$26,600,000	$19,300,000	$53,237,000	$54,000,000
[1]	As reported in the Companybs Annual Report on Form 10-K for the year ended December 31, 2013.

Other_Debt_Secured_Term_Loan_D

Other Debt - Secured Term Loan (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Debt Instrument [Line Items]	'
Long-term debt	$152,390,000
CapLease [Member] | Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Long-term debt, fair value	19,300,000
Debt instrument, interest rate, stated percentage	7.50%
Long-term debt	19,300,000
CapLease [Member] | Senior Notes [Member] | Secured Term Loan [Member]	'
Debt Instrument [Line Items]	'
Debt instrument, face amount	59,800,000
Debt instrument, interest rate, stated percentage	5.81%
Repayments of Long-term Debt	4,900,000
Long-term debt	53,237,000
CapLease [Member] | Senior Notes [Member] | Secured Term Loan [Member] | Estimate of Fair Value Measurement [Member]	'
Debt Instrument [Line Items]	'
Long-term debt, fair value	60,700,000
CapLease [Member] | Senior Notes [Member] | Secured Term Loan [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]	'
Debt Instrument [Line Items]	'
Long-term debt	$54,000,000

Other_Debt_Secured_Term_Loan_B

Other Debt - Secured Term Loan Borrowings and Collateral (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'
Long-term debt	$152,390
Mortgages [Member]	'
Debt Instrument [Line Items]	'
Long-term debt	4,128,384
Mortgages [Member] | Loans Held For Investment [Member]	'
Debt Instrument [Line Items]	'
Long-term debt	13,802
Debt instrument, collateral value	22,197
Mortgages [Member] | Intercompany Mortgage [Member]	'
Debt Instrument [Line Items]	'
Long-term debt	7,291
Debt instrument, collateral value	19,117
Mortgages [Member] | Commercial Mortgage Backed Securities [Member]	'
Debt Instrument [Line Items]	'
Long-term debt	32,144
Debt instrument, collateral value	44,506
CapLease [Member] | Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Long-term debt	19,300
CapLease [Member] | Senior Notes [Member] | Secured Term Loan [Member]	'
Debt Instrument [Line Items]	'
Long-term debt	53,237
Debt instrument, collateral value	$85,820

Other_Debt_Other_Debt_Details

Other Debt - Other Debt (Details) (USD $)	Mar. 31, 2014	Nov. 05, 2013
Debt Instrument [Line Items]	'	'
Long-term debt	$152,390,000	'
CapLease [Member]	'	'
Debt Instrument [Line Items]	'	'
Business combination, recognized identifiable assets acquired and liabilities assumed, non-current liabilities, long-term debt	114,208,000	114,208,000	[1]
Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, unamortized discount	3,600,000	'
Senior Notes [Member] | CapLease [Member]	'	'
Debt Instrument [Line Items]	'	'
Business combination, recognized identifiable assets acquired and liabilities assumed, non-current liabilities, long-term debt	19,200,000	'
Debt instrument, interest rate, stated percentage	7.50%	'
Long-term debt, fair value	19,300,000	'
Long-term debt	19,300,000	'
Debt instrument, unamortized discount	$3,500,000	'
[1]	As reported in the Companybs Annual Report on Form 10-K for the year ended December 31, 2013.

Other_Debt_Future_Minimum_Repa

Other Debt - Future Minimum Repayments (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'
April 1, 2014 - December 31, 2014	$56,925
2015	11,862
2016	12,516
2017	26,890
2018	13,267
Thereafter	30,930
Long-term debt	$152,390

Other_Debt_Barclays_Facility_D

Other Debt - Barclay's Facility (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Debt Instrument [Line Items]	'	'
Amortization of discounts and premiums	($18,411,000)	$0
Senior Secured Credit Facility [Member] | Barclays Bank PLC [Member]	'	'
Debt Instrument [Line Items]	'	'
Line of credit facility, maximum borrowing capacity	2,100,000,000	'
Increase in additional borrowing capacity	350,000,000	'
Amortization of discounts and premiums	$32,600,000	'

Other_Debt_Other_Debt_Repurcha

Other Debt Other Debt - Repurchase Agreements (Details) (Secured Debt [Member], Commercial Mortgage Backed Securities [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]	'
Securities sold under agreements to repurchase	$49
Weighted Average Maturity	'7 years 11 months 4 days
Assets sold under agreements to repurchase, market value	140.9
Assets sold under agreements to repurchase, carrying amount	$139.30
Minimum [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Assets sold under agreements to repurchase, interest rate	1.35%
Maximum [Member]	'
Assets Sold under Agreements to Repurchase [Line Items]	'
Assets sold under agreements to repurchase, interest rate	1.75%

Credit_Facilities_Details

Credit Facilities (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Feb. 14, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Fair Value, Inputs, Level 3 [Member]

Revolving Credit Facility [Member]

Senior Revolving Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Fair Value, Inputs, Level 3 [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Senior Corporate Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Regions Bank Unsecured Credit Facility [Member]

Regions Bank Unsecured Credit Facility [Member]

Regions Bank Unsecured Credit Facility [Member]

Wells Fargo, National Association, Unsecured Credit Facility [Member]

Wells Fargo, National Association, Unsecured Credit Facility [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Minimum [Member]

Maximum [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Term Loan [Member]

Term Loan [Member]

Term Loan [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Variable Interest Rate [Member]

Fixed Rate Line of Credit [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Line of Credit [Member]

Term Loan [Member]

Revolving Credit Facility [Member]

Line of Credit [Member]

Line of Credit [Member]

Fair Value, Inputs, Level 3 [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

LIBOR [Member]

Carrying (Reported) Amount, Fair Value Disclosure [Member]

LIBOR [Member]

LIBOR [Member]

LIBOR [Member]

LIBOR [Member]

Applicable Rate [Member]

Applicable Rate [Member]

Line of Credit Facility [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Loan Amount

$4,234,668,000

$1,301,114,000

'

'

'

'

'

'

'

$2,950,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, amount outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

940,000,000

'

'

1,325,800,000

'

'

1,325,800,000

940,000,000

'

'

760,000,000

300,000,000

460,000,000

150,000,000

'

Line of credit facility, current borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000,000

'

'

'

'

'

'

'

'

'

150,000,000

'

Debt instrument, basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

2.25%

3.00%

'

1.15%

2.00%

'

0.90%

1.75%

'

'

'

'

'

'

'

'

2.75%

Line of credit facility, undrawn commitment

'

'

'

'

'

'

'

'

'

700,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, commitment fee percentage

'

'

'

'

'

'

'

0.15%

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Senior secured revolving credit facility

'

'

10,318,898,000

4,348,209,000

'

'

1,819,800,000

'

'

'

2,265,800,000

'

'

'

'

'

'

'

'

'

'

150,000,000

150,000,000

'

'

'

'

'

Debt instrument, interest rate, stated percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.15%

'

'

'

'

'

'

'

'

Line of credit, amount bearing fixed interest rate, percentage

'

'

'

'

'

'

'

'

'

2.54%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, maximum borrowing capacity

'

'

'

'

'

'

'

'

'

700,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, face amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

800,000,000

'

'

'

'

Extinguishment of debt, amount

'

'

'

'

'

$124,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective interest rate

'

'

'

'

3.11%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivatives_and_Hedging_Activi2

Derivatives and Hedging Activities (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Derivatives, Fair Value [Line Items]	'	'
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net	($200,000)	'
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	-8,048,000	-5,000
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Assets needed for immediate settlement, aggregate fair value	10,300,000	'
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred	10,300,000	'
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$8,000,000	'

Derivatives_and_Hedging_Activi3

Derivatives and Hedging Activities (Schedule of Interest Rate Derivatives) (Details) (Cash Flow Hedging [Member], USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified	derivative
Not Designated as Hedging Instrument [Member]	'
Derivative [Line Items]	'
Number of Instruments	6
Derivative, Notional Amount	$734,800
Swap [Member] | Designated as Hedging Instrument [Member]	'
Derivative [Line Items]	'
Number of Instruments	17
Derivative, Notional Amount	1,174,544
Swap [Member] | Not Designated as Hedging Instrument [Member]	'
Derivative [Line Items]	'
Number of Instruments	5
Derivative, Notional Amount	234,800
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]	'
Derivative [Line Items]	'
Number of Instruments	1
Derivative, Notional Amount	$500,000

Derivatives_and_Hedging_Activi4

Derivatives and Hedging Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	$9,829	$9,189
Derivative liabilities, at fair value	-35,471	-18,455
Series D Preferred Stock Embedded Derivative [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, at Fair Value [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liabilities, at fair value	-26,734	-16,736
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities, at Fair Value [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liabilities, at fair value	-5,946	-1,719
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Deferred Costs and Other Assets, Net [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	8,301	9,189
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liabilities, at Fair Value [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liabilities, at fair value	-2,791	0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Deferred Costs and Other Assets, Net [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets, at fair value	$1,528	$0

Derivatives_and_Hedging_Activi5

Derivatives and Hedging Activities (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	($8,048)	($5)
Interest Rate Swap [Member] | Cash Flow Hedging [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Amount of gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	2,636	-1,859
Interest Rate Swap [Member] | Interest Expense [Member] | Cash Flow Hedging [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$0	$682

Derivatives_and_Hedging_Activi6

Derivatives and Hedging Activities (Tabular Disclosure Offsetting Derivatives) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'
Gross Amounts of Recognized Assets	$9,829	$9,189
Gross Amounts of Recognized Liabilities	-35,471	-18,455
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheet	9,829	9,189
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet	35,471	18,455
Financial Instruments	0	0
Cash Collateral Received	0	0
Derivative, Fair Value, Net	($25,642)	($9,266)

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]	'	'
Accrued other	$51,077	$38,028
Accrued interest	41,516	14,189
Accrued real estate taxes	38,208	15,727
Accounts payable	13,059	7,566
Accrued merger costs	0	673,990
Accrued Outperformance Plan (OPP) obligation	0	59,400
Accounts payable and accrued expenses	$143,860	$808,900

Commitments_and_Contingencies_1

Commitments and Contingencies Future Obligations (Details) (USD $)	3 Months Ended			1 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	7-May-14	Mar. 31, 2014	Nov. 08, 2013	Nov. 08, 2013
	property	property		Subsequent Event [Member]	Purchase Commitment [Member]	Series C Cumulative Preferred Stock [Member]	Series B Cumulative Preferred [Member]
				property	Private Capital Management
					property
					agreement
Unrecorded Unconditional Purchase Obligation [Line Items]	'	'	'	'	'	'	'
Redeemable preferred stock percentage	'	'	'	'	'	7.25%	8.38%
October 1, 2013 - December 31, 2013	$10,264,000	'	'	'	'	'	'
2015	12,922,000	'	'	'	'	'	'
2016	11,575,000	'	'	'	'	'	'
2017	10,248,000	'	'	'	'	'	'
2018	7,918,000	'	'	'	'	'	'
Thereafter	83,734,000	'	'	'	'	'	'
Total	136,661,000	'	'	'	'	'	'
Number of purchase and sale agreements	'	'	'	'	41	'	'
Business acquisition, percentage of voting interests acquired	'	'	'	'	100.00%	'	'
Number of properties acquired	215	112	'	25	157	'	'
Business combination, consideration transferred	'	'	'	'	520,700,000	'	'
Escrow deposit	$19,154,000	'	$101,814,000	'	$10,100,000	'	'

Preferred_and_Common_Stock_Det

Preferred and Common Stock (Details) (USD $)

0 Months Ended

3 Months Ended

5 Months Ended

10 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

Aug. 21, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Oct. 22, 2013

Dec. 31, 2013

Sep. 15, 2013

Jul. 02, 2013

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Nov. 08, 2013

Mar. 31, 2014

Dec. 31, 2013

Sep. 15, 2013

Nov. 08, 2013

Jan. 03, 2014

Mar. 31, 2014

Jan. 03, 2014

Mar. 31, 2014

Jan. 03, 2014

Jan. 03, 2014

At the Market Offering [Member]

Registration Payment Arrangement, Arrangement [Domain]

ARCT III [Member]

Common Stock [Member]

Common Stock [Member]

OP Units [Member]

Series D preferred stock

Series D preferred stock

Series D preferred stock

Series D preferred stock

Common Stock [Member]

Common Stock [Member]

Series F Preferred Stock [Member]

Series F Preferred Stock [Member]

Series F OP Units [Member]

ARCP IV [Member]

ARCP IV [Member]

Shares Issued Under the Universal Shelf Registration [Member]

Convertible Preferred Stock

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

OP Units [Member]

Series F OP Units [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible preferred stock, par value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.01

$0.01

$0.01

'

'

'

'

'

'

'

Common stock, par value

'

$0.01

'

$0.01

'

$0.01

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares to be Issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,700,000

'

'

'

15,100,000

'

'

'

'

'

'

Proceeds from issuances of preferred shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$288,000,000

'

'

'

'

'

'

'

'

'

'

Proceeds from issuances of common stock

'

0

1,317,389,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

186,000,000

'

'

'

'

'

'

Preferred stock, dividend rate, percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.81%

'

'

'

'

'

'

'

'

'

'

Preferred stock, redemption price per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$13.59

'

'

'

'

'

$25

'

'

'

'

Dividends declared, in dollars per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.79

'

'

'

'

'

$1.68

'

'

'

'

Preferred stock, liquidation preference per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$13.59

'

'

'

'

'

'

'

'

'

'

Preferred stock, liquidation preference, additional premium

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

'

Preferred stock, redemption terms, liquidation preference, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

102.00%

'

'

'

'

'

'

'

'

'

'

Preferred stock, redemption terms, volume weighted average price, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

102.00%

'

'

'

'

'

'

'

'

'

'

Preferred stock, conversion terms, volume weighted average price of common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

Preferred stock, conversion terms, discount on closing price on conversion election date, percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

Preferred stock, conversion terms, volume weighted average price, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

102.00%

'

'

'

'

'

'

'

'

'

'

Embedded derivative, fair value of embedded derivative, net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,700,000

16,700,000

18,700,000

'

'

'

'

'

'

'

Loss on derivative instruments, net

'

-20,197,000

-5,000

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

Preferred stock, fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

269,300,000

'

'

'

'

'

'

'

Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,735,008

'

'

'

'

42,654,919

'

'

'

'

Business acquisition, equity interest issued or issuable, number of shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

36,900,000

'

42,200,000

'

600,000

700,000

Conversion of OP units to series F preferred stock, shares

'

'

'

'

'

'

'

'

'

'

'

'

'

455,372

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,735,008

21,735,008

'

'

'

'

'

266,093

'

'

Preferred stock, outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,735,008

21,735,008

'

'

'

'

'

266,000

'

'

Percentage of stock, designated cumulative preferred stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.70%

6.70%

'

'

'

Common stock, shares authorized

'

750,000,000

'

750,000,000

'

750,000,000

'

1,500,000,000

'

1,882,248

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum amount of offering from universal shelf registration statement

'

500,000,000

'

500,000,000

'

'

'

'

60,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued (in shares)

'

'

'

'

'

'

'

'

'

'

'

524,305,318

2,100,000

'

'

'

'

'

'

'

'

'

'

'

'

Authorized annual dividends, per share

'

$1

'

$1

$0.94

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Authorized annual dividends increase (decrease), per share

'

'

'

$0.06

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock repurchase program, authorized amount

$250,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, recognized identifiable assets acquired, goodwill, and liabilities assumed, shares paid in cash

'

'

'

'

'

'

'

'

'

'

29,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of total outstanding shares

'

'

'

'

'

'

'

'

'

'

16.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, share price

'

'

'

'

'

'

'

'

'

'

$12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares based on exchange ratio

'

'

'

'

'

'

'

'

'

'

27,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, recognized identifiable assets acquired, goodwill, and liabilities assumed, shares exchanged for shares

'

'

'

'

'

'

'

'

'

'

148,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock outstanding after share exchange

'

'

'

'

'

'

'

'

'

'

140,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity_Based_Compensation_Deta

Equity Based Compensation (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

36 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2013

Mar. 31, 2014

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Cole Merger [Member]

Equity Plan [Member]

2013 Advisor Multi-Year Outperformance Agreement (OPP) [Member]

2013 Advisor Multi-Year Outperformance Agreement (OPP) [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Restricted Equity Based Compensation [Member]

Noncontrolling Interest [Member]

Equity Plan [Member]

Equity Plan [Member]

Equity Plan [Member]

Equity Plan [Member]

Restricted Share Plan [Member]

Director Stock Plan [Member]

Director Stock Plan [Member]

Director Stock Plan [Member]

Director Stock Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

New Multi-Year Outperformance Plan [Member]

Manager [Member]

ARC Properties Advisors, LLC [Member]

Year One [Member]

Year Two [Member]

Year Three [Member]

Excess Return, Above Threshold [Member]

Excess Return, Above Threshold [Member]

Excess Return, Above Peer Group [Member]

Cumulative Return, Above Threshold [Member]

Cumulative Return, Above Threshold [Member]

Cumulative Return, Above Threshold [Member]

Cumulative Return, Above Threshold [Member]

Cumulative Return, Equal to Threshold [Member]

Cumulative Return, Equal to Threshold [Member]

Cumulative Return, Below Threshold [Member]

Interim Period [Member]

Interim Period [Member]

Interim Period [Member]

Interim Period [Member]

Interim Period [Member]

Interim Period [Member]

Performance Period [Member]

Performance Period [Member]

Performance Period [Member]

Performance Period [Member]

Annual Period [Member]

Annual Period [Member]

Annual Period [Member]

Annual Period [Member]

Manager [Member]

Absolute Component [Member]

Absolute Component [Member]

Relative Component [Member]

Relative Component [Member]

Relative Component [Member]

Relative Component [Member]

Relative Component, Linear Interpolation [Member]

Relative Component [Member]

Relative Component, Linear Interpolation [Member]

Relative Component [Member]

Excess Return, Above Threshold [Member]

Cumulative Return, Above Threshold [Member]

Excess Return, Above Threshold [Member]

100 Percent Cumulative Threshold [Member]

50% Component Threshold [Member]

0% Cumulative Threshold [Member]

Excess Return, Above Threshold [Member]

100 Percent Cumulative Threshold [Member]

50% Component Threshold [Member]

0% Cumulative Threshold [Member]

Excess Return, Above Threshold [Member]

100 Percent Cumulative Threshold [Member]

50% Component Threshold [Member]

0% Cumulative Threshold [Member]

Maximum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Absolute Component [Member]

Relative Component [Member]

Absolute Component [Member]

Relative Component [Member]

Relative Component [Member]

Relative Component [Member]

Absolute Component [Member]

Relative Component [Member]

Relative Component [Member]

Relative Component [Member]

Absolute Component [Member]

Relative Component [Member]

Relative Component [Member]

Relative Component [Member]

Minimum [Member]

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum authorized amount as a percentage of shares authorized

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares authorized, in shares

'

'

'

'

'

'

'

'

'

'

'

99,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation arrangement by share-based payment award, shares issued in period

'

'

'

6,715,197

'

'

'

'

'

'

'

60,854

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted share vesting period

'

'

'

'

'

'

'

'

'

'

'5 years

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation arrangement by share-based payment award, periodic vesting percentage

'

'

'

'

'

'

'

'

'

'

20.00%

'

34.00%

33.00%

33.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation arrangement by share-based payment award, equity instruments other than options, automatic grant

'

'

'

'

'

'

'

'

'

'

1,333

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Restricted Common Shares, Unvested Beginning Balance

'

'

'

'

'

'

'

'

'

'

931,442

15,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Restricted Common Shares, Granted

'

'

'

'

'

'

'

'

'

167,400

5,523,846

42,854

'

'

'

8,241,101

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Restricted Common Shares, Vested

'

'

'

'

'

'

'

'

'

'

-676,066

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Restricted Common Shares, Forfeited

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Restricted Common Shares, Unvested Ending Balance

'

'

'

'

'

'

'

'

'

'

5,779,222

57,854

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-Average Issue Price, Unvested Beginning Balance

'

'

'

'

'

'

'

'

'

'

$13.82

$14.45

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-Average Issue Price, Granted

'

'

'

'

'

'

'

'

'

'

$13.20

$13.99

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-Average Issue Price, Vested

'

'

'

'

'

'

'

'

'

'

$12.79

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-Average Issue Price, Forfeited

'

'

'

'

'

'

'

'

'

'

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-Average Issue Price, Unvested Ending Balance

'

'

'

'

'

'

'

'

'

'

$13.35

$14.11

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity based compensation

$22,510,000

$881,000

'

'

'

'

$18,100,000

$900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity based compensation

22,510,000

3,260,000

500,000

'

1,600,000

93,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation arrangement by share-based payment award, performance period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share based compensation, maximum award opportunity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

218,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Performance based award percentage, as percentage of the company's market capitalization

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation arrangement by share-based payment award, return percentage threshold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

21.00%

'

'

18.00%

[1]

6.00%

[1]

6.00%

0.00%

[1]

0.00%

'

14.00%

12.00%

[1]

'

'

14.00%

12.00%

[1]

0.00%

[1]

0.00%

[1]

21.00%

18.00%

[1]

0.00%

[1]

0.00%

[1]

7.00%

6.00%

[1]

0.00%

[1]

0.00%

[1]

Share-based compensation arrangement by share-based payment award, percentage of market capitalization threshold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation arrangement by share-based payment award, shares awarded as a percentage of maximum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

50.00%

'

0.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

________________________________(1) The bPeer Groupb is comprised of the following companies: EPR Properties; Getty Realty Corporation; Lexington Realty Trust; National Retail Properties, Inc.; Realty Income Corpora

Related_Party_Transactions_and2

Related Party Transactions and Arrangements (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

2 Months Ended

3 Months Ended

2 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

Feb. 28, 2013

Mar. 31, 2014

Mar. 31, 2013

Feb. 28, 2014

Dec. 31, 2013

Feb. 28, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Jun. 30, 2013

Dec. 31, 2013

Jan. 03, 2014

Jan. 03, 2014

Mar. 31, 2014

Feb. 07, 2014

Mar. 31, 2014

Mar. 31, 2013

Jan. 21, 2014

Feb. 28, 2013

Mar. 31, 2014

Feb. 28, 2013

Feb. 28, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 22, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2013

Feb. 28, 2013

Mar. 31, 2013

Mar. 31, 2014

Feb. 28, 2013

Feb. 28, 2013

Jul. 02, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jan. 03, 2014

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

7-May-14

7-May-14

ARC Advisory Services, LLC [Member]

ARC Advisory Services, LLC [Member]

ARC Advisory Services, LLC [Member]

ARC Real Estate Partners, LLC [Member]

ARC Real Estate Partners, LLC [Member]

Legal Services [Member]

Financial Advisory Services [Member]

Financial Advisory Services [Member]

Financial Advisory Services [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

Cole Merger [Member]

Cole Merger [Member]

Cole Merger [Member]

ARCT III Merger [Member]

ARCT III Merger [Member]

ARCT III Merger [Member]

ARCT III Merger [Member]

ARCT III Merger [Member]

Dealer Manager [Member]

Dealer Manager [Member]

Manager [Member]

Manager [Member]

Manager [Member]

ARCT IV [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Entity Wholly Owned by Sponsor [Member]

Entity Wholly Owned by Sponsor [Member]

Entity Wholly Owned by Sponsor [Member]

Entity Wholly Owned by Sponsor [Member]

Managed Real Estate Investment Trusts [Member]

Managed Real Estate Investment Trusts [Member]

Cole Real Estate Income Strategy [Member]

Cole Credit Property Trust, Inc. [Member]

Cole Credit Property Trust, Inc. [Member]

Cole Office And Industrial REIT (CCIT II), Inc. And Cole Credit Property Trust V, Inc. [Member]

Cole Office And Industrial REIT (CCIT II), Inc. [Member]

Cole Office And Industrial REIT (CCIT II), Inc. [Member]

Cole Credit Property Trust V, Inc. [Member]

Cole Credit Property Trust V, Inc. [Member]

Strategic and Financial Advisory Services Fee [Member]

Strategic and Financial Advisory Services Fee [Member]

Strategic and Financial Advisory Services Fee [Member]

Strategic and Financial Advisory Services Fee [Member]

Strategic and Financial Advisory Services Fee Reimbursement [Member]

Strategic and Financial Advisory Services Fee Reimbursement [Member]

Strategic and Financial Advisory Services Fee Reimbursement [Member]

Legal Support Services [Member]

Information Agent and Advisory Service Fee [Member]

Information Agent and Advisory Service Fee [Member]

Information Agent and Advisory Service Fee Reimbursement [Member]

Information Agent and Advisory Service Fee Reimbursement [Member]

Support Services [Member]

Support Services [Member]

Support Services Reimbursement [Member]

Support Services Reimbursement [Member]

Services and Out-Of-Pocket Expenses [Member]

Unreimbursed Expenses [Member]

Brokerage Commission Fees [Member]

Brokerage Commission Fees [Member]

Base Management Fees [Member]

Transfer Agent Fees [Member]

Asset Management Fees [Member]

Asset Management Fees [Member]

Asset Management Fees [Member]

Strategic Advisory Fees [Member]

Selling Commission Revenue [Member]

Selling Commission Revenue [Member]

Selling Commission Revenue [Member]

Selling Commission Revenue [Member]

Selling Commission Revenue [Member]

Selling Commissions Reallowance Expense [Member]

Selling Commissions Reallowance Expense [Member]

Selling Commissions Reallowance Expense [Member]

Selling Commissions Reallowance Expense [Member]

Selling Commissions Reallowance Expense [Member]

Dealer Manager Fee [Member]

Dealer Manager Fee [Member]

Dealer Manager Fee [Member]

Dealer Manager Fee [Member]

Dealer Manager Fee [Member]

Dealer Manager Fee [Member]

Dealer Manager Fee [Member]

Dealer Manager Fee [Member]

Distribution Fee [Member]

Organization and Offering Fee [Member]

Organization and Offering Fee [Member]

Organization and Offering Fee [Member]

Operating Partnership Unit [Member]

Operating Partnership Unit [Member]

ARC Advisory Services, LLC [Member]

Realty Captial Securities, LLC and American Realty Capital Advisors, LLC [Member]

Realty Captial Securities, LLC and American Realty Capital Advisors, LLC [Member]

Realty Captial Securities, LLC and American Realty Capital Advisors, LLC [Member]

ARCP [Member]

ARCP [Member]

Financial Advisory Services [Member]

ARCP [Member]

Maximum [Member]

Gross Proceeds, Initial Public Offering [Member]

Gross Proceeds, Common Stock [Member]

Contract Purchase Price [Member]

Amount Available or Outstanding Under Financing Arrangement [Member]

ARCT IV / ARCP Merger [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

Class B Units [Member]

Class B Units [Member]

Pre-tax Non-compounded Return on Capital Contribution [Member]

Pre-tax Non-compounded Return on Capital Contribution [Member]

Pre-tax Non-compounded Return on Capital Contribution [Member]

Average Invested Assets [Member]

Gross Revenue, Stand-alone Single-tenant Net Leased Properties [Member]

Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties [Member]

Maximum [Member]

ARCT IV / ARCP Merger [Member]

ARCP Merger [Member]

ARCP Merger [Member]

ARCP Merger [Member]

ARCP Merger [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Manager [Member]

Manager [Member]

Manager [Member]

ARCT IV [Member]

Manager [Member]

ARCT IV [Member]

ARCT IV [Member]

ARCT IV [Member]

Manager [Member]

ARCT IV [Member]

Manager [Member]

ARCT IV [Member]

Manager [Member]

ARCT IV [Member]

Manager [Member]

ARCT IV [Member]

Manager [Member]

ARCT IV [Member]

ARCT IV [Member]

Advisor [Member]

Manager [Member]

Manager [Member]

ARCT IV [Member]

ARCT IV [Member]

ARCT IV [Member]

ARCT IV [Member]

Cole Credit Property Trust IV Inc., Cole Corporate Income Trust Inc. and Cole Office And Industrial REIT (CCIT II), Inc. [Member]

Cole Real Estate Income Strategy [Member]

Cole Office And Industrial REIT (CCIT II), Inc. [Member]

Cole Credit Property Trust V, Inc. [Member]

Cole Credit Property Trust IV Inc., Cole Corporate Income Trust Inc. and Cole Office And Industrial REIT (CCIT II), Inc. [Member]

Cole Real Estate Income Strategy [Member]

Cole Office And Industrial REIT (CCIT II), Inc. [Member]

Cole Credit Property Trust V, Inc. [Member]

Cole Credit Property Trust IV Inc., Cole Corporate Income Trust Inc. and Cole Office And Industrial REIT (CCIT II), Inc. [Member]

Cole Real Estate Income Strategy [Member]

Cole Real Estate Income Strategy [Member]

Cole Real Estate Income Strategy [Member]

Cole Real Estate Income Strategy [Member]

Cole Office And Industrial REIT (CCIT II), Inc. [Member]

Cole Credit Property Trust V, Inc. [Member]

Cole Real Estate Income Strategy [Member]

Subsequent Event [Member]

Managed Real Estate Investment Trusts [Member]

Common Stock [Member]

Class B Units [Member]

Realty Captial Securities, LLC and American Realty Capital Advisors, LLC [Member]

ARCP [Member]

Realty Capital Securities, LLC [Member]

Realty Capital Securities, LLC [Member]

ARC Properties Advisors, LLC [Member]

ARC Properties Advisors, LLC [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

Annual Targeted Investor Return [Member]

Annual Targeted Investor Return [Member]

Asset Management Fees [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

Gross Revenue, Managed Properties [Member]

Pre-tax Non-compounded Return on Capital Contribution [Member]

American Realty Capital III Special Limited Partnership, LLC [Member]

Pre-Conversion [Member]

Post-Conversion [Member]

Post-Conversion [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

ARCT IV / ARCP Merger [Member]

Cole Merger [Member]

ARCenters Spin Off [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

Cole Merger [Member]

ARCT IV / ARCP Merger [Member]

Cole Merger [Member]

ARCT IV / ARCP Merger [Member]

Cole Merger [Member]

ARCT IV / ARCP Merger [Member]

Cole Merger [Member]

ARCT IV / ARCP Merger [Member]

Cole Merger [Member]

ARCT IV / ARCP Merger [Member]

ARCT IV / ARCP Merger [Member]

Maximum [Member]

ARCT III Merger [Member]

ARCT III Merger [Member]

Class B Units [Member]

Class B Units [Member]

Maximum [Member]

Common Class W [Member]

Common Class A [Member]

Common Class I [Member]

Common Class A [Member]

Subsequent Event [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

American Realty Capital Advisors III LLC [Member]

Annual Targeted Investor Return [Member]

Common Stock [Member]

American Realty Capital III Special Limited Partnership, LLC [Member]

American Realty Capital III Special Limited Partnership, LLC [Member]

Class B Units [Member]

line_of_credit

LIBOR [Member]

Additional Paid-in Capital [Member]

American Realty Capital Advisors III LLC [Member]

Common Stock [Member]

Common Stock [Member]

American Realty Capital III Special Limited Partnership, LLC [Member]

Common Stock [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock held by related party, percent

'

'

'

'

'

'

'

'

3.05%

4.37%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Transition services agreement term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'60 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Transition services agreement expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transactions, strategic advisory services fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

0.25%

'

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable, related parties, current

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,700,000

'

1,800,000

7,700,000

600,000

'

600,000

500,000

'

800,000

'

200,000

2,900,000

2,000,000

'

400,000

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (decrease) in accounts payable, related parties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Merger expenses agreed to

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000

'

'

600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transactions, strategic and financial advisory services fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire productive assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments of offering costs and fees related to stock issuances

'

-1,715,000

-138,578,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Merger and other transaction related

'

222,192,000

137,769,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

222,200,000

137,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28,400,000

'

'

'

'

'

'

800,000

'

400,000

'

2,900,000

'

1,300,000

'

700,000

2,000,000

8,400,000

'

'

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Merger expenses

'

'

'

'

'

'

2,000,000

'

'

'

500,000

100,000

500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, acquisition related costs, payment

'

'

'

'

'

1,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, transaction costs

'

'

'

'

'

'

'

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, consideration transferred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,467,643,000

'

'

'

5,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Leasehold improvements and property and equipment

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consideration to Former Manager for internalization

'

0

3,035,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, cumulative capital investment return, as a percentage of benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, cumulative capital investment return

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

557,300,000

'

'

'

'

'

358,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, proceeds from related party

98,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partner ownership interest, Issuance of Units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,300,000

7,600,000

7,300,000

711,190

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity ownership holding period, years

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, acquisition fees earned by related party, percentage of benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, financing coordination fees earned by related party, percentage of benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Excess annualized core earnings, percentage

'

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management fee percentage, option 1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management fee percentage, option 2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unadjusted book value of assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, common stock issued to settle acquisition related costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

388,461

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, asset management fees earned by related party, percentage of benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Antidilutive securities excluded from computation of earnings per share

'

24,797,256

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

603,599

145,022

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party operation fees and reimbursements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,300,000

'

'

'

'

'

9,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13,900,000

'

'

29,517,000

'

21,000

371,000

0

29,517,000

'

21,000

371,000

0

8,952,000

'

65,000

'

'

'

114,000

0

'

'

'

'

Related party transactions, asset management fee, percentage of assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.19%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock issued during period, shares, issued for services

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

498,857

492,483

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, equity interest issued or issuable, per share conversion rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.52

$2.40

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, property management fees earned by related party, percentage of benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, oversight fees earned by related party, percentage of benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transactions, property management services service period extension, days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'60 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party transaction, sales commissions earned by related party, percentage of benchmark

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commissions percentage on stock sales and related dealer manager fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

3.75%

'

'

'

100.00%

100.00%

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

Daily asset based related party fee percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.55%

0.55%

0.25%

'

'

0.50%

'

'

'

Commissions performance and other fees percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Program development costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,600,000

'

'

Program development costs incurred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28,728

0

Carrying Amount of Investment

'

5,061,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

163,000

5,000

'

'

2,139,000

'

2,517,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Due from affiliates

'

8,550,000

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,400,000

'

'

'

300,000

'

'

1,900,000

'

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of credit facilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, current borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,900,000

'

'

$10,000,000

'

$10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, interest rate, stated percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

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'

'

'

Related_Party_Transactions_and3

Related Party Transactions and Arrangements (Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services) (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Incurred [Member]

Incurred [Member]

Forgiven [Member]

Forgiven [Member]

Payable [Member]

Payable [Member]

American Realty Capital Advisors III LLC [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Nonrecurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Recurring Fees [Member]

Operation Fees and Reimbursements [Member]

Operation Fees and Reimbursements [Member]

Operation Fees and Reimbursements [Member]

Operation Fees and Reimbursements [Member]

Operation Fees and Reimbursements [Member]

Operation Fees and Reimbursements [Member]

Advisor [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Incurred [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Forgiven [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Payable [Member]

Acquisition and Related Expenses [Member]

Acquisition and Related Expenses [Member]

Financing fees and related cost reimbursements [Member]

Financing fees and related cost reimbursements [Member]

Other Expense Reimbursements [Member]

Other Expense Reimbursements [Member]

Transaction Fee [Member]

Transaction Fee [Member]

Acquisition and Related Expenses [Member]

Acquisition and Related Expenses [Member]

Financing fees and related cost reimbursements [Member]

Financing fees and related cost reimbursements [Member]

Other Expense Reimbursements [Member]

Other Expense Reimbursements [Member]

Transaction Fee [Member]

Transaction Fee [Member]

Acquisition and Related Expenses [Member]

Acquisition and Related Expenses [Member]

Financing fees and related cost reimbursements [Member]

Financing fees and related cost reimbursements [Member]

Other Expense Reimbursements [Member]

Other Expense Reimbursements [Member]

Transaction Fee [Member]

Transaction Fee [Member]

Base Management Fees [Member]

Base Management Fees [Member]

Incentive Fees [Member]

Incentive Fees [Member]

Strategic Advisory Fees [Member]

Strategic Advisory Fees [Member]

Property Management Fees [Member]

Property Management Fees [Member]

Distributions On Class B Units [Member]

Distributions On Class B Units [Member]

Base Management Fees [Member]

Base Management Fees [Member]

Incentive Fees [Member]

Incentive Fees [Member]

Strategic Advisory Fees [Member]

Strategic Advisory Fees [Member]

Property Management Fees [Member]

Property Management Fees [Member]

Distributions On Class B Units [Member]

Distributions On Class B Units [Member]

Base Management Fees [Member]

Base Management Fees [Member]

Incentive Fees [Member]

Incentive Fees [Member]

Strategic Advisory Fees [Member]

Strategic Advisory Fees [Member]

Property Management Fees [Member]

Property Management Fees [Member]

Distributions On Class B Units [Member]

Distributions On Class B Units [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related party operation fees and reimbursements

'

'

$344,000

$18,983,000

$0

$370,000

'

'

$2,300,000

$0

$7,054,000

$0

$7,500,000

$0

$54,000

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

'

'

'

'

'

'

'

'

$0

$2,654,000

$344,000

$799,000

$0

$920,000

$0

$0

$0

$2,000

$0

$370,000

$0

$0

$0

$0

$0

$0

$0

$0

'

'

'

'

'

'

'

'

'

'

Due to affiliates

$217,000

$0

'

'

'

'

$0

$9,383,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$0

$0

$0

$0

$0

$0

$3,455,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$5,654,000

$0

$57,000

$0

$0

$0

$217,000

$0

$0

Related_Party_Transactions_and4

Related Party Transactions and Arrangements (Schedule of Selling Commissions and Dealer Manager Fees) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			Dealer Manager [Member]	Dealer Manager [Member]	Payable [Member]	Payable [Member]
			Realty Capital Securities, LLC [Member]	Realty Capital Securities, LLC [Member]	Advisor and Dealer Manager [Member]	Advisor and Dealer Manager [Member]
			Sales Commissions and Fees [Member] (Deprecated 2013-01-31)	Sales Commissions and Fees [Member] (Deprecated 2013-01-31)	American Realty Capital Properties Advisors, LLC and Realty Capital Securities, LLC [Member] [Member]	American Realty Capital Properties Advisors, LLC and Realty Capital Securities, LLC [Member] [Member]
					Fees and Expense Reimbursement, Stock Offering [Member]	Fees and Expense Reimbursement, Stock Offering [Member]
Schedule of Selleing Commission and Dealer Manager Fees [Line Items]	'	'	'	'	'	'
Related party operation fees and reimbursements	'	'	$0	$139,961,000	'	'
Due to affiliates	$217,000	$0	'	'	$0	$0

Related_Party_Transactions_and5

Related Party Transactions and Arrangements (Schedule of Offering Costs Reimbursements to Related Parties) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			Manager [Member]	Manager [Member]	Payable [Member]	Payable [Member]
			ARC Properties Advisors, LLC [Member]	ARC Properties Advisors, LLC [Member]	Manager [Member]	Manager [Member]
			Fees and Expense Reimbursement, Stock Offering [Member]	Fees and Expense Reimbursement, Stock Offering [Member]	ARC Properties Advisors, LLC [Member]	ARC Properties Advisors, LLC [Member]
					Fees and Expense Reimbursement, Stock Offering [Member]	Fees and Expense Reimbursement, Stock Offering [Member]
Schedule of Offering Costs Reimbursements to Related Parties [Line Items]	'	'	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	'	'	$1,865,000	$12,077,000	'	'
Due to affiliates	$217,000	$0	'	'	$0	$0

Related_Party_Transactions_and6

Related Party Transactions and Arrangements Related Party Transactions and Arrangements (Schedule of Commissions, Fees and Expense Reimbursements) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Selling Commission Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	$29,517,000
Selling Commissions Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	29,517,000
Dealer Manager Fee [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	8,952,000
Dealer Manager Fee Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	4,919,000
Other Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	3,984,000
Cole Credit Property Trust IV, Inc. [Member] | Selling Commission Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	29,125,000
Cole Credit Property Trust IV, Inc. [Member] | Selling Commissions Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	29,125,000
Cole Credit Property Trust IV, Inc. [Member] | Dealer Manager Fee [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	8,773,000
Cole Credit Property Trust IV, Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	4,864,000
Cole Credit Property Trust IV, Inc. [Member] | Other Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	3,767,000
Cole Credit Property Trust V, Inc. [Member] | Selling Commission Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Credit Property Trust V, Inc. [Member] | Selling Commissions Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Credit Property Trust V, Inc. [Member] | Dealer Manager Fee [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Credit Property Trust V, Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Credit Property Trust V, Inc. [Member] | Other Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	50,000
Cole Corporate Income Trust, Inc. [Member] | Selling Commission Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Corporate Income Trust, Inc. [Member] | Selling Commissions Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Corporate Income Trust, Inc. [Member] | Dealer Manager Fee [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Corporate Income Trust, Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Corporate Income Trust, Inc. [Member] | Other Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Selling Commission Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	371,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Selling Commissions Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	371,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Dealer Manager Fee [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	114,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Dealer Manager Fee Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	53,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Other Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	114,000
Cole Real Estate Income Strategy [Member] | Selling Commission Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	21,000
Cole Real Estate Income Strategy [Member] | Selling Commissions Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	21,000
Cole Real Estate Income Strategy [Member] | Dealer Manager Fee [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	65,000
Cole Real Estate Income Strategy [Member] | Dealer Manager Fee Reallowance Expense [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	2,000
Cole Real Estate Income Strategy [Member] | Other Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	$53,000

Related_Party_Transactions_and7

Related Party Transactions and Arrangements Related Party Transactions and Arrangements (Schedule of Fees and Expense Reimbursements) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Acquisition Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	$4,559,000
Asset Management Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	151,000
Property Management And Leasing Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	100,000
Operating Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	1,511,000
Advisory And Performance Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	5,293,000
Cole Credit Property Trust IV, Inc. [Member] | Acquisition Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	3,998,000
Cole Credit Property Trust IV, Inc. [Member] | Asset Management Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Credit Property Trust IV, Inc. [Member] | Property Management And Leasing Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Credit Property Trust IV, Inc. [Member] | Operating Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	1,065,000
Cole Credit Property Trust IV, Inc. [Member] | Advisory And Performance Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	2,564,000
Cole Credit Property Trust V, Inc. [Member] | Acquisition Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	66,000
Cole Credit Property Trust V, Inc. [Member] | Asset Management Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Credit Property Trust V, Inc. [Member] | Property Management And Leasing Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Credit Property Trust V, Inc. [Member] | Operating Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	17,000
Cole Credit Property Trust V, Inc. [Member] | Advisory And Performance Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Corporate Income Trust, Inc. [Member] | Acquisition Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	495,000
Cole Corporate Income Trust, Inc. [Member] | Asset Management Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Corporate Income Trust, Inc. [Member] | Property Management And Leasing Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Corporate Income Trust, Inc. [Member] | Operating Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	429,000
Cole Corporate Income Trust, Inc. [Member] | Advisory And Performance Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	2,595,000
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Acquisition Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Asset Management Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Property Management And Leasing Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Operating Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Office And Industrial REIT (CCIT II), Inc. [Member] | Advisory And Performance Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	26,000
Cole Real Estate Income Strategy [Member] | Acquisition Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Real Estate Income Strategy [Member] | Asset Management Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Real Estate Income Strategy [Member] | Property Management And Leasing Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Real Estate Income Strategy [Member] | Operating Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Cole Real Estate Income Strategy [Member] | Advisory And Performance Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	108,000
Other Related Parties [Member] | Acquisition Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Other Related Parties [Member] | Asset Management Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	151,000
Other Related Parties [Member] | Property Management And Leasing Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	100,000
Other Related Parties [Member] | Operating Expense Reimbursement Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	0
Other Related Parties [Member] | Advisory And Performance Fee Revenue [Member]	'
Related Party Transaction [Line Items]	'
Related Party Transaction, Expenses from Transactions with Related Party	$0

Related_Party_Transactions_and8

Related Party Transactions and Arrangements Related Party Transactions and Arrangements (Schedule of Investment in the Managed REITs) (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Related Party Transaction [Line Items]	'
Carrying Amount of Investment	$5,061
Cole Credit Property Trust, Inc. [Member]	'
Related Party Transaction [Line Items]	'
% of Outstanding Shares Owned	0.01%
Carrying Amount of Investment	5
Cole Credit Property Trust IV, Inc. [Member]	'
Related Party Transaction [Line Items]	'
% of Outstanding Shares Owned	0.01%
Carrying Amount of Investment	140
Cole Credit Property Trust V, Inc. [Member]	'
Related Party Transaction [Line Items]	'
% of Outstanding Shares Owned	100.00%
Carrying Amount of Investment	2,517
Cole Corporate Income Trust, Inc. [Member]	'
Related Party Transaction [Line Items]	'
% of Outstanding Shares Owned	0.01%
Carrying Amount of Investment	97
Cole Office And Industrial REIT (CCIT II), Inc. [Member]	'
Related Party Transaction [Line Items]	'
% of Outstanding Shares Owned	33.14%
Carrying Amount of Investment	2,139
Cole Real Estate Income Strategy [Member]	'
Related Party Transaction [Line Items]	'
% of Outstanding Shares Owned	0.28%
Carrying Amount of Investment	$163

Net_Loss_Per_Share_Schedule_of

Net Loss Per Share (Schedule of Earnings Per Share, Basic and Diluted)(Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
			Restricted Unvested Common Stock [Member]	Long Term Incentive Plan Units [Member]	Series D preferred stock	Series D preferred stock
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]	'	'	'	'	'	'
Net loss from continuing operations attributable to stockholders	($308,681)	($141,163)	'	'	'	'
Less: dividends declared on preferred shares and participating securities	-23,632	-158	'	'	'	'
Net loss attributable to common stockholders	($332,313)	($141,321)	'	'	'	'
Weighted average shares of common stock outstanding	547,781,932	167,847,516	'	'	'	'
Basic and diluted net loss per share attributable to common stockholders	($0.61)	($0.84)	'	'	'	'
Antidilutive securities excluded from computation of earnings per share	24,797,256	'	5,837,076	10,744,697	'	'
Convertible preferred stock, shares authorized	'	'	'	'	21,735,008	21,735,008

Property_Dispositions_Details

Property Dispositions (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
In Millions, unless otherwise specified	property	property	2014 Property Dispositions [Member]
			property
Long Lived Assets Held-for-sale [Line Items]	'	'	'
Number of single tenant properties sold	'	'	16
Number of multi tenant properties sold	'	'	1
Discontinued operations, gross sales price	'	'	$60.30
Number of real estate properties, held for sale	0	1	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Provision for income taxes	$5	$0
State and local income tax expense (benefit), continuing operations	$1.10	$0.20

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended			1 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	7-May-14	7-May-14
	property	property	2014 Acquisitions [Member]	Subsequent Event [Member]	Subsequent Event [Member]
			sqft	sqft	2014 Acquisitions [Member]
			property	property	property
					sqft
Subsequent Event [Line Items]	'	'	'	'	'
Number of owned properties	'	'	3,809	'	3,834
Number of properties acquired	215	112	'	25	'
Square feet of property	'	'	101,800,000	'	102,800,000
Square Feet, Acquisitions	'	'	'	1,000,000	'
Base Purchase Price	'	'	$17,961	'	$18,072
Base Purchase Price, Acquisitions	'	'	'	$111	'